CryptoQuant Names the Most Clear Alternate for Reserves

The report ranked exchanges by reserves, buying and selling exercise, and transparency, with KuCoin scoring 96.7 out of 100.

KuCoin has acquired the best proof-of-reserves (PoR) transparency rating amongst main crypto exchanges, in keeping with CryptoQuant’s newest annual Alternate Chief report.

The findings positioned the Seychelles-based buying and selling platform forward of a number of bigger rivals in a class that many merchants view as central to assessing change solvency.

Report Ranks Exchanges on Reserves and Buying and selling Exercise

The report, which reviewed change efficiency throughout buying and selling quantity, reserve disclosures, and derivatives exercise throughout 2025, shows KuCoin incomes a PoR transparency rating of 96.7 out of 100, the best within the dataset.

KuCoin’s rating displays a month-to-month proof-of-reserves framework that enables customers to confirm their balances utilizing Merkle-tree inclusion instruments. The change additionally publishes pockets addresses and receives third-party attestations from safety agency Hacken.

CryptoQuant stated that the change had despatched out greater than 39 month-to-month reserve experiences in a row, with the latest one being on February 6, 2026. The reserve ratios for the property that have been made public have been above 100%.

Bybit ranked second on the transparency scale with a rating of 93.2, additionally supported by common PoR disclosures and Hacken attestations. Kraken is positioned within the A tier as nicely, though its quarterly reporting cycle decreased its rating in contrast with the month-to-month reporting cadence of KuCoin and Bybit.

In the meantime, bigger exchanges scored decrease on this class, with Binance receiving a rating of 75.2, reflecting broad pockets disclosures and consumer stability verification instruments however no full impartial audit overlaying the change’s complete stability sheet.

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Coinbase ranked a lot decrease, with a rating of 44.3, primarily as a result of it doesn’t publish complete pockets tackle mappings or present on-chain verification for buyer balances.

The transparency rating varieties one part of CryptoQuant’s Alternate Chief Index, which measures platforms utilizing six pillars: buying and selling quantity, reserves, proof-of-reserves transparency, buying and selling combine stability, quantity development, and reserve development. Within the total index, MEXC, Binance, and Bybit held the highest three positions for 2025.

Derivatives Buying and selling Dominates Alternate Exercise

The report additionally examined buying and selling patterns throughout main exchanges and located that the majority giant platforms now file nearly all of exercise in derivatives markets fairly than spot buying and selling. MEXC, Bybit, Bitget, Binance, Gate, and Coinbase generated 70% to 90% of their quantity from perpetual futures contracts.

Nonetheless, KuCoin sits amongst exchanges with a extra balanced combine between spot and derivatives buying and selling. CryptoQuant positioned it in a bunch with HTX and Kraken, the place each segments contributed important volumes fairly than one dominating the opposite.

In total buying and selling dimension, Binance continues to be the biggest change, processing about $32.4 trillion in annual buying and selling quantity throughout 2025. About $25 trillion of that quantity got here from the derivatives markets, and about $7 trillion got here from spot buying and selling.

Development throughout the trade diverse extensively, with Gate recording the quickest growth in derivatives exercise, as perpetual futures volumes elevated by greater than 400% yr over yr. Coinbase additionally posted giant share positive aspects after finishing its acquisition of Deribit and introducing Solana-based DEX buying and selling, whereas MEXC almost doubled its spot buying and selling volumes throughout the identical interval.