Cryptocurrency spot trading on major centralized exchanges (CEXs) rebounded in the third quarter, breaking the slump that began early in 2025.
According to TokenInsight’s latest exchange report published Friday, total spot trading volume across the top 10 CEXs climbed 30.6% in Q3 to $4.7 trillion.
The uptick marks a clear turnaround after two consecutive quarterly declines, reflecting renewed market enthusiasm as Bitcoin surged to new record highs above $123,000 in August.
While spot activity recovered strongly, derivatives trading continued to dominate the market — rising 29% from $20.2 trillion in Q2 to $26 trillion in Q3.
Binance dominates with 43% share
Binance maintained its position as the leading spot exchange, commanding about 43% of total CEX spot volumes. The exchange has consistently held over two-fifths of global spot activity, far outpacing rivals MEXC and Bybit, which each captured roughly 9% of the market.
In the derivatives market, Binance also strengthened its lead in Q3, with its share climbing to 31.3% in September, according to TokenInsight.
Rival platforms OKX and Bybit experienced slight declines in market share over the same period but retained their positions as the second- and third-largest derivatives exchanges, respectively.
Among other exchanges, only Gate, KuCoin, and BingX posted notable growth, demonstrating resilience despite heightened market volatility, TokenInsight noted.
“Overall, the derivatives market is undergoing a phase of structural transformation,” the report stated. “While leading exchanges continue to dominate, a growing number of challengers are entering the space, intensifying competition across the sector.”
