Combined spot and derivatives trading on centralized exchanges fell to $5.61T in February, the weakest month since October 2024
What to know:
- Combined CEX volumes fell 2.41% to $5.61T in February – the lowest since October 2024 – as Bitcoin traded rangebound between $60K and $70K. Open interest dropped 28.4% to $83.2B.
- Bullish spot volume surged 62.6% to $76.0B, suprassing Coinbase to third place among CEXs for the first time. Binance continued to hold the top spot, however, its market share (22.0%) was the lowest since October 2020.
- OKX derivatives market share climbed to 18.3%, its highest since July 2025, while Gate hit an all-time high of 12.2% after volumes rose 5.90% to $500B.
Combined trading volumes across centralized crypto exchanges slipped 2.41% in February to $5.61T, according to CoinDesk Data’s latest Exchange Review – the lowest level of activity recorded since October 2024.
Spot volumes fell 3.01% to $1.50T while derivatives declined 2.41% to $4.11T, pushing derivatives’ share of total CEX activity slightly higher to 73.2%.
The biggest mover on the spot side was Bullish, which saw volumes surge 62.6% to $76.0B – enough to surpass Coinbase and claim the number-three spot among centralized exchanges for the first time. Bullish’s market share rose to 5.06%.
Binance held onto the top position with $331B in spot volume, but its 22.0% market share marked its lowest level since October 2020.
Looking at derivatives, OKX posted a 7.87% gain in market share with volumes of $752B, its second straight monthly increase. OKX’s derivatves market share now stands at 18.3% – the highest since July 2025. Gate also climbed, with derivatives volumes rising 5.90% to $500B and its market share hitting a new all-time high of 12.2%.
Spot trading on DEXs dropped 15.5% to $287B, pushing DEX spot market share down to 16.0% – its first decline in three months. Futures volumes on decentralized platforms fell 22.0% to $780B, the fourth consecutive monthly decline.
Among individual assets, Bitcoin and Ether continued to dominate spot activity with $617B and $316B in volume, respectively. In derivatives, gold (XAU) climbed to seventh place with $33.5B – a sign that commodity interest is now extending more onto crypto native platforms.