After reviewing CryptoQuant’s 2025 data, the gap between centralized exchanges is far larger than most people realize

Binance led spot trading with nearly $7 trillion in volume, capturing about 41% of the top CEX market—more than 4× the next largest exchange across both BTC and altcoins. Liquidity at this scale truly matters

On the derivatives side, Binance processed $25.4 trillion in BTC perpetuals, exceeding the combined volume of the next two platforms. This translated into deeper order books and tighter execution for traders

Reserves further reinforce this dominance. Binance held $47.6 billion in stablecoins on-platform—around 5× more than the next CEX—and $117 billion in total reserves across major assets

On-chain activity remained equally strong, with 1.6M+ altcoin deposits and withdrawals in 2025, roughly 33% more than Coinbase.

The data is clear: Binance dominated 2025 across spot markets, futures, liquidity, and on-chain flows

If you’re deciding where to trade in 2026, follow the numbers—and trade where the liquidity actually is