Binance Stays Ahead in the CEX Sector as Centralized Exchanges See $320.19 Billion in Volume

Today’s data from Phoenix Group revealed the growth of the overall trading volume of the top 9 crypto centralized exchanges.  The data identified that the total trading volume for the 58 active centralized exchanges (CEXs) over the past week reached $320.19 billion.

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Binance retained its lead

As reported by the data, Binance maintained its status as the market leader. Over the past week, the centralized exchange recorded a trading volume of $90.4 billion.

MEXC emerged as the second-largest centralized exchange, according to the data. It registered a trading volume of $22.1 billion in the last seven days.

Moving down, Gate.io clinched the next position as the third-biggest exchange. It processed a trading volume of $20.1 billion during the week, highlighting an increased number of users trading on the platform.

Fourth on the list is Bitget, which gained the spotlight with a whopping $19.4 billion trading volume handled last week alone.  

OKX followed closely as the fifth-largest exchange by trading volume. It experienced a $19.0 billion trading volume last week.

Other CEXs that recorded significant trading volume over the week include HTX, ByBit, Crypto.com, and Coinbase.  

HTX made a remarkable $18.5 billion weekly trading volume. ByBit registered a $17.9 billion weekly trading volume.

Lastly, Crypto.com and Coinbase demonstrated notable weekly trading activity of $14.7 billion and $14.2 billion, respectively.

DEXs see growth

The data further showed an interesting development. Although CEXs remain the key platforms that enable users to purchase, trade, and sell virtual currencies, DEXs are gaining momentum, showing their fundamental role in the virtual currency industry.

Over the past week, the ratio of transaction volume between centralized platforms and decentralized platforms reached 19.10%. This implies that for every $1 billion processed on a centralized platform, $191 million is handled on a decentralized platform.

This ratio represents a surge compared to past months. For illustration purposes, in October 2024, that ratio stood at 13.65%.

Despite the growth of DEX trading volumes, CEXs are still dominant platforms in the crypto market. Over the past week alone, the 58 active CEXs processed a total of $320.19 billion, with Binance contributing over $90.4 billion of that.