London — Wednesday, 8 October 2025. Trading on centralised crypto exchanges (CEXs) climbed to a year-to-date peak in August, with combined spot + derivatives volume up 7.58% to $9.72tn. Derivatives again did the heavy lifting, rising 7.92% to $7.36tn and accounting for 75.7% of CEX activity, while spot volumes advanced 6.55% to $2.36tn, the highest since January. The figures come from CCData’s latest Exchange Review.
Market share shifts: Gate surges; Binance still on top
The standout mover was Gate, whose derivatives turnover jumped 98.9% to $746bn in August, vaulting it past Bitget into fourth place globally. Gate’s combined market share nearly doubled from 4.87% in July to 8.68%, coinciding with the launch of Gate US, underscoring the competitive arms race in perpetuals and listed products.
Despite broader growth, leadership remains concentrated. Binance retained a commanding position, with 35.7% of derivatives share ($2.63tn) and 31.0% of spot ($733bn) in August, highlighting the scale advantages of its liquidity and product breadth.
Risk appetite in focus: open interest climbs
Underpinning the activity, open interest (OI) on centralised derivatives venues rose 4.92% to $187bn. Binance led with 20.8% of total OI, followed by CME (17.1%) and Bybit (12.9%), a split that reflects healthy participation across both offshore platforms and regulated U.S. futures.
DeFi derivatives: Hyperliquid’s steady ascent
While the headlines centre on CEXs, the on-chain perps race continues to heat up. Hyperliquid’s market share edged up to 5.31% in August (up 0.74ppt month-on-month), signalling that innovation in matching engines, fee design and L1/L2 performance is keeping decentralised venues in the conversation with fast-iterating CEX rivals.
Why it matters
- Derivatives dominance at roughly three-quarters of CEX flow suggests traders are leaning on leverage and hedging tools to express macro and cross-asset views, with perps liquidity now the market’s core plumbing.
- Gate’s jump — alongside new U.S. footprints — shows that distribution and listings strategy can materially shift share even in a leader-heavy market.
- Rising OI points to sticky participation into Q4; the split between Binance and CME hints at hybrid participation from crypto-native and institutional users.
Bottom line: August marks a decisive liquidity inflection for crypto markets in 2025. With derivatives setting the pace, CEX incumbents still hold the high ground — but aggressive challengers and on-chain venues are carving out share as the industry heads into a catalyst-rich fourth quarter.