Q1 2026 CEX Listing Insights
Open World works alongside founders and teams to design launches that are built to last. Our role goes beyond execution. We help projects think through market structure, timing, and downstream implications so early decisions support long-term sustainability. As part of this work, we regularly analyze exchange listings and broader market outcomes to understand what is actually working in practice. We share these observations to bring more transparency to an otherwise opaque process. Below are our latest insights.
CEX Listing Insights Key Takeaways
- Listings decreased 29% compared to Q4 2025, primary listings composed 59%, with the quality of TGEs (AAA launches) decreasing by 8%
- Listings also represented a 41% year-over-year decrease compared to Q1 2025, the quality of TGEs (AAA launches) decreased by 32% as well
- Trade volume posted a ~31% decrease compared to Q4 2025, all CEXs experienced negative growth in Q1 2026
- The overall decline in trading volume has followed BTC’s drop below $100,000 since October 2025, which has dampened trading activity & investor sentiment
- Tier 1 “BCOBB” exchanges posted 111 listings, ~75% were day 1 listings, a majority of these tokens were listed within the sub $500M FDV range
- High-quality AAA TGEs had a good quarter, 28 tokens were cross-listed on 2 or more of the “Big 5”
- The average non-stablecoin primary listed survival rate across all CEXs was ~26%
Listing Updates: Quarter Over Quarter Overview
Q1 2026 recorded 338 total listings, a ~29% decrease compared to Q4 2025. Primary listings made up ~59% of all listings in Q1 2026. Among all primary listed tokens (excluding stablecoins), AAA-rated tokens dropped by ~8%, AA-rated tokens decreased by ~63%, and A-rated tokens declined by ~67% compared to Q4 2025.
Note: AAA tokens are listed on 2 or more BCOBB exchanges, AA tokens are listed on exactly 1 BCOBB exchange, and A tokens are all other tokens listed on no BCOBB exchanges.
Listing Updates: Year Over Year Overview
In comparison, Q1 2025 recorded 570 total listings. This represents a ~41% year-over-year decrease from Q1 2025 to Q1 2026. Among all primary listed tokens (excluding stablecoins), AAA-rated tokens fell by ~32%, AA-rated tokens decreased by ~75%, and A-rated tokens declined by ~74% compared to Q1 2025.
Note: AAA tokens are listed on 2 or more BCOBB exchanges, AA tokens are listed on exactly 1 BCOBB exchange, and A tokens are all other tokens listed on no BCOBB exchanges.
Exchange Volume Snapshot: Quarter Over Quarter Analysis
Trade volumes on major CEXs decreased ~31% overall. All CEXs experienced negative growth in Q1 2026.
LFQ Exchange Volume Snapshot: Overview
While global crypto prices continue to influence the pace of CEX volume growth, trading volume has declined by ~47% over the past 4 quarters.
BCOBB Snapshot (Binance, Coinbase, OKX, ByBit, Bitget) : Overview
Of the “Big 5” (BCOBB) exchanges, there were 111 listings in Q1 2026. 83 of those were primary spot listings, equating to ~75% of listings being primary offerings. There were 25 tokens cross listed on 2 or more of the “Big 5,” the most notable were BIRB, FIGHT, GWEI, IMU, LIT, SENT, ZAMA, OPN, & KAT.
BCOBB Snapshot: FDVs @ Time of Listing
In Q1 2026, most tokens were listed within the 2 lower FDV ranges, 82 in total, reflecting significant interest in the lower FDV valuation ranges. Only Binance, Coinbase, & OKX listed tokens in the $2B+ range, with XAUT, HYPE, MON, & CC being the secondary uplisted tokens.
BCOBB Snapshot: Top Performers by Category
Performance varies widely between categories on various CEXs, with only ~42% of categories experiencing positive growth in Q1 2026. The average price performance decrease across all categories was ~7%.
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.
CEX Updates: Survival Rate
In Q1 2026, the average primary listed survival rate across all CEXs was ~26%. Bitget recorded the highest rate at 47.83%, while OKX, Upbit, & Bithumb had zero tokens trading above their TGE price. Robinhood didn’t have any non-stablecoin primary listings over this period.
Note: Survival rate is defined as the % of tokens still trading above listing price.
This wraps up our CEX listing analysis for Q1 2026. Tune in shortly as we post our Q1 2026 token launch & valuation insights analysis.