MEXC Leads CoinGecko 2026 Perpetuals Ranking with 112 New Listings
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Fazen Markets Editorial Desk
Collective editorial team · methodology
MEXCCoinGecko
Fazen Markets Editorial Desk
Collective editorial team · methodology
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An institutional-grade market intelligence report from CoinGecko, published in June 2026, shows MEXC was the leading crypto exchange for new perpetual futures listings in 2025. The exchange added 112 new perpetual swap contracts over the 12-month period, securing the top position in the annual review of market structure. This activity outpaced major competitors including Binance and Bybit, highlighting a strategic push to capture derivatives market share. The report provides a quantitative snapshot of an evolving and fiercely competitive segment of digital asset trading.
The dominance of perpetual futures, or perpetual swaps, as the primary vehicle for crypto use is a recent phenomenon, solidifying after the 2022 bear market. By 2025, perpetuals consistently accounted for over 75% of all crypto derivatives volume, eclipsing quarterly and traditional futures contracts. This shift was driven by their non-expiring nature and funding rate mechanism, which appeals to both short-term traders and institutional hedging desks seeking continuous exposure. The current macro backdrop for crypto, characterized by the SEC's approval of spot Bitcoin ETFs in early 2024 and subsequent institutional inflows, created a demand for more sophisticated and diverse trading instruments beyond spot assets.
The catalyst for an exchange to aggressively list new perpetuals is directly tied to capital rotation and narrative cycles. New token launches, particularly in sectors like AI-driven agents, real-world asset (RWA) tokenization, and Layer 2 scaling solutions, generate immediate trading demand. Exchanges that list perpetuals for these emerging assets first capture the initial volatility and associated trading fees. The 2025 period saw a resurgence in altcoin activity following a prolonged consolidation, making timely listings a critical competitive lever for revenue growth and user acquisition.
CoinGecko's 2026 State of Crypto Perpetuals report provides specific metrics on exchange activity. MEXC's 112 new listings represented a 22% increase from its 2024 total. This placed it ahead of Binance, which added 89 new perpetual contracts, and Bybit, which listed 67. The total universe of tradable perpetual contracts across all tracked exchanges expanded to over 850 by year-end 2025, up from approximately 650 at the start of the year. Trading volume concentration remains high, however; the top 10 perpetual pairs by volume still command nearly 40% of all activity, often centered on major assets like BTC, ETH, and SOL.
| Exchange | New Perpetual Listings (2025) | Market Share of New Listings |
|---|---|---|
| MEXC | 112 | ~25.5% |
| Binance | 89 | ~20.3% |
| Bybit | 67 | ~15.3% |
Aggregate open interest across all crypto perpetuals grew from $32 billion in January 2025 to $48 billion by December, a 50% increase. This growth significantly outpaced the spot market's aggregate capitalization growth of 28% over the same period, indicating increasing utilization of use. The average daily volume for perpetual futures in Q4 2025 was $82 billion, compared to $105 billion for spot markets, highlighting derivatives' substantial role in price discovery.
MEXC's listing strategy directly benefits newly launched tokens in high-growth narratives. Projects in the AI and DePIN (Decentralized Physical Infrastructure Networks) sectors, which saw numerous launches in 2025, gained immediate liquidity and price discovery channels through these perpetual listings. This can create a feedback loop where exchange support boosts a token's visibility, attracting more traders and potentially stabilizing its volatility profile. Conversely, exchanges that lag in listings for trending assets risk losing market share and seeing trading volume migrate to more agile competitors.
A key limitation is that listing quantity does not equate to trading quality or liquidity. Many of the 112 new perpetuals on MEXC likely have thin order books and wide bid-ask spreads, posing execution risks for larger trades. The report's data does not distinguish between high-liquidity and low-liquidity listings. The counter-argument is that Binance, despite fewer new listings, retains a dominant share of total perpetual volume due to its deeper liquidity pools and established user base. Positioning data from on-chain analytics firms shows speculative capital flow from decentralized perpetual protocols like dYdX towards centralized exchanges offering new altcoin contracts, driven by the ease of access and lower latency.
The next catalyst for exchange dynamics is the scheduled Ethereum network Pectra upgrade in late 2026, which is expected to spur new Layer 2 and application token launches. Exchanges will compete to list perpetuals for these assets first. Key levels to monitor are the aggregate crypto derivatives open interest; a sustained break above $55 billion would signal accelerating use use, while a drop below $40 billion could indicate risk-off deleveraging. Regulatory announcements from jurisdictions like the EU, implementing MiCA provisions for derivatives in mid-2026, will also impact which exchanges can operate and list new products for European users.
In 2023, MEXC added 74 new perpetual contracts, according to prior CoinGecko reports. The jump to 112 in 2025 represents a 51% increase in annual listing velocity. This acceleration coincides with the exchange's strategic expansion into Southeast Asian and Latin American markets, where demand for altcoin trading is high. The growth indicates a dedicated resource allocation to its derivatives product team and market-making partnerships.
The primary risks are liquidity fragmentation and potential for market manipulation. A new perpetual with low open interest can experience extreme price swings from relatively small trades, leading to cascading liquidations. Traders must carefully assess volume and open interest metrics, not just price, before entering positions. these contracts are often launched with high use options (up to 125x), which amplifies both potential gains and the risk of total capital loss.
Not directly. Revenue is a function of trading volume and fee structure. While new listings attract users and generate initial volume, sustained revenue requires maintaining liquidity. Exchanges often subsidize market makers for new listings, incurring short-term costs. The long-term payoff occurs if a listed asset becomes a mainstream trading pair, generating consistent high-volume fee revenue. MEXC's strategy is a customer acquisition cost aimed at building a larger active user base.
MEXC's 2025 listing leadership signals a competitive shift in crypto derivatives, where altcoin coverage is becoming a primary battleground for exchange market share.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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