Crypto spot trading on CEXs recovers by 31% in Q3 after sharp drop

Cryptocurrency spot trading connected large centralized exchanges (CEXs) recovered during the past quarter, reversing the downward inclination that began successful aboriginal 2025.

The full spot measurement for the apical 10 CEXs surged by 30.6% successful the 3rd quarter, netting $4.7 trillion, crypto analytics level TokenInsight reported successful its latest speech investigation published Friday.

The surge marked a notable inclination reversal aft CEX spot volumes suffered 2 steep declines successful the archetypal fractional of the year, signaling renewed capitalist involvement arsenic Bitcoin (BTC) rallied to caller highs supra $123,000 successful August.

Despite the spot marketplace spike, derivatives trading remained ascendant connected CEXs, with trading volumes besides rising astir 29% to $26 trillion from $20.2 trillion successful Q2.

Binance tops spot marketplace stock with 43%

Binance, the world’s largest CEX by trading volume, remained the person successful the spot marketplace successful Q3 2025, accounting for astir 43% of the market.

The speech has consistently captured much than two-fifths of wide CEX spot trading volumes, good up of competitors specified arsenic MEXC and Bybit, which each held astir 9%.

Quarterly trading volumes successful derivatives trading versus spot trading connected CEXs successful 2025. Source: TokenInsight

In derivatives markets, Binance besides maintained its starring presumption successful Q3, with its marketplace stock rising importantly successful September to 31.3%, according to TokenInsight data. 

Meanwhile, rival exchanges OKX and Bybit saw their marketplace shares diminution implicit the past quarter, but inactive held onto their 2nd and 3rd positions, respectively.

Monthly spot marketplace stock connected large CEXs since April 2025. Source: TokenInsight

Among different exchanges, lone Gate, KuCoin and BingX recorded notable growth, underscoring resilience amid accrued marketplace volatility, TokenInsight said.

“Overall, the derivatives marketplace is entering a signifier of structural transformation. The starring exchanges proceed to support their ascendant positions, though an expanding fig of competitors are emerging, intensifying marketplace competition,” the study noted.

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