Exchange Review - April 2025

In April, the combined spot and derivatives trading volume on centralized exchanges dipped slightly by 0.41% to $6.79T, the lowest total since October 2024. Spot volumes declined for the fourth consecutive month, falling 10.9% to $1.76 trillion. In contrast, derivatives trading volumes rose 3.78% to $5.14T — the first monthly increase in four months.

This shift pushed derivatives market share to 74.4%, up from 71.4% the previous month — the highest level since October 2023. The increase in derivatives dominance aligned with a rebound in digital asset prices from monthly lows, following the U.S. softening its tariff stance toward key global trade partners.