Data: Decentralized exchanges accounted for 25% of global spot trading volume in May, setting a new historical high According to The Block, decentralized exchanges (DEX) accounted for a historic high of 25% of global spot trading volume in May 2025, with a total trading volume of $410.2 billion, led by PancakeSwap ($171.6 billion), closely followed by Aerodrome and PumpSwap, with a monthly trading volume of nearly $15 billion.