According to the latest report from CoinGecko published on May 7, spot 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 holds the leading position, while Gate.io and Bitget unexpectedly surged in rankings.

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

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

Bitget closely follows in third position with $92 billion in trading, accounting for 7.2% of the total market share. CoinGecko explains this growth as a result of changes 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. The exchanges Coinbase, Bybit, and MEXC all maintain a market share of around 5%–6%, with no major 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 decrease of 7.1%. This drop reflects the cooling of the market after a strong growth period at the beginning of the year.

Notably, Binance – while still leading – saw its trading volume decrease by 18%, down to $482.6 billion in April. However, this exchange still processed trading volumes far exceeding its competitors, more than $350 billion higher than 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, there was a gradual downward trend: January 2025 saw $2.2 trillion, February dropped to $1.7 trillion, March decreased 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 largest global exchange in terms of spot trading volume, with over 1,600 trading pairs and routinely processing over $15 billion daily. Although Binance's market share has gradually decreased since the beginning of 2024 – from over 44% to below 30% – the gap between this exchange and its nearest competitor remains substantial, over 28 percentage points.

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