2025-12-25 09:23:05

According to the latest annual report data from CoinGlass, the crypto asset trading market in 2025 shows a clear trend of top-tier concentration. In terms of spot liquidity depth for mainstream assets like BTC and ETH, the ranking tiers of major global CEXs have basically been established. The derivatives market is even more competitive—one leading exchange dominates with an average daily trading volume of approximately $77.45 billion, accounting for 29.3% market share; the second-tier exchanges hold a 12.5% market share; and the fourth-ranked exchange also captures a 9.5% market share. This data reflects that even among top-tier exchanges, there are significant gaps in competition, and small to medium platforms face considerable challenges in establishing themselves in the derivatives sector. For traders, choosing platforms with sufficient liquidity and good trading depth remains key to reducing slippage and improving trading efficiency.

BTC0.87%

ETH0.56%

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GateUser-9ad11037

· 6h ago

The head exchanges are taking the big slices, while small and medium platforms are just sipping soup. The Matthew Effect is becoming more and more obvious. This is how the derivatives market works—liquidity is king. 774.5 billion in daily trading volume—truly terrifying. Major players are clustering on large platforms; how many basis points can slippage differ by? Now, choosing an exchange really depends on depth. No matter how cheap the small platforms are, I’m hesitant. With a 29.3% market share, one company dominates—are there any other options? Good liquidity is just satisfying; I no longer want to experience the feeling of insufficient depth. What does this data show? All the money is circulating among those top few players.

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SchroedingerMiner

· 6h ago

The 29.3% market share of the leading exchanges looks outrageous... The gap is really getting bigger and bigger. Going all-in on a big platform is indeed more secure, but how are the fees calculated? Small exchanges have such poor liquidity, still dare to trade? Spot trading is okay, but derivatives really depend on depth, otherwise you'll get eaten alive by the order book.

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MoonlightGamer