Binance dominates with $133B in new token trades

Binance has seen over $133 billion in cumulative trading volume for newly listed tokens in 2025. A CryptoQuant report highlights how the exchange is solidifying its position as the world’s largest.

According to the data shared by crypto analyst, OnchainDataNerd on X, Binance stands head and shoulders above every other crypto exchange, accounting for more trading volume than the next top three exchanges combined.

The CryptoQuant data shows that Binance has seen $133 billion in trading volume for new tokens this year. In comparison, HTX comes second with $38 billion, Bybit has $35 billion, while MEXC has $34 billion.

OnchainDataNerd noted that the massive volume for Binance signifies the number of traders flocking to Binance to trade newly listed tokens, a show of confidence in the exchange’s liquidity compared to other exchanges.

They wrote:

“This clear leadership confirms #Binance as the top destination for traders looking for early access and high liquidity.”

Interestingly, cumulative volume is not the only area where the exchange excels. It also has a massive lead in daily trading volume, with a peak daily volume for newly listed tokens over the past month of around $1.1 billion.

This is 3x higher than the volume on other exchanges and explains why the exchange has a dominant market share for daily trading volume for new tokens. The market share peaked at 54% on July 10 but had fallen to around 34% by August 13. Even at that level, it was still higher than that of HTX and MEXC, which had 22% and 15% respectively.

Binance records $4 trillion in ETH Futures open interest for 2025

Meanwhile, the massive volume for newly listed tokens is only one part of Binance’s dominance. The exchange dominance is not only in spot trading, as it is also attracting more derivatives trading activity, showing its position as one of the top places for ETH Futures.

According to crypto analyst Darkfost, open interest in ETH has surged on Binance as the token gained momentum and saw a substantial increase in value. Between early April and now, the exchange has seen almost $10 billion in additional open interest, adding to the $2.8 billion before.

With the ETH open interest rising, Binance has set new records for trading volume, particularly as it still attracts a significant portion of liquidity for the derivatives market. This is more than what centralized competitors such as Bybit and OKX or decentralized platforms like Hyperliquid are seeing.

The exchange has already set a new all-time high for ETH open interest in 2025, with over $4 trillion this year alone. This surpasses the $3.7 trillion in 2024, and the exchange is now on track to hit $6 trillion in ETH Futures open interest before this year ends.

BNB reaching new highs as Binance dominance continues

With Binance maintaining a sizable majority of the market share both for the spot and derivatives markets, its BNB token has been one of the best performers of the current crypto cycle. According to CoinMarketCap, BNB has gained 21.96% this year and is currently trading at $861.91.

The token recently hit a new all-time high of $882.58 and looks primed to reach $1,000 in the current cycle with its strong performance and resilience. Technical trader Ali Martinez noted that BNB performance is connected to Binance activity and that the exchange has become a destination for big-money traders.

He noted that Binance recorded $698 billion in spot trading for July, a 61% increase from the previous month. The technical analyst stated that the exchange now holds almost 40% of the overall centralized exchange market, with its market share being around 4.5x higher than the closest competitor.

With such numbers, which imply that the exchange has deeper books and less slippage, there is a good chance it will continue to attract more users than other exchanges.

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