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Binance remains the undisputed leader among centralized crypto exchanges (CEX) in terms of spot trading, futures trading, and global traffic, according to the 2025 CEX Annual Report by crypto publication Wu Blockchain.
The report aggregates data from two primary sources: spot and derivatives data from CoinGecko, and web traffic data from digital intelligence firm Similarweb.
Spot Trading: The Giants Stumble, Mid-Caps Surge
The total spot trading volume across all exchanges hit $19.17 trillion in 2025.
Binance captured the lion’s share with $7.25 trillion in volume. However, this represents a slight dip of 0.5% compared to its 2024 volume of $7.29 trillion.
Bybit successfully defended its position as the runner-up. However, like Binance, it saw a contraction: its volume dropped from $1.73 trillion in 2024 to $1.47 trillion in 2025, a 15.0% decrease.
Below the top two, a significant reshuffle occurred:
- Gate.io surged to claim the #3 spot, overtaking competitors with a massive 38.1% increase in volume.
- Crypto.com slid from #3 (in 2024) to #4, despite maintaining its volume levels (+0.5%).
- Upbit (previously #4) suffered a 22.8% drop, sliding down to ninth place.
The Gainers: While the giants consolidated, several other exchanges saw massive growth in spot volume year-over-year:
- Bitmart: +58.1%
- KuCoin: +53.4%
- Bitget: +44.1%
- Gate: +38.1%
- HTX: +37.4%
Futures Trading: The Real Growth Story
The real action in 2025 was in derivatives. While the industry’s spot trading volume saw a modest increase of 8.8%, futures trading volume surged by 27.8%.
The total futures volume for the year reached $62.40 trillion.
- Binance: Unlike its flat spot performance, Binance’s futures engine roared to life, executing $27.04 trillion—a 30.2% surge compared to 2024.
- OKX: Retained second place with $11.67 trillion, marking a 26.4% increase.
- Top Performers: Both HTX (+65.2%) and KuCoin (+60.5%) outperformed the market average, recording massive growth compared to 2024.
Crypto.com was the only major exchange that did not ride the derivatives wave, recording a 2.8% decrease in futures volume.
Global Traffic Trends
Despite the high trading volumes, web traffic across the industry generally declined, with total traffic dropping by 6.9% in 2025.
Major platforms like Bybit (-33.5%) and Binance (-22.3%) saw significant drops in site visits. However, HTX defied this trend completely, recording a massive 227.9% increase in traffic.
According to the report, the geography of crypto users remains distinct for each platform:
“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.”
This article is published on BitPinas: Report: Binance Retains “King of Crypto” Title in 2025; Futures Trading Outpaces Spot
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