DEX Spot Trading Measures Differ Because They Use Separate Denominators

1 min read

One measure compares decentralized exchange volume with total spot trading; another compares it with centralized exchange volume.

By Enna Lee

Published Nov 2, 2026, 4:26 PM EST

Decentralized exchanges (DEXs) and centralized exchanges (CEXs) appear in separate spot-volume comparisons.

One calculation compares DEX volume with total spot trading volume; another compares DEX spot volume with CEX spot volume.

The percentages describe different calculations. The DEX-to-CEX ratio is not DEXs’ share of combined DEX and CEX volume.

The different denominators and observation periods mean the figures should not be read as consecutive points on one market-share series.

Enna Lee

Reporter

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.