Binance led spot and derivatives trading volume in 2025

According to an annual report on major centralized exchanges (CEX) for 2025 from Wu Blockchain, the top four exchanges by spot trading volume were Binance, Bybit, Gate, and Crypto.com. Binance's spot volume was approximately five times that of the second-place exchange, Bybit. In the derivatives sector, Binance also secured the top position, followed by OKX, Bybit, and Bitget.