Crypto

Crypto Exchanges

CEX Spot Volume Market Share

Centralized exchange spot market share by April 2026 monthly volume, trusted-volume basis. Binance leads at 33%; Coinbase is the largest US-regulated venue at 9.5%.

Total trusted CEX monthly spot volume$1,000B

Coinbase Quarterly Revenue Breakdown

Coinbase (COIN) quarterly revenue split between cyclical transaction fees (track BTC price) and counter-cyclical subscription + services (USDC interest, custody, staking, Coinbase One).

Robinhood Crypto Revenue Mix

Robinhood (HOOD) quarterly crypto revenue alongside total transaction revenue, with crypto's share of transaction revenue on the right axis.

DEX Monthly Spot Volume by Protocol

Decentralized exchange spot volume by protocol, quarterly averages. Uniswap led at ~50% through 2023; the 2024-25 Solana surge compressed it to ~30% of total volume.

DEX-to-CEX Spot Volume Ratio

DEX spot volume divided by CEX spot volume, quarterly, a read on how much trading is moving on-chain. Up from ~13% (2022) to ~25% (2026).

Top Crypto Derivatives Venues

Top crypto derivatives venues by open interest and 30-day average daily volume. Binance leads; CME's OI is the institutional indicator for TradFi positions.

Perp DEX Market Share (The Hyperliquid Story)

Monthly perpetual-futures DEX volume by protocol ($B/month). Hyperliquid went from near-zero in early 2024 to roughly 85% of perp-DEX volume by 2025-Q3.

Top Crypto Custodians by AUC

Major institutional crypto custodians by assets under custody (AUC). Coinbase Prime dominates via the spot BTC ETFs; GSIB banks are entering after SAB 121's January 2025 rescind.

Tracked AUC

$878B

GSIB + chartered banks

$153B

GSIB share

17.4%

Custodian	Ticker	AUC	Type	Regulator	Note
Coinbase Prime	COIN	$350B	Crypto-native (public)	NYDFS / FinCEN	Largest crypto custodian. Custodian for 9 of the 12 approved US spot BTC ETFs (BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB, etc.), holding about 84% of US spot BTC ETF assets. Custody fee revenue is a meaningful share of COIN subscription revenue.
Fidelity Digital Assets	Private	$130B	TradFi-affiliated	NYDFS	Custody arm of Fidelity Investments. Self-custodies FBTC reserves plus institutional clients (hedge funds, RIAs, family offices).
BitGo	BTGO	$120B	Crypto-native (public)	OCC / state trust	BitGo Bank & Trust. Filed S-1 with SEC reporting $90.3B AUC as of June 30 2025 (up from $60B at start of 2025); IPO priced $18/share raising about $213M and pushing valuation above $2B; listed NYSE:BTGO Sep 2025. AUC has continued growing through 2026.
Anchorage Digital	Private	$75.0B	Federally chartered bank	OCC	First and only federally chartered crypto bank (OCC charter Jan 2021). Issues USDPT stablecoin for Western Union (launching May 2026). $100M Tether investment to fund growth.
Fireblocks	Private	$65.0B	Crypto-native (private)	FinCEN	MPC-based custody and transfer-network technology. Powers many bank and fintech crypto offerings; not all assets are owned by Fireblocks itself.
Other (regulated)	Various	$40.0B	Mixed	Mixed	GSR, Cumberland, Wintermute custody arms, DBS Digital Exchange, Komainu Asia ops, Bakkt, smaller qualified custodians.
BNY Mellon	BK	$38.0B	GSIB bank	OCC / Fed	Re-entered crypto custody after SAB 121 rescind (SAB 122, January 2025). Largest TradFi-bank crypto custodian.
State Street Digital	STT	$24.0B	GSIB bank	OCC / Fed	State Street's digital asset arm. Institutional asset-manager focus.
Standard Chartered Zodia	STAN	$16.0B	GSIB bank	FCA	Standard Chartered's institutional crypto custodian. UK + Ireland licensed.
Komainu	Private	$12.0B	Bank-affiliated	Jersey FSC / DFSA	JV of Nomura, Ledger, CoinShares. Jersey + Dubai licensed; acquired Singapore-based Propine (2024 announce) for Asia push. Above $10B AUC per CEO disclosure.
Hex Trust	Private	$8.0B	Bank-affiliated	HKMA / DFSA	Hong Kong + Dubai licensed. Focused on Asia institutional clients; provides custody for many regional banks and exchanges.

Crypto Custody AUC by Operator (Quarterly Trajectory)

Quarterly crypto custody assets under custody by operator, where Coinbase Prime dominates and GSIB banks enter post-SAB-122 (2025-2026).