Ever wonder which exchange truly dominates the crypto market? The numbers tell quite a story.

Spot trading shows a clear winner: one major exchange is pulling in roughly 5 times the volume of its closest competitors. The gap isn't even close. Looking at the rankings this year, Binance takes the top spot, followed by Bybit and Gate rounding out the top tier for spot markets.

Derivatives trading paints a similar picture though with different players competing. Binance remains dominant, with OKX and Bybit fighting for the next positions, and Bitget also holding its ground in the top tier.

The real question isn't whether these exchanges are big—they clearly are. It's whether the second and third-tier players can narrow that gap, or if market leadership will remain concentrated in the hands of the established giants. Given the volume differentials we're seeing, catching up won't be quick.