After months of decline in early 2025, crypto spot trading on centralized exchanges (CEXs) finally bounced back in the third quarter, almost reaching the levels we saw at the end of last year.
According to a recent report from TokenInsight, the total spot trading volume across the top 10 exchanges jumped 30.6%, hitting $4.7 trillion in Q3. This rebound shows that investor activity is picking up again, helped by Bitcoin’s strong rally to over $123,000 in August.
Even with this rise in spot trading, the derivatives market still dominates the scene. CEXs recorded about $26 trillion in derivatives volume last quarter — up 29% from Q2’s $20.2 trillion.
Cryptocurrency spot trading on major centralized exchanges (CEXs) recovered during the past quarter, reversing the downward trend that began in early 2025.
The total spot volume for the top 10 CEXs surged by 30.6% in the third quarter, netting $4.7 trillion, crypto analytics platform TokenInsight reported in its latest exchange analysis published Friday.
Meanwhile, rival exchanges OKX and Bybit saw their market shares decline over the past quarter, but still held onto their second and third positions, respectively.
Among other exchanges, only Gate, KuCoin and BingX recorded notable growth, underscoring resilience amid increased market volatility, TokenInsight said.
“Overall, the derivatives market is entering a phase of structural transformation. The leading exchanges continue to maintain their dominant positions, although an increasing number of competitors are emerging, intensifying market competition,” the report noted.