The Landscape of Exchanges is Changing: Binance vs. Emerging Platforms
Although Binance still dominates, OKX and Bybit are capturing market share through zero-fee strategies. Decentralized exchanges (such as Uniswap) have reached record highs in spot trading volume, but derivatives are still monopolized by centralized platforms. Under regulatory pressure, compliance costs for exchanges are rising, which may trigger further consolidation in the industry.