2025-12-27 15:26:21

CoinGlass releases the latest annual report, revealing the true state of the CEX derivatives market.

In terms of liquidity depth, among the top global exchanges for mainstream assets like BTC and ETH, the top three exchanges hold an absolute advantage in bilateral depth rankings. These platforms, with their large user bases and continuous product investments, have established a moat in the market microstructure.

Looking at trading volume and market share, the data is quite astonishing—top platforms with an average daily trading volume of over $77.4 billion hold a 29.3% market share, forming a significant lead. The second tier has an average daily trading volume between $33 billion and $29 billion, with market shares of 12.5% and 11%, respectively. The third tier platforms have an average daily trading volume of about $25 billion, with a market share around 9.5%.

Even more noteworthy is the comprehensive scoring system. This set of scores considers hard metrics such as trading data, product matrix, security mechanisms, and information transparency. The platform with the highest score leads with 94 points, followed closely by the second with 88 points, and the third at around 83 points. This differentiation indicates that top-tier exchanges indeed have qualitative differences in trading depth, risk control capabilities, and user experience.

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StablecoinEnjoyer

· 1h ago

The top three players account for nearly 30% of the market share, truly remarkable... Are small exchanges still doing well? The Matthew effect is so obvious, it seems like everyone should just focus on the big platforms. With such a deep moat, what chance do latecomers have to turn things around? Why is there such a big difference between 94 points and 83 points? How much do the details of the experience differ? In terms of liquidity depth, small platforms simply can't compete. Why does it feel like the landscape of exchanges is becoming more and more consolidated... This report seems to have not mentioned transaction fees, which is the key point, right?

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SybilAttackVictim

· 1h ago

774 billion JPY trading volume, this gap is really huge. Small platforms have no way out. I should have gone all-in on the top players from the start; now it's too late to regret. The term "moat" is used perfectly; it basically means monopoly. 94 points crushing 83 points, this risk control gap can bankrupt people. The compliant exchange competing for first place, I just want to see who can survive until next year. When it comes to security mechanisms, there's really no choice; you have to play with the top players.

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nft_widow

· 7h ago

It's almost the big fish eating the small fish scenario; retail exchanges have no way out. The 29.3% market share of the top players is twice that of others; the gap is really huge. 94 points and 83 points are just an 11-point difference, but the depth difference is more than double, right? So no matter what, you have to choose the top players; otherwise, you'll get eaten up and start doubting life. This moat is getting deeper and deeper; latecomers really have no chance. Poor risk control capabilities? Then I might as well stay honest and stick to the big exchanges.

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GasGrillMaster

· 7h ago

With top platforms crushing the competition, do retail investors still have a chance? It feels like being caught in the middle is the hardest.

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GasFeeWhisperer

· 8h ago

I knew it earlier, the top three companies have long monopolized the market, what can retail investors do... --- 774 billion daily trading volume, this gap is ridiculously large --- 94 points vs 83 points, how much does that 11-point difference affect risk control? --- The term "moat" is used well; frankly, it’s just centralized monopoly --- Recalling a previous exchange that collapsed, now looking at the data, it’s clear why the top players are so stable --- The lead by 29.3% in the segmentation, what are small exchanges still struggling for? --- Risk control ability is indeed important, but price spread is also crucial. The experience with different liquidity depths is completely different --- Transparency score? Is a certain top exchange really transparent? I think it’s a bit questionable --- In trading depth rankings, BTC is the most competitive, yes, yes --- Frankly, the user base is the productivity, and the Matthew effect is vividly reflected in the derivatives market

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