"Binance retains No. 1 spot trading volume in 2025…derivatives also stay near the top"

Global crypto exchange Binance is shown to have maintained an overwhelming share of trading volume in the spot market in 2025 as well. It also stayed near the top in the derivatives market, posting the largest trading volume among major exchanges.

According to the 2025 annual report on centralized exchanges (CEX) released on the 12th by crypto-focused media outlet Wu Blockchain, the top four exchanges by last year’s spot trading volume were tallied as Binance, Bybit, Gate, and Crypto.com, in that order. Among them, Binance’s spot trading volume was about five times that of the No. 2 exchange.

In derivatives trading volume, Binance ranked first, followed by OKX, Bybit, and Bitget. The report noted that the spot and derivatives trading data were compiled based on CoinGecko data, and that for some exchanges the figures may include wash trading or bot-driven trades.

Differences in user distribution by exchange were also identified. For Binance, inflows from South Korea, Brazil, and Vietnam were relatively high. By contrast, Coinbase, Crypto.com, and Kraken had the largest share of traffic from the United States. For some exchanges, traffic was also observed to be concentrated in Russia and other Russian-speaking regions.

Wu Blockchain said, "Taking trading volume and traffic metrics together, Binance continues to maintain the greatest influence in both the spot and derivatives markets," adding that "the trading scale and user bases of some mid-tier exchanges are also expanding rapidly."