Centralized exchanges (CEX) have seen a significant recovery in cryptocurrency spot trading over the past quarter, successfully reversing the downward trend that began in early 2025.
The crypto analysis platform TokenInsight noted in its latest exchange analysis report released on Friday that the total spot trading volume of the top 10 CEXs surged by 30.6% in the third quarter, reaching $4.7 trillion.
This growth marks a clear trend reversal, as CEX spot trading volume experienced two sharp declines in the first half of the year. With Bitcoin (BTC) soaring to a new high of over $123,000 in August, investor interest has noticeably rebounded.
Despite the strong performance of the spot market, derivatives trading still dominates CEXs, with trading volume rising approximately 29% from $20.2 trillion in the second quarter to $26 trillion.
By trading volume, the world's largest CEX, Binance, continued to solidify its leading position in the spot market in the third quarter of 2025, with a market share of about 43%.
The exchange consistently accounts for over two-fifths of the overall CEX spot trading volume, far ahead of competitors like MEXC and Bybit, which each hold about 9% market share.
In the derivatives market, Binance also maintained its leading advantage in the third quarter, with its market share significantly increasing to 31.3% in September, according to TokenInsight data.
Meanwhile, competitors OKX and Bybit saw a decline in market share over the past quarter but still firmly held the second and third market positions, respectively.
Among other exchanges, TokenInsight pointed out that only Gate, KuCoin, and BingX showed significant growth, highlighting their business resilience in an environment of increased market volatility.
The report stated: "Overall, the derivatives market is entering a phase of structural transformation. Leading exchanges continue to maintain their dominance, despite the emergence of more competitors, intensifying the competitive landscape."
Related: ISM manufacturing data suggests that the Bitcoin (BTC) cycle may exceed historical norms.
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