What Is the Largest Centralized Exchange?
Binance remained the largest centralized exchange (CEX), with its market share at 38.3% in December 2025. Its spot trading volume fell to $361.8 billion in December 2025, a drop of -40.6% from November. It recorded $609.0 billion in November.
Bybit ended December 2025 as the second-largest exchange, with a 9.5% market share and $90.0 billion of trading volume. It fell -16.7% Month-on-Month (MoM) from $108.1 billion in November.
The third-largest exchange was MEXC, which recorded a 9.1% market share and spot trading volume of $86.0 billion in December 2025. This represents a -24.9% drop, having recorded $114.6 billion in November. The remaining top 10 competitors held a combined dominance of 43.1% in December.
Binance Market Share
Binance was the market leader among centralized exchanges, with a 38.3% share of total spot trading volume in December 2025. Its trading volume fell -40.6% from $609.0 billion in November to $361.8 billion in December. The slump in trading volume can be attributed to the general bearish sentiment in the crypto market after the historical liquidation event on October 10.
In 2025, Binance dominated the centralized exchanges scene with a 39.2% share of the top 10’s volume. It pushed $7.3 trillion in volume, with the top 10 exchanges totaling $18.7 trillion. Despite the volatile year, Binance didn’t see an increase in annual trading volume compared to 2024. Instead, its volume fell by -0.5% Year-on-Year.
Bybit’s Slow but Steady Comeback
Bybit was the second-largest centralized exchange by spot trading volume in December 2025. It brought in $90.0 billion in volume, with a 9.5% market share. This marked a decrease of -16.7% from November, when it had $108.1 billion in Volume.
It was also the second-largest exchange in 2025, recording $1.5 trillion in volume and an 8.1% market share. Despite the major hack Bybit suffered in February, it has clawed its way back to the top. In the immediate aftermath of its hack, its market share fell to 6% in March from 10% in February, but it has slowly gained back its dominance throughout 2025.
The Rise of MEXC
MEXC was the third-largest centralized exchange in December 2025, with $86.0 billion in spot trading volume and a 9.1% market share. It was also the fastest-growing exchange in 2025, growing +90.9% YoY. It had $1.5 trillion in trading volume in 2025, up from $766.7 billion in 2024.
MEXC continued its aggressive "zero-fee" policy across all spot trading pairs, attracting high-frequency traders and retail users, and boosting trading volume.
6 Out of 10 Exchanges Saw Volumes Climb in 2025
Six of the top 10 exchanges saw trading volumes climb in 2025. Meanwhile, four saw double-digit percentage growth, with MEXC recording the largest increase. It grew +90.9%, followed by Bitget, which saw its volume increase by +45.5%. Overall, trading volume on the top 10 exchanges climbed by +7.6% in 2025, to $1.3 trillion, bringing the total to $18.7 trillion.
The top 10 centralized crypto exchanges and their growth in 2025, are as follows:
| Rank | Centralized Crypto Exchanges | 2025 YoY Growth (%) |
|---|---|---|
| 1 | Binance | -0.5% |
| 2 | Bybit | -13.7% |
| 3 | MEXC | +90.9% |
| 4 | Gate | +39.7% |
| 5 | Crypto.com | +4.3% |
| 6 | Bitget | +45.5% |
| 7 | OKX | -0.5% |
| 8 |
Coinbase |
+2.8% |
| 9 | HTX | +35.6% |
| 10 | Upbit | -18.9% |
Top 10 Centralized Exchanges’ Market Share (2025)
The top 10 centralized crypto exchanges by market share, are as follows:
| Rank | Centralized Crypto Exchanges | Market Share (%) |
|---|---|---|
| 1 | Binance | 39.2% |
| 2 | Bybit | 8.1% |
| 3 | MEXC | 7.8% |
| 4 | Gate | 7.5% |
| 5 | Crypto.com | 7.2% |
| 6 | Bitget | 6.4% |
| 7 | OKX | 6.3% |
| 8 | Coinbase | 6.1% |
| 9 | HTX | 6.0% |
| 10 | Upbit | 5.5% |
Top 10 Crypto Exchanges' Market Share, 2018-2024
The top 10 centralized crypto exchanges by market share, are as follows: Top 10 Crypto Exchanges' Market Share, 2018-2024
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2024 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2023 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2022 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2021 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2020 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2019 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2018 by Spot Trading Volume:
Methodology
The study examined the top 10 centralized exchanges by spot trading volume, using CoinGecko data from January 1, 2025, to December 31, 2025. The top 10 centralized exchanges are: Binance, Bybit, MEXC, Gate, Crypto.com, Bitget, OKX, Coinbase, HTX, and Upbit. Market share was based on total monthly spot trading volume.
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