DEXs Compete with CEXs as DeFi Trading Volume Reaches $613 Billion in October 2025

Data from DefiLlama shows that decentralized exchanges (DEXs) saw trading volumes soar to a record $613.3 billion in October 2025, representing a 22.7% rise from September’s $500 billion. This growth, fueled by incentives like liquidity mining and airdrop events, points to increasing interest in transparent, self-custodial crypto trading.

led the sector, posting $170.9 billion in trades for the month—a 60.4% increase over September. came next with $101.9 billion, up 26.5%, according to .

The surge in decentralized finance (DeFi) activity coincided with heightened volatility across the crypto market. On October 10, Bitcoin’s price plunged from $121,500 to $104,600, prompting a wave of trading as investors adjusted their holdings. Kronos Research CIO Vincent Liu observed that traders are increasingly attracted to DEXs for their “liquidity mining and airdrop-driven engagement,” indicating a move toward on-chain participation, the TradingView report noted.

Centralized exchanges (CEXs) also performed strongly, with total trading volume in October reaching $2.17 trillion, up 28% from September. Binance continued to lead with $810.4 billion, while Gate and Bybit posted $175.6 billion and $156.9 billion, respectively. The ratio of DEX to CEX volume rose to 19.84% from 18.83% in September, highlighting a growing shift toward decentralized trading, according to TradingView.

The uptick in DEX usage mirrors broader advances in fintech. For example, SoFi Technologies is making a return to crypto through blockchain-based international transfers and a new ETF focused on AI, according to

. Meanwhile, Roblox Corporation’s 60% year-over-year increase in bookings highlights the expanding role of digital platforms, a trend that could further boost demand for decentralized solutions.

T. Rowe Price Group, a traditional asset manager, reported $1.77 trillion in assets under management for the third quarter of 2025, signaling investor trust in diversified offerings, per

. While directly related to crypto, the company’s strategic partnerships and emphasis on scalable financial services reflect a broader move toward tech-driven finance—a trend that could intersect with DeFi’s trajectory.

Despite the positive momentum, challenges remain. Regulatory oversight, competition from established interoperability providers like

, and concerns over token dilution continue to pose risks for projects such as Mono Protocol, according to . Experts warn that while DEX volumes are robust, long-term success will hinge on practical use cases and active developer participation, the TradingView report added.

For now, the crypto sector’s resilience—evidenced by the October volume spike—demonstrates sustained enthusiasm for decentralized alternatives to conventional finance. As Mono Protocol and platforms like Uniswap enhance their features, the evolving relationship between DeFi and fintech may reshape the global financial landscape.