November Exchange Rankings: CEX Trading Volume and User Activity Both Decline MoM

In November 2025, the spot trading volume of mainstream CEXs decreased by 27% compared to October. The top three decliners were Coinbase -5.42%, Kucoin -16.50%, and Crypto.com -17.72%. The bottom three were OKX -27.18%, Bybit -31.42%, and Gate -43.91%.

In November, the contract trading volume of mainstream CEXs decreased by 26% compared to October. The top three decliners were HTX -14.21%, Kucoin -14.38%, and OKX -21.15%. The bottom three were Kraken -26.07%, Bybit -28.66%, and Bitget -48.47%.

In November, the website traffic of mainstream CEXs decreased by 14.21% compared to October. The top three decliners were OKX -10.22%, HTX -9.96%, Kraken -0.60. The bottom three were Crypto.com -25.69%, Gate -23.12%, Kucoin -17.50%.

In November, the mobile app download volume of mainstream CEXs decreased by 15% compared to October. The top three decliners were HTX 14.46%, Kucoin 5.56%, and OKX 3.59%. The bottom three were Upbit -28.03%, Kraken -34.65%, and Crypto.com -34.93%.

In November, the perpetual contract trading volume of mainstream Perp DEXs decreased by 1.70% compared to October, and website traffic decreased by 35.5%.

Note: Some data may have significant wash trading / bot suspicion. Spot and derivative data from Coingecko and DefiLlama; traffic data from Similarweb; download data from the respective platforms.

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