Centralized Crypto Exchanges Hit Yearly Volume Highs in October CoinDesk Data

Highlights

• Combined spot and derivatives volume on centralized exchanges rose 25.9% to $10.3T in October, as highlighted by CoinDesk Data.
• Spot volume increased 26.0% to $2.70T, while derivatives volume climbed 25.8% to $7.56T.
• A $20B liquidation event on October 10 marked the largest single-day decline of the year.
• Gate became the second-largest spot exchange with a 39.1% volume surge to $163B.
• CME options volume jumped 90.1%, with BTC options rising 113%.
• CME overtook Binance as the leader in open interest for the first time.

As per CoinDesk Data, trading activity across centralized cryptocurrency exchanges climbed sharply in October, reaching the highest levels recorded this year. Meanwhile, combined spot and derivatives volumes rose 25.9% to $10.3 trillion, driven by heightened market volatility and a surge in derivatives activity. Spot trading expanded 26.0% to $2.70 trillion, while derivatives volumes grew 25.8% to $7.56 trillion, marking the highest derivatives reading since December 2024.

The surge in activity unfolded during a turbulent month that included a major $20 billion liquidation event on October 10, the largest single-day liquidation recorded this year. This episode, which significantly disrupted leveraged positions, played a key role in amplifying both volatility and trading demand across major exchanges.

Gate Climbs to Second-Largest Spot Exchange

Spot trading dynamics shifted notably in October. Gate recorded a 39.1% increase in spot volume, reaching $163 billion and lifting its market share to 6.04%, securing the second-largest position among spot exchanges. CoinDesk Data shows that Gate has added 3.43% in market share year-to-date — the largest gain of any exchange in 2025.

Other platforms also saw significant spot growth. Bullish’s volume rose 103% to $77.4 billion, while KuCoin increased 73.4% to $76.3 billion, raising their market shares to 2.87% and 2.83% respectively. Despite these increases, Binance continued to lead the spot market at 28.6%.

Derivatives Activity Intensifies Across Major Exchanges

Derivatives trading also saw meaningful shifts. OKX and Bybit gained the most market share, rising 0.69% and 0.61% to 15.4% and 13.9% respectively. Bitfinex recorded a 216% increase in derivatives activity to $4.58 billion, while Deribit expanded 59.7% to $64.9 billion. Binance retained the top position with 35.9% of the derivatives market and $2.72 trillion in volume.

CME posted notable growth as well, with derivatives volume rising 21.5% to $349 billion. Options activity was particularly strong, jumping 90.1% to $10.4 billion, led by 113% growth in BTC options to $9.28 billion. Futures activity also climbed, with BTC futures rising 25.7% to $178 billion and ETH futures increasing 10.1% to $111 billion.

CME Surpasses Binance in Open Interest

The October 10 liquidation event had a major impact on derivatives open interest, which dropped 21.4% to $160 billion, erasing nearly $60 billion in a single day — the steepest decline on record.

Following the shake-up, CME emerged as the new leader in open interest with a 23.2% share, surpassing Binance for the first time. Binance’s open interest fell 23.6% to 18.8%, while Bybit’s position declined 30.6% to 11.0%.