Last updated on March 31st, 2026 at 01:43 am
Crypto exchanges MEXC, Binance and Bybit emerged as the top performers in the 2025 Exchange Score Index published in a new report by blockchain analytics firm CryptoQuant. The ranking evaluates centralized trading platforms across several performance indicators, including trading volumes, reserve levels, proof-of-reserves transparency, and overall growth momentum.
The index is designed to measure the market position and reliability of exchanges by examining six equally weighted metrics: trading volume, exchange reserves, proof-of-reserves transparency, the balance between spot and derivatives trading, volume growth, and reserve growth.
Exchange score index highlights market leaders
According to the report, MEXC ranked first overall in the 2025 index, driven by strong expansion across both spot and derivatives markets. The exchange recorded nearly 90% growth in spot and perpetual futures trading volumes over the past year, reinforcing its competitive standing among centralized trading platforms.
In a related development, MEXC released its February Proof of Reserves report, revealing a significant increase in its Bitcoin reserve coverage as the exchange continues to strengthen transparency measures and emphasize user asset protection.
Binance placed second, driven largely by its unmatched scale across global trading volumes and exchange reserves. While the platform did not lead in growth or transparency metrics, its dominant market share and large reserve base ensured a high overall ranking.
Notably, Binance will add the Monitoring Tag to COS, DEGO, FORTH, FUN, HOOK, LRC, MBOX, OXT and WIF, while removing it from FLOW and removing the Seed Tag from ONDO and VIRTUAL. Tokens with the Monitoring Tag are considered higher risk and are subject to close review, with the possibility of delisting if they no longer meet listing criteria. Bybit secured third place, with the report highlighting deep derivatives liquidity and relatively strong transparency practices.
Growth momentum among challenger exchanges
Beyond the top three, several mid-tier exchanges showed strong expansion in 2025. Platforms such as Gate.io, Bitget, and KuCoin ranked highly in the index, largely due to robust growth in trading activity and greater transparency in proof-of-reserves.
The report also noted that overall trading expansion across centralized exchanges in 2025 was driven largely by derivatives markets, particularly perpetual futures. In absolute terms, MEXC, Binance and Gate captured much of the year’s incremental trading activity, adding several trillion dollars in volume.
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