2025 saw remarkable crypto exchange activity, denoting a clear divergence when it comes to the comparison of derivatives and spot markets. In this respect, the cumulative spot trading volume hit the $18.6 trillion mark, underscoring a 9% year-over-year surge. As per CryptoQuant’s new report, the perpetual futures recorded a spike to $61.7 trillion in trading volume, indicating a significantly stronger 29% yearly growth. Hence, the derivatives sector dominated the market activity during 2025, with liquidity and trading power concentrating among a few key exchanges.
2025 crypto exchange activity in review.
Spot volume reached $18.6T (+9% YoY) while perpetuals surged to $61.7T (+29%), with Binance dominating spot, BTC perps, liquidity, and reserves.
Growth is derivative-led, and market power continues to concentrate at the top. pic.twitter.com/Om8udJJ9Qv
— CryptoQuant.com (@cryptoquant_com) January 12, 2026
Crypto Spot Trading Market Sees Slow Growth in 2025
Based on the market data, in 2025, the spot trading volumes went through a recovery from notable lows that occurred during the previous years. Additionally, the growth momentum was notably slow. Following 2024’s extraordinary 154% rise, the spot volume expansion cooled. However, the cumulative activity stayed historically high. Specifically, Binance maintained its dominating position in the spot landscape, attaining a trading volume of $7T, and showing a 41% of the spot activity of the prominent ten centralized crypto exchanges.
Total Perpetual Trading Volume Touches $61.7T
Other notable exchanges coming after Binance included Crypto.com, MEXC, and Bybit. Thus, Crypto.com secured $1.3T, while MEXC and Bybit obtained $1.4T and $1.5T in spot volumes. Interestingly, MEXC almost doubled the spot trading volume thereof in 2024, highlighting the intensifying competition between the exchanges. In the case of Binance, the $ETH, $BNB, $XRP, $SOL, and $TRX pairs displayed strong volumes. Along with that, the perpetual futures emerged as the driving force behind 2025’s crypto market growth as total perpetual trading volume hit $61.7T.
Binance Dominates Top Ten Centralized Crypto Exchanges
According to CryptoQuant’s report, the crypto perpetual futures witnessed 3.3 times more growth when compared with spot activity. Once again, Binance claimed the top position, tackling $25.4T in just Bitcoin perpetual futures. This his 42% of the volume of top ten crypto exchanges. Following it, OKX, Bybit, and Bitget tackled $11.3T (nearly 18.5%), $9.6T (almost 15.8%), and $6.4T (up to 10.6%).
Moreover, Binance reportedly held approximately $47.6B in its total stablecoin reserves, signifying 72% of the top ten volume. Ultimately, 2025 recorded a derivative-led crypto market, and a few giants consolidated the user activity.