September spot-trading figures put decentralized exchanges (DEXs) at 19.8% of volume across both venue types, a denominator that distinguishes their combined-market share from a comparison with centralized exchanges (CEXs).
CEXs posted $1.13 trillion in spot activity, with volume up 27.3%. DEX turnover was $279 billion and also increased. Added together, the reported amounts equal $1.409 trillion.
The 19.8% figure divides DEX volume by the combined CEX and DEX total. Dividing the same $279 billion by CEX volume alone gives about 24.7%, or roughly one-quarter. That ratio uses a different base and does not represent DEXs’ share of combined volume.
The rolling 30-day DEX spot measure totaled $212.521 billion through Oct. 31. It covers a different period from September’s full-month figures, and without corresponding CEX volume for that same window, it does not show DEXs’ share. Perpetual futures are measured separately; the September figures cover spot trading.
