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2025 Exchange Rankings: CEX Spot Trading Volume Sees Slight Increase, Binance Maintains Absolute Leadership
By 2025, the power map of the crypto market underwent a new round of reshuffling amid data changes. Against a backdrop of price volatility and policy expectations, CEX spot trading demand saw a slight rebound, up 3.6% year-on-year; the increase in contract trading volume was more significant, rising by 27%, with HTX and Kucoin both up over 60% from last year.
Binance continued to hold steady as the industry leader, with a spot trading volume of around $73 trillion and a contract trading volume of over $270 trillion, roughly equivalent to the sum of the second to fourth places. Overall, contract trading volume far exceeded spot trading volume, remaining the core business of CEX.
However, looking at more detailed metrics, trading volume, user base, and platform influence did not fully synchronize. In 2025, mainstream CEX app downloads saw a 35.47% year-on-year decrease.
Binance ranked first in both app downloads and web traffic, with approximately 50.52 million app downloads and over 6 billion web visits, demonstrating its broadest user coverage globally. Coinbase ranked relatively lower in trading volume but performed well on the user side, with app downloads and web traffic both ranking second, reflecting its influence in compliant markets and among new users.
In the Perp DEX sector, trading volume and web traffic showed asynchronous characteristics. Hyperliquid had the highest contract trading volume, nearly $30 trillion, but relatively low web traffic, suggesting its users may be mainly high-frequency or professional traders. Compared to CEX, while the user base of Perp DEX is still relatively small, it has seen significant growth compared to last year.
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