ETH: DEX Share of Spot Volume (DEX vs CEX)
Ethereum DEX Share of Spot Volume (DEX vs CEX) was 9.44% on 8 Nov 2026 (latest daily value).
Ethereum DEX volume as a share of DEX volume plus the spot volume of the centralised exchanges CryptoKeyhole collects, each hour and day.
Why use it. Shows how much of spot trading has moved on-chain. A rising share means traders are choosing the pools over the order books. How to read it. Higher means more of the combined volume happened on Ethereum's DEXes. It is a guide to direction rather than a market-wide figure: DEX volume here is Ethereum only, and the centralised side is a fixed basket of coins on the exchanges we collect.
Calculation. DEX share = DEX volume / (DEX volume + centralised spot volume) x 100, for each hour and day. DEX volume: the all-venues total above. Centralised spot volume: the all-coins spot basket of CryptoKeyhole's market collection, a fixed basket of coins with futures summed in US dollars across the venues we collect (the same figure as Spot Volume, All Assets), which begins on 17 October 2026, 03:00 UTC. Venues on Ethereum mainnet: Uniswap v2, v3 and v4, SushiSwap v2, Curve (every pool in Curve's on-chain MetaRegistry), Balancer v1, v2 and v3, PancakeSwap v2 and v3, Fluid's DEX pools, Ekubo's Core contracts and Maverick v1 and v2. Pools are taken only from each protocol's own registries or creation events. On Balancer a swap against a pool's own LP token (a composable or boosted pool's deposit or withdrawal in disguise) is not counted. Not covered: orders filled outside these pools, such as off-chain market-maker quotes settled through 1inch, 0x and UniswapX fillers, and every other DEX and network. A trade is valued by the amount of its priced token that entered or left the pool: US-dollar stablecoins (USDC, USDT, DAI, USDS, PYUSD, FDUSD, USD1, RLUSD) at face value, wrapped or native ether at CryptoKeyhole's hourly ETH/USD price, Wrapped Bitcoin at its hourly BTC/USD price; the stablecoin side is used first, then ether, then Wrapped Bitcoin. Trades between two tokens neither of which is priced this way are counted as trades but carry no value, so the dollar figures slightly understate tokens traded only against each other (some Curve and Balancer pairs). Only finalized blocks are counted. Hourly values cover each completed UTC hour; the open day is a labelled partial, updated hourly, and replaced by the final value once the day closes. The history runs from the deepest hour for which every venue has been read back without a gap and moves further back as older blocks are read.