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Exchange Review - July 2025

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high.

By CoinDesk Data
Updated Sep 30, 2025, 3:43 p.m. Published Aug 12, 2025, 11:39 a.m.
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What to know:

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high. This rally followed Bitcoin’s mid-month all-time high, buoyed by favorable macro conditions and corporate treasury inflows.

Key highlights:

  • Crypto Open Interest Reaches Yearly Highs: In July, open interest on centralized derivatives exchanges rose 38.9% to $180B. Binance, CME and Bybit were the top three exchanges by open interest, accounting for 20.2%, 16.8% and 12.2% of open interest on centralized exchanges.
Historical Futures Open Interest
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  • Derivatives Market Share Falls to 71.3%: Despite derivatives volumes reaching a yearly high of $6.5T, their market share declined from 77.6% to 71.3% as spot trading growth (+53.3%) outpaced derivatives growth (+30.6%). Binance maintained its leadership within derivatives markets with $2.60T (+37.5%) volume.
  • Gate Extends Derivatives Momentum: July’s market growth pushed total derivatives volumes to $6.5T, however, derivatives market share fell to 71.3% as spot trading outpaced derivatives growth. Binance led the market with $2.60T (+37.5%), followed by OKX, Bybit, and Crypto.com. Gate grew its derivatives market share to 5.69% (+0.55% MoM), marking its seventh consecutive monthly gain.
  • CME Institutional Volumes Rise Over 30%: CME institutional volumes rose 31.7% to $260B, led by growth in alternative assets. Ether futures surged 68.7% to $72B while Solana futures jumped 274.9% to $5.5B. BTC futures posted more modest 13.54% growth to $156B.
Monthly CME Futures Volume
  • Hyperliquid Continues Gaining Ground in On-Chain Derivatives: Hyperliquid's derivatives volume grew 44.89% to $311.33B in July, setting a new record for the exchange and cementing its position as the sixth-largest derivatives platform by open interest at 4.73% market share.

Dive into our full July Exchange Review below for the complete breakdown.

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