【Blockchain Rhythm】Latest data shows a clear divergence in the spot trading performance of mainstream CEXs in December 2025. Overall, the spot trading volume decreased by 35% month-on-month in November, indicating a generally weak market performance.
Among them, HTX, Bybit, and Bitget demonstrated relatively strong resilience, with trading volume declines ranging from 16.48% to 16.98%. In contrast, more platforms faced significant pressure—Kucoin declined by 39.85% month-on-month, Binance dropped by 40.85%, and Upbit experienced the largest decline at 43.75%.
The performance of the perpetual contract market is also not optimistic. In December, perpetual contract trading volume fell by 26% compared to November. Among them, Bybit decreased by 29.40%, Crypto.com by 29.93%, and Kucoin was hit hardest in this sector with a decline of 40.11%.
Data from Perp DEX further confirms the overall market weakness—on-chain perpetual contract trading volume decreased by 30% month-on-month, and platform website traffic also dropped by 20%. Market enthusiasm has significantly waned, and competition among exchanges has become more intense.
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December Trading Data Overview: Spot trading volume drops by 35% overall, with some leading platforms experiencing declines of over 40%
【Blockchain Rhythm】Latest data shows a clear divergence in the spot trading performance of mainstream CEXs in December 2025. Overall, the spot trading volume decreased by 35% month-on-month in November, indicating a generally weak market performance.
Among them, HTX, Bybit, and Bitget demonstrated relatively strong resilience, with trading volume declines ranging from 16.48% to 16.98%. In contrast, more platforms faced significant pressure—Kucoin declined by 39.85% month-on-month, Binance dropped by 40.85%, and Upbit experienced the largest decline at 43.75%.
The performance of the perpetual contract market is also not optimistic. In December, perpetual contract trading volume fell by 26% compared to November. Among them, Bybit decreased by 29.40%, Crypto.com by 29.93%, and Kucoin was hit hardest in this sector with a decline of 40.11%.
Data from Perp DEX further confirms the overall market weakness—on-chain perpetual contract trading volume decreased by 30% month-on-month, and platform website traffic also dropped by 20%. Market enthusiasm has significantly waned, and competition among exchanges has become more intense.