Monthly Trade Volume on Decentralized Exchanges Tops Out at $463 Billion

Record Trading Volumes on Decentralized and Centralized Crypto Exchanges

In a remarkable display of market activity, cryptocurrency trading volumes on both decentralized and centralized exchanges reached new heights in December 2021 and continued to grow in 2025.

Decentralized Exchanges (DEXs)

In December 2021, the total trading volume on decentralized exchanges reached an all-time high of $463 billion. Uniswap led the pack with a staggering $106.4 billion, followed closely by Pancake Swap with $96.4 billion. Raydium took the third spot with a trading volume of $58 billion.

Centralized Exchanges (CEXs)

During the same period, the spot trading volume on centralized exchanges reached a three-year high of $2.78 trillion. Approximately $950 billion of this volume was attributed to Binance. Despite some volume declines in certain quarters of 2025, platforms like Gate.io, Bitget, and MEXC saw double-digit or steady growth, capturing larger market shares and increasing spot trading volumes significantly.

Key Factors and Trends in 2025

The total crypto exchange trading volume reached $9.36 trillion in H1 2025, representing the strongest first half since 2021. This robust overall exchange volume is attributed to several factors:

Growth among certain CEXs: Platforms like Gate.io, Bitget, and MEXC bucked the trend with double-digit or steady growth, capturing larger market shares and increasing spot trading volumes significantly.
Launch of new crypto derivatives and products: CME Group reported a +140% year-over-year increase in average daily volume (ADV) for its crypto product suite in mid-2025, hitting records of $10.5 billion daily notional volume. Products like spot-quoted Bitcoin and Ether futures offer capital efficiency and mirror spot market execution, appealing to more traders.
Regulatory and compliance developments: Despite regulatory scrutiny, exchanges have maintained trading volumes with investors shifting their preferences among stablecoins and platforms. This suggests resilience and adaptation in the crypto ecosystem contributing to volume stability or growth.

Innovative Trading Products and Emerging Exchanges

Innovative trading products like spot-quoted futures, growth of emerging exchanges, increased regulated market exposure, and shifting user behavior amid regulatory developments are the main trends and factors fueling higher trading volumes on decentralized and centralized crypto exchanges in 2025.

References:

[1] CoinMarketCap (2025). Gate.io Rises to Second Place by Volume in April 2025. [online] Available at: https://coinmarketcap.com/alexandria/article/gate-io-rises-to-second-place-by-volume-in-april-2025

[2] CoinGecko (2025). H1 2025: Crypto Exchange Trading Volume Reaches $9.36 Trillion. [online] Available at: https://www.coingecko.com/en/blog/691773/h1-2025-crypto-exchange-trading-volume-reaches-9-36-trillion

[3] The Block Research (2025). Gate.io, Bitget, and MEXC: The Growing CEXs of 2025. [online] Available at: https://www.theblockcrypto.com/post/121048/gate-io-bitget-and-mexc-the-growing-cexs-of-2025

[4] CoinDesk (2023). Binance Settles with U.S. Authorities, Shows Resilience in Crypto Ecosystem. [online] Available at: https://www.coindesk.com/business/2023/12/01/binance-settles-with-us-authorities-shows-resilience-in-crypto-ecosystem/

[5] CME Group (2025). Record Breaking Average Daily Volume for CME Group’s Crypto Product Suite. [online] Available at: https://www.cmegroup.com/media-room/press-releases/2025/record-breaking-average-daily-volume-for-cmes-crypto-product-suite