Decentralized exchange (DEX) trading soared to unprecedented levels in October, showing a renewed appetite for on-chain activity even as broader crypto markets faced turbulence.
According to data from DefiLlama, total DEX volume reached an all-time high of $613.3 billion, up sharply from nearly $500 billion in September. The surge reflects a growing shift among traders seeking self-custody, transparency, and opportunities linked to liquidity mining and airdrops.
Uniswap led the pack with $170.9 billion in trading volume for the month, a strong jump from $106.5 billion in September, while PancakeSwap followed with $101.9 billion, compared with $79.8 billion the month before.
“Traders are increasingly turning to decentralized venues not just for control and transparency, but also for the engagement and incentives these ecosystems provide,” said Vincent Liu, Chief Investment Officer at Kronos Research.
Centralized Exchanges Also See Volume Spike
Despite growing DEX participation, centralized exchanges (CEXs) also recorded their most active month of 2025. Data from The Block shows total CEX trading volume reached $2.17 trillion in October, up 28% from $1.69 trillion in September and the highest level since January.
Binance maintained its dominance with $810.4 billion in monthly volume, rising from $636.5 billion a month earlier. Gate came in second at $175.6 billion, followed by Bybit at $156.9 billion and Bitget at $134.7 billion.
The DEX-to-CEX volume ratio climbed to 19.84%, up from 18.83% in September, indicating a steady increase in decentralized market participation.
Volatility Sparks Trading Frenzy
Market analysts attributed the October spike to heightened volatility following a sharp mid-month correction. On October 10, Bitcoin tumbled from around $121,500 to $110,000, later reaching a low near $104,600 on October 17 before stabilizing around $108,000 by month-end.
“The October sell-off created a wave of repositioning across both centralized and decentralized markets,” explained Min Jung, research associate at Presto Research. “When volatility returns, liquidity and volume follow and traders rush to rebalance exposure.”
Kronos Research’s Liu noted that activity was also driven by new market narratives, including BNB Chain memecoins, privacy-focused tokens, and ETF-related flows, which have reignited short-term speculation.
“Momentum has returned,” Liu added. “If macro volatility or fresh catalysts persist, November could be just as active as capital hunts for the next opportunity.”
The simultaneous rise in DEX and CEX volumes highlights a maturing market where both centralized and decentralized ecosystems are thriving.
While institutional players continue to rely on large exchanges for liquidity, the retail and DeFi communities are clearly favoring decentralized options for speed, transparency, and control.
