CEX Spot Volume Market Share

Centralized exchange spot trading market share by April 2026 monthly volume, trusted-volume basis (CoinGecko Confidence-score filtered). Binance leads at 33% despite the CZ-resignation and DOJ-settlement overhang. Bybit and OKX form a non-US offshore duopoly behind. Coinbase is the largest US-regulated venue at 9.5%, with higher fees offset by spot ETF flow, custody, and USDC interest income.

Total trusted CEX monthly spot volume$1,000B

Centralized exchange spot trading market share by April 2026 monthly volume, trusted-volume basis (CoinGecko Confidence-score filtered). Binance leads at 33% despite the CZ-resignation and DOJ-settlement overhang; Bybit and OKX form a non-US offshore duopoly behind. Coinbase is the largest US-regulated venue at 9.5%, with higher fees offset by spot ETF flow + custody + USDC interest. Initial v1; verify against CoinGecko monthly snapshot.

Coinbase Quarterly Revenue Breakdown

Coinbase (COIN) quarterly revenue split between transaction (cyclical, tracks BTC price and retail engagement) and subscription + services (counter-cyclical, includes USDC interest share, custody, staking, Coinbase One). The 2024-Q1 transaction-revenue spike reflects spot BTC ETF launch; 2024-Q4 reflects the post-Trump-election rally. The Deribit acquisition ($2.9B, closed August 2025) added derivatives revenue from 2025-Q3 onward.

Coinbase (COIN) quarterly revenue split by segment. Transaction revenue is the cyclical line that follows BTC price and retail engagement; subscription + services (USDC interest share with Circle, custody, staking, Coinbase One) provides counter-cyclical revenue stability. The 2024-Q1 transaction spike reflects spot BTC ETF launch; 2024-Q4 reflects the post-Trump-election rally. The Deribit acquisition (closed August 2025 for $2.9B) added derivatives revenue from 2025-Q3 onward. Initial v1; verify each quarter against COIN 10-Q.

Robinhood Crypto Revenue Mix

Robinhood (HOOD) quarterly crypto revenue alongside total transaction-based revenue, with crypto's share of transaction revenue on the right axis. The crypto share is genuinely cyclical: 12-18% during 2023's bear trough, 50%+ at the 2024-Q4 and 2025-Q4 rally peaks. Bitstamp acquisition (closed June 2025 for ~$200M) added institutional volume from 2025-Q3.

Robinhood (HOOD) quarterly crypto revenue, total transaction-based revenue (options + equities + crypto + other), and crypto share of transaction revenue. The 2024-Q4 spike to 53% crypto share reflects the post-Trump-election rally; 2025-Q4 at 55% reflects continued late-2025 strength. Bitstamp acquisition (closed June 2025) added institutional volume from 2025-Q3. The crypto share is genuinely cyclical: during 2023's bear-trough quarters it ran 12-18%, during ETF + Trump-rally peaks it ran 50%+. Initial v1; verify against HOOD 10-Q.

DEX Monthly Spot Volume by Protocol

Decentralized exchange spot volume by protocol, quarterly averages. Uniswap was dominant through 2023 at roughly 50% of DEX volume; the 2024-2025 Solana DEX surge (Jupiter routing plus Raydium plus Pump.fun's memecoin economy) compressed Uniswap to ~30% of total volume. PancakeSwap remained the BNB Chain default. Aerodrome (Base) emerged in 2024 alongside Coinbase L2's growth.

Decentralized exchange monthly spot trading volume by protocol, quarterly averages ($B per month). Uniswap was the dominant DEX through 2023 (~50%+ of volume); the 2024-2025 Solana DEX surge (Jupiter routing + Raydium + Pump.fun memecoin economy) compressed Uniswap to ~30% of volume. PancakeSwap remained the BNB Chain default. Aerodrome emerged in 2024 alongside Base's growth (Coinbase L2). Click legend badges to toggle series. Initial v1; verify against DefiLlama Dexs.

DEX-to-CEX Spot Volume Ratio

DEX spot volume divided by CEX spot volume. The single cleanest read on on-chain trading penetration. Structural trend is up: DEX share rose from ~13% in 2022 to ~25% in 2026. The 2025-Q3 peak at 27.5% coincided with the Solana DEX surge (Pump.fun + Jupiter routing). The 2022-Q2 and Q4 spikes reflect CEX-volume declines (Terra and FTX) more than DEX-volume growth.

DEX spot volume divided by CEX spot volume, quarterly averages. The structural trend is up: DEX share of total spot volume rose from ~13% (2022) to ~25% (2026). The 2025-Q3 peak at 27.5% coincided with the Solana DEX surge (Pump.fun + Jupiter routing). The 2022-Q2 and Q4 spikes reflect CEX-volume declines (Terra and FTX) rather than DEX-volume growth. Initial v1; verify against The Block DEX-to-CEX ratio dashboard.

Top Crypto Derivatives Venues

Top crypto derivatives venues by open interest and 30-day average daily volume. Binance leads at $38.5B OI; CME Group's $19B is the institutional indicator (TradFi positions). Deribit is the dominant BTC and ETH options venue; Coinbase acquired it August 2025 for $2.9B. Hyperliquid is the breakout 2025 perp DEX at $9.5B OI.

Top crypto derivatives venues by open interest and 30-day average daily volume, May 2026 snapshot. Binance leads at $38.5B OI; CME Group's $19B OI is the institutional indicator (TradFi positions). Deribit is the dominant BTC + ETH options venue; Coinbase acquired it August 2025 for $2.9B. Hyperliquid is the breakout 2025 perp DEX at $9.5B OI. Initial v1; verify against Coinglass / The Block derivatives data.

Perp DEX Market Share (The Hyperliquid Story)

Perpetual-futures DEX monthly volume by protocol. Hyperliquid went from near-zero pre-token (early 2024) to roughly 85% of perp-DEX volume by 2025-Q3 after the November 2024 HYPE airdrop. dYdX share compressed sharply through 2024-2025 despite the v4 Cosmos appchain launch. Drift held second place among Solana-native perps.

Perpetual-futures DEX monthly trading volume by protocol, quarterly averages ($B per month). The Hyperliquid story: from near-zero pre-token (early 2024) to roughly 85% of perp-DEX volume by 2025-Q3, alongside the November 2024 HYPE airdrop and the HyperEVM expansion. dYdX share compressed sharply through 2024-2025 despite the v4 Cosmos appchain launch. Drift held second place among Solana-native perps. Initial v1; verify against DefiLlama Derivatives.

Top Crypto Custodians by AUC

Major institutional crypto custodians by assets under custody. Coinbase Prime dominates because it custodies 8 of the 11 spot BTC ETFs. Anchorage Digital is the only federally chartered crypto bank. The post-SAB-122 story (January 2025 rescind of SAB 121) is GSIB banks BNY Mellon, State Street, and Standard Chartered Zodia entering institutional crypto custody.

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.

Major institutional crypto custodians by assets under custody, May 2026 snapshot. Coinbase Prime is dominant (8 of 11 spot BTC ETFs custodied there). Anchorage Digital is the only federally chartered crypto bank. The post-SAB-122 story (January 2025 rescind of SAB 121) is GSIB banks BNY Mellon, State Street, and Standard Chartered Zodia entering institutional crypto custody. Initial v1; private custodians (BitGo, Anchorage, Fireblocks, Komainu) rely on press disclosures.