In 2025, the power landscape of the crypto market underwent a new round of reshuffling amid data changes. Against the backdrop of price fluctuations and policy expectations, CEX spot trading demand saw a slight recovery, rising 3.6% year-on-year; the increase in contract trading volume was even more pronounced, up 27% year-on-year, with both HTX and Kucoin rising over 60%. Binance continued to hold the top position in the industry, with a spot trading volume of approximately $7.3 trillion and a contract trading volume exceeding $27 trillion, roughly equal to the total of the second to fourth places. Overall, contract trading volume far exceeded spot trading volume, remaining the core business of CEX.

From a more granular perspective, the indicators of trading volume, user scale, and platform influence did not fully synchronize. In 2025, the APP downloads of mainstream CEXs decreased by 35.47% year-on-year.

Binance ranked first in both APP downloads and website traffic, with approximately 50.52 million APP downloads and over 600 million website visits, indicating its broadest user coverage globally. Coinbase ranked relatively low in trading volume but performed outstandingly on the user side, with APP downloads and website traffic both in second place, reflecting its influence in the compliant market and among new users.

In the Perp DEX field, trading volume and website traffic exhibited asynchronous characteristics. Hyperliquid had the highest contract trading volume, nearing $3 trillion, but its website traffic was relatively low, suggesting its users are primarily high-frequency and professional traders. Compared to CEX, the user scale of Perp DEX remains smaller, but it has achieved significant growth compared to last year.

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