CryptoQuant: Trading Volume on Crypto Exchanges Drops 48% in Five Months

Centralized cryptocurrency exchanges have experienced a significant reduction in trading volume, dropping 48% from their October 2025 peak to $4.3 trillion in March 2026. This figure marks the lowest trading volume since October 2024, with the perpetual futures market dominating the landscape, accounting for $3.5 trillion compared to just $0.8 trillion in spot trading.

Binance continues to lead both the spot and perpetual futures markets. In March, it recorded a spot trading volume of $248 billion, holding a 32% market share. Since the start of 2026, Binance's total spot trading has approached $1 trillion. Other exchanges trail far behind, with MEXC at $77 billion, Bybit at $59 billion, Gate at $56 billion, and Crypto.com at $52 billion.

While Binance's market share has decreased from 37% in October 2025, it remains significantly ahead of its competitors, with MEXC and Bybit holding 9% and 7% market shares, respectively.

In the perpetual futures market, Binance again ranks first with a monthly volume of $1.4 trillion, representing about 40% of the market. OKX follows with $0.7 trillion (19%), while Bybit, Bitget, and Coinbase contribute $0.5 trillion, $0.3 trillion, and $0.2 trillion, respectively. Since the beginning of 2026, Binance's cumulative volume in perpetual futures has reached $4.5 trillion, which is double that of OKX and triple that of Bybit.

“The competitive landscape is intensifying but remains fragmented. Second-tier exchanges have increased their presence in spot volumes, yet none individually come close to Binance's scale,” analysts observe.

Notably, in March, CryptoQuant analysts reported a historic daily increase in open interest on Binance amid a Bitcoin rally.