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 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
  • Exchange Review
Read more
Stablecoin & CBDcs Report July
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.
  • August 1, 2025
Read more
Exchange Review June 2025
In June, centralized exchanges recorded their lowest combined trading volume since October 2024, falling 22.8% to $6.48T - a stark contrast to May's record-breaking performance that saw Bitcoin reach a new all-time high of $111,960.
  • July 14, 2025
  • Exchange Review
Read more
Exchange Review May 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
  • June 19, 2025
  • Exchange Review
Read more

Subscribe to Our Newsletter

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