Spot Volumes Fall 9.7% to $1.02T as RWA Perps Rebound 24.1% - CoinDesk
Spot trading volumes on centralized exchanges fell 9.7% to $1.02T in October, ending two consecutive monthly increases, while derivatives volume slipped 1.7% to $3.87T.
The decline coincided with Bitcoin falling from approximately $83.6K to $77.3K over the month, with the Federal Reserve holding rates on October 28 and Binance disclosing a security incident the following day. Spot volumes remained 60.6% below October 2025 levels.
Exchange Market Shifts
Binance's spot market share eased to 26.4% from 27.2%, while Bybit moved back above Coinbase into third place among Top-Tier exchanges. The top three Top-Tier exchanges accounted for 54.2% of Top-Tier spot volume, up from 53.8% in September. Gate grew spot volume 2.1% to $49.8B, raising its share by 1 percentage point to 6.97%.
Decentralized exchange spot volume fell 20.7% to $213B, lowering DEX spot market share to 17.2% from 19.1%, its lowest since June. However, DEX futures volume rose 5.26% to $659B, lifting DEX futures share to 14.6% from 13.7%, its highest since July.
RWA Perpetuals Surge
RWA perpetual trading volume rose 24.1% to $611B, recovering most of September's decline. Binance led with a 73.1% market share, followed by OKX (13.5%) and Gate (6.99%). SOXL more than doubled to $89.1B, becoming the fifth-largest asset by derivatives volume.
Derivatives' share of combined CEX volume rose to 79.1% from 77.6% in September, approaching July's peak of 80.3%.
Derivatives Performance
Crypto-native activity cooled in derivatives markets: BTC derivatives volumes were little changed at $1.32T (-1.11%) and ETH fell 12.6% to $902B. Deribit's volume jumped 490% to $195B after Coinbase moved its international perpetuals trading to the exchange. Futures open interest edged up 0.7% to $107B.
Related
