Rich by Coin

2025 saw remarkable crypto exchange activity, denoting a clear divergence when it comes to the comparison of derivatives and spot markets. In this respect, the cumulative spot trading volume hit the $18.6 trillion mark, underscoring a 9% year-over-year surge. As per CryptoQuant’s new report, the perpetual futures recorded a spike to $61.7 trillion in trading volume, indicating a significantly stronger 29% yearly growth. Hence, the derivatives sector dominated the market activity during 2025, with liquidity and trading power concentrating among a few key exchanges.

Spot volume reached $18.6T (+9% YoY) while perpetuals surged to $61.7T (+29%), with Binance dominating spot, BTC perps, liquidity, and reserves. Growth is derivative-led, and market power continues to concentrate at the top. Based on the market data, in 2025, the spot trading volumes went through a recovery from notable lows that occurred during the previous years. Following 2024’s extraordinary 154% rise, the spot volume expansion cooled.

However, the cumulative activity stayed historically high. Specifically, Binance maintained its dominating position in the spot landscape, attaining a trading volume of $7T, and showing a 41% of the spot activity of the prominent ten centralized crypto exchanges. According to CryptoQuant’s report, the crypto perpetual futures witnessed 3.3 times more growth when compared with spot activity. Once again, Binance claimed the top position, tackling $25.4T in just Bitcoin perpetual futures. This accounted for 42% of the volume among the top ten exchanges.

Following it, OKX, Bybit, and Bitget tackled $11.3T (nearly 18.5%), $9.6T (almost 15.8%), and $6.4T (up to 10.6%). Binance reportedly held approximately $47.6B in its total stablecoin reserves, signifying 72% of the top ten volume. Ultimately, 2025 recorded a derivative-led crypto market, and a few giants consolidated the user activity. Other notable exchanges coming after Binance included Crypto.com, MEXC, and Bybit. Thus, Crypto.com secured $1.3T, while MEXC and Bybit obtained $1.4T in spot volumes.