Despite the sharp drop in size, Binance still leads the CEX market in April 2025

Coingecko's April 2025 report confirmed that Binance ranks the highest in centralized exchanges (CEXS) with a market share of 38%. The report added that Binance Poting transaction volume fell 18% from March, settling at $482.6 billion. According to updated CEX market analysis, this is the lowest monthly platform publishing since October 2024 on May 7.

GATE.IO and BITGET rise

While Binance's volume is low, Gate.io rose to second place in April, gaining 9% market share and gaining $113.7 billion in monthly spot trading volume. This is an increase of 14.4% compared to March 2025.

Bitget follows closely behind, ranking third in spot trading activity at $92 billion and owns 7.2% of the market. Coingecko attributes these gains to shifting user preferences and ongoing activity during market volatility.

Meanwhile, OKX gained 6% of market share, down slightly since March. Coinbase, Bybit and MEXC remained 5% to 6%, respectively, reflecting the edge changes last month. According to data compiled by Coingecko, the top 10 centralized exchanges have a common market share of 45.8%.

Overall spot trading volume fell sharply in April

The decline in Binance volume reflects a broader trend across the centralized exchange. Total spot trading volume for all CEXS fell to $1.3 trillion in April 2025, down from $1.4 trillion in March. The decline reflects a decrease in market activity in early years [surge]. Second-hand stocks fell to $482.6 billion in April, in line with this broader slowdown. This means that the overall market's total monthly volume has decreased by 7.1%.

Coingecko charts show spot volumes of $1.1 trillion in October 2024. Trading volume rose sharply to $2.5 trillion in November, reaching $2.29 trillion in December 2024. Activity fell to $2.2 trillion in February in January, followed by $1.7 trillion in February, followed by further declines in March (1.4t) and April (1.3t).

Despite the cooling trend, Binance remains a market leader. In April, it had $350 billion more than its recent competitors and maintained its dominance in centralized communication.

Despite the pressure

From CoinMarketCap, it also shows that Binance continues to attract the largest share of spot volume worldwide. The exchange supports more than 1,600 pairs of trading pairs and regularly records more than $15 billion in daily trading. However, its monthly dominance has gradually eroded since controlling more than 44% of the CEX market in early 2024.

Coingecko's full study notes that the decline in market share reflects competition and increased regulatory restrictions in some jurisdictions. However, as its closest competitors remain far behind, Binance remains the leading CEX.

As of May, the gap between Binance and the next largest exchange is still more than 28 percentage points. The April decline may show temporary market weakness, but the breeding structural advantage remains.

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