2026-01-16 09:33:44

The competitive landscape of crypto exchanges in 2025 has become relatively stable. According to the latest industry data, the four major exchanges hold an absolute dominant position in the market.

Among them, the largest exchange leads by a wide margin with a 35.86% market share, maintaining its industry leadership position. The competition in the second tier is quite fierce — 13.47%, 12.04%, and 10.60% of the market share are respectively divided among three other mainstream platforms. Although the numbers seem close, when converted to actual trading volume and user base, these differences are enough to determine the platform's growth potential.

Interestingly, open interest data further reflects the differences in derivatives competitiveness among the exchanges. The increase in market concentration means that users are increasingly favoring leading platforms, which puts significant pressure on new entrants or small to medium-sized exchanges.

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RunWithRugs

· 5h ago

With the top exchanges so concentrated, do retail investors still have a chance? --- 35.86% direct dominance, this pattern has been set in stone for a long time. --- The gap between mid-tier platforms doesn't seem big, but in reality, the trading volume is double. --- The derivatives sector is even more outrageous, with the Matthew effect becoming more apparent. --- New exchanges entering now are just courting death; without liquidity, who would play? --- If this continues, besides the leading platforms, what other competitiveness is left? --- The rising concentration means there's no more choice, which is a bit uncomfortable. --- Four giants dominate, and latecomers have no chance. --- The data looks quite calm, but this is just the beginning of a monopoly.

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ProofOfNothing

· 5h ago

Honestly, 35.86% is a bit scary. Is oligopoly that serious? If this continues, will small platforms still have a chance? Everyone will be competing to the death. Contract data is the real barometer; the stronger the derivatives, the more dominant they are. The Matthew Effect is clear now—it's an era of winners take all. But to be fair, the stability of top platforms is a fact; retail investors can feel more secure. A small difference in transaction fees really can determine life or death; it feels like there are hardly any dark horses now. How strong can user stickiness really be? It still seems to depend on the product.

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zkProofGremlin

· 5h ago

The head exchanges are really unappealing, with a 35.86% share and still trying to compete. Small and medium platforms really have no way out... --- Oh my, the Matthew effect is becoming more and more obvious. Latecomers basically have no chance. --- It means that derivatives are already locked down; to turn things around, you need to come up with some real innovations. --- Looking at these data, I feel... ecological diversity is dead. --- The gap from 13 to 10 may not seem big, but when it comes to actual trading volume, it's probably a hundred times different. --- Is such a high concentration in the futures market actually increasing or decreasing user risk? I want to hear your thoughts. --- Stability ≠ health. I think this situation is a bit suffocating.

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WhaleMinion

· 5h ago

35.86% is almost a monopoly. If things continue like this, will small exchanges still have a chance?

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GateUser-bd883c58

· 5h ago

35.86% crushing others, winning big is indeed a fact. By the way, why is the gap among the second-tier three companies so small? It feels like they could be pushed out at any time. The monopoly of leading players is becoming more and more obvious. Do retail investors have any other options? Who has the best liquidity in derivatives? Does anyone know? Small exchanges are having a hard time these days; they probably need innovation to survive. Entering new platforms now is like sending heads, the threshold is too high. Contract traders are all flocking to big platforms, liquidity on small platforms is hanging by a thread. This pattern is basically set in stone; will there be any changes? Don’t just look at market share; user experience is also very important, brother. Exchanges that can't make money will eventually be eliminated.

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