Cryptocurrency spot trading on major centralized exchanges (CEXs) experienced a remarkable recovery in the last quarter, reversing a downward trend that began earlier in 2025.

The total spot volume across the top 10 CEXs surged by 30.6% in the third quarter, amounting to $4.7 trillion, as reported by crypto analytics platform TokenInsight in its latest analysis released on Friday.

This increase indicates a significant shift, coming after two significant declines in CEX spot volumes during the year’s first half, demonstrating renewed investor interest, particularly as Bitcoin (BTC) rallied to new heights above $123,000 in August.

Despite the rise in the spot market, derivatives trading continued to dominate CEXs, with trading volumes also increasing around 29% to $26 trillion from $20.2 trillion in the second quarter.

Binance Dominates Spot Market Share

Binance, the largest CEX globally by trading volume, maintained its lead in Q3 2025, accounting for approximately 43% of the market share.

The platform has consistently captured more than two-fifths of the overall CEX spot trading volumes, outpacing competitors like MEXC and Bybit, who each held around 9%.

In the derivatives market, Binance also kept its leading position in Q3, with market share rising significantly in September to 31.3%, according to TokenInsight data.

Conversely, rival exchanges OKX and Bybit saw their market shares decline over the past quarter while still maintaining their second and third positions, respectively.

Additionally, only exchanges like Gate, KuCoin, and BingX recorded significant growth, highlighting resilience amid rising market volatility, as noted by TokenInsight.

“Overall, the derivatives market is entering a phase of structural transformation. Leading exchanges continue to hold their dominant positions, but an increasing number of competitors are emerging, intensifying market competition,” the report detailed.

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