Spot market trading volume reached $18.6 trillion in 2025, up 9% from 2024. Perpetual futures volume surged to $61.7 trillion, up 29% year over year, while Binance dominated spot trading, BTC perpetuals, liquidity, and reserves. Binance’s dominance underscores the concentration of market power in the hands of a single platform.
Binance remained the leader in the spot segment, processing nearly $7 trillion in trades in 2025 and capturing about 41% of the top-10 centralized exchanges. The next group consisted of Bybit, MEXC, and Crypto.com with volumes around $1.5 trillion, $1.4 trillion, and $1.3 trillion, respectively. MEXC showed the strongest growth, nearly doubling its 2024 figures.
In the Bitcoin futures space, Binance turnover reached $25.4 trillion, representing 42% of the top-10 platforms, with overall dominance rising 20% versus 2024. OKX, Bybit, and Bitget together held substantial shares at $11.3 trillion (18.5%), $9.6 trillion (15.8%), and $6.4 trillion (10.6%), respectively. A new entrant, Hyperliquid, posted $2.2 trillion, capturing about 3.7% of the market.
Binance held $47.6 billion in USDT and USDC, about 72% of all reserves among the top 10 exchanges, rising to a record $51 billion in early November 2025. OKX held $9.3 billion (14%), while MEXC held $2.2 billion (3%), with Bybit, Kraken and Coinbase each under $2 billion.
Leave a Reply