Who Dominates Crypto Trading? CoinGecko Reveals the Top 10 Centralized Exchanges by Market Share
CoinGecko has released its latest research on the centralized crypto exchange (CEX) landscape, revealing which platforms truly dominate global trading volume — and how the balance of power shifted throughout 2025.
Despite a volatile year marked by liquidations, hacks, and bearish sentiment, centralized exchanges processed a staggering $18.7 trillion in spot trading volume.
Here’s what the data shows.
Binance Remains the Undisputed Market Leader
Once again, Binance secured its position as the largest centralized exchange in the world.
2025 market share: 39.2%
Total 2025 spot volume: $7.3 trillion
December 2025 volume: $361.8B (down 40.6% MoM)
Although Binance saw a slight -0.5% year-on-year decline, it still controlled nearly 40% of all spot trading volume among the top 10 exchanges — more than the next several competitors combined.
The drop in late-2025 volume was largely attributed to bearish market sentiment following the major liquidation event on October 10.
Bybit Holds Second Place Despite a Tough Year
Bybit finished 2025 as the second-largest centralized exchange:
Market share: 8.1%
Total 2025 volume: $1.5 trillion
December 2025 volume: $90.0B
Despite suffering a major hack earlier in the year, Bybit managed a slow but steady recovery. Its market share dropped to 6% in March but gradually rebounded, proving strong user retention and resilience.
MEXC Emerges as the Fastest-Growing Exchange
The biggest surprise of 2025 was MEXC.
Market share: 7.8%
Total 2025 volume: $1.5 trillion
YoY growth: +90.9% (highest among top 10)
MEXC’s aggressive zero-fee spot trading policy attracted high-frequency traders and retail users alike, allowing it to leapfrog competitors and secure third place.
Other Notable Performers in 2025
Several exchanges posted solid growth despite market headwinds:
Bitget: +45.5% YoY
Gate: +39.7% YoY
HTX: +35.6% YoY
Crypto.com: +4.3% YoY
Coinbase: +2.8% YoY
Meanwhile, OKX and Upbit saw modest declines, reflecting regional and regulatory pressures.
Top 10 Centralized Crypto Exchanges by Market Share (2025)
Binance — 39.2%
Bybit — 8.1%
MEXC — 7.8%
Gate — 7.5%
Crypto.com — 7.2%
Bitget — 6.4%
OKX — 6.3%
Coinbase — 6.1%
HTX — 6.0%
Upbit — 5.5%
Collectively, the top 10 exchanges increased total trading volume by +7.6% YoY, underscoring the continued importance of centralized platforms — even as DeFi grows.
Final Take
Despite ongoing narratives around decentralization, centralized exchanges still dominate crypto liquidity. Binance remains the clear leader, while MEXC’s explosive growth and Bybit’s recovery highlight how competitive the sector has become.
As market conditions evolve, liquidity, fees, trust, and infrastructure will continue to determine which exchanges stay on top.