Kava (kava) 
Centralized Crypto Exchanges Saw $18.83 Trillion in Spot Trades Last Year
According to recent data, the top 15 centralized crypto exchanges facilitated $18.83 trillion in spot trades in 2024. Although this figure more than doubled the $8.05 trillion recorded in 2023, it still fell short of the record set in 2021.
Market Leaders and Laggards
Binance led the pack in 2024, holding nearly a 40% market share with $7.35 trillion in trading volume. Bybit followed closely, with a 9.3% market share. Despite securing only a 6.8% market share, Crypto.com emerged as the fastest-growing exchange, with a nearly +970% increase in volume over the past year.
Other notable performers include Bybit and Gate.io, which ranked second and third in terms of growth, with gains of nearly +398% and +242%, respectively.
Top 15 Centralized Exchanges by Spot Trading Volume
The top 15 centralized exchanges, ranked by spot trading volume, include:
- Binance
- Bybit
- Crypto.com
- Upbit
- OKX
- Coinbase
- Gate.io
- HTX
- MEXC
- Bitget
- KuCoin
- Bithumb
- Kraken
- BingX
- Bitfinex
“While trading volume in 2024 was much higher than in 2022 and 2023, it still paled compared to 2021. During the bull cycle of 2021, the top 15 exchanges saw annual volumes hit $25.21 trillion.”
Notably, some exchanges, such as OKX, HTX, and MEXC, have been slipping since 2020, while FTX did not survive past 2022.
“FTX was also a major contender, having accounted for 2.6% of volume in 2021 and 4.8% in 2022. This made it the sixth-largest exchange in both years before its eventual downfall.”
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