Binance Dominates July 2025: $698B Trading Volume Crushes CEX Competition

Binance just flexed its market muscle—again. The exchange racked up a staggering $698 billion in trading volume last month, leaving rivals scrambling for scraps. Here's how they're rewriting the rules of crypto liquidity.

The king stays king

While traditional finance clings to its spreadsheets, Binance's July numbers read like a victory lap. No other CEX even came close—proof that traders vote with their wallets (even when regulators grumble).

Liquidity begets liquidity

That $698B wasn't an accident. Binance's ecosystem—from spot markets to derivatives—creates a self-reinforcing cycle. Competitors can't match the depth, so traders keep flocking in. Simple math, really.

The cynical take? Wall Street's 'crypto experts' will spin this as 'irrational retail behavior' while quietly routing orders through Binance's API. The revolution won't be centralized—but for now, it's definitely centralized somewhere in the Seychelles.

• Binance recorded $698.3 billion in July spot volume, gaining a 39.8% share.
• MEXC jumped to second place with $150.4 billion and an 8.6% share.
• Coinbase fell to ninth despite logging the sharpest monthly growth.

Centralized exchanges closed July with a surge in spot trading volumes, led by Binance. The exchange held a dominant 39.8% market share after reporting $698.3 billion in monthly volume.

According to the latest report from CoinGecko, this marked a sharp +61.4% rise from June’s $432.6 billion. The increase aligned with a bullish crypto market, where Bitcoin reclaimed record highs, driving activity across the sector.

Quarterly, Binance continued to top in Q2 2025. It took a share of 38% of the total top 10 exchange volumes, worth $1.47 trillion. In spite of this, its quarterly report registered a 21.6% drop in comparison with the $2 trillion figure of Q1.

Although Binance is unchallenged in size, the quarterly drop highlights the larger slowdown in trading action in the earlier period of the year.

Binance and MEXC Drive Centralized Exchange Volume Gains

MEXC claimed the second position among centralized exchanges in July with $150.4 billion in spot trading volume. That accounts for an 8.6% market share, supported by a +61.8% gain from June’s $93.0 billion.

July was the second-best month of the exchange in the year to date in 2025, after May’s $163.1 billion.

The quarterly snapshot confirmed MEXC’s positive trajectory. During Q2, it registered $346.2 billion in trading volume, up marginally compared to $334 billion in Q1.

This rise registered a significant reversal of fortune compared to its previous status, as the exchange only registered eighth in the list in Q1. The upward movement indicates the manner in which MEXC has continued to grow in presence as the competition declined in volumes.

Gate ranked third in July with a volume of $137.2 billion, equivalent to a 7.8% market share. Like Binance and MEXC, Gate also experienced robust month-to-month growth of +61.3%. Market share among the top ten exchange ranks was distributed evenly, each with a share of approximately 5% to 7%.

Coinbase Struggles With Market Share

Coinbase kept on sliding behind the centralized exchanges. It achieved $101.7 billion in July, equivalent to a 5.8% market share, putting it in the ninth position. Based in the US, the exchange began the year with 7% control, but the slow descent has stripped it of its position in the market.

Despite this decline, Coinbase registered the best monthly growth of the top 10, growing +82.6% compared to June’s $55.7 billion. Nevertheless, the rally wasn’t enough to compensate for its overall market erosion.

Weaker trading strength has also been followed by a share price decline in Coinbase, highlighting the challenges it is experiencing despite improved US regulatory prospects.

At the larger market level, seven of the top 10 exchanges had diminishing volumes in Q2. Crypto.com registered the largest drop, down 61.4% from $560.2 billion in the first quarter to $216.4 billion in the second quarter. For the top 10 overall, the aggregate volume shrank by 27.7% in the second quarter, down by $1.5 trillion.