DEX-to-CEX Spot Volume Ratio Hits Record 24.16% in July

Decentralized exchanges have been chipping away at the volume from centralized platforms for a while now and ever since April of last year, this ratio has consistently been in the double digits territory. Last month, onchain trading took its largest bite out of CEX volume. According to the Block’s DEX to CEX spot trade volume, the ratio printed 24.16% for July, the highest reading since the series began in January 2019.

Source: The Block

At first glance, the ratio looks like a win for decentralized exchanges but the volume data underneath this actually tells a different story.

Both Sides of the Market Shrank. One Shrank Faster

Spot DEX volume actually fell to 124.82 billion in the month of July, down 6% from the previous month. In fact, this was the weakest month for onchain trading since September 2024. Spot volumes on centralized exchanges came in worse. Data from Artemis shows that Tier-1 centralized exchange monthly spot volume saw $375 billion last month, the lowest monthly total since October 2023. In this sense, the ratio hit a new high because centralized spot volume shrank faster.

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