Hyperliquid and DEXs Break the Top 10 — Is the CEX Era Ending?

Centralized exchanges (CEXs) still dominate crypto liquidity, but decentralized exchanges (DEXs) are becoming significant competitors, according to a CoinGecko report. DEX spot market share doubled from 6.9% in January 2024 to 13.6% in January 2026, peaking at 24.5% in June 2025. The perpetual futures market saw even more dramatic growth for DEXs, with volume surging eightfold to account for 10.2% market share, largely driven by Hyperliquid entering the Top 10 exchanges. Uniswap and PancakeSwap also broke into the top 10 for spot volume. Structurally, CEXs like MEXC and Gate.io curate token listings (averaging 100 new listings/month), while DEXs like Uniswap scale abundance by listing millions of tokens. Despite this growth, CEXs accounted for the majority of the $2.4 billion in exchange security losses over the period, primarily due to one large exploit.

(Source：BeInCrypto)