2025 Exchange Rankings: CEX Spot Trading Volume Sees Slight Increase, Binance Maintains Absolute Leadership

By 2025, the power map of the crypto market had undergone a new round of reshuffling amidst data turnover. Against the backdrop of price fluctuations and policy expectations, CEX spot trading demand saw a slight recovery, increasing by 3.6% year-on-year; the growth in futures trading volume was more pronounced, rising by 27%, with HTX and Kucoin both up over 60% from the previous year.

Binance continued to maintain its industry-leading position, with a spot trading volume of around $73 trillion and a futures trading volume exceeding $270 trillion, approximately equal to the sum of the second to fourth places. Overall, futures trading volume is significantly higher than spot trading volume and remains the core business of CEX.

However, looking at more specific indicators, trading volume, user base, and platform influence did not fully synchronize. In 2025, the mainstream CEXs saw a 35.47% year-on-year decrease in mobile app downloads.

Binance ranked first in both mobile app downloads and website visits, with approximately 50.52 million app downloads and over 600 million website visits, demonstrating its broadest user coverage globally. While Coinbase ranked relatively lower in trading volume, its user-side performance was outstanding, with mobile app downloads and website traffic ranking second, reflecting its influence in compliant markets and among new users.

In the Perp DEX sector, trading volume and website traffic displayed asynchronous characteristics. Hyperliquid had the highest futures trading volume, nearly $30 trillion, but relatively lower website traffic, indicating that its users may primarily be high-frequency or professional traders. Compared to CEXs, although the user base of Perp DEXs is still relatively small, it has seen significant growth compared to the previous year.