2025 CEX Annual Report: Binance Maintains Spot Market Dominance, While MEXC, Bitget, and Gate Show Strong Overall Growth

Data compiled by the WuBlockchain team shows:

Note: The following data may involve significant wash trading or bot activity. Spot and derivatives data are sourced from Coingecko; traffic data are sourced from Similarweb.

In 2025 spot trading volume rankings, Binance, Bybit, Gate, and Crypto.com took the top four positions, with Binance’s volume being nearly five times that of the second-place exchange. In derivatives trading volume, Binance, OKX, Bybit, and Bitget occupied the top four positions.

In terms of traffic, Binance’s user base is relatively diversified, with its largest sources of traffic coming from South Korea, Brazil, and Vietnam. Coinbase, Crypto.com, and Kraken receive the majority of their traffic from the United States. In addition, several exchanges see most of their traffic originating from Russia and Russian-speaking regions.

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