September 2025 marked the weakest month for centralized crypto exchanges (CEXs) since June, according to data from The Block. The total spot trading volume fell nearly 10% month-over-month, signaling a slowdown in market activity despite strong performance from certain decentralized platforms.
Centralized Exchange Volumes in Decline
In September, the combined spot trading volume across major centralized exchanges reached $1.67 trillion, down from $1.85 trillion in August — a decline of 9.7%.
| Exchange | Trading Volume (September 2025) | Change vs. August | Market Share |
|---|---|---|---|
| Binance | $636.5 billion | -13.6% | 38.1% |
| Bybit | $132.1 billion | -6.3% | 7.9% |
| Gate.io | $124 billion | -5.8% | 7.4% |
| Bitget | $117.9 billion | -7.1% | 7.1% |
Binance maintained its dominant position, processing over one-third of all global spot trades, despite a noticeable decline in activity. Bybit, Gate.io, and Bitget followed, together accounting for more than 20% of the market.
📊 Graph suggestion:
A bar chart comparing August vs. September spot volumes per exchange, showing Binance’s sharp dip and relative stability of mid-tier platforms.
Decentralized Exchanges Show Mixed Dynamics
While centralized exchanges slowed down, decentralized trading platforms (DEXs) also saw a modest decrease in activity. September’s total DEX volume reached $363.4 billion, slightly below $368.8 billion in August.
| DEX Platform | Volume (September 2025) | Volume (August 2025) | Monthly Change |
|---|---|---|---|
| Uniswap | $106.5 billion | $143 billion | ▼ -25.5% |
| PancakeSwap | $79.8 billion | $58.7 billion | ▲ +35.9% |
Uniswap recorded the sharpest drop, while PancakeSwap managed to boost trading activity, highlighting different liquidity and user trends across ecosystems.
Perpetual DEX Growth Outpaces CEXs
Interestingly, derivatives-focused decentralized exchanges (Perp DEXs) continued to grow. In September 2025, their combined trading volume surpassed $1.14 trillion, a 49.5% increase from August — the first time this segment has exceeded the $1 trillion mark.
This growth underscores the shift in trader preferences toward decentralized derivatives platforms that offer high leverage and transparent on-chain settlement.
Summary
The September trading report paints a mixed picture for crypto markets:
- Spot trading volumes fell both on CEXs and DEXs.
- Derivative markets expanded, driven by increased DeFi adoption.
- Binance remains the leader, but its dominance is gradually eroding.
As the industry adapts to regulatory changes and evolving investor behavior, October’s performance will reveal whether September’s slowdown was temporary or the start of a longer cooling period.
