CEXs are losing market share to DEXs – Even when both are shrinking

Decentralized exchanges (DEXs) are handling 23% of the Spot trading volume done by combined centralized exchanges (CEXs), including Binance, Coinbase, and others. This marks a record level, and the market share of DEXs has increased by 1100% in the past five years, with an analyst terming it an “impressive” win for DeFi. What's impressive is that the market share of DEXs has increased by over 1100% in the past 5 years. DeFi is winning, and the bull case for it has never been more obvious. Worth noting that the DEX market share doubled between 2024 and 2025. But it later remained flat during the bear market in early 2026. Now, analysts believe that the Binance hack may further favor DEXs, but it’s not all black and white.

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