At a Glance
- Binance captured 41% of spot and 42% of Bitcoin perpetual volumes among major exchanges
- Spot trading grew only 9% to $18.6 trillion, down from 154% growth in 2024
- Perpetual futures surged 29% to $61.7 trillion
- Binance holds 72% of stablecoin reserves across top-10 platforms
Why it matters: The data shows Binance’s dominance tightening while derivatives outpace spot markets, reshaping how traders access crypto.
Binance extended its lead across global crypto markets in 2025, controlling more than two-fifths of both spot and derivatives activity as trading patterns shifted toward futures products.
Spot Market Slows to Single-Digit Growth
Total spot trading volume hit $18.6 trillion last year, marking a 9% rise from 2024. The pace represents a sharp slowdown after the prior year’s 154% surge, according to on-chain analytics firm CryptoQuant.
The top-10 exchanges remained highly concentrated:
- Binance processed nearly $7 trillion, taking 41% of combined volume
- Bybit, MEXC, and Crypto.com each logged roughly $1.3 trillion-$1.5 trillion
- No other venue came within $1 trillion of Binance’s tally
Derivatives Keep Surging
Perpetual futures activity rose 29% year-on-year to $61.7 trillion, adding $13.8 trillion in fresh volume. Binance again led the field:
- $25.4 trillion in Bitcoin perpetual volume, or 42% of the top-10 total
- OKX, Bybit, and Bitget formed a second tier with 11%-19% market share each
- Hyperliquid handled $2.2 trillion, emerging as a notable newcomer
- Coinbase and others collectively shared the remaining 10%
Altcoin Focus
CryptoQuant noted especially heavy flows in:
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Tron (TRX)
- Solana (SOL)
The concentration carried into stablecoin reserves. Binance held $47.6 billion in USDT and USDC, equal to 72% of top-10 balances. Together, Binance and Coinbase stored more than half of all BTC, ETH, USDT, and USDC reserves tracked across major venues.
Regional Traffic Split
Independent journalist Colin Wu compiled traffic data revealing clear geographic splits:
- Binance drew its largest audiences from South Korea, Brazil, and Vietnam
- Coinbase, Crypto.com, and Kraken relied heavily on U.S. visitors
- Several platforms recorded significant traffic from Russia and Russian-speaking regions
The figures underscore how regulatory environments and local preferences continue to shape where traders congregate.
Key Takeaways
- Binance tightened its grip on both spot (41%) and derivatives (42%) markets
- Spot growth decelerated to 9% after 2024’s 154% jump
- Perpetual futures remain the expansion engine, up 29% to $61.7 trillion
- Stablecoin liquidity mirrors trading dominance, with Binance holding nearly three-quarters of top-10 reserves
- Exchange user bases split along regional lines, with U.S. venues serving domestic traffic while Binance spans multiple continents
