Binance Dominates Crypto Exchange Activity in Q1 2026

In the first quarter of 2026, a decline in user participation was evident across various crypto exchanges. Data collected by CryptoQuant showed that traders concentrated on major exchanges during periods of strong price momentum.

Centralized exchange trading volume decreased by approximately 48% from its October 2025 high to $4.3 trillion in March 2026, marking the lowest level since October 2024. In contrast, perpetual markets experienced a surge, reaching $3.5 trillion in March and accounting for four times the spot market volume.

Binance led the perpetual futures market with 40% market share and $1.4 trillion in monthly volume. The exchange also dominated the spot market with a 32% market share and $248 billion in March. While secondary exchanges like MEXC, Gate, Bybit, and Crypto.com recorded spot volume growth, none approached Binance's scale.