Cryptocurrency spot trading on major centralized exchanges (CEX) has rebounded in the past quarter, reversing the downward trend that began in early 2025.
The total spot trading volume of the top 10 CEXs increased by 30.6% in the third quarter of this year to a net value of $4.7 trillion, crypto analysis platform TokenInsight reported in its latest currency analysis released on Friday.
The jump marks a notable trend reversal after CEX spot trading volumes suffered two significant declines in the first half of this year, and signals renewed investor interest after Bitcoin (BTC) soared to new highs of over $123,000 in August.
Despite the surge in the spot market, derivatives trading continued to dominate CEX, with trading volume increasing by about 29% to $26 trillion from $20.2 trillion in the second quarter.
Binance leads the spot market share with 43%
Binance, the world’s largest CEX by trading volume, remained the spot market leader in Q3 2025, accounting for approximately 43% of the market.
The exchange has consistently captured more than two-fifths of all CEX spot trading volume, significantly outpacing competitors such as MEXC and Bybit, which each held about 9%.
Quarterly trading volumes for derivatives trading and spot trading on CEX for Q3 2025. Source: TokenInsight
Binance also maintained its leading position in the derivatives market in the third quarter, with its market share significantly increasing to 31.3% in September, according to TokenInsight data.
Meanwhile, rival exchanges OKX and Bybit have seen a decline in market share over the past quarter, but still maintain their second and third place positions, respectively.
Monthly spot market share of major CEXs since April 2025. Source: TokenInsight
Among other exchanges, only Gate, KuCoin and BingX have recorded significant growth, highlighting their resilience amidst increased market volatility, according to Token Insights.
“Overall, the derivatives market has entered a phase of structural transformation. Although the major exchanges still maintain a dominant position, more competitors are emerging and market competition is intensifying,” the report said.
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