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Crypto Volumes on Centralized Exchanges Reached Yearly Highs in October

Combined spot and derivatives volumes climbed 25.9% to $10.3T.

By CoinDesk Data
Updated Nov 13, 2025, 11:25 a.m. Published Nov 13, 2025, 11:00 a.m.
Exchange Review OG October

What to know:

  • Trading Volume Reaches Yearly High: Trading activity on centralized exchanges surged to new yearly highs in October. Combined spot and derivatives volumes climbed 25.9% to $10.3T. Spot trading grew 26.0% to $2.70T, while derivatives trading rose 25.8% to $7.56T.
  • CME Options Activity Surges 90% on Strong Bitcoin Demand: CME's total derivatives volume rose 21.5% to $349B, but options activity was the standout with 90.1% growth to $10.4B. BTC options volume more than doubled (+113%) to $9.28B, driving the surge.
  • Gate Becomes Second-Largest Spot Exchange by Volume: Gate's spot trading volume surged 39.1% to an all-time high of $163B, pushing its market share up 0.57% to a record 6.04% - securing the #2 position. Year-to-date, Gate leads all exchanges with a 3.43% market share gain.
  • CME Overtakes Binance As Leading Exchange by Open Interest: Total open interest plummeted 21.4% to $160B following the October 10th liquidation - the largest single-day decline on record. CME emerged as the new leader with 23.2% market share, surpassing Binance whose open interest dropped 23.6% to 18.8%.

Trading activity on centralized exchanges surged to new yearly highs in October. Combined spot and derivatives volumes climbed 25.9% to $10.3T. Spot trading grew 26.0% to $2.70T, while derivatives trading rose 25.8% to $7.56T - marking the highest derivatives volume since December 2024.

The volume spike occurred during a volatile month that included a $20B liquidation cascade on October 10th, the largest single-day liquidation event of the year.

STORY CONTINUES BELOW
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Gate Takes #2 Spot in Spot Trading

Gate's spot trading volume rose 39.1% to $163B, pushing its market share to 6.04%—making it the second-largest spot exchange. Year-to-date, Gate has gained 3.43% in market share, more than any other exchange.

Bullish and KuCoin also posted strong growth, with volumes rising 103% and 73.4% to $77.4B and $76.3B respectively. Their market shares increased to 2.87% and 2.83%. Binance remains the leader at 28.6%.

Derivatives Trading Concentrates Among Top Exchanges

OKX and Bybit gained the most derivatives market share in October, rising 0.69% and 0.61% to 15.4% and 13.9% respectively. Bitfinex grew 216% to $4.58B, while Deribit increased 59.7% to $64.9B. Binance leads with 35.9% market share and $2.72T in volume.

CME's derivatives volume rose 21.5% to $349B. Options activity increased 90.1% to $10.4B, driven by BTC options volume that rose 113% to $9.28B. BTC futures grew 25.7% to $178B, while ETH futures increased 10.1% to $111B.

CME Overtakes Binance in Open Interest

Total open interest fell 21.4% to $160B following the October 10th liquidation event, which erased nearly $60B—the largest single-day decline on record.

CME now leads with 23.2% of open interest, surpassing Binance for the first time. Binance's open interest dropped 23.6% to 18.8% market share, while Bybit fell 30.6% to 11.0%.