Uniswap

dYdX (ethDYDX)

PulseX

Dubai

<p class="is-style-lead">Centralized exchanges (CEXs) and decentralized exchanges (DEXs) have observed a tremendous surge in their respective trading volumes in the past 24 hours. This trend suggests a renewal of investor interest despite a generally bearish market.</p>



<p>Per data from price-tracking resource CoinMarketCap, the top 8 centralized exchanges have all witnessed a remarkable rise in their 24-hour trade volume, with Coinbase, America&#8217;s largest exchange and the second-largest exchange globally, registering the biggest percentage gain within the time frame.</p>



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<p>Notably, Coinbase&#8217;s volume in the past 24 hours currently stands at $1.142 billion, representing a massive 87.68% increase from the book observed yesterday. Meanwhile, Kraken, America&#8217;s second-largest exchange, has witnessed a 66.40% surge in trade volume. Kraken currently boasts a 24-hour volume of $579.8 million.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="947" height="891" src="https://crypto.news/app/uploads/2023/05/Spot-trading-volume-May-31.png" alt="Trading volumes on CEXs and DEXs surge amid market downtrend - 1" class="wp-image-14163704"><figcaption class="wp-element-caption">CEX spot trading volume &#8211; May 31 | Source: <a href="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noopener">CoinMarketCap</a></figcaption></figure>



<p>Meanwhile, Seychelles-based exchange OKX is also seeing a promising increase in volume, with a trading volume of $898.3 million in the last 24 hours. This marks a 56.15% increase, making it the third biggest percentage gain. ByBit, which <a href="https://crypto.news/bybit-to-open-global-headquarters-in-dubai-following-50-increase-in-users/">opened</a> its global headquarters in Dubai last month, has witnessed a 50.33% increase in volume, leading to a 24-hour trade volume of $731.2 million.</p>



<p>Moreover, Bitfinex and KuCoin have seen 47.04% and 39% surges in their trade volumes. Binance, the world&#8217;s largest exchange, is observing a 32.31% increase, resulting in a massive volume of $8.55 billion. UK-headquartered exchange Bitstamp is seeing the lowest percentage gain among the top 8, with a 26.58% rise.</p>



<h2 class="wp-block-heading" id="decentralized-exchanges">Decentralized exchanges</h2>



<p>While the top 8 decentralized exchanges have observed similar surges, some are witnessing trade volume declines. For instance, volumes on Kine Protocol and Uniswap V2 have plummeted by 28.31% and 6.89% in the last 24 hours.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="875" height="853" src="https://crypto.news/app/uploads/2023/05/DEX-trading-volume-May-31.png" alt="Trading volumes on CEXs and DEXs surge amid market downtrend - 2" class="wp-image-14163700"><figcaption class="wp-element-caption">DEX trading volume &#8211; May 31 | Source: <a href="https://coinmarketcap.com/rankings/exchanges/dex/" target="_blank" rel="noopener">CoinMarketCap</a></figcaption></figure>



<p>In contrast, PulseX and Uniswap V3 exchanges are in the green. PulseX has witnessed the most significant percentage increase, with a 142.38% surge. Uniswap V3 (Ethereum), the largest decentralized exchange, has seen a 47.61% increase, leading to a 24-hour volume of $700.7 million at the time of reporting.</p>



<p>In addition, while dYdX is seeing a 35.83% increase in volume, Uniswap V3 on the Arbitrum network has observed a 27.65% rise in volume. The Ethereum-based Curve protocol has observed a 26.73% increase in volume. Industry leaders have ascribed this surge in DEX volume to the latest <a href="https://crypto.news/uniswap-leaps-over-coinbase-in-daily-trading-volume-amid-meme-coin-mania/">meme coin</a> craze.</p>



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Trading volumes on CEXs and DEXs surge amid market downtrend

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