Exchange Review July 2025

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high.

  • August 12, 2025
Report cover

Exchange Review July 2025

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high.

  • August 12, 2025

Report Summary

  • Derivatives Market Share Falls to 71.3% as Spot Trading Outpaces: Despite derivatives volumes reaching a yearly high of $6.5T, their market share declined from 77.6% to 71.3% as spot trading growth (+53.3%) outpaced derivatives growth (+30.6%).

  • Hyperliquid Continues Gaining Ground in On-Chain Derivatives: Hyperliquid's derivatives volume grew 44.89% to $311.33B in July, setting a new record for the exchange and cementing its position as the sixth-largest derivatives platform by open interest at 4.73% market share.
  • CME Institutional Volumes Rise Over 30% as Demand for Alts Surge: CME institutional volumes rose 31.7% to $260B, led by growth in alternative assets. Ether futures surged 68.7% to $72B while Solana futures jumped 274.9% to $5.5B.
Download Report

More Featured Reports

Exchange Review October 2025
Trading activity on centralized exchanges surged to new yearly highs in October. Combined spot and derivatives volumes climbed 25.9% to $10.3T.
  • November 13, 2025
  • Exchange Review
Read more
Exchange Benchmark - November 2025
We're pleased to share the findings from our November 2025 Exchange Benchmark, our bi-annual report that evaluates the risk associated with digital asset exchanges.
  • November 10, 2025
Read more
Stablecoins & CBDCs Report October
CoinDesk Data's Stablecoins & CBDCs Report provides readers with a comprehensive analysis of the latest developments surrounding stablecoins and CBDCs, featuring data-driven insights into market capitalization, trading volumes, peg deviations, regulatory changes, and more.
  • October 31, 2025
Read more
Exchange Review September 2025
Trading activity on centralized crypto exchanges declined in September. Combined spot and derivatives volumes fell for the first time in three months, dropping 17.5% to $8.12T.
  • October 10, 2025
Read more

Subscribe to Our Newsletter

Get our latest research, reports and event news delivered straight to your inbox.