Binance continued to be the spot volume leader in the crypto sector during 2025, according to CryptoQuant’s annual report on exchanges.
In a new thread on X, on-chain analytics firm CryptoQuant has shared insights from its 2025 Annual Exchange Leader Report. This report compares the various centralized exchanges in the crypto sector in terms of various metrics.
First, here is a chart showing how exchanges compare against each other in terms of the spot trading volume:
The spot volume figures of the various platforms compared between 2024 and 2025 | Source: CryptoQuant on X
As displayed above, Binance was by far the largest exchange in terms of the total amount of crypto involved in spot trading activities in 2024, and the same remained true in 2025 as well. In total, Binance observed a spot volume totaling to $7 trillion in 2025, about the same as the figure from 2024.
Bybit and Crypto.com followed in second and third, respectively. While the latter observed a volume jump of 4.5% during 2025, the former actually saw a decline of over 14%. The platform that most stands out for its volume change between 2024 and 2025 is MEXC, witnessing an increase of a whopping 90%.
Like the spot market, Binance was once again the market leader when it came to derivatives volume.
The data of the annual derivatives trading volume for the different exchanges | Source: CryptoQuant on X
Binance saw a total of 25 trillion in crypto derivatives volume during 2025, up 20% compared to 2024. Nearly all of the platforms listed in the chart observed an year-over-year increase in the metric, indicating that speculative activity as a whole shot up in the sector over 2025. “In terms of growth, Gate stands out, having increased its perpetual futures trading volume by 468%,” noted the analytics firm.
Many exchanges saw a balanced derivatives volume composition, but Bitget, Coinbase, and Crypto.com stood out for their Bitcoin-heavy volumes. Coinbase in particular saw the original digital asset dominate, making up for 81.5% of all futures trading on the platform.
Based on some key exchange-related categories, CyrptoQuant has defined an “Exchange Score Index” that ranks the various crypto platforms. “These categories are designed to evaluate the overall market position, transparency, growth and trading profile of each exchange,” explained the analytics firm.
As is visible in the below chart, MEXC ranked the highest in this indicator during 2025. CryptoQuant noted that the exchange’s position is backed by “strong derivatives scale and solid year-over-year growth momentum.”
How the different platforms stack up in terms of the Exchange Score Index | Source: CryptoQuant on X
Bitcoin has seen a breakout during the past day that has taken its price to the $73,100 level.
Looks like the price of the asset has witnessed a sharp surge | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Today show host Savannah Guthrie said her family is in “agony” as the search for…
Market movements in the first months of 2026 were largely driven by short-term sentiment and…
Energy facilities in the Middle East are under attack, including Qatar’s LNG, pushing prices higher.In…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Qubic will…
Iran has received an American plan to pause the war in the Middle East, officials said…
Potential buyers across Ontario are poised to receive a significant tax discount on newly-built homes,…