DEXs Take Record Share of Centralized Exchange Trading in July

Decentralized exchanges (DEXs) reached a record share of centralized exchange (CEX) trading in July 2026, with DEX spot volume accounting for 24% of CEX activity. This milestone marks the highest level since tracking began in 2019 and reflects the growing trend towards on-chain trading.

According to The Block, citing DefiLlama data, the ratio of decentralized exchange activity to centralized platform volume rose from below 10% in 2024 to a peak of 24% in July. Despite this increase, decentralized platforms did not achieve their highest monthly dollar total, with spot trading near $130.77 billion, down 26% from June.

The shift towards DEXs is driven by lower-cost networks and wider token availability. Solana led 30-day DEX trading with $49.86 billion, surpassing BNB Chain, Ethereum, and Base combined. Decentralized platforms also dominate new-token access, while CEX platforms retain deeper liquidity, fiat services, and support.