# Exchange liquidity benchmark — spread and order-book depth per venue

> Machine-readable twin of https://cryptostruct.com/analyze/liquidity (an interactive dashboard that needs JavaScript).
> This document: https://cryptostruct.com/analyze/liquidity.md · generated 2026-10-07T09:06:53.497Z · Source: CryptoStruct's own tick-by-tick recordings.

Median quoted spread and average order-book depth per exchange over the last 24h, measured on each venue's most liquid BTC/ETH-class instruments (the same probe basket on every venue, so rows are comparable).

## Venues by top-20 depth

| Exchange | Median spread bps | Top-of-book depth USD | Top-20 depth USD | 24h volume USD | Probe instruments |
| --- | --- | --- | --- | --- | --- |
| Hyperliquid | 0.387 | $100,132 | $4,581,001 | $6,932,841,748 | BTC, ETH, SOL, XRP |
| BingX | 0.24 | $52,676 | $1,817,868 | $5,620,480,288 | BTC-USDT.spot, BTC-USDT, ETH-USDT.spot, ETH-USDT |
| Binance USDT-M | 0.13 | $129,583 | $819,632 | $55,107,718,310 | BTCUSDT, ETHUSDT, SOLUSDT, XRPUSDT |
| Kraken Futures | 1.24 | $3,021 | $788,753 | $783,879,772 | PF_XBTUSD, PF_ETHUSD, PF_SOLUSD, PF_XRPUSD |
| Mexc | 0.872 | $31,892 | $755,068 | $1,848,851,979 | BTCUSDT, ETHUSDT, SOLUSDT, XRPUSDT |
| HashKey MENA | 0.118 | $17,875 | $682,334 | $22,032,948 | BTCUSD, BTCUSDT-PERPETUAL, ETHUSD, ETHUSDT-PERPETUAL |
| Okx | 0.672 | $40,358 | $662,926 | $24,379,411,561 | BTC-USDT, BTC-USDT-SWAP, ETH-USDT, ETH-USDT-SWAP |
| Bitget | 0.108 | $16,846 | $655,352 | $8,060,893,417 | BTCUSDT.spot, BTCUSDT, ETHUSDT.spot, ETHUSDT |
| Binance Spot | 0.129 | $36,885 | $543,861 | $10,868,542,561 | BTCUSDT, ETHUSDT, SOLUSDT, XRPUSDT |
| Bybit | 0.672 | $31,359 | $536,324 | $15,868,773,443 | BTCUSDT.spot, BTCUSDT, ETHUSDT.spot, ETHUSDT |
| Binance Coin-M | 0.167 | $11,070 | $492,290 | $1,547,146,950 | BTCUSD_PERP, ETHUSD_PERP, SOLUSD_PERP, XRPUSD_PERP |
| Deribit | 0.264 | $9,293 | $386,829 | $4,675,845,381 | BTC_USDC, BTC_USDC-PERPETUAL, ETH_USDC, ETH_USDC-PERPETUAL |
| Gate.io Future | 0.653 | $22,539 | $382,325 | $12,730,875,991 | BTC_USDT, ETH_USDT, SOL_USDT, XRP_USDT |
| Orderly | 1.39 | $7,084 | $363,165 | $59,103,871 | PERP_BTC_USDC, PERP_ETH_USDC, PERP_SOL_USDC, PERP_XRP_USDC |
| HashKey Exchange | 1.21 | $24,211 | $360,472 | $68,450,825 | BTCUSD, ETHUSD, SOLUSD, XRPUSD |
| Kraken Spot | 0.469 | $12,028 | $307,553 | $1,552,953,523 | XBTUSD, ETHUSD, SOLUSD, XRPUSD |
| Whitebit | 2.33 | $3,233 | $304,215 | $12,754,463,755 | BTC_USDT, BTC_PERP, ETH_USDT, ETH_PERP |
| Coinbase | 1.08 | $6,680 | $245,181 | $1,832,933,907 | BTC-USD, ETH-USD, SOL-USD, XRP-USD |
| HTX USDT-M | 0.399 | $3,244 | $215,348 | $600,973,783 | BTC-USDT, ETH-USDT, SOL-USDT, XRP-USDT |
| Bitfinex | 2.45 | $1,162 | $187,104 | $1,172,256,754 | BTC/USD, BTC-PERP, ETH/USD, ETH-PERP |
| crypto.com | 0.397 | $2,269 | $122,735 | $1,350,751,298 | BTC_USD, BTCUSD-PERP, ETH_USD, ETHUSD-PERP |
| HTX | 2.47 | $1,679 | $118,906 | $1,024,429,396 | btcusdt, ethusdt, solusdt, xrpusdt |
| KuCoin | 0.0396 | $4,909 | $117,208 | $615,887,952 | BTC-USDT, ETH-USDT, SOL-USDT, XRP-USDT |
| KuCoin Futures | 0.114 | $6,319 | $79,344 | $1,067,457,459 | XBTUSDTM, ETHUSDTM, SOLUSDTM, XRPUSDTM |
| Gate.io Spot | 0.682 | $3,938 | $68,943 | $1,866,628,331 | BTC_USDT, ETH_USDT, SOL_USDT, XRP_USDT |
| HashKey Global | 28.1 | $430 | $64,053 | $343,500 | BTCUSDT, ETHUSDT, SOLUSDT, XRPUSDT |
| Woo X | 961 | $936 | $30,185 | $13,294,400 | SPOT_BTC_USDT, PERP_BTC_USDT, SPOT_ETH_USDT, PERP_ETH_USDT |

## Definitions

Depth is the mid-side total notional — ((bid + ask) / 2) summed over the top 20 price levels (top-of-book: level 1). Spread is the quoted bid/ask spread in basis points.

## Get the data

- Per-pair 30-day spread and depth per exchange: https://cryptostruct.com/pairs (e.g. https://cryptostruct.com/pairs/btc-usdt#market-structure)
- Full-depth order-book history, €1 per instrument-day, no subscription, no account: https://cryptostruct.com/historical-data/order-book