CoinGecko Report: Panoramic View of the Top 12 CEX Spot Markets—Only 32% of Newly Listed Tokens Outperform Their Launch Price in the Short Term

Author: CoinGecko

Translation & Editing: TechFlow

TechFlow Intro: CoinGecko has released its 2026 Spot CEX Report, covering the world’s top 12 centralized exchanges (CEXs). The report highlights several key findings: USDT and USDC account for nearly 98% of stablecoin trading pairs; only 32% of newly listed tokens outperform their launch price in the short term, and nearly all trade below their issue price after 12 months; total exchange reserves rose from $152.1 billion to $225.4 billion; and capital is shifting away from institutional platforms like Coinbase toward retail-driven exchanges such as Bitget and MEXC.

Since the inception of cryptocurrency markets, centralized exchanges (CEXs) have served as the primary gateway for both retail and institutional participants seeking liquidity. In 2025 alone, the spot markets of the top 12 CEXs processed nearly $21 trillion in trading volume. As the industry matures, market attention is shifting toward the sustainability of spot trading activity—and the health of the underlying reserves supporting this massive volume.

The competitive landscape of CEXs is evolving. USDT and USDC dominate trading pairs, while post-listing token performance remains a persistent challenge. Total reserves across the top 12 CEXs reached $22.54 billion in 2026, and capital is migrating from institutional giants toward high-turnover, retail-driven platforms.

Below are the report’s four core findings. The full report spans 21 pages—download it for complete insights.

1. USDT and USDC Account for 66.6% of Trading Pairs—Stablecoins Near-Monopolize Spot Trading

Chart: Stablecoin vs. non-stablecoin trading pair share across the top 12 CEXs

Spot trading volume on the top 12 CEXs is overwhelmingly conducted via stablecoin trading pairs—primarily USDT and USDC.

Specifically, among 9,870 stablecoin trading pairs, 9,646 involve either USDT or USDC—representing 97.7%. Non-stablecoin trading pairs number 4,615, accounting for 31.9% of the total 14,485 trading pairs.

However, trading pair count does not correlate linearly with trading volume. At its peak in November 2024, non-stablecoin trading pairs accounted for just 23% of total volume.

2. “Listing = Peak”: Only 32% Deliver Short-Term Gains; Nearly All Trade Below Issue Price After 12 Months

Chart: Price performance of newly listed tokens across the top 12 CEXs

Among the 12 leading exchanges, Upbit delivers the strongest short-term performance for newly listed tokens: 67% remain above their listing price after 30 days. However, Upbit also lists the fewest new tokens. Binance and OKX follow closely, each recording a 30-day positive return rate of 50%.

Performance varies widely across exchanges during Days 0–29 post-listing, but differences narrow sharply after Day 30. On average, only 25% of tokens remain profitable between Days 30–59.

Over longer horizons, performance across exchanges converges into a consistent linear decline. The sole exception is Coinbase, where newly listed tokens experience a partial recovery at the six-month mark.

By the 12-month mark, fewer than 10% of newly listed tokens remain above their issue price across most top-tier exchanges. Upbit’s data is especially dramatic: strongest initial performance, fastest subsequent decline—by Days 300–329, every newly listed token trades below its issue price.

3. Total Reserves Across Top 12 CEXs Rise from $152.1B to $225.4B; Binance Doubles Its Holdings, Leading All Exchanges

Chart: Changes in reserve asset value across the top 12 CEXs (2024–2026)

Although rising BTC and ETH prices have lifted reserve valuations across most exchanges, price volatility and tightening regulation are driving users to shift funds from large exchanges to alternative platforms.

From early 2024 through late February 2026, the aggregate underlying asset value held by the top 12 CEXs increased by an average of 69.6%, climbing from $152.1 billion to $225.4 billion.

Eight exchanges recorded net reserve growth, with Binance far ahead of the pack. Its reserves doubled over two years—from $46.7 billion to $93.4 billion.

In terms of BTC reserves, Coinbase leads with over 800,000 BTC, followed closely by Binance with 669,000 BTC. Yet Coinbase saw net outflows of 20% in BTC and 41% in ETH reserves.

A significant portion of these outflows migrated to smaller exchanges such as Bitget and MEXC, whose reserve values surged by 262.0% and 274.6%, respectively.

4. Retail-Focused Exchanges Exhibit Far Higher Capital Turnover Than Institutional Platforms—MEXC’s Turnover Rate Is 20x Coinbase’s

Chart: Volume-to-reserve ratio comparison across the top 12 CEXs

While all CEXs hold substantial crypto asset reserves, capital utilization efficiency varies dramatically across platforms.

More compliant exchanges—including Coinbase, Binance, and Kraken—maintain volume-to-reserve ratios of approximately 0.1. This may reflect their institutional client base, which tends to use platforms more for custody than frequent trading.

Bybit and Bitget combine strong trading volumes with sizable deposits, posting average ratios of 0.3 and 0.5, respectively, from January 2024 through February 2026.

Smaller-reserve exchanges—including MEXC, HTX, and KuCoin—exhibit turnover rates ranging from 1.44 to 2.04. This indicates that user trading volume significantly exceeds exchange-held reserves, reflecting rapid capital circulation on these platforms.