According to CryptoQuant’s annual report on exchanges, Binance was the volume leader in the crypto sector in 2025.
Binance Sees $7 Trillion in Spot Crypto Trading Volume in 2025
In a recent thread on X, blockchain analytics firm CryptoQuant shared its 2025 Annual Exchange Leaders Report. This report compares the centralized exchanges of the crypto sector according to various indicators.
First, here’s a chart showing how the exchanges compare in terms of spot trading volume:
The spot volume figures of the various platforms compared between 2024 and 2025 | Source: CryptoQuant on X
As shown above, Binance was the largest exchange in terms of total crypto volume in 2024 and remained the same in 2025. Overall, Binance sees a spot volume of $7 trillion in 2025, roughly the same as 2024.
Bybit and Crypto.com were ranked second and third respectively. While the latter has seen a 4.5% jump in volume through 2025, the former has actually seen a decline of more than 14%. The platform that stands out for its volume change between 2024 and 2025 is MEXC, which witnessed a 90% increase.
Like the spot market, Binance was once again the market leader when it came to derivatives volume.
The data of the annual derivatives trading volume for the different exchanges | Source: CryptoQuant on X
Binance sees a total crypto derivatives volume of 25 trillion in 2025, a 20% increase over 2024. Almost all of the platforms listed in the chart saw year-over-year growth in the metric, indicating that activity is expected to increase overall in the sector through 2025. 468%,” the analyst firm said.
Many exchanges saw a balanced mix of derivatives volumes, but Bitget, Coinbase and Crypto.com stood out with their heavy Bitcoin volumes. Coinbase in particular saw the digital asset dominate, accounting for 81.5% of all futures trading on the platform.
Based on some key exchange-related categories, CyrptoQuant has defined an “Exchange Score Index” that ranks various crypto platforms. “These categories are designed to assess the overall market position, transparency, growth and trading profile of each exchange,” the analyst firm said.
As can be seen in the table below, MEXC ranked highest in this indicator in 2025. CryptoQuant noted that the exchange’s position is supported by “strong derivatives volume and a solid annual growth rate.”
How the different platforms stack up in terms of the Exchange Score Index | Source: CryptoQuant on X
BTC price
Bitcoin has seen a breakout over the past day, pushing its price to $73,100.
Looks like the price of the asset has witnessed a sharp surge | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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