•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.

•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.

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.

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.