In July 2025, the cryptocurrency exchange Binance retained its top position in the spot market among CEX with a 39.8% share. Trading volume on the platform increased by 61.4% compared to June—from $432.6 billion to $698.3 billion. This is reported in a report by CoinGecko.
MEXC ranked second with an 8.6% share and a trading volume of $150.4 billion. This is 61.8% more than in June, when the figure was $93 billion. Gate secured the third position with a market share of 7.8% and a volume of $137.2 billion, showing a 61.3% month-on-month growth.
The remaining exchanges in the top 10 control 43.8% of the market. The share of platforms from fourth to tenth place is relatively evenly distributed—ranging from 5% to 7% each.
“Coinbase gradually lost share throughout 2025: starting the year at 7%, it decreased to 5.8% by July. Currently, the platform ranks ninth with a trading volume of just over $101.7 billion for July. However, the American exchange showed the highest monthly growth among the top 10—volumes increased by 82.6%, from $55.7 billion in June to $101.7 billion in July,” note CoinGecko analysts.
Second Quarter Results
By the end of the second quarter, the total spot trading volume on the top 10 centralized exchanges amounted to $3.9 trillion. This is 27.7% less than the first quarter’s figure of $5.4 trillion.
Binance dominated the second quarter with a 38% market share. The platform processed transactions worth $1.47 trillion. However, trading volume decreased by 21.6% compared to the first quarter, when it reached $2 trillion.
Seven of the ten largest exchanges recorded a decline in trading volumes in the second quarter. Crypto.com showed the largest decrease (-61.4%). The platform’s trading volume fell from $560.2 billion in the first quarter to $216.4 billion in the second.
Only three exchanges demonstrated quarter-on-quarter growth: MEXC (+3.7%), HTX (+5.4%), and Bitget (+3%).
Market Dynamics
The increase in trading volumes in July is linked to overall bullish sentiment in the cryptocurrency market. Bitcoin surpassed historical highs, attracting new participants to the market.
Despite the growth in July, the overall trend in the second quarter shows a decline in trader activity on centralized exchanges. Market participants are increasingly turning to DEX, which gained share amid declining CEX figures.
In June, Binance’s share in spot trading reached an annual high of 41%.