Total spot trading volume across the top 10 centralized exchanges surged 30.6% in the third quarter, reaching $4.7 trillion according to TokenInsight's latest exchange analysis. This recovery marks a significant reversal after spot volumes suffered two consecutive steep declines during the first half of 2025. The rebound signals renewed investor interest as Bitcoin rallied to new highs above $123,000 in August. Spot trading activity has now approached levels seen in late 2024, suggesting market participants have returned after the earlier pullback.
Derivatives Market Dominance Continues
Despite the spot market recovery, derivatives trading remained the dominant force on centralized exchanges throughout Q3. Derivatives volumes also increased approximately 29%, rising to $26 trillion from $20.2 trillion recorded in the second quarter.
Exchange Market Share Analysis
Binance maintained its position as the world's largest exchange by trading volume, capturing about 43% of the spot market in Q3 2025. The exchange has consistently held more than two-fifths of overall centralized exchange spot trading volumes, significantly ahead of its closest competitors. MEXC and Bybit each held approximately 9% of the spot market, trailing well behind Binance's dominant position.
In derivatives markets, Binance also led with its market share rising notably in September to 31.3%, according to TokenInsight data. Rival exchanges OKX and Bybit saw their market shares decline over the past quarter but maintained their second and third positions, respectively, in the derivatives space. The shift suggests consolidation among the top tier of exchanges as competition intensifies.
Gate, KuCoin, and BingX were the only other exchanges to record notable growth during the quarter, demonstrating resilience amid increased market volatility. TokenInsight highlighted these platforms' ability to capture share despite challenging conditions and fierce competition from larger players.
Market Trends and Future Outlook
The derivatives market is entering a phase of structural transformation, according to the TokenInsight report. Leading exchanges continue to maintain dominant positions, though an increasing number of competitors are emerging and intensifying overall market competition in both spot and derivatives segments.