2025 Exchange Listing Landscape Deep Dive: Binance Chain Issuance Dominates Market, Relistings Deliver Significantly Higher Returns Than Initial Listings
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2025 Exchange Listing Landscape Deep Dive: Binance Chain Issuance Dominates Market, Relistings Deliver Significantly Higher Returns Than Initial Listings
This study provides a comprehensive analysis of cryptocurrency listing dynamics on major centralized exchanges and Binance-related launch programs from January 2024 to June 2025.
Navigating Web3 tides with focused insightsAuthor: White55, Mars Finance
This study presents a comprehensive analysis of cryptocurrency token listing dynamics on major centralized exchanges and Binance-related issuance programs from January 2024 to June 2025. The research covers leading platforms including Binance, Binance perpetual futures markets, Coinbase, OKX, Upbit, Bithumb, and Bybit. It examines listings across spot, perpetual contracts, and decentralized exchange (DEX)-based issuance channels, focusing on two types of listing behaviors: primary listings (new assets directly distributed via mechanisms such as airdrops, i.e., Token Generation Events [TGE] or initial exchange offerings) and secondary listings (tokens with existing trading history being listed on new exchanges).
The study systematically reviews listing trends across exchanges, Fully Diluted Valuation (FDV) distribution, post-listing performance, and cross-platform listing pathways. Its core objective is to gain deep insights into Binance's dominant role as a key listing channel and to compare the strategies and performance differences of other platforms such as Coinbase, OKX, Upbit, Bithumb, and Bybit. Ultimately, it aims to reveal diverse models and underlying mechanisms of token issuance, price performance, and market expansion across different liquidity environments.
Exchange Listing Activity
Total number of listings per exchange in 2024 and first half of 2025
In the first half of 2025, listing activity across cryptocurrency exchanges increased significantly, but primary and secondary listings followed clearly divergent paths. Binance notably expanded the scope of its token listing ecosystem through DEX-based issuance and continued growth in its perpetual futures market. In contrast, several other major exchanges slowed down or maintained steady listing paces, resulting in an increasingly centralized landscape.
Number of primary and secondary listings by exchange in 2025
Total number of listings per exchange in 2024, first half of 2025, and projected full-year 2025
In the first half of 2025, Binance remained the most active global exchange for primary listings, launching 71 projects—all driven by DEX issuance channels, specifically airdrops via the token discovery platform Binance Alpha and Initial DEX Offerings (IDO). Upbit and Coinbase maintained relatively stable primary listing rhythms, each introducing around 12 projects during the period, primarily consisting of large-cap mainstream cryptocurrencies. In contrast, Bybit and OKX significantly reduced their primary listing volumes, dropping from double-digit figures in 2024 to single digits in the first half of 2025. Overall, industry-wide primary listings are projected to grow sharply, rising 92% year-on-year from 209 in 2024 to 402 in 2025—driven largely by decentralized issuance methods such as Binance Alpha and IDO.
On the secondary listing front, Binance launched 138 such projects during the same period, most facilitated through the Binance Alpha platform relisting existing tokens. Coinbase, Upbit, and Bithumb also focused more heavily on secondary listings, which accounted for approximately 80% of their total listings in 2025. Binance’s perpetual futures market similarly favored secondary listings, with nearly twice as many secondary versus primary listings. Total secondary listings for the year are expected to increase 109% year-on-year, rising from 341 in 2024 to 714 in 2025. Led by Binance and its Alpha program, secondary listings are rapidly becoming the dominant form of exchange listing activity in 2025.
Binance listing volume by project type in 2024 and first half of 2025
Within Binance’s Token Generation Events (TGE), Alpha airdrops and IDOs dominated, collectively accounting for 84% of new asset issuances. On a year-over-year basis, spot listing programs have remained stable: 64 are expected in 2025, comparable to 57 in 2024. This includes various issuance formats such as direct listings, Launchpool, Megadrop, and holder airdrops.
Binance listing volume for spot, DEX, and perpetual contracts in 2024, first half of 2025, and projected full-year 2025
For Binance Futures listings, secondary listings dominate. Among the 103 projects launched in the first half of 2025, 72 were secondary listings. These consistently generate strong trading volume but contribute less to driving new TGEs. Currently, Binance’s listing strategy has clearly shifted toward DEX issuance as the core, while traditional spot listing mechanisms remain strictly reviewed and controlled.
Number of primary and secondary listings on Binance by type in first half of 2025
Listing Performance Across Exchanges
Token performance within 7 days of listing on various exchanges in 2025
Seven-day performance data show a clear divergence between primary and secondary listings. On nearly all platforms, tokens from primary listings performed weakly, with average and median returns falling into negative territory after TGE. In contrast, secondary listings generally delivered stronger and more stable positive returns, benefiting from pre-existing market consensus and liquidity foundations.
Performance of primary listings within 7 days on various exchanges in 2025
New mainboard listings across exchanges broadly underperformed, recording negative returns across the board over the past seven days. Although Coinbase showed a slight average positive return (+6.7%), its median return was flat, indicating insufficient upward momentum. New tokens listed on Binance Spot, Alpha airdrops, and IDO channels underperformed expectations, with median returns ranging from -5% to -19%. Exchanges such as OKX, Bithumb, and Upbit similarly posted sustained losses, with average returns between -4% and -15%. Overall, regardless of exchange or listing channel, newly listed tokens appear to universally face immediate selling pressure upon listing.
Performance of secondary listings within 7 days on various exchanges in 2025
Token performance within seven days of listing shows a clear difference between primary and secondary listings. On nearly all exchanges, primary listings performed poorly, with both average and median returns negative after TGE. In contrast, secondary listings tend to deliver stronger and more stable gains, supported by existing market recognition and liquidity.
Performance of Binance listings by project within 7 days in 2025
Initial DEX Offerings (IDO) achieved an average return of +1.5%, but a median of -4.8% highlights limited success coverage. Alpha airdrop primary listings ranked among the worst, with an average return of -11.2% and a median of -13.8%. Spot primary listings had an average return of -8.0% and a median of -19%, the weakest among all categories. Secondary listings on both spot and futures outperformed their respective primary counterparts, reinforcing the view that existing tokens perform better when listed on new exchanges than do tokens at their TGE debut. Secondary listings consistently showed the strongest post-listing performance on Binance, while primary listings—especially those via Alpha and spot channels—generally underperformed.
Performance of Binance primary listings by project within 7 days in 2025
Performance of Binance secondary listings by project within 7 days in 2025
Peak Fully Diluted Valuation (FDV) Ratio and Timing Analysis
Peak FDV ratio and average days to peak within 7 days of listing on various exchanges in 2025
This section analyzes the peak Fully Diluted Valuation (FDV) ratio and the average number of days to reach that peak. Together, these metrics reveal price discovery dynamics: a higher peak FDV ratio indicates stronger early demand and upward momentum, while a longer time to peak suggests sustained buying interest rather than short-term hype.
In this report, the peak FDV ratio is calculated as the highest price within seven days of listing divided by the closing price on the listing day.
Peak FDV ratio and average days to peak for primary listings within 7 days on various exchanges in 2025
Among primary listings, Coinbase and OKX stood out, achieving peak FDV ratios of 59% and 37%, respectively, reached in about 1.5 to 1.8 days. Binance IDO channel listings also performed strongly, with an average peak FDV ratio of 38%, achieved in 2.1 days, reflecting sustained and steady market demand. In contrast, Alpha airdrops and direct spot listings peaked earlier and lower, with FDV ratios of only 17%–18%, typically topping out within 1.1 to 1.3 days. Listings on Upbit and Bithumb rose quickly but lacked follow-through, indicating limited secondary market support. Overall, most primary listings reached their peaks early, with limited upside potential.
Peak FDV ratio and average days to peak for secondary listings within 7 days on various exchanges in 2025
Binance spot and Alpha secondary listings showed stable peak performance (around 20%–30%), though Alpha secondary listings took longer to peak (2.1 days) and were more affected by outliers. Upbit and Coinbase secondary listings followed similar patterns, with peak FDV ratios of 18%–21% and peaking times around 2 days. OKX and Bybit secondary listings peaked quickly but weakly, with less than 10% upside and peaks reached in under 1.5 days. Overall, secondary listings exhibited healthier and more stable price discovery curves.
Peak FDV ratio and average days to peak for Binance listings by project within 7 days in 2025
Binance IDO primary listings achieved the highest peak ratio (38%) and longest time to peak (2.1 days), indicating strong and sustained demand at launch. Alpha airdrop primary listings peaked earlier and lower, reaching an FDV ratio of 17% within 1.3 days, suggesting initial momentum dominates. Spot primary listings performed similarly to Alpha, averaging an 18% peak, mostly occurring on the first day. Binance spot secondary listings spiked quickly but only by 2%, with many projects peaking on listing day. Overall, Binance spot listings showed limited peak potential and rapid price declines after peaking.
Peak FDV ratio and average days to peak for Binance primary listings by project within 7 days in 2025
Peak FDV ratio and average days to peak for Binance secondary listings by project within 7 days in 2025
Listing Distribution by Fully Diluted Valuation (FDV)
Project valuation tiers by Fully Diluted Valuation (FDV) distribution on exchanges in 2024
Project valuation tiers by Fully Diluted Valuation (FDV) distribution on exchanges in 2025
This section analyzes the Fully Diluted Valuation (FDV) of listed tokens to assess how exchanges and listing programs segment trading traffic by project size. For primary listings, FDV is calculated based on the closing price on the listing day; for secondary listings, FDV reflects pre-listing valuations. Comparing exchanges and Binance-related programs reveals patterns in how listing platforms select and segment tokens across valuation tiers. Valuation tiers are defined as: micro (<75 million USD), small (75 million–250 million USD), medium (250 million–750 million USD), large (750 million–2 billion USD), and giant (>2 billion USD).
Distribution of project valuation tiers by FDV on exchanges in 2024
Upbit and Bithumb’s primary listings heavily favor large and giant caps, with 72% and 77% of projects, respectively, having FDVs above 750 million USD—Upbit alone lists 43% of projects in the giant tier. Coinbase and OKX focus on mid-to-large caps, with 75% of projects exceeding 250 million USD FDV, mostly within the 250 million to 750 million USD range. Binance Futures’ primary listings also lean toward high FDV, with 87% of projects above 250 million USD. Bybit’s distribution is most balanced: 16% micro, 24% small, 32% medium, and 28% combined large and giant. Overall, primary listings traditionally favored high-FDV projects, but in 2025, Binance’s DEX issuance programs are shifting this trend toward lower-FDV projects.
Distribution of project valuation tiers by FDV on exchanges in 2025
Driven by Binance Alpha, Binance’s secondary listings skew toward smaller scales, with FDVs below 250 million USD. Bybit and Coinbase exhibit broader FDV distributions for secondary listings. Korean exchanges—Upbit and Bithumb—strongly favor large projects in secondary listings. These patterns suggest secondary listings offer a more flexible and accessible route for projects at varying stages of maturity.
Project valuation tiers by FDV on Binance in 2025
Binance spot listings favor large caps, with no micro-cap projects and most exceeding 250 million USD FDV, concentrated above 750 million USD. Alpha airdrops target small-cap projects, with about 80% of listings below 250 million USD FDV and a high proportion in the micro tier. Binance IDO listings are narrowly focused, with nearly all projects between 75 million and 250 million USD FDV and none exceeding 750 million USD. Each Binance listing program targets distinct market segments with minimal overlap across FDV tiers. Clearly, Binance’s strategy is highly targeted: spot for scaled tokens, Alpha for early-stage projects, and IDO for carefully selected growth-stage issuances.
Project valuation tiers by FDV for Binance primary listings in 2025
Project valuation tiers by FDV for Binance secondary listings in 2025
Binance Listing Pathways
Binance Tier-1 spot listing pathways segmented by FDV distribution
This section analyzes downstream listing pathways from Binance Alpha airdrops and Binance IDO, tracking how these tokens subsequently list on Binance perpetual futures, Binance spot, and Tier-1 centralized exchanges (CEX) such as OKX, Coinbase, Upbit, and Bithumb.
Binance listing pathways: conversion rates and average waiting days
Binance listing pathways: FDV and performance analysis
Binance Alpha airdrops rarely progress to premium listings, showing low conversion rates to perpetual futures and spot markets, with generally weak post-listing performance. Tokens that do make it to spot are mostly high-FDV projects and show some subsequent performance. In contrast, Binance IDO demonstrates significantly stronger downstream appeal—particularly for perpetual futures listings—featuring fast progression and strong 7-day returns. While IDO-to-spot conversions are not common, they still outperform Alpha. Overall, Binance Alpha shows low downstream conversion and mixed performance, whereas IDO represents a stronger pathway to downstream listings, especially for perpetual futures.
Binance Tier-1 spot listing pathways: conversion rates and average waiting days
Binance Tier-1 spot listing pathways: FDV and performance analysis
It remains rare for tokens issued via Binance Alpha or IDO to be listed on Tier-1 exchange spot markets—not only are conversion rates low, but there is often a significant delay before listing on other major exchanges. Post-listing performance is generally poor, with most returns negative, except for minor gains observed on Upbit. Such listings tend to favor large-cap tokens, reinforcing the idea that higher-FDV projects are more likely to secure additional Tier-1 exchange listings. While external listings can bring broader exposure, such conversions are both rare and often underwhelming—particularly for high-FDV projects, whose liquidity events may serve more for token distribution than genuine project growth.
Projects on Binance with simultaneous primary and perpetual contract listings in 2025
The chart above analyzes Binance primary listings in 2025 that were simultaneously listed on perpetual contracts. Data show that when pairing perpetual listings with TGEs, Binance clearly favors direct spot listings over Alpha airdrops or IDOs.
Frequency and performance of Binance initial DEX issuance projects (including Alpha airdrops and IDO) concurrently listed on other exchanges’ spot markets in 2025
The chart above analyzes the frequency and performance of Binance initial DEX issuance projects (including Alpha airdrops and IDO) concurrently listed on spot markets of other major exchanges such as Bybit, OKX, Coinbase, Upbit, and Bithumb. Joint listings generally underperformed, with negative 7-day average returns across all exchanges, particularly pronounced declines on OKX, Upbit, and Bithumb.
Conclusion
In the first half of 2025, the cryptocurrency exchange listing landscape underwent significant changes, driven by the rise of on-chain issuance projects, the growing dominance of secondary listings, and clearer segmentation across valuation tiers and platforms in listing pathways.
Binance maintains a clear lead in total listing volume, but its strategy has decisively shifted toward "on-chain-first" projects—particularly Alpha airdrops and IDOs—which now constitute the majority of new token issuances. However, outcomes vary greatly: while Alpha airdrops achieve scale, they struggle with follow-up performance and conversion; IDO, in contrast, emerges as a more selective and higher-performing pathway, especially for Binance perpetual futures listings. Across all exchanges, secondary listings consistently outperform primary listings in 7-day returns and peak FDV ratios, highlighting the advantage of listing tokens that already possess prior liquidity and market presence. Notably, secondary listings on Binance, Coinbase, and Upbit show the strongest follow-up performance, while those on OKX and Bybit lag behind.
Valuation segmentation is now deeply embedded in exchange project frameworks: Binance spot listings favor large-cap, high-FDV tokens, while Alpha and IDO channels precisely target early-stage and growth-stage projects, respectively. This reflects a more targeted selection process and clear tiered access to premium trading venues. Cross-exchange mobility remains rare and slow—only a small fraction of Binance-originated projects successfully reach spot markets on other Tier-1 exchanges. Even when such transitions occur, they concentrate on high-FDV projects and typically yield unremarkable post-listing results.
In summary, these trends highlight a maturing listing ecosystem where project type, token development stage, and listing sequence matter more than ever. For projects, investors, and exchanges alike, understanding these structural dynamics is key to navigating the increasingly layered journey from token generation to long-term exchange liquidity.
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