- CoinGecko ranks Binance (39.2%), Bybit (8.1%), MEXC (7.8%), Gate (7.5%), and Crypto.com (7.2%) as the top five CEXs by spot market share in 2025.
- Binance’s (39%) share dwarfed every other venue, while positions 2 through 10 sat in a tight band roughly between 5.5% and 8.1%.
- The study reports $18.7 trillion spot trading volume across the top 10 CEXs in 2025, up 7.6% YoY.
The global pecking order among centralized crypto exchanges held largely steady through 2025. The same five platforms dominated spot-market share even as the battle for the next tier intensified and liquidity continued to concentrate in a handful of platforms.
Binance remained the largest centralized exchange by spot trading volume, accounting for 39.2% of the top-10 market in 2025, according to CoinGecko Research. It was followed by Bybit (8.1%), MEXC (7.8%), Gate (7.5%), and Crypto.com (7.2%)—a top five that, in CoinGecko’s data, stayed firmly in place.
The more notable shift came just below that group. Bitget finished 2025 with a 6.4% market share, edging Coinbase at 6.1%, as exchanges outside the top tier fought for incremental gains that can be self-reinforcing in markets where spreads, depth and execution quality often determine where flow lands.
A tightening race behind Binance
CoinGecko’s ranking—based on spot trading volume from Jan. 1 to Dec. 31, 2025—shows the competitive “pack” behind Binance has become unusually dense, with nine of the top 10 venues clustered between roughly 5% and 10% share.
That compression helps explain why exchanges are leaning harder on product design and market-structure tactics—fee schedules, fast listings, and derivatives-to-spot funnels—to defend engagement. In CoinGecko’s year-end table, Bitget’s rise occurred in a cohort that also included OKX (6.3%), HTX (6.0%) and Upbit (5.5%).
Volumes rose, but the year was uneven
Overall activity expanded in 2025, though it didn’t move in a straight line. CoinGecko estimates the top 10 exchanges generated $18.7 trillion in spot trading volume in 2025, up 7.6% from 2024.
Monthly data from CCData illustrates how quickly volumes could cool even in a broadly higher year. In September 2025, combined spot and derivatives volumes on centralized exchanges fell 17.5% to $8.12 trillion, marking the first decline after three months of increases.
Bitget’s growth pitch: multi-asset “one screen”
Bitget’s statement around the ranking leaned on two claims: a sharp year-over-year expansion and a strategic shift toward a broader trading offering.
CoinGecko’s report shows Bitget’s 2025 spot trading volume rose 45.5% year over year, second only to MEXC’s 90.9% jump among the top 10.
“We’re proud to see Bitget’s continued growth reflected in CoinGecko’s report,” Bitget CEO, Gracy Chen, said in statement shared with AlexaBlockchain.
“The trust community has placed in us is attributed to the security we’ve built over the years, holding one of the largest market shares in crypto means we build to scale and with UEX we see this come into real life,” she added.
Bitget also highlighted a “Universal Exchange” strategy—framing recent efforts as a move to keep traders inside a crypto-native interface while they express macro views through instruments tied to commodities, indices, FX and metals, alongside crypto spot and derivatives.
Why Coinbase is still in the mix—despite slipping to No. 8
Coinbase’s position in CoinGecko’s 2025 spot market-share table—No. 8 at 6.1%—doesn’t necessarily translate into weakness in its core U.S. franchise, where regulatory posture and institutional relationships are central differentiators.
Coinbase continues to benefit from its status as the only publicly traded U.S. crypto exchange. From a U.S. policy environment that was seen as becoming more favorable to the sector—while competition also intensified as other firms explored public listings.
In practice, Coinbase is often competing on a different axis than offshore-heavy derivatives leaders: perceived compliance, custody and institutional access versus aggressive fee and leverage-driven growth.
The real engine: derivatives dominance keeps growing
The spot market-share table is only part of the story. Across the industry, derivatives—especially perpetual futures—continued to dominate crypto trading in 2025, shaping the incentives and revenue mix for the largest venues.
CoinGecko’s 2025 annual industry report estimates that perpetual futures trading volume on centralized exchanges rose 47.4% in 2025 to $86.2 trillion, a record.
That derivatives-heavy structure tends to reward exchanges that can offer deep liquidity, robust risk systems, and capital-efficient margining—features that can spill over into spot-share gains as active traders consolidate activity on fewer platforms.
A convergence trade: tokenization and “24/7 markets”
Bitget’s emphasis on tokenized stock futures and multi-asset access fits a broader trend: crypto venues and traditional market operators are both moving toward round-the-clock, on-chain or quasi-on-chain market access.
Intercontinental Exchange (ICE), the NYSE owner, is developing a platform for 24/7 trading and on-chain settlement of tokenized securities, citing demand for around-the-clock access to U.S. equities. Separately, TD Securities has argued that perpetual-futures style instruments could become a key building block for tokenized equities, given crypto’s established 24/7 derivatives rails.
That convergence matters for centralized exchanges because it suggests the next leg of competition may be about workflow ownership: who becomes the default venue where traders manage crypto exposure, macro hedges and tokenized representations of traditional assets.
The article “Top 5 CEXs Hold Firm in 2025 as Bitget Beats Coinbase, CoinGecko Shows” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/top-5-cexs-hold-firm-in-2025-bitget-beats-coinbase/
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