Reviving Trade: CEX and DEX Volumes Surge to Near-Winter Levels

In July, the trading volume on centralized cryptocurrency exchanges reached $1.71 trillion, marking the highest figure since February 2025, according to data from The Block.

This represents a significant increase of 55% compared to June’s volume of $1.1 trillion.

Binance maintained its position as the leading exchange, with trading volume rising from $436.24 billion in June to $683.41 billion—the best performance for the platform since January.

Following Binance were Bitget ($126.05 billion), Bybit ($122.3 billion), and Upbit ($110.21 billion).

Trade volume on decentralized exchanges (DEX) also reached its highest point since January, totaling $435.3 billion. The frontrunner in this segment was PancakeSwap, with a volume of $188.6 billion.

In June, the DEX trading volume was $151 billion, accounting for over 43% of all spot transactions on DEX platforms.

The dominance continued in July, with PancakeSwap processing twice as much as Uniswap ($94 billion), capturing nearly 43% of the total volume in non-custodial trading.

The ratio of spot trading on DEX to CEX reached a new high of 27.9% in June before dipping to 23.3% in July.

According to The Block, PancakeSwap also emerged as the leader in generating trading fees, collecting over $430 million thanks to its automated market maker and yield farming mechanisms.

It is worth noting that in May, the DEX trading volume amounted to $410.2 billion, representing over a quarter of the equivalent CEX volume.

Furthermore, in June, the ratio of futures trading volumes on decentralized versus centralized exchanges reached an all-time high of 8%.