CoinDesk Data – Exchange Review, Nov 2025

The main theme of the report is the analysis of the cryptocurrency exchange market, including trading volumes on spot and derivatives markets, market segmentation by fee models, and trading volumes of cryptocurrencies compared to fiat currencies.

Key findings include a decrease in trading activity on centralized exchanges to the lowest level since June, with an overall decline in spot and derivatives trading volumes by 24.7% to $7.74 trillion. Spot trading volumes fell by 21.1% to $2.13 trillion, while derivatives volumes dropped by 26.0% to $5.61 trillion. The derivatives market share also decreased to 72.5%, the lowest level since February 2025. Binance's derivatives market share fell to the lowest level since 2020.