KuCoin hits record market share as 2025 trading volumes outpace wider crypto market

KuCoin emerged as one of the biggest winners in the crypto exchange landscape in 2025, capturing a record share of global centralised exchange volumes as trading activity on the platform grew faster and proved more resilient than the broader market.

KuCoin recorded its strongest year on record in 2025, cementing its position among the world’s top 10 centralised cryptocurrency exchanges by trading volume. According to CoinDesk Research, the exchange facilitated more than $1.25 trillion in cumulative trading volume across spot and perpetual futures markets, equivalent to an average of roughly $114 billion per month.

This performance translated into an all-time high market share of centralised exchange (CEX) volume, as KuCoin’s growth outpaced that of the wider crypto market, which experienced periods of reduced volatility and softer overall trading activity during the year.

A year of sustained growth, not a short-lived spike

Unlike previous crypto cycles characterised by sharp surges followed by steep declines, KuCoin’s 2025 performance reflected steady, structural growth. Trading volumes followed a distinct “stair-step” pattern, with clear increases followed by periods of consolidation at higher activity levels. This trend suggests rising and persistent user engagement rather than fleeting speculative bursts.

Spot and derivatives volumes were evenly split, with each segment exceeding $500 billion over the year. This balance highlights KuCoin’s diversified product usage and indicates that the exchange did not rely on a single market segment to drive growth.

Altcoins drive KuCoin’s momentum

A defining feature of KuCoin’s volume profile in 2025 was its strong dominance in altcoin trading. Altcoins accounted for more than 75% of spot market activity, reinforcing KuCoin’s reputation as a primary liquidity venue beyond Bitcoin and Ether.

While BTC and ETH remained the two most traded spot assets, with volumes of approximately $125 billion and $120 billion respectively, their combined share of total spot volume averaged just around 21%. The majority of trading activity concentrated in large-cap altcoins, while the “long tail” of smaller tokens gradually lost share as traders gravitated toward more established assets.

In derivatives markets, broader altcoin participation was even more pronounced. Alongside BTC and ETH, memecoins such as DOGE and PEPE ranked among the most actively traded perpetual contracts, reflecting higher risk appetite and speculative positioning among derivatives traders.

No summer lull in 2025

Traditionally, crypto markets experience slower trading activity during the summer months. However, 2025 proved to be an exception for KuCoin. Between June and August, combined spot and perpetual volumes surged by more than 70%, rising from $81.2 billion in June to $141 billion in August.

Spot volumes alone jumped nearly 78% over the same period, driven largely by renewed interest in altcoins. During these months, altcoins’ share of total exchange volume climbed above 80%, while Bitcoin’s share slipped below 20%. This contrasted sharply with patterns seen on other exchanges, where summer activity remained muted and BTC dominance stayed higher.

Resilience during market downturns

KuCoin’s trading activity also proved resilient during periods of market stress. Volumes picked up during downturns in February, March, early April, and November, suggesting that users continued to actively trade even as prices fell.

In November, spot trading volume reached $66.2 billion, nearly three times higher than November 2023 and 40% higher than November 2024, both of which were also bullish periods for crypto markets. This consistency points to a sticky and engaged user base that remains active across market cycles.

Security, trust, and institutionalisation

KuCoin’s resilience has coincided with a strong emphasis on trust and security. Earlier in 2025, the exchange launched a $2 billion “Trust Project”, aimed at improving transparency, strengthening security infrastructure, and advancing compliance standards.

This focus became particularly important amid a year marked by heightened security risks across the industry. CoinDesk Research identified more than $63 million in exchange hacks between Q2 and Q3 of 2025, making robust risk management a critical differentiator for exchanges.

KuCoin also announced partnerships with custodians such as BitGo Singapore, Ceffu Forge, and Cactus Custody, helping reduce counterparty risk and supporting its growing appeal among institutional participants.

Spot vs derivatives: balanced growth

Both of KuCoin’s core markets delivered strong results in 2025. Spot trading averaged $46.1 billion per month, marking a four-fold increase since 2023, while perpetual futures averaged $67.9 billion per month.

Perpetual contracts consistently accounted for more than 50% of total platform activity, with risk appetite peaking in April when the ratio of derivatives to spot volume reached 1.78. Compared with peers such as BitMEX and Bitfinex, KuCoin’s perpetual markets remained highly competitive, with volumes increasingly comparable to Coinbase International.

Sector trends: Layer 1s and memecoins dominate

By sector, Layer 1 tokens formed the backbone of KuCoin’s trading activity, generating nearly $300 billion in cumulative volume and accounting for more than 85% of the platform’s sectoral total. Memecoins ranked second, although their spot market volumes declined steadily through the year.

Interestingly, while memecoin spot volumes fell from $4.48 billion in January to $1.23 billion in November, perpetual futures tied to memecoins grew by more than 20%, indicating a shift toward leveraged speculation rather than outright ownership.

Other sectors, including AI-related tokens and decentralised exchange (DEX) assets, attracted meaningful but secondary interest. Unlike some rival platforms, newer themes such as Decentralised Science (DeSci) failed to gain significant traction among KuCoin traders.

Expanding regulatory footprint

Regulatory progress also played a role in KuCoin’s 2025 performance. The exchange expanded its compliance footprint with registrations and approvals in Türkiye, Australia (AUSTRAC), and India’s Financial Intelligence Unit (FIU-IND). Most notably, KuCoin secured a MiCA licence, enabling it to passport services across the European Union under a harmonised regulatory framework.

This regulatory momentum enhances KuCoin’s standing among users increasingly concerned about compliance, oversight, and counterparty risk.

Liquidity holds firm amid market stress

Despite deteriorating liquidity conditions across global crypto markets following the October 10 crash, KuCoin’s spot market depth remained relatively stable. As of December, cumulative 1% market depth for major altcoins such as XRP, SOL, DOGE, TRX, and LINK stood at $37.4 million, placing KuCoin alongside Binance and OKX and ahead of several other major exchanges.

This resilience could further attract large traders seeking reliable liquidity during volatile conditions.

KuCoin’s 2025 performance underscores a shift from cyclical trading spikes toward more sustainable platform growth. With a strong altcoin franchise, expanding regulatory credentials, and steady user engagement across market conditions, the exchange appears well-positioned to maintain its relevance as crypto markets mature and institutional participation deepens.