According to CoinGecko data, the total spot trading volume of the top ten centralized exchanges globally reached $18.7 trillion in 2025, a year-on-year increase of 7.6%. Binance maintained its leading position with a 39.2% market share, with a total spot trading volume of approximately $7.3 trillion, a slight year-on-year decrease of 0.5%. Bybit ranked second, with a total trading volume of approximately $1.5 trillion and a market share of 8.1%. MEXC was the fastest-growing exchange in 2025, with a total trading volume of approximately $1.5 trillion, a year-on-year increase of 90.9%, mainly benefiting from its continued implementation of a zero-fee spot trading strategy. In addition, platforms such as Bitget, Gate, and HTX also recorded double-digit growth in trading volume throughout the year, while OKX and Upbit experienced varying degrees of decline.