Crypto spot trading on CEXs recovers by 31% in Q3 after sharp drop

Cryptocurrency spot trading on major centralized exchanges (CEXs) recovered during the past quarter, reversing the downward trend that began in early 2025.

The total spot volume for the top 10 CEXs surged by 30.6% in the third quarter, netting $4.7 trillion, crypto analytics platform TokenInsight reported in its latest exchange analysis published Friday.

The surge marked a notable trend reversal after CEX spot volumes suffered two steep declines in the first half of the year, signaling renewed investor interest as Bitcoin (BTC) rallied to new highs above $123,000 in August.

Despite the spot market spike, derivatives trading remained dominant on CEXs, with trading volumes also rising about 29% to $26 trillion from $20.2 trillion in Q2.

Binance tops spot market share with 43%

Binance, the world’s largest CEX by trading volume, remained the leader in the spot market in Q3 2025, accounting for about 43% of the market.

The exchange has consistently captured more than two-fifths of overall CEX spot trading volumes, well ahead of competitors such as MEXC and Bybit, which each held around 9%.

Quarterly trading volumes in derivatives trading versus spot trading on CEXs in 2025. Source: TokenInsight

In derivatives markets, Binance also maintained its leading position in Q3, with its market share rising significantly in September to 31.3%, according to TokenInsight data. 

Meanwhile, rival exchanges OKX and Bybit saw their market shares decline over the past quarter, but still held onto their second and third positions, respectively.

Monthly spot market share on major CEXs since April 2025. Source: TokenInsight

Among other exchanges, only Gate, KuCoin and BingX recorded notable growth, underscoring resilience amid increased market volatility, TokenInsight said.

“Overall, the derivatives market is entering a phase of structural transformation. The leading exchanges continue to maintain their dominant positions, although an increasing number of competitors are emerging, intensifying market competition,” the report noted.

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