Binance’s Share Among the 10 Largest Centralized Spot Exchanges Rose to 42.7% in Q3

Binance’s share of turnover among the 10 largest centralized spot exchanges climbed to 42.7% in Q3 from 38.7% in Q2, even as quarterly activity across the group contracted by 14.2%.

Turnover, or total trading value, across the group reached $1.65 trillion for the quarter. The group recorded $443.6 billion in July and $712.3 billion in August. That is a 4-percentage-point increase in Binance’s share from Q2, giving it a larger portion of a smaller tracked spot market.

A separate measure of average daily trading volume fell 8.6% quarter over quarter to $73.3 billion. Within that series, the monthly average rose from $57.7 billion in July to $94.8 billion in September. It covers a broader market sample and uses an average daily figure, so it measures a different slice of activity from the top-10 group’s cumulative quarterly turnover. One tracks the group’s total trading value over the quarter; the other averages daily volume across a broader sample.

Crypto’s total market capitalization rose $840.1 billion, or 39.6%, during the quarter to $2.96 trillion. It reached $3 trillion on Sept. 21; in August, market capitalization rose $489.8 billion, or 21.8% for the month. The end-quarter total remained 4% below its year-start level. Market value rose as turnover among the 10 largest centralized spot exchanges declined, showing different trends across the two measures.

Perpetual futures activity also increased. Open interest at the 10 largest centralized perpetual exchanges rose 40.6% and ended above $100 billion, the first quarter-end above that level since Q3 2025. Binance added $12.7 billion in open interest, while KuCoin and Deribit recorded declines of 41.2% and 18.9%, respectively. Open interest measures the value of perpetual contracts that remain open at a point in time; turnover measures trading over a period. These figures describe separate indicators and do not by themselves show that activity shifted from spot trading to derivatives.

The exchange-level spot figures add detail to an earlier Q3 market recap.