Has Huobi's trading volume entered the global top three, achieving the goal of returning to the ranks of the big three?
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Has Huobi's trading volume entered the global top three, achieving the goal of returning to the ranks of the big three?
Huobi's trading volume has shown an upward trend for three consecutive months, and its spot trading volume has now returned to the top three rankings.
Navigating Web3 tides with focused insightsAfter nearly a decade of struggle in its early days, Huobi emerged victorious from the fierce competition with Binance and OKX to become the world's leading exchange. However, following user withdrawals, platform trading volume plummeted, and prior to its acquisition, it had already fallen to a third-tier exchange.
In October 2022, Brother Sun joined Huobi, marking almost two years since his arrival. After his entry, Huobi set a highly aspirational goal—both internally and externally—that reflects deep industry sentiment: to return to the top three! Recently, I've noticed that Huobi’s trading volume has shown three consecutive months of growth, with its spot trading volume now back among the global Top 3.
Huobi Spot Trading Volume Returns to Global Top 3
Trading volume trends of major exchanges over the past year (Data source: Coingecko)
From the trading volume trend, we can see that when Bitcoin hit its all-time high, each exchange experienced a spike in trading volume followed by a rapid decline—only HTX maintained elevated trading levels. According to trading volume data provided by Coingecko, the average daily spot trading volumes for major exchanges over the past month are as follows:
Binance 7.14 billion
Bybit 3.32 billion
HTX 2.06 billion
Coinbase 1.96 billion
OKX 1.87 billion
The data shows that Huobi has returned to third place. Note that this is the average trading volume over the past month, not a short-term ranking. In terms of volume, there remains a significant gap between Huobi and Binance, the global leader.
Additionally, Coingecko provides a liquidity credit score for trading pairs. Huobi currently scores 588, ranking second globally, just behind Binance.
New Platform Token and Innovative Activities Continue to Empower the Exchange
Huobi’s sustained rise in trading volume is closely tied to its platform token upgrade and innovative initiatives. The HTX DAO was established on January 18, 2024, with $HTX serving as its governance token—also known as Huobi’s new platform token. It features two key innovations: a decentralized governance model and a liquidity donation mechanism.
Starting in 2024, Huobi allocates 50% of its quarterly revenue to “liquidity donations.” This involves adding liquidity to the TRX-HTX pool on SUN.io and permanently burning the received LP tokens. Over time, this liquidity donation model will make $HTX increasingly decentralized, ultimately achieving full DAO status. Compared to traditional buyback-and-burn models, liquidity donations offer greater fairness to all users.
Huobi’s significant improvement in HTX liquidity is neither accidental nor negligible. Embracing high-quality new assets, implementing innovative platform token upgrades, and launching continuous operational campaigns have all strongly boosted HTX liquidity.
That said, although Huobi’s trading volume has returned to the Top 3, its lead is still not substantial, leaving it vulnerable to being overtaken by Coinbase and OKX. Moreover, there remains a large gap to close with the number one position. The current centralized exchange landscape—dominated by one leader and several strong contenders—remains unchanged. Huobi must continue pushing forward.
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