Spot DEX Trading Drops 26.5% in Q2 2026 as Perps Fall Less

Trading on the largest decentralized exchanges weakened in Q2 2026, with spot token swaps falling 26.5% and perpetual futures activity declining at a slower pace. The 10 largest spot decentralized exchanges (DEXs) processed $408.9 billion in swaps, down from $556.4 billion in Q1. The 12 largest DEXs offering perpetual futures, or perps, recorded $1.7 trillion in notional volume, compared with $2 trillion in the previous quarter. The totals track different types of activity. Spot volume counts token swaps, while perp volume measures the notional value of contracts and includes leveraged trading. The two figures therefore cannot be read as a like-for-like comparison of trading amounts. Spot DEX volume was equivalent to 23.5% of the volume handled by the 10 largest centralized spot exchanges in Q2.

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