Recent data shows a clear deceleration in spot DEX and perpetual DEX trading activity across the crypto market. Combined monthly perpetual DEX volume across all chains continues to decline and now sits on track to reach its lowest level in eight months, a point not seen since July 2025. At the same time, total monthly spot DEX volume is also falling sharply and is on pace to reach its lowest level in seventeen months, since October 2024.
This downturn reflects a broader bearish sentiment and lack of retail participation. While volumes decline, key indicators suggest that DEXs still hold meaningful gains in market share relative to CEXs.
Perpetual DEX Volume Trends
Perpetual futures trading on decentralized platforms expanded rapidly through 2024 and into 2025, driven by improved infrastructure and new entrants such as Hyperliquid, Lighter, and Aster. However, recent data shows that this momentum has slowed considerably.
Combined monthly perp DEX volume has steadily trended downward in recent months, with March 2026 recording $505.2 billion in monthly volume. Artemis data indicates that that’s the lowest monthly volume since the $484.3 billion witnessed in July 2025. This decline follows a period of elevated activity in late 2025, when new protocol launches and incentive programs drove significant participation.
Despite the recent contraction, the longer-term trend remains notable. According to the CoinGecko CEX & DEX Trading Activity Report 2026, Perpetual DEXs increased their share of total perps trading volume from approximately 2% in early 2024 to over 10% by early 2026.
Spot DEX Activity Declines Sharply
Spot trading on decentralized exchanges shows an even more pronounced slowdown. Total monthly spot DEX volume across all chains is now on track for its lowest level in seventeen months. DefiLlama data shows that March 2026 has recorded $206.545 billion in monthly spot DEX volume so far, the lowest since October 2024, when $198.626 billion was recorded.
Weekly DEX trading activity has also dropped to its lowest level in a year.
This pullback suggests reduced speculative activity and lower overall market participation. Earlier market cycles benefited from strong retail engagement, particularly during memecoin cycles and periods of high volatility. As those conditions fade, trading frequency and volumes have adjusted downward.
Solana Maintains Leadership Despite Market Weakness
Even as aggregate DEX activity declines, Solana continues to dominate the landscape. The network has led all blockchains in total DEX volume for 32 consecutive weeks. This consistency underscores its position as the primary venue for onchain trading.
Solana’s growth over the past two years has been substantial. The network recorded approximately $54.5 billion in DEX spot volume in 2023. That figure rose to about $694.6 billion in 2024 and reached roughly $1.58 trillion in 2025. In the first three months of 2026 alone, Solana has already generated close to $250 billion in DEX volume.
Notably, Solana’s DEX spot trading volume continues to rival major centralized exchanges. Onchain volume consistently ranks second, behind only Binance, and frequently exceeds that of platforms such as Bybit, Coinbase, and Kraken. This dynamic signals a meaningful shift in how traders access liquidity.
Comparing DEX and CEX Volume Trends
While DEX volumes decline, volume on centralized exchanges also shows signs of decline. Blockworks data shows that CEXs recorded a spot volume of just over $1 trillion in February 2026, the lowest value recorded since October 2024, 17 months ago.
Notwithstanding, they continue to dominate in absolute terms. According to the CoinGecko CEX & DEX Trading Activity Report 2026, CEXs processed nearly $80 trillion in total trading volume across spot and perpetual markets in 2025, maintaining their role as the primary liquidity hubs.
CEX spot trading volume still exceeds $1 trillion per month, far surpassing DEX activity. However, DEX market share has increased significantly over time. Spot DEX share rose from 6.89% in early 2024 to around 13.6% by early 2026, with peaks above 24% during high-activity periods in 2025.
In perpetuals, total monthly market volume has grown to over $7 trillion, with DEX participation expanding to roughly 10% of that total. Although recent data shows a decline, both CEX and DEX activity appear to be cooling in tandem after a period of elevated trading.
Market Structure and User Behavior
The current decline likely reflects broader market conditions rather than platform-specific weaknesses. Lower volatility, reduced speculative demand, and macroeconomic uncertainty can all contribute to decreased trading activity.
At the same time, structural improvements in decentralized infrastructure remain intact. Users continue to value self-custody, lower fees, and transparent execution. These factors have driven a gradual migration toward onchain venues, even as total volumes fluctuate.
Despite lower volumes, DEXs retain meaningful gains in market share and continue to challenge centralized platforms in specific segments. We’ll have to wait and see whether trading volumes return to their peak when market conditions eventually shift.
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