April 2025 marked another month of dominance for Binance in the centralized exchange (CEX) market, though the leading exchange did face a dip in its trading volume. Holding on to its position as the largest CEX, Binance controlled 38.0% of the market share for spot trading volume in April.
Binance experienced an 18.0% drop in trading volume, falling to $482.6 billion, and it recorded $588.7 billion in March 2025. This is the first time since October 2024 that its monthly volume has dropped below the $500 billion mark, which could indicate a shift in market trends.
Despite this drop, Binance remains far ahead of the competition and retains a significant portion of the market. The second-largest exchange, Gate.io, has been steadily climbing. In April 2025, Gate.io secured 9.0% of the market share, with a trading volume of $113.7 billion, marking a remarkable 14.4% growth from March 2025.
Gate.io has managed to surge ahead of Crypto.com, which has seen its market share shrink since February. Gate.io has steadily climbed to secure a solid second place, standing out as the only exchange to achieve double-digit growth in April.
On the other hand, Bitget has been making steady progress. With a market share of 7.2% and a trading volume of $92.0 billion in April 2025, Bitget’s growth has been consistent, especially considering it began the year with just 4.6% of the market.
Despite some drops in the first quarter, the exchange managed to hold on to its growing position among the top players in the market.
Looking at the broader trend, 2025 Q1 saw a challenging period for most major exchanges. Trading volumes for the top 10 exchanges were generally down, with eight of the top 10 platforms experiencing a double-digit percentage decline.
The largest drop was seen by Upbit, which saw a 34.0% reduction in its trading volume, falling from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025. The combined trading volume of the top 10 crypto exchanges dropped by 16.3% in April 2025, wiping out $1.1 trillion. Overall, the total volume stood at $1.3 trillion for the month.
The top 10 exchanges by market share in April 2025 are as follows:
| Rank | Exchange | Market Share |
|---|---|---|
| 1 | Binance | 38% |
| 2 | Gate.io | 9.0% |
| 3 | Bitget | 7.2% |
| 4 | MEXC | 7.1% |
| 5 | OKX | 7.0% |
| 6 | Coinbase | 6.9% |
| 7 | Bybit | 6.7% |
| 8 | Upbit | 6.4% |
| 9 | Crypto.com | 6.2% |
| 10 | HTX | 5.4% |
While Binance continues to hold the top spot, Gate.io has been growing impressively, and Bitget is steadily climbing the ranks. This is making the competition in the CEX market more intense than ever.
At the same time, the market’s volatility is becoming more apparent, with several platforms seeing a decline in trading volume. This highlights how quickly things are shifting in the crypto exchange world. The total trading volume of April 2025 values at $1.3 trillion.
While Binance is still in the lead, Gate.io’s impressive growth and Bitget’s steady climb are making the CEX market more competitive than ever. At the same time, the market’s volatility is becoming more apparent, with several platforms seeing a decline in trading volume. This highlights how quickly things are shifting in the crypto exchange world.
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