CoinGecko Report: DEX is not afraid of market pullback impacts, spot trading volume hits a historical high from May to October.
Despite the recent pullback in the cryptocurrency market, decentralized exchanges (DEX) have shown strong growth momentum. According to the latest report from CoinGecko, DEX achieved a record high of $419.76 billion in monthly spot trading volume in October, marking the highest level from May to October, indicating that the decentralized trading ecosystem is undergoing a fundamental transformation.
Behind this achievement is the continuous rise in the market share of DEX. According to a report by CoinGecko, DEX's share in spot trading has steadily increased from 6.0% at the beginning of 2021 to 21.2% in November 2025, meaning that currently one in every five spot trades is completed through decentralized platforms. This growth path has not been smooth, experiencing a correction in 2022, and only welcoming a decisive breakthrough in early 2025.
Key factors driving this transformation include the surge of Solana ecosystem meme coins and the strong rise of emerging platforms like PancakeSwap. It is worth noting that in June 2025, the DEX market share once reached a historical peak of 37.4%, demonstrating the tremendous potential of decentralized trading models.
In addition to spot trading, DEX has also made significant progress in the perpetual contract sector. The ratio of perpetual trading volume between DEX and CEX has significantly increased from 2.1% at the beginning of 2023 to 11.7% in November 2025, with emerging platforms such as Hyperliquid performing particularly well, having processed $2.74 trillion in perpetual contracts this year, matching the scale of traditional exchange giant Coinbase.
These data fully indicate that, amid market fluctuations, investors are increasingly inclined towards decentralized trading solutions. DEX not only successfully maintained its market share but also achieved breakthrough progress in multiple dimensions, demonstrating a strong momentum comparable to traditional centralized exchanges.
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CoinGecko Report: DEX is not afraid of market pullback impacts, spot trading volume hits a historical high from May to October.
Despite the recent pullback in the cryptocurrency market, decentralized exchanges (DEX) have shown strong growth momentum. According to the latest report from CoinGecko, DEX achieved a record high of $419.76 billion in monthly spot trading volume in October, marking the highest level from May to October, indicating that the decentralized trading ecosystem is undergoing a fundamental transformation.
Behind this achievement is the continuous rise in the market share of DEX. According to a report by CoinGecko, DEX's share in spot trading has steadily increased from 6.0% at the beginning of 2021 to 21.2% in November 2025, meaning that currently one in every five spot trades is completed through decentralized platforms. This growth path has not been smooth, experiencing a correction in 2022, and only welcoming a decisive breakthrough in early 2025.
Key factors driving this transformation include the surge of Solana ecosystem meme coins and the strong rise of emerging platforms like PancakeSwap. It is worth noting that in June 2025, the DEX market share once reached a historical peak of 37.4%, demonstrating the tremendous potential of decentralized trading models.
In addition to spot trading, DEX has also made significant progress in the perpetual contract sector. The ratio of perpetual trading volume between DEX and CEX has significantly increased from 2.1% at the beginning of 2023 to 11.7% in November 2025, with emerging platforms such as Hyperliquid performing particularly well, having processed $2.74 trillion in perpetual contracts this year, matching the scale of traditional exchange giant Coinbase.
These data fully indicate that, amid market fluctuations, investors are increasingly inclined towards decentralized trading solutions. DEX not only successfully maintained its market share but also achieved breakthrough progress in multiple dimensions, demonstrating a strong momentum comparable to traditional centralized exchanges.
#DEX