Decentralized exchanges handled 23% of centralized exchange spot trading volume in October, a record high representing an increase of more than 1,100% over five years. Their volume nevertheless fell 55%, from $588 billion in 2025 to $262 billion in 2026, while centralized exchange volume declined more rapidly. The $6.3 billion Binance hack helped raise Hyperliquid’s share of centralized exchange volume from 8.0% to 8.3%. The shift could be constrained by decentralized exchanges’ reduced ability to reimburse victims and by security risks associated with self-custody. Uniswap and PancakeSwap led monthly volumes, accounting for 36% of decentralized exchange trading combined.
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