According to the 2025 CEX Annual Report, Binance, Bybit, MEXC, and Gate led spot trading volumes, with Binance’s total nearly five times that of the runner-up. On the derivatives side, the top six exchanges were Binance, MEXC, OKX, Bybit, Bitget, and Gate. Spot trading volumes across major exchanges rose 12.0% year over year from 2024, with MEXC posting the strongest growth at 93.9%, followed by BitMart at 55.1% and KuCoin at 49.0%. By contrast, Upbit (-17.0%), Bybit (-12.2%), and Binance (0.8%) were the relative laggards in growth.
Derivatives volumes climbed 36.7% year over year, led by Bitget at 280.3%, Gate at 46.6%, and OKX at 41.4%. The bottom three were KuCoin (-31.0%), HTX (-9.7%), and Deribit (-6.6%).
Traffic declined by 2.1% year over year, with HTX leading gains at 227.9%, followed by MEXC at 71.7% and KuCoin at 48.3%; Bybit, Bitfinex, and Binance posted declines of 33.5%, 33.2%, and 22.3%, respectively. Meanwhile, Binance’s lead narrowed in 2025 as growth across spot, derivatives, and traffic lagged the broader market, while MEXC, Bitget, and Gate posted synchronized expansion in volumes and traffic among mid-tier exchanges.
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