Onchain Trading Takes a Record Share as Centralised Exchange Volume Sinks

Onchain trading reached a record share of spot volume

The ratio of decentralised exchange (DEX) spot trading volume to centralised exchange (CEX) volume closed July 2026 at a record 24%, according to The Block. That reading rose from 17% a year earlier, a gain of seven percentage points. The metric measures spot trades only, separate from futures and derivatives, and covers major onchain venues such as Uniswap and Aerodrome. It stands as the highest reading in The Block's data series, which the firm has tracked since 2019. The result signals a steady move of spot activity toward non-custodial markets.

The ratio has climbed steadily since 2024

The July record extends a trend that began building more than a year ago. The ratio stayed below 10% for most of 2024, according to The Block's series. It then ranged between 18% and 21% through the first half of 2026 before setting the new high in July. The steady climb points to a lasting change in where spot liquidity sits, rather than a single-month spike. Traders have increasingly used onchain markets for newly issued tokens and assets not listed on large centralised platforms.

Centralised exchange volume fell to a yearly low

Total centralised exchange spot volume fell to about $670 billion in July, its lowest level in 12 months. That figure dropped sharply from an annual high of $2.23 trillion. Onchain spot volume itself also declined about 26% during the month, to roughly $130.77 billion — its lowest monthly total since September 2024. Both sides of the market shrank, but centralised venues fell harder. Decentralised platforms therefore captured a larger share of a smaller overall market.

Weaker centralised activity drove the record ratio

The record share came mainly from falling centralised volume rather than surging onchain turnover. According to The Block, sharp declines in CEX spot trading have pushed firms such as Coinbase and Gemini to cut staff, while traders moved to onchain alternatives. The Block added that improved liquidity aggregation and faster cross-chain swaps have narrowed the execution-speed advantage centralised platforms once held. Those technical gains have made onchain trading a closer substitute for centralised order books on many spot pairs.

Uniswap led onchain venues as its token slipped

Uniswap remained the largest venue in the tracked DEX group. Its token traded at $3.87 at the time of publication (CoinPaprika, 4 August 2026). That was down 6.2% over the past 24 hours but up 3.8% over the past seven days. UNI held a market capitalisation of about $2.42 billion at that time (CoinPaprika, 4 August 2026). Uniswap and Aerodrome remain among the main venues the ratio tracks, reflecting the concentration of onchain spot flow on a handful of large protocols.

Prediction markets and softer demand weighed on volume

The Block linked part of the volume decline to prediction markets, which have drawn trading activity away from exchanges. The firm also tied the drop to reduced interest in crypto across the wider market. A rising DEX share built on shrinking centralised volume reflects a structural shift, not an onchain boom. The August reading will show whether the ratio holds near one-quarter of covered centralised volume once the recent moves settle.