An analysis by CoinGecko found that Binance accounted for 39.2% of the spot trading volume among the top 10 centralized cryptocurrency exchanges in 2025.
CoinGecko updated its annual centralized exchange market share analysis on January 29, 2026, using data from January through December 2025 to assess market share among the leading centralized exchanges. This market share exceeded the combined total of the next five exchanges: Bybit, MEXC, Gate.io, Crypto.com, and Bitget.
According to CoinGecko, these top 10 centralized exchanges managed a total of $18.7 trillion in spot trading volume throughout 2025. Of this amount, Binance was responsible for approximately $7.3 trillion, while the subsequent five exchanges collectively accounted for around $6.9 trillion.
Data from CoinMarketCap indicated that Binance ranked first in reported spot trading activity with about $12.96 billion in 24-hour trading volume, a liquidity score of 915, and over 10.2 million weekly visits. Other prominent exchanges included Coinbase Exchange, OKX, Bybit, Gate.io, KuCoin, and MEXC.
The rankings highlighted variations in exchange metrics beyond just trading volume. For instance, Coinbase Exchange secured the second position despite having a lower reported 24-hour volume than several competitors but boasted a higher liquidity score. Meanwhile, Upbit offered a KRW-only fiat option as OKX, Bybit, Gate.io, and MEXC presented extensive market counts and coin listings.
An article by SQ Magazine compared Binance and Coinbase user statistics and offerings in mid-2025. It reported that Binance had approximately 280 million registered users compared to Coinbase’s roughly 120 million users during the same period. Additionally, Binance listed more than 500 cryptocurrencies and over 1,500 trading pairs versus more than 270 cryptocurrencies available on Coinbase.
CoinGecko was established on April 8, 2014, tracking over 17,000 crypto assets across more than 1,000 exchanges. Its API documentation notes that it lists over 18,000 coins integrated with numerous exchanges.
Below is a table illustrating the market share distribution among these top centralized crypto exchanges:
Market Share of the Top 10 Centralized Exchanges
| Rank | Centralized Crypto Exchanges | Market Share (%) |
|---|---|---|
| 1 | Binance | 39.20% |
| 2 | Bybit | 8.10% |
| 3 | MEXC | 7.80% |
| 4 | Gate | 7.50% |
| 5 | Crypto.com | 7.20% |
| 6 | Bitget | 6.40% |
| 7 | OKX | 6.30% |
| 8 | Coinbase | 6.10% |
| 9 | HTX | 6.00% |
| 10 | Upbit | 5.50% |
