Been looking through TokenInsightโs latest Crypto Exchange Liquidity Report, and the data gives a pretty interesting picture of how liquidity is distributed across exchanges.
The report covers 9 major exchanges, comparing BTC, ETH, XAU and XAG across order-book depth, slippage and spreads from Aug 16 to Sep 14.
For BTC + ETH spot, Binance and MEXC were around $1.35Mโ$1.36M in combined depth at the 0.01% band, followed by Bitget and KuCoin around $0.48Mโ$0.49M. At 0.03%, Binance, MEXC and Bitget reached $4.35M, $3.58M and $2.92M respectively, while the other venues were lower.
Futures showed a different distribution. At 0.03%, MEXC recorded $21.03M in combined BTC + ETH depth, while Hyperliquid recorded $15.44M. At 0.05%, MEXC reached $27.39M, while Hyperliquid reached $31.34M.
Slippage was generally tight across the major venues, although the results varied by asset and order size. For BTC spot, Binance had the lowest P90 at $100K, while MEXC recorded the lowest median at $500K. KuCoin, OKX and Bitget also kept their $100K BTC median slippage at or below 0.005%.
The metals data was also fairly concentrated. At the 0.01% band, Binance reached $2.41M in combined XAU + XAG depth, just ahead of MEXC at $2.39M. Bitget reached $7.21M at the wider 0.03% band, while Bybit also exceeded $4M. For silver,
@MEXC recorded the lowest $300K median slippage, while Hyperliquid had the tightest XAG spread.
Just sharing some of the numbers I found interesting from the report. Always worth looking at the actual data and forming your own view.