According to the latest report from CoinGecko released on May 7, trading volume on centralized exchanges (CEX) significantly decreased in April 2025, marking the third consecutive month of decline since the peak at the end of 2024. Despite facing downward pressure, Binance still maintains its leading position, while Gate.io and Bitget surprisingly rose sharply in rankings.

Gate.io and Bitget Improve Rankings, Gain More Market Share

In April, Gate.io recorded impressive growth, rising to second place with a spot trading volume of $113.7 billion, accounting for 9% market share. Compared to March, this figure increased by 14.4%, demonstrating the platform's growing appeal amid a volatile market.

Bitget closely follows in third place with $92 billion in trading, accounting for 7.2% of the total market share. CoinGecko attributes this growth to a shift in user trends and stable activity during volatile market phases.

Meanwhile, OKX maintains a 6% market share despite a slight decrease in trading volume compared to the previous month. Exchanges Coinbase, Bybit, and MEXC all maintain market shares in the range of 5%-6%, with no significant changes compared to March.

In total, the top 10 exchanges currently hold 45.8% of the global spot trading market share.

Global Spot Trading Volume Continues to Plummet

The total spot trading volume across all CEXs in April 2025 reached $1.3 trillion, down from $1.4 trillion in March – equivalent to a 7.1% decrease. This decline reflects the cooling of the market after a strong growth period earlier in the year.

Notably, Binance – despite still leading – saw its trading volume drop by 18%, down to $482.6 billion in April. However, this exchange still handles trading volume far exceeding its competitors, more than $350 billion above the second-ranked exchange.

Historical data from CoinGecko shows that trading volume peaked at the end of 2024, reaching $2.9 trillion in December. After that, the trend gradually declined: January 2025 saw $2.2 trillion, February dropped to $1.7 trillion, March fell to $1.4 trillion, and by April it was only $1.3 trillion.

Binance Maintains Dominant Position Despite Challenges

According to data from CoinMarketCap, Binance remains the exchange with the largest spot trading volume globally, with over 1,600 trading pairs and regularly processing over $15 billion daily. Although Binance's market share has gradually decreased since the beginning of 2024 – from above 44% to below 30% – the gap between this exchange and its nearest competitor remains significant, over 28 percentage points.

CoinGecko's report indicates that this decline stems from increasing competition from emerging platforms, as well as pressure from regulatory constraints in many regions. However, with robust infrastructure and a massive user base, Binance still holds a dominant position in the global CEX market.