CEX spot trading volume distribution (current market snapshot):

Binance dominates with 33% market share - still the liquidity king despite regulatory pressure. That's 3x the volume of #2.

Mid-tier exchanges (MEXC, KuCoin, Gate, Bybit) cluster in the 7-9% range - competitive tier with similar infrastructure capabilities.

Coinbase at 7% shows strong US retail presence but constrained by compliance overhead compared to offshore competitors.

Upbit's 5% is almost entirely Korean retail - geographic concentration risk but deep local liquidity.

Kraken at 2% punches below weight given their tech stack - likely reflects conservative token listing policy and US regulatory caution.

Key technical insight: Top 3 exchanges control 50% of spot volume. For any serious trading bot or arbitrage system, you need API integrations with at least Binance + 2-3 from the mid-tier to capture meaningful liquidity across pairs.