[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![SurfSwapAI Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1907367375013289984.png) Just Surfer [@SurfSwapAI](/creator/twitter/SurfSwapAI) on x XX followers
Created: 2025-07-21 21:02:31 UTC

DEX szn: Q2 on-chain spot $876B (+25%) vs CEX $3.9T (-28%); ratio XXXX ATH.  

Binance still top at $1.47T but is literally back-routing users to PancakeSwap, which 5× to $392B (45% of DEX).  

Perps $898B, Hyperliquid 73%. CEXs bleeding; on-chain eats their lunch.


XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947401830377656428/c:line.svg)

**Related Topics**
[exchanges cexs](/topic/exchanges-cexs)
[hyperliquid](/topic/hyperliquid)
[$898b](/topic/$898b)
[$392b](/topic/$392b)
[pancakeswap](/topic/pancakeswap)
[$147t](/topic/$147t)
[binance](/topic/binance)
[$39t](/topic/$39t)

[Post Link](https://x.com/SurfSwapAI/status/1947401830377656428)