Binance Still Rules—36.5% Market Share in Q1 2025

In Q1 2025, Binance remained the top centralized exchange (CEX). According to TokenInsight’s latest Q1 exchanges report,

Binance’s total trading volume was around $8.39 trillion, which accounted for 36.5% of the global CEX market. Although this is down from $9.95 trillion in Q4 2024, it’s in line with the overall market trend, a 12.5% decline across all platforms.

Despite a broader market slowdown and declining volumes, Binance held strong. The broader crypto market faced challenges with volumes dropping as investors became more cautious after meme coins and AI tokens speculation cooled and geopolitical uncertainty around US tariffs.

Spot Trading Volume Down Across Exchanges

Total spot trading volume across the top 10 exchanges in Q1 2025 was $4.6 trillion, a 13.1% drop from the previous quarter. Average daily spot volume was $51 billion, down from $58 billion. But Binance’s spot market share increased slightly to 45%, solidifying its position.

MEXC, for example, increased its spot market share to 8% from 6.1%, while HTX, Bitget and Bybit also gained. Coinbase, Binance’s main competitor in the US, had a 9% market share but struggled overall. Coinbase’s stock price dropped 30.6% as daily trading volumes declined.

Binance Leads in Derivatives Market

Despite the overall decline in trading activity, Binance is still the king of the derivatives market. The exchange had a 30.3% market share in derivatives trading, which was $21 trillion in Q1 2025. Average daily derivatives volume was $233 billion as traders turned to derivatives to hedge in a volatile macro environment.

While most exchanges fell, Binance kept its spot and derivatives volumes in balance. This dual strength has helped Binance to weather the storm better than most of its peers.

According to TokenInsight, the decline of hype around speculative assets like meme coins brought a more balanced and rational trading environment in Q1 2025.

Highlights

• Binance has 36.5% of the global CEX market in Q1 2025 despite the market decline.

• Global spot trading volume dropped 13.1% across top exchanges, while Binance’s spot share increased to 45%.

• Binance still has 30.3% of the derivatives market.