Centralized crypto exchanges added more September volume in spot than in perpetual futures

A 20% rise to $973 billion puts August near $811 billion, so centralized spot added about $162 billion in a month ^[4][15][16]. Perpetual futures on the same exchanges grew 3% to $4.56 trillion, according to Cryptopolitan's reading of Cryptorank data, or about $133 billion of new volume ^[10][17]. That book is still about 4.7 times the size of spot ^[18]. It added $29 billion less ^[19].

The growth rates put the venues in the same order. Centralized spot rose 20%, perpetual DEXs 13% for a third straight monthly gain, and exchange perpetuals 3% ^[4][13][10]. Binance, with about 36% of futures, added only 4% to its futures volume while Gate and Mexc led the expansion ^[11].

The argument that trading is leaving centralized spot rests on longer periods. Cryptopolitan attributes a year-to-date spot shortfall against 2025 partly to a move into perpetual futures and partly to spot activity shifting onto DEXs ^[8]. Over the third quarter the perpetual DEXs shrank less than spot did, though the same report says a shift toward centralized markets took some volume from them ^[2][3]. Both statements hold if every venue type shrank and the DEXs shrank least, and the quarterly totals fit that pattern ^[7][1].

September could prove a one-month catch-up tied to the bitcoin and ether recovery that began in August, with spot sliding back as perps keep growing ^[5]. Centralized spot could instead keep rebounding and take share back from DEXs. A third path has total volume rising while the extra flow lands on DEXs and perpetuals, the migration the quarterly figures describe. I think September favours the second path, because the latest month put centralized spot first on both rate and dollars. The counter-case is scale. One month at 20% follows four straight quarterly declines, and the third quarter as a whole still finished below the second ^[7]. The view fails if October's centralized spot gives back most of the $162 billion while the DEX share of spot keeps rising ^[16][9].

Binance's numbers need a second look. Cryptopolitan says the exchange processed $695 billion of September's volume and raised its share to 27.9% from 25.4% in the second quarter ^[24]. Against $973 billion of September spot, $695 billion would be about 71% ^[20]. If $695 billion is 27.9% of the market, the market is about $2.49 trillion, roughly 2.6 times September's spot total ^[21][22]. The 27.9% is compared with a second-quarter share, so it is most likely a third-quarter figure, and the $695 billion fits a quarterly total better than a monthly one.