Exchange Review October 2025

CoinDesk Data’s Exchange Review offers a comprehensive monthly deep dive into the global cryptocurrency exchange market. Designed for investors, analysts, regulators, and enthusiasts alike, this report delivers critical insights into market movements—from spot and derivatives trading volumes to fee model segmentation and fiat-vs-crypto dynamics.

  • November 13, 2025
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Exchange Review October 2025

CoinDesk Data’s Exchange Review offers a comprehensive monthly deep dive into the global cryptocurrency exchange market. Designed for investors, analysts, regulators, and enthusiasts alike, this report delivers critical insights into market movements—from spot and derivatives trading volumes to fee model segmentation and fiat-vs-crypto dynamics.

  • 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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