Cryptocurrency spot trading on major centralized exchanges (CEXs) rebounded last quarter, reversing the downward trend that began in early 2025.
Total spot volume across the highest 10 CEXs rose 30.6% within the third quarter, reaching a net value of $4.7 trillion, crypto analytics platform TokenInsight reported in its latest stock market evaluation published on Friday.
The rise marked a notable turnaround after CEX spot volumes suffered two sharp declines in the primary half of the 12 months, signaling renewed investor interest as Bitcoin (BTC) rose to recent highs above $123,000 in August.
Despite the spot market surge, derivatives trading on CEXs remained dominant, with trading volumes also rising about 29% to $26 trillion from $20.2 trillion within the second quarter.
Binance leads the spot market share with 43%
Binance, the world's largest CEX by trading volume, remained the leader within the spot market within the third quarter of 2025, accounting for roughly 43% of the market.
The exchange has consistently captured greater than two-fifths of total CEX spot trading volume, putting it well ahead of rivals resembling MEXC and Bybit, which each held around 9%.
Quarterly trading volume in derivatives trading in comparison with spot trading on CEXs in 2025. Source: TokenInsight
In the derivatives markets, Binance continued to take care of its leading position within the third quarter, with its market share increasing significantly to 31.3% in September, in response to TokenInsight data.
Meanwhile, rival exchanges OKX and Bybit saw their market shares decline last quarter, but were still able to take care of their second and third positions, respectively.
According to TokenInsight, amongst other exchanges, only Gate, KuCoin and BingX recorded significant growth, underscoring resilience within the face of accelerating market volatility.
“Overall, the derivatives market is entering a period of structural change. The leading exchanges proceed to take care of their dominant position despite the emergence of increasingly more competitors, intensifying market competition,” the report said.
