TL;DR
- Spot trading on centralized exchanges (CEXs) surged by 31.6% in Q3 2025, reaching $5.1 trillion.
- Binance maintained its leadership with a 40% market share, setting a new quarterly trading volume record.
- The broader crypto market expanded by 16.4%, adding approximately $563 billion in value to reach $4 trillion.
Centralized exchanges (CEXs) experienced a significant rebound in spot trading during the third quarter of 2025, reversing the downward trend observed in the first half of the year. According to TokenInsight’s Q3 2025 report, the total spot trading volume across major CEXs increased by 31.6% quarter-over-quarter, reaching $5.1 trillion. This resurgence was primarily driven by renewed investor interest and a favorable market environment, with retail investors and institutions alike increasing their activity across multiple digital assets.
Binance continued to dominate the CEX landscape, capturing a 40% market share in Q3 2025, up from 37% in the first half of the year. Its quarterly trading volume grew by 40.2%, setting a new record high. This performance underscores Binance’s robust infrastructure, liquidity, and user trust, which have solidified its position as the leading global cryptocurrency exchange. Analysts note that Binance’s consistent innovations in fee structures and trading tools have further strengthened user engagement.
Derivatives Market Remains Dominant
Despite the resurgence in spot trading, derivatives markets remained the dominant segment on CEXs. The total trading volume for derivatives increased by approximately 29% in Q3, reaching $26 trillion. Perpetual futures contracts continued to be the preferred instrument, accounting for a significant portion of trading activity. This trend highlights the growing sophistication of market participants and the increasing role of derivatives in portfolio strategies, while also showing that investor confidence in more complex products is steadily rising.
The broader cryptocurrency market also showed signs of recovery. CoinGecko reported that the global crypto market capitalization expanded by 16.4% in Q3 2025, adding about $563 billion in value to reach $4 trillion. This growth was fueled by rallies in major assets like Bitcoin and Ethereum, as well as increased institutional participation and favorable regulatory developments. Market observers are optimistic that sustained liquidity and improved trading infrastructure will support further expansion in the coming quarters.
In summary, the third quarter of 2025 marked a pivotal period for centralized exchanges, with significant gains in spot trading volumes and continued dominance in the derivatives sector.
