April 2025 Centralized Exchange Listing Insights

Every month, Open World's analytics team scans and compiles key data points from launches across major exchanges and listings, and provides an in-depth analysis report. We are excited to share Open World’s April 2025 token capital markets update which major centralized exchange volume and listings.

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We hope that these insights shed some light into the rather opaque listings process and give our clients and partners a unique view on token issuances.

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Listing Updates: Month Over Month Overview

We like to start off with sharing a view on listings volume as a whole. Despite the drawdowns this month, April recorded 140 total listings, a ~16% decrease compared to March. Primary listings made up 70% of all listings.

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Listing Updates: Rolling Weekly Overview

Listings hold steady at ~40 listings per week, despite a spike at the end of March.

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Exchange Volume Snapshot: Month Over Month Analysis

Trade volumes on major CEXs declined ~4% overall. Gate, Bitget and ByBit were the only exchanges with positive growth in April 2025, with Gate massively outperforming. Following the ByBit hack in late February, its trading volume has finally seen positive growth.

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LTM Exchange Volume Snapshot: Overview

Global crypto prices continue to drive the pace at which volume accelerates at. Despite a positive trend in BTCs price action for April, trade volume posts lower figures on the monthly view

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Listing Updates: Overview 

As of month end April 2025, there have been 140 listings across the major exchanges we are tracking. This represents a ~16% decrease relative to March which posted 166 listings. Of the majors, OKX and Upbit are the most selective, only listing 4 tokens each. Meanwhile, Gate, Kucoin, and Bitget hold the lion's share of listings by number of tokens listed.

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BCOBB Snapshot (Binance, Coinbase, OKX, ByBit, Bitget) 

Of the “Big 5” exchanges, there were 59 listings in April 2025. 45 of these were primary spot listings, this equates to ~76% of listings being primary. There were 15 tokens cross listed on 2 or more of the “Big 5.” Most notably of these were SIGN, INIT, HYPER, WCT, and KERNEL.

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BCOBB Snapshot: Binance

Binance listed 9 tokens in April 2025, 6 of which were primary spot listings.

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BCOBB Snapshot: Coinbase

Coinbase listed 7 tokens in April 2025, 3 of which were primary spot listings.

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BCOBB Snapshot: OKX

OKX listed 4 tokens in April 2025, 3 of which were primary spot listings.

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BCOBB Snapshot: ByBit

ByBit listed 16 tokens in April 2025, 13 of which were primary spot listings.

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BCOBB Snapshot: Bitget

Bitget listed 23 tokens in April 2025, 20 of which were primary spot listings.

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BCOBB Snapshot: Valuation Figures

During April 2025, the BCOBB exchanges listed 18 tokens under $100m or less. All CEXs listed tokens within the $100m - $500m FDV range, showing significant interest in the middle market valuation sector. Only OKX listed a token in the $2B+ FDV range which was an uplisting from LAYER.

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BCOBB Snapshot: Top Performers

Performance varies wildly between tokens on various exchanges, however >50% tokens saw positive growth in April 2025.

Note: Performance is since listing date on each particular exchange. There will be discrepancies between tokens that are cross listed on different exchanges at different times and dates.

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Listing Updates: Listing Days of the Week

With only 1 weekend listing, weekdays continue to dominate listings, with Tuesday being the most popular day of the week to be listed in April 2025.

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Listing Updates: Popular Listings

The most popular verticals by listing quantity are AI (14), BTCfi (14), and L1 Blockchains (12). In comparison, Memecoins (22), Gaming (18), and DePIN (14)  dominated listings in March 2025.

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Listing Updates: Average Market Cap 

The most popular verticals by average market cap at the time of listing was the L1 Blockchain category having the highest average market cap at the time of listing, which was driven by an uplisting on Kraken of BNB.

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About Open World

Open World is a bespoke launch advisor for prominent blockchain networks. We have advised on numerous cross chain mandates across DeFi, Layer 1, Layer 2, marketplaces, gaming, and infrastructure. To date, our team has helped generate >$50 billion in network value.