Decentralized exchanges (DEXs) are dealing with 23% of the Spot buying and selling quantity finished by mixed centralized exchanges (CEXs), together with Binance, Coinbase, and others.
This marks a file degree, and the market share of DEXs has elevated by 1100% up to now 5 years, with an analyst terming it an “impressive” win for DeFi.
What’s spectacular is that the market share of DEXs has elevated by over 1100% up to now 5 years. DeFi is successful, and the bull case for it has by no means been extra apparent.
Worth noting that the DEX market share doubled between 2024 and 2025. But it later remained flat in the course of the bear market in early 2026. Now, analysts imagine that the Binance hack could additional favor DEXs, but it surely’s not all black and white.
Will the Binance hack speed up DEX market share?
In reality, analyst Mago discovered an attention-grabbing sample within the rising market share. DEX quantity has dropped 55% 12 months-on-12 months (YoY) from $588B in 2025 to $262B in 2026, but they elevated their market share from 17.5% to 23.2%.
So DEXs didn’t take share by rising. They took it by shrinking slower than CEXs. When the market cools, CEX circulate leaves. On-chain circulate sticks.
In phrases of month-to-month spot volumes, Uniswap and PancakeSwap dominated with 36% of all DEX volumes. Aerodrome and PumpSwap got here in third and fourth, respectively.
The largest surge in 2026 occurred in July, because the DEX market share elevated from 18% to over 22%. This was in the course of the broader market rebound, as Bitcoin recovered from beneath $57.8K to over $60K and prolonged its restoration to over $87K in August and September.
In reality, to Andy Cavanaugh, founding father of The Rollup, the $6.3B Binance hack, after Bitget’s $388M exploit in September, will additional enhance this pattern.
Major vibe shift during the last 48 hours…Onchain >>> offchain.
And some knowledge factors assist his outlook. For instance, Hyperliquid’s share of combination CEX quantity elevated from 8.0% to 8.3% in the course of the Binance hack. On a person foundation, Hyperliquid was doing an equal of 14.5% of Binance’s quantity, from a 13.5% low in mid-October.
However, most of those DEXs could not totally repay customers in case of hacks like Binance or Bitget did. And with rising AI-enabled safety dangers throughout self-custody and different segments, this may occasionally additionally dictate sticky flows or returning merchants to CEXs.
Besides, this week, Blockaid flagged an assault focusing on the entrance ends of 12 DeFi initiatives that have been this week, underscoring that hacks are not remoted to centralized exchanges alone. It can be attention-grabbing to see if safety dangers will actually drive DEX market share sooner or later.
Final Summary
- DEX Spot buying and selling market share hit a file 23% in October.
- Analysts imagine the Binance hack will speed up DEX buying and selling dominance.
