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
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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

Report Summary

  • Trading Volume Reaches Yearly High: Spot trading grew 26.0% to $2.70T, while derivatives trading rose 25.8% to $7.56T - marking the highest derivatives volume since December 2024.
  • Gate Becomes Second-Largest Spot Exchange by Volume: Gate's spot trading volume surged 39.1% to an all-time high of $163B, pushing its market share up 0.57% to a record 6.04% - securing the #2 position. Year-to-date, Gate leads all exchanges with a 3.43% market share gain.
  • Open Interest Declines Amid Largest Liquidation Event of the Year: Total open interest plummeted 21.4% to $160B following the October 10th liquidation - the largest single-day decline on record. CME emerged as the new leader with 23.2% market share, surpassing Binance whose open interest dropped 23.6% to 18.8%.
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