DEXs Grab Record 24% of CEX Trading Volume in July

Decentralized exchanges (DEXs) have reached a new milestone in July 2026, capturing 24% of centralized exchange (CEX) trading volume. This is the highest level since tracking began in 2019.

The ratio of DEX spot volume to CEX activity rose even as monthly DEX turnover fell by 26%, indicating relative gains during weaker market activity.

Solana led the way with $49.86 billion in 30-day trading, surpassing BNB Chain ($31.04B), Ethereum ($28.84B), and Base ($22.38B) combined. DEXs dominate new-token access, while CEX platforms retain deeper liquidity, fiat services, and support.

Despite the record share, decentralized platforms did not handle their highest monthly dollar total. Blockworks data estimated spot trading near $130.77 billion, down 26% from June, marking the lowest monthly total since September 2024.