# Top Crypto Exchanges Lose 14.2% of Spot Volume as Market Value Rises

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/35706
Published: 2026-10-20T14:03:46.000Z
Updated: 2026-10-20T14:03:46.000Z
Section: Investing

> Binance’s share of the 10 largest venues climbed to 42.7%, while open interest at leading perpetual futures exchanges rose 40.6%.

Spot trading at the 10 largest centralized crypto exchanges fell 14.2% to $1.65 trillion in the third quarter of 2026, even as the broader market gained 39.6% in value.

Binance’s share of the group’s trading rose from 38.7% in the second quarter to 42.7% in the third. It was the only exchange among the 10 with a double-digit share. Binance’s spot-trading share increased as total activity across those venues declined.

The exchanges handled $443.6 billion in July and $712.3 billion in August. Trading picked up between those months, but the group’s total for the full quarter remained below its second-quarter level.

The divergence extended beyond the largest spot exchanges. Total crypto market capitalization reached $2.96 trillion at the end of September, up 39.6% over the quarter. Average daily trading volume across the broader market, however, declined 8.6% to $73.3 billion. Market value and trading volume measure different aspects of activity: one reflects the value of assets, while the other tracks trades over a period.

Perpetual futures showed another pattern. Open interest at the 10 largest centralized perpetual futures exchanges increased 40.6% during the quarter and finished September above $100 billion. Open interest counts contracts that remain outstanding. It is distinct from spot volume, which measures trades completed during the period.

Binance also led a separate full-year comparison for 2025, accounting for 39.2% of spot trading among 10 leading centralized exchanges. Bybit held 8.1%, MEXC 7.8% and Coinbase 6.1%. Those figures cover a calendar year, while the latest Binance share covers one quarter of 2026.

Decentralized exchanges gained spot-trading share over an earlier, longer period. Their share rose from 6.9% in January 2024 to 13.6% in January 2026, while monthly volume increased from $95.86 billion to $231.29 billion. Those measurements precede the third-quarter figures for centralized exchanges and cover a different group of trading venues.