Overall Leaders:

• #MEXC

• #Binance

• #bybit

But the rankings are just the starting point.

Here are the key insights 👇

1️⃣ Spot Market

Binance dominates spot with $7.0T in trading volume, the highest in the industry.

Growth leader: MEXC (+90% YoY) in spot volume.

2️⃣ Derivatives Market

Binance leads with $25T in perpetual futures volume (+20% YoY).

Growth standout: Gate (+468% in perps volume).

3️⃣ Derivatives Volume Mix

Bitget ranks among the most #bitcoin -dominant derivatives venues, alongside #coinbase and Crypto dot com — highlighting distinct product strategies across exchanges.

4️⃣ Transparency & Proof of Reserves

Top performer:

• KuCoin — 96.7 (A+)

Transparency standards vary meaningfully across exchanges.

5️⃣ CeFi Lending

Tether dominates with a ~$17B loan book.

Second tier: Maple, Galaxy & Nexo (~$1.7–2.0B each).