CoinGecko’s April 2025 report confirms Binance held the top spot among centralized exchanges (CEXs), with a 38% market share. The report adds that Binance’s spot trading volume declined 18% from March, settling at $482.6 billion. This is the platform’s lowest monthly volume since October 2024, based on the updated CEX market analysis published on May 7.
Gate.io and Bitget Rise in Rankings
While Binance saw lower volume, Gate.io climbed to second place in April, gaining a 9% market share and recording $113.7 billion in monthly spot trading volume. This marked a 14.4% increase compared to March 2025.
Bitget followed closely, ranking third with $92 billion in spot trading activity and holding 7.2% of the market. CoinGecko attributed these gains to shifting user preferences and sustained activity during periods of market volatility.
Meanwhile, OKX secured 6% of the market share, with volumes down slightly from March. Coinbase, Bybit, and MEXC each held between 5% and 6%, reflecting marginal changes from the previous month. The combined market share of the top 10 centralized exchanges stood at 45.8%, according to CoinGecko’s compiled data.
Overall Spot Trading Volumes Drop Sharply in April
The drop in Binance’s volume mirrored a wider trend across centralized exchanges. Total spot trading volume for all CEXs fell to $1.3 trillion in April 2025, down from $1.4 trillion in March. The decline reflects reduced market activity following the early-year surge. Binance’s 18% drop to $482.6 billion in April aligned with this broader slowdown. This represents a 7.1% decrease in total monthly volume across the market.
CoinGecko’s chart shows October 2024 recorded $1.1 trillion in spot volume. Trading volumes rose sharply to $2.5 trillion in November and peaked at $2.9 trillion in December 2024. Activity declined to $2.2 trillion in January, then to $1.7 trillion in February, followed by further drops in March ($1.4T) and April ($1.3T).
Despite the cooling trend, Binance remained the market leader. In April, it processed over $350 billion more than its nearest competitor, maintaining its dominance among centralized exchanges.
Binance’s Dominance Intact Despite Pressures
Data from CoinMarketCap also shows Binance continues to attract the largest share of global spot volume. The exchange supports over 1,600 trading pairs and regularly records more than $15 billion in daily volume. However, its monthly dominance has slowly eroded since early 2024, when it controlled over 44% of the CEX market.
CoinGecko’s full research notes that declining market share reflects competition from newer platforms and increased regulatory constraints in some jurisdictions. Yet, with its nearest rivals still far behind, Binance remains the leading CEX by a wide margin.
As of May, the gap between Binance and the next largest exchange remains over 28 percentage points. The April decline may show temporary market weakness, but Binance’s structural dominance persists.
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