Largest crypto exchanges by volume: biggest crypto exchanges

In the world of cryptocurrencies, crypto exchanges play a crucial role as platforms that let users buy, sell, and trade digital assets. As the popularity of cryptocurrencies has grown, so has the number of exchanges, each offering different features and services tailored to different user needs.

One key metric used to assess the significance of a crypto exchange is its trading volume – a valuable indicator of an exchange’s liquidity, popularity, and activity. Higher trading volumes generally point to a more active, liquid market, which tends to attract more traders and investors (and usually means tighter spreads and easier order execution).

In this article, we explore the largest crypto exchanges by trading volume. Examining how these exchanges rank offers useful insight into their market presence and overall significance – though it’s worth bearing in mind that reported volumes can vary between data sources, and figures shift constantly in a fast-moving market.

Largest crypto exchanges

Here’s the list of the biggest crypto exchanges by spot trading volume in billion USD:

The largest crypto exchanges, ranked by trading volume, include Binance, OKX, Bybit, Coinbase, and Upbit, among others. Binance remains the clear leader, holding roughly 38-40% of global spot trading market share in late 2025 – several times larger than its nearest competitor. OKX and Bybit are consistently among the next largest by volume (both also dominant in derivatives), while Coinbase – the largest US-listed exchange, trading under the ticker COIN on the NASDAQ – and South Korea’s Upbit round out the upper tier. Note that exact rankings shift frequently and vary depending on whether spot or derivatives volume is measured, and which data source is used.

While many major exchanges saw slower growth in the years following the 2021 crypto boom, trading volumes rebounded strongly through 2024 and 2025, reflecting renewed investor interest and confidence. This resurgence was driven by Bitcoin climbing to a new all-time high of around $126,000 in October 2025, the launch and rapid growth of US spot Bitcoin ETFs from major issuers like BlackRock, and a broad wave of institutional and retail investment. (As always in crypto, prices remain highly volatile – Bitcoin had retraced well below its peak by 2026.)

Largest crypto exchanges (spot and derivatives)

The trading volume of several exchanges increases significantly when derivatives trading is included in the calculation – for some exchanges, derivatives make up the large majority of their total volume. The following table shows the combined spot and derivatives trading volumes (in billion USD) of the largest cryptocurrency exchanges:

Binance

• Binance spot trading volume (Q1 2025): approximately $2.2 trillion
• Binance derivatives (futures) volume (Q1 2025): over $2.6 trillion (~67% of total volume)

Binance, the world’s largest cryptocurrency exchange, stands out as the dominant force in the market. With over 280 million registered users and roughly 38-41% of global spot trading volume in 2025, it outpaces its competitors by a wide margin – its spot volume alone is several times that of its nearest rival. When derivatives are included, the gap is even larger: futures account for around two-thirds of Binance’s total trading volume.

A key factor in Binance’s success is its enormous range of available cryptocurrencies and trading pairs – it lists 500+ cryptocurrencies and more than 1,500 trading pairs. That breadth is a major draw, but it also makes it harder to thoroughly vet every listing, which can expose the exchange to risks if lower-quality projects are listed.

Beyond its scale, Binance attracts users with competitive fees, robust trading tools, and a strong emphasis on security (including its SAFU emergency fund and regular proof-of-reserves reports). Spot trading fees start at 0.1% for both maker and taker, and users who pay fees with Binance’s native token, BNB, receive a discount of up to 25% (bringing the spot fee to around 0.075%), with further reductions available through higher VIP tiers.

Despite its strengths, Binance has faced significant criticism and regulatory scrutiny. Its dominance and wide coin selection have attracted regulatory attention worldwide – most notably its 2023 settlement with US authorities (including a multi-billion-dollar penalty and the departure of founder Changpeng “CZ” Zhao as CEO) – and it remains restricted or unavailable in several jurisdictions, including the United States (where Binance.US operates as a separate, more limited entity).

Bybit

• Bybit total trading volume (2025): approximately $1.5 trillion
• Bybit global centralised exchange market share (2025): around 8%

Founded in 2018, Bybit was initially launched as a derivatives-focused platform, before expanding into spot trading with the launch of its spot market in 2021. It has since grown into the second-largest centralised exchange by trading volume, with over 70 million registered users and roughly $1.5 trillion in total volume across 2025. Derivatives remain its core strength, where it’s consistently among the largest venues globally.

The Bybit spot market enables crypto-to-crypto and crypto-to-fiat trading across a broad selection of assets – several hundred cryptocurrencies and trading pairs – giving users plenty of options to explore.

Bybit’s interface is geared towards active and derivatives traders, offering a comprehensive suite of order types, indicators, tools, and analytics. The platform is known for fast execution, tight spreads, and competitive fees, frequently running zero-fee or reduced-fee promotions. It offers tiered account levels (non-VIP, VIP, and Pro) catering to different user needs.

It’s worth noting that in February 2025, Bybit suffered the largest crypto exchange hack on record, with around $1.4-1.5 billion in Ethereum stolen in an attack widely attributed to North Korea’s Lazarus Group. Notably, Bybit kept withdrawals open throughout, drew on its reserves and partner liquidity to reimburse affected users within days, and passed independent proof-of-reserves audits confirming assets remained fully backed (above 100%). The incident temporarily dented its market share but is often cited as a case study in transparent incident response.

OKX

• OKX spot 24h trading volume (2025): approximately $5-6 billion
• OKX combined spot and derivatives 24h trading volume (2025): around $35 billion

OKX, formerly known as OKEx, is one of the world’s largest crypto exchanges and a leader in derivatives trading. It consistently ranks among the top exchanges by combined spot and derivatives volume – frequently the second-largest overall after Binance – and in 2025 its derivatives volume even surpassed Binance’s in some months, briefly making it the largest derivatives venue. Its combined daily volume reached roughly $35 billion through 2025.

OKX attracts users with an extensive range of products spanning spot, margin, futures, perpetual swaps, and options across more than 1,000 trading pairs. It offers derivatives on top coins like Bitcoin and Ethereum, as well as DeFi tokens and alternative blockchains, giving traders extensive tools for hedging and speculating with leveraged positions – alongside a broader ecosystem that includes trading bots, OKX Earn (staking and savings), crypto loans, and an OKX Web3 wallet.

OKX features a competitive, transparent, tiered fee structure for maker and taker fees. Spot fees vary by 30-day trading volume and OKB (OKX’s native token) holdings, starting around 0.1% for standard users and dropping for higher-volume traders, while derivatives fees are lower (commonly around 0.02% maker / 0.05% taker). This volume-based approach makes OKX particularly attractive to larger and institutional traders.

OKX offers an intuitive interface designed for both beginners and advanced traders, with consistent web and app layouts. Charts include a wide range of technical indicators and drawing tools, and advanced users can build customised workspaces with multiple windows for order placement, charting, and market data. Note that OKX does not offer exchange (trading) services in the United States, though it operates Web3 services there.

Upbit

• Upbit spot 24h trading volume (2025): typically around $2-4 billion
• Upbit does not offer derivatives trading

Upbit is South Korea’s largest cryptocurrency exchange, dominating its home market and ranking among the top exchanges globally by spot trading volume. Operated by Dunamu, it processed roughly $642 billion in trades in just the first half of 2025 and serves over 13 million users – in a country of around 51 million, a remarkable level of adoption. Upbit’s daily spot volume typically sits in the $2-4 billion range, though it offers fewer crypto assets than Binance and, unlike most of its global rivals, does not offer derivatives trading.

Upbit’s success stems largely from its popularity in South Korea, one of the world’s most crypto-enthusiastic populations, where it has historically commanded around 70-80% of domestic trading volume (though that share has eased somewhat as rival Bithumb has gained ground). South Korea’s relatively structured regulatory approach has allowed Upbit to grow within a mainstream, compliant framework, helping bolster user trust and liquidity. The platform is particularly known for the strength of its Korean won (KRW) trading pairs, with XRP notably its most-traded asset in 2025.

Beyond spot trading, Upbit’s ecosystem includes staking services (letting users earn rewards on supported assets), an NFT marketplace, and other features that have supported its growth.

However, Upbit has faced security challenges. In 2019, hackers stole around $50 million in cryptocurrency from its hot wallets; the exchange reimbursed affected users and has since strengthened its security. As with any exchange, this underlines the importance of strong security practices when holding assets on a platform.

Coinbase

• Coinbase total spot trading volume (Q3 2025): around $295 billion for the quarter
• Coinbase now offers derivatives, having expanded into futures and perpetuals (see below)

Coinbase is the largest publicly traded cryptocurrency exchange and the largest crypto exchange in the United States. Listed on the NASDAQ under the ticker COIN, it’s available in more than 100 countries and remains one of the most prominent and trusted names in the industry, with quarterly spot trading volume reaching around $295 billion in Q3 2025.

Coinbase stands out for its user-friendly platforms catering to different needs. The main Coinbase app offers a simple layout for everyday users to buy and sell crypto easily; Advanced Trade targets active traders who want real-time order books and more sophisticated tools; and Coinbase Wallet provides a self-custody (non-custodial) experience for users who want to hold their own keys and access Web3.

Spot trading remains Coinbase’s core business, using a maker-taker fee model with tiered pricing based on 30-day trailing volume. Importantly, Coinbase has significantly expanded into derivatives: it launched a suite of CFTC-regulated perpetual futures in the US in 2025 (with 24/7 trading and up to 10x intraday leverage), operates a growing international derivatives exchange, and acquired the crypto options platform Deribit in 2025 – a major push into a segment that accounts for the large majority of global crypto trading volume.

Gate.io

• Gate spot 24h trading volume (2025): often in the $12-19 billion range
• Gate combined spot and derivatives 24h volume (2025): substantially higher (derivatives volume reached several hundred billion USD monthly)

Gate (formerly Gate.io) is one of the largest centralised cryptocurrency exchanges by trading volume. Founded in 2013 (originally as Bter) and rebranded to Gate / Gate.com in May 2025, it has grown rapidly and now consistently ranks among the top exchanges globally – at times reaching as high as the top 2-3 by spot trading volume and the #2 spot in derivatives market share through 2025. It now serves over 30 million users worldwide.

Gate is known for its feature-rich platform, offering spot trading, margin trading, perpetual contracts and other derivatives, and automated/quantitative trading tools. Its standout characteristic is breadth of selection: the exchange lists over 3,500 cryptocurrencies and tokens – one of the widest ranges of any exchange – catering to both retail and institutional traders. Gate also offers Launchpad and Startup projects giving early access to new tokens, making it popular with investors seeking emerging opportunities. Holders of its native token, GateToken (GT), can receive fee discounts.

Gate has prioritised security and transparency, implementing measures such as two-factor authentication (2FA), cold-wallet storage, and regular proof-of-reserves reports (with a reserve coverage ratio above 100%). It has also expanded its regulatory footprint, obtaining licences and registrations in jurisdictions including Malta, Italy, Dubai (VARA), and others. That said, like many global exchanges, Gate is not available to users in the United States and continues to navigate an evolving regulatory landscape that affects where it can operate.

HTX (formerly Huobi)

• HTX spot 24h trading volume (2025): around $4 billion
• HTX annual trading volume (2025): approximately $3.3 trillion

HTX (formerly Huobi) is one of the largest and longest-running crypto exchanges, with a strong presence in Asian markets. Founded in 2013 in Beijing by Leon Li, it was rebranded from Huobi to HTX in September 2023, following crypto entrepreneur Justin Sun (founder of TRON) joining as an advisor in 2022. Now headquartered in Seychelles, HTX serves over 45-55 million users across 160+ countries, offering a comprehensive ecosystem that includes spot trading, derivatives, staking, crypto loans, yield products, and more. It reports daily spot volume of around $4 billion and is once again among the larger exchanges by volume, having worked to rebuild its market share through 2025.

HTX lets users trade a diverse selection of over 700 cryptocurrencies, with 1,000+ trading pairs. Its spot trading fees follow a tiered structure, with lower rates for higher-volume and VIP users, and additional discounts available to holders of its native HT token.

It’s worth noting some considerations. HTX (as Huobi/Poloniex under Justin Sun’s orbit) has faced accusations of wash trading, with analytics firms flagging gaps between reported and organic volumes – a reminder that headline volume figures across the industry should be treated with some caution. HTX also suffered security breaches in 2023 (including a roughly $100 million HECO bridge exploit), though it reimbursed affected users, and it is not available in several jurisdictions, including the United States, mainland China, and Singapore. As with any exchange, users should weigh these governance and transparency questions.

Bitget

• Bitget spot 24h trading volume (2025): roughly $2.8-3 billion
• Bitget combined spot and derivatives 24h trading volume (2025): approaching $18 billion

Bitget, founded in 2018, is a leading cryptocurrency exchange best known for its derivatives and copy-trading platform. It has grown rapidly, recording around $8.17 trillion in annual derivatives volume in 2025 – placing it among the top four centralised exchanges globally by derivatives volume – with combined daily volume approaching $18 billion by year-end. Derivatives account for the large majority (around 90%) of its activity.

Bitget stands out as one of the largest crypto copy-trading platforms, serving over 120 million users worldwide. It offers a comprehensive suite of services, including copy trading, futures trading across hundreds of coins, and spot trading with several hundred tokens. Its native token, BGB, has become one of its most-traded assets. Bitget has also expanded into tokenised real-world assets, offering futures on on-chain stocks and access to forex and commodities via USDT-denominated pairs.

The platform offers a Launchpad for early access to new crypto projects, and supports high leverage (up to 125x on certain pairs) – though high leverage carries correspondingly high risk. Its flagship copy-trading feature lets users automatically replicate the strategies of top traders, with the platform reporting over 1 million copy-trading followers. As with most global derivatives-focused exchanges, Bitget is not available in several jurisdictions, including the United States, Singapore, and mainland China, and you trade derivatives as leveraged products rather than owning the underlying assets.

Crypto.com

• Crypto.com spot 24h trading volume (2025): roughly $1-2 billion
• Crypto.com combined spot and derivatives 24h trading volume (2025): higher when derivatives are included

Crypto.com concludes our list of the world’s largest crypto exchanges. Established in 2016 (originally as Monaco Technology), it has built a distinct identity around an app-first approach and a comprehensive financial-services ecosystem – including its exchange, debit cards, a non-custodial wallet, an NFT marketplace, and the Cronos (CRO) blockchain – built around its native CRO token. It remains a consistent top-10 exchange by spot volume. The exchange uses a maker-taker fee model with tiered pricing based on 30-day volume, with further discounts available to users who stake CRO.

While the Crypto.com app primarily serves as a crypto wallet and debit-card platform, it also integrates a fully functional exchange, letting users trade a wide range of cryptocurrencies through a user-friendly, mobile-first interface. It’s particularly known for its strong consumer brand and ease of use for retail users.

Crypto.com has navigated some challenging periods. In November 2022, it temporarily froze certain withdrawals and faced questions over potential exposure to the collapsed exchange FTX, which dented user trust and contributed to a sharp fall in the CRO token’s price. It also drew criticism for heavy spending on high-profile sports sponsorships (including stadium naming rights) while cutting rewards rates for retail users. Since then, the exchange has focused on rebuilding credibility through greater transparency, regular proof-of-reserves reporting, and an expanding set of regulatory licences. More recently, in 2025, CRO drew renewed attention through an institutional partnership involving Trump Media’s CRO Strategy vehicle.

Importance of trading volume when considering a crypto exchange

Trading volume is crucial in the cryptocurrency market, serving as a key indicator of liquidity and market activity. It provides valuable insights into the buying and selling activity level for a particular cryptocurrency or exchange during a given period. 

When trading volume is high, it signifies a vibrant and dynamic market with significant buying and selling pressure. This level of market activity can create opportunities for traders to enter or exit positions more easily, enabling them to capitalise on price movements. Additionally, traders can execute their orders quickly and at desired prices, minimising slippage and transaction costs.

Conclusion

To sum up, trading volume is a key metric in determining the largest crypto exchanges. These platforms have a substantial impact on the cryptocurrency market, influencing price movements, market trends, and investor sentiment. Binance remains the largest crypto exchange globally by a wide margin, followed by other major players such as OKX, Bybit, Coinbase, and others – though exact rankings shift frequently and vary depending on whether spot or derivatives volume is measured.

While the largest crypto exchanges enjoy substantial market dominance, they also face ongoing challenges. Regulation remains a significant theme, as authorities worldwide work to establish clearer frameworks for the cryptocurrency industry. The evolving regulatory landscape continues to shape these exchanges’ operations and compliance requirements, sometimes leading to changes in their business models or geographical restrictions – several of the largest exchanges are unavailable in major markets such as the United States. Security is another key consideration, as recent high-profile incidents have shown, making an exchange’s track record and transparency just as important as its size.