Cryptocurrency spot trading on major centralized exchanges (CEXs) experienced a significant recovery during the past quarter, reversing the downward trend that had persisted since early 2025.
The total spot volume for the top 10 CEXs surged by 30.6% in the third quarter, reaching $4.7 trillion. This data comes from crypto analytics platform TokenInsight, as reported in its latest exchange analysis published on Friday.
This surge marked a notable trend reversal after CEX spot volumes had suffered two steep declines in the first half of the year. The recovery signals renewed investor interest, particularly as Bitcoin (BTC) rallied to new highs above $123,000 in August.
Despite the significant spike in the spot market, derivatives trading continued to dominate on CEXs. Trading volumes in derivatives also saw an increase, rising approximately 29% to $26 trillion from $20.2 trillion in the second quarter.
Binance Leads Spot Market Share
Binance, the world's largest CEX by trading volume, maintained its leadership position in the spot market during Q3 2025. The exchange accounted for approximately 43% of the total market share.
Binance has consistently captured more than two-fifths of overall CEX spot trading volumes. This performance places it well ahead of competitors such as MEXC and Bybit, which each held around 9% of the market share.
In the derivatives markets, Binance also held its leading position in Q3. Its market share in this segment rose significantly in September to 31.3%, according to TokenInsight data.
Meanwhile, rival exchanges OKX and Bybit experienced declines in their market shares over the past quarter. Despite these decreases, they still managed to retain their second and third positions, respectively.
Among other exchanges, only Gate, KuCoin, and BingX recorded notable growth. This performance underscores their resilience amidst increased market volatility, according to TokenInsight.
The report further noted that "Overall, the derivatives market is entering a phase of structural transformation. The leading exchanges continue to maintain their dominant positions, although an increasing number of competitors are emerging, intensifying market competition."