The 2025 CEX landscape reveals a clear market hierarchy based on trading volume performance. In spot trading, the top four exchanges have cemented their dominance, with Binance commanding an overwhelming lead—its spot volume dwarfs the second-place competitor by nearly five times. This gap underscores Binance's sustained edge in liquidity and user base. Behind Binance, Bybit, Gate, and Crypto.com round out the top positions, each capturing significant market share in the retail and institutional space. The derivatives market tells a complementary story. Binance maintains its fortress position here as well, joined by OKX, Bybit, and Bitget in the upper echelon. This concentration reflects how traders gravitate toward platforms offering depth, advanced tools, and established infrastructure. What's telling is the consistency—the same exchanges that lead in spot also dominate derivatives, suggesting their competitive advantages span across product categories. The 2025 rankings underscore a bifurcated market: mega-players that scale globally and capture disproportionate volume, and a second tier of exchanges competing for niche advantages and regional strength.