DEX vs CEX: Decentralized Exchanges Hit a Record

The balance of power between centralized and decentralized platforms has reached a new milestone. In July 2026, DEX spot volume equaled nearly 24% of CEX volume, the highest since tracking began in 2019. The number is real. Its interpretation deserves a closer look: this record owes as much to the retreat of centralized platforms as to the strength of DEXs, and it lands at the worst possible time for European traders, in the middle of a regulat…