CoinDesk Data – Exchange Review, Oct 2025
The report focuses on the review of cryptocurrency exchanges, including trading volume analysis, market segmentation by fee models, and analysis of crypto-to-crypto and fiat-to-crypto trading volumes.
Key findings include: Trading activity on centralized exchanges reached annual highs in October 2025, with total spot and derivatives trading volumes increasing by 25.9% to $10.3 trillion. Spot trading rose by 26.0% to $2.70 trillion, while derivatives trading increased by 25.8% to $7.56 trillion, marking the highest derivatives volume since December 2024. On October 10, the largest cascade of liquidations this year occurred, with nearly $20 billion liquidated in one day. CME surpassed Binance to become the leading exchange by open interest, holding a 23.2% market share.
