CoinGecko’s newest CEX & DEX Trading Activity Report for 2026 reads like a market diary. Familiar players still move the biggest piles of capital, but new habits have formed, and the ecosystem looks different from two years ago. If you flick through the 14-slide report, you’ll see the same story over and over: centralized exchanges still dominate dollar volume, but decentralized venues are growing fast and, crucially, getting real.

Start with token listings, because it’s a useful little proxy for what’s happening on- and off-chain. Large centralized platforms put out a steady stream of listings, two of the most active, MEXC and Gate, listed roughly a thousand tokens apiece across the reported period, almost a hundred a month. That sounds like a lot until you realise how many tokens are being spun up on-chain: GeckoTerminal tracked over 24 million new tokens in the same window. Put bluntly, even the busiest centralized exchange covered a sliver of what was created.

Trading volume tells a similar, slightly subtler tale. Spot trading still lives on centralized rails; monthly spot volume stayed north of $1 trillion through the period. But decentralized spot trading has doubled its share in just two years, moving from the single digits to roughly the mid-teens percent range, and absolute DEX spot volume more than doubled to the low hundreds of billions. Why the jump? Part of it was memecoin mania, which pushed a huge amount of retail flow on-chain, and part of it was routing and tooling improvements that made DEXs easier to use. The result was that, for brief periods, DEXs commanded nearly a quarter of spot volume.

The perps market expanded a lot, the combined volume rose by roughly three quarters over two years, and the decentralized slice of that pie ballooned. Perp DEX volume rose nearly eightfold to land in the high hundreds of billions, taking a meaningful double-digit share of total perps volumes. Events like Hyperliquid’s airdrop and the arrival of competitors pushed liquidity and attention toward on-chain perpetuals in ways many people didn’t expect a few years back.

You can see the change reflected in exchange rankings: while the behemoth still sits at the top, decentralised names now show up among the biggest platforms. Binance remains the leader by a wide margin, but DEXs such as PancakeSwap and Uniswap managed to crack the top ten for spot volume. On the derivatives side, Hyperliquid earned a spot among the largest perps venues. That’s not hype, that’s real dollars and real activity.

If there’s a downbeat paragraph, it’s this: security still bites. Exchanges and protocols lost more than $2.4 billion to hacks and exploits over the last year-plus, and a single large incident accounted for the lion’s share. Most centralized losses stemmed from compromised keys and social-engineering attacks, while DEXs were vulnerable to smart contract bugs and oracle manipulation. That mix of threats keeps both camps sleepless at night and forces continuous investment in audits, insurance and operational hygiene.

So where does that leave us? The market is not flipping overnight. Centralized venues still handle the bulk of liquidity and price discovery. But decentralized trading, spot and derivatives, has graduated. It’s smarter, deeper and far less of an experiment than it used to be. For traders, that means more choice. For builders, it’s validation. For regulators and security teams, it’s a reminder that the game is changing and the stakes are getting higher.

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