Crypto Market Heats Up: CEX and DEX Volumes Near Winter Levels

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

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

Binance remained the leader in trading volume, with its figures rising from $436.24 billion in June to $683.41 billion, the platform’s best performance since January.

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

DEX Market Situation

Trading volumes on decentralized exchanges (DEX) also reached their highest since January, totaling $435.3 billion. PancakeSwap led the segment with $188.6 billion.

In June, turnover was $151 billion—over 43% of all spot trades on DEX.

This dominance continued in July: according to The Block, the platform processed twice as much as Uniswap ($94 billion) over the month. The decentralized exchange once again accounted for nearly 43% of the total non-custodial trading volume.

Meanwhile, the ratio of DEX to CEX spot trading reached a new high of 27.9% in June before declining to 23.3% in July.

According to The Block, PancakeSwap also led in commission revenue, earning over $430 million through its automated market maker and yield farming mechanisms.

Back in May, turnover on DEX was $410.2 billion, more than a quarter of the equivalent CEX figure.

In June, the ratio of futures trading volumes on decentralized and centralized exchanges reached a historic high of 8%.