Crypto Spot Trading Sees Second Month of Recovery in September

Crypto spot trading continued its recovery in September, marking the second consecutive month of growth. Centralized exchanges saw increased activity from both retail traders and whales, while decentralized exchanges (DEXs) also reported a rise in spot trading for Real World Asset (RWA) markets. Total spot trading volume reached $973 billion, with Binance dominating the market.

The recovery in spot trading coincided with a 47% increase in new crypto listings in Q3 compared to the previous quarter, totaling 517 new assets. However, despite the monthly gains, Q3 overall saw a 14% decline in spot trading compared to Q2, reflecting a broader downward trend over the past four quarters. Year-to-date spot activity remains below 2025 levels, partly due to a shift towards perpetual futures trading and some activity moving to DEXs.

As of October 6, about 24.6% of spot trading occurred on decentralized markets, indicating a demand for spot trading outside centralized exchanges. Binance stood out, processing $695 billion in trading volumes, increasing its market share to 27.9% from 25.4% in Q2. Other top 10 centralized exchanges saw minimal changes in their market share.

Centralized exchanges also captured a recovery in perpetual futures trading, with volumes reaching $4.56 trillion in September, up 3% from August. Perpetual futures DEXs, however, saw a 7% decline in volumes from Q2, with Hyperliquid remaining dominant, handling $621 billion of the quarterly traffic. The expansion of RWA trading, including contracts on equities, oil, and precious metals, contributed to the growth in perpetual futures volumes.