Crypto trading has a concentration problem, or maybe a concentration feature, depending on who you ask. Binance alone captures roughly 37% of spot trading volume among the top 10 centralized exchanges, and when you add the next five largest platforms to the mix, that group controls over 60% of all volume.
The numbers behind the dominance
According to CoinGecko data, Binance held a 37.0% share of spot trading volume among the top 10 centralized exchanges in Q1 2026. That figure is actually a slight dip from its full-year 2025 performance, where the exchange commanded 39.2% of a total $18.7 trillion in spot volume across the top 10 platforms.
The runners-up aren’t even close. Bybit came in second for 2025 with 8.1% market share, followed by MEXC at 7.8%, Gate.io at 7.5%, Crypto.com at 7.2%, and Bitget at 6.4%. In other words, you’d need to combine the next five exchanges just to roughly match what Binance does on its own.
Broader analyses from late 2025 and early 2026 consistently place Binance’s market share in the 38-40% range, suggesting this isn’t a one-quarter anomaly but a structural reality of the market.
