Trading activity on centralized exchanges retreated to its lowest point since June in November. Combined spot and derivatives volumes experienced their largest month-on-month decline since April 2024, plummeting 24.7% to $7.74T. Spot trading volumes decreased 21.1% to $2.13T, while derivatives volumes fell 26.0% to $5.61T - marking the lowest monthly volume for both markets in five months.
The pullback in activity reflected rising market uncertainty that cooled speculation significantly. Derivatives market share declined for the third consecutive month, falling to 72.5% - its lowest level since February 2025.
Binance continues to be the undisputed leader in the spot sector, commanding a 28.2% market share. The competition for the remaining top spots was incredibly tight in November. MEXC secured second place with 5.22%, followed closely by Bybit (4.97%) and Crypto.com (4.48%). Coinbase rounded out the top five.
Binance also maintained its lead as the largest derivatives exchange, generating $1.98T in volume. This figure represents a 27.4% decrease compared to October. OKX followed with $908B (down 21.8%), and Bybit took third with $732B (down 30.2%). While the major exchanges saw declines, dYdX v4 and Bullish stood out as the best-performing exchanges month-on-month.
Total open interest across derivatives exchanges fell by 20.3% to $126B in November. CME narrowly edged out the competition to take the top spot with 21.0% of the market, followed very closely by Binance at 20.8%. Bybit and BitMEX tied for the next position with 10.8% each, while Gate completed the top five with a 10.2% share.
