The second quarter of 2026 was the worst for spot trading on centralized exchanges (CEX) in the last two years. The total trading volume collapsed to $3 trillion, half the peak recorded in the fourth quarter of 2024. This is not just a correction — it is a full-fledged downturn that has affected all key market segments.
Spot: 18.9% decline and market share redistribution
Over the quarter, spot volume decreased by 18.9% — from $3.7 trillion to $3 trillion. Binance, maintaining its lead with a volume of $731 billion, continued to lose market share: from 27% in Q1 to 24% in Q2. This confirms the trend of liquidity flowing to competitors. The only major exchange to show growth was Bitget. Its spot volume surged by 114% to $263 billion, allowing the platform to take second place. The main driver was the June launch of Stocks 2.0 and the expansion of the tokenized asset lineup.
Monthly dynamics finally confirmed the market's weakness until June, when volume grew by 23% to $1.2 trillion. However, this surge was primarily driven by Bitget, which increased its spot volume by 512% — from $33 billion to $202 billion. For now, this is merely a localized rebound, not a sustainable trend.
Futures and DEX: third consecutive quarter of decline
The futures market has been weakening for the third consecutive quarter. Total volume fell by 11% to $15.7 trillion, although the pace of decline slowed after a 31% crash in Q1. Binance maintains a stable share of around 28%.
Volume on perpetual DEXs (perp DEX) dropped by 23% to $1.83 trillion — the second consecutive quarterly decline after the record peak at the end of 2025. Hyperliquid remains the largest platform with a volume of $620 billion and a market share of about 37%.
June brought signs of recovery: futures volume grew by 5% to $5.5 trillion, and on perpetual DEXs by 14% to $676 billion. Both segments showed a two-month recovery.
Listings: record decline
The number of new listings continued to fall, dropping to 351 for the quarter — 35% less than in Q1. This is the lowest in two years. MEXC remains the dominant platform for listings with a 41% share.
Analyst's conclusion
The market is passing through the cycle bottom, and the June growth is so far only a cautious signal of the downturn easing. One month on a low base does not form a trend. The key question for the coming months is whether stabilization will evolve into a structural recovery or whether this is just a temporary pause before a new wave of decline. For now, I lean toward cautious optimism, but without confirmation from July and August, it is too early to draw conclusions.