Binance USDT-M vs Bybit — perpetual market data compared
Binance USDT-M and Bybit side by side, measured on the same recorder: how many perpetual instruments each lists, how much trades there, and — pair by pair — where the quoted spread is tighter and the order book deeper. Every number is computed from our own tick-by-tick recordings of both feeds, with its window stated.
Binance USDT-M and Bybit in the archive
| Measure | Binance USDT-M | Bybit |
|---|---|---|
| Recorded instruments | 789 | 1,400 |
| Spot | — | 528 |
| Perpetuals | 785 | 828 |
| Dated futures | 4 | 44 |
| Coverage | February 2021 – present | July 2023 – present |
| Recorded volume (raw) | 735 TB | 624 TB |
| Turnover / day · 30d | $56.9B | $16.1B |
| Trades / day · 30d | 177,547,483 | 52,270,952 |
| Average trade size · 30d | $320 | $307 |
| Turnover / day · 365d | $52.8B | $18.4B |
Full venue pages: Binance USDT-M · Bybit
Spread, depth and turnover on shared perpetual pairs
The busiest of the 673 perpetual pairs both venues list — the same instrument class on both sides, measured the same way.
| Pair | Avg spread (bps) | Top-20 depth | Turnover / day | |||
|---|---|---|---|---|---|---|
| Binance USDT-M | Bybit | Binance USDT-M | Bybit | Binance USDT-M | Bybit | |
| BTC/USDT | 0.012 | 0.012 | $791.8K | $520.0K | $11.5B | $4.6B |
| ETH/USDT | 0.039 | 0.039 | $528.0K | $339.4K | $8.8B | $2.8B |
| BTC/USDC | 0.013 | 0.018 | $322.4K | $86.1K | $2.9B | $50.3M |
| SOL/USDT | 0.89 | 0.89 | $3.6M | $3.8M | $2.1B | $772.0M |
| ZEC/USDT | 0.079 | 0.081 | $42.7K | $30.7K | $2.2B | $513.1M |
| ETH/USDC | 0.040 | 0.37 | $238.8K | $9.9K | $2.5B | $14.6M |
| XRP/USDT | 0.69 | 0.69 | $1.3M | $1.2M | $1.2B | $525.9M |
| XAU/USDT | 0.024 | 0.024 | $328.1K | $62.3K | $1.5B | $101.4M |
| SOXL/USDT | 0.74 | 0.82 | $565.1K | $204.6K | $1.1B | $163.6M |
| SNDK/USDT | 0.062 | 0.60 | $70.4K | $15.5K | $1.1B | $59.5M |
| NEAR/USDT | 2.60 | 2.61 | $1.0M | $739.0K | $728.6M | $292.6M |
| CL/USDT | 1.07 | 1.08 | $2.4M | $1.0M | $878.3M | $105.5M |
| SPCX_2/USDT | 0.65 | 0.90 | $2.1M | $285.4K | $878.4M | $31.9M |
| HYPERLIQUID_2/USDT | 0.12 | 1.15 | $57.5K | $1.4M | $661.0M | $239.0M |
| DOGE/USDT | 1.11 | 1.11 | $1.2M | $1.1M | $519.2M | $142.7M |
| XAG/USDT | 1.59 | 1.59 | $4.9M | $1.4M | $590.8M | $29.7M |
| SUI/USDT | 1.05 | 1.05 | $444.5K | $214.8K | $427.0M | $120.1M |
| SKHYNIX/USDT | 0.078 | 0.30 | $49.6K | $22.3K | $518.7M | $20.3M |
| UNI/USDT | 1.24 | 1.26 | $380.6K | $183.8K | $427.0M | $73.6M |
| QNT/USDT | 1.60 | 3.97 | $22.5K | $5.8K | $393.5M | $79.4M |
Averages over the recorded days of the 30 days to 2026-10-10, from our own recordings of both feeds. Spread = average quoted spread in basis points; top-20 depth = mid-side total notional over the top 20 price levels. The busiest shared pairs first; open a pair for every venue that lists it.
How the comparison is measured
The comparison uses one method for both venues: every trade and every order-book update of each feed is recorded at the venue's full book depth, then rolled up per UTC day. Spread is the average quoted spread in basis points; depth is the mid-side total notional over the top 20 price levels. Because both sides run through the same pipeline, the rows are directly comparable.
The numbers describe market structure, not a recommendation. Liquidity differs by pair and by time of day — the cross-venue analyzer shows the live picture, and the tick files behind every figure are in the Data Shop for your own measurement.
How to download Binance USDT-M and Bybit data
- Open the venue pages — Binance USDT-M and Bybit — or pick a shared pair from the table on this page.
- In the Data Shop, choose the instrument on each venue and the same UTC day on both. Each day is one file with every trade, order-book update and quote the venue published.
- Check out once for both files — €1 per instrument-day, as a guest or with an account; downloads start immediately.
- Replay both books with the free Python reader or export trades and BBO as CSV/Parquet, and align the two venues on the nanosecond timestamps.
More exchange comparisons
Why buy Binance USDT-M and Bybit data here
Four things every page on this site is built on — and the reason the numbers above exist at all.
We record everything
The complete public feed of each venue as it was published: every Level-2 snapshot and update at the venue's full book depth, every trade with its aggressor side, every quote, funding, mark-price and liquidation event — for every instrument the venue lists, every UTC day since we added the venue. Nothing sampled, no top-N cut, no on-demand capture.
Institutional grade
Captured co-located at the venue with the exchange timestamp and our receive timestamp in integer nanoseconds, an event-id chain that makes any gap visible, and one normalized schema across 35+ venues — the same capture our own high-frequency trading engine and enterprise feeds run on.
€1 per instrument-day
Any instrument-day is €1, series-day bundles start at €1 — no subscription, no minimum order, no tiers to unlock. Credit packs lower the effective price and never expire, and every venue has free full-day samples to test against first.
Self-service for everyone
Pick the days in the Data Shop, pay by card as a guest and download immediately — no sales call, no enterprise contract, no KYC. Coding agents buy the same files through the MCP server, and the free Agent Skill teaches them the format.
Agents: /llms.txt · MCP server /mcp · every page as markdown via Accept: text/markdown
Binance USDT-M vs Bybit — FAQ
How is the Binance USDT-M vs Bybit comparison measured?
From our own recordings of both market-data feeds: every trade and every full-depth order-book update, rolled up per UTC day. Spread is the average quoted spread in basis points, depth the mid-side total notional over the top 20 levels, turnover in USD. Both venues run through the same pipeline, and every figure on the page carries its window.
Does Binance USDT-M or Bybit have tighter spreads?
In the 30 days to 2026-10-10, across the 590 actively traded perpetual pairs both venues list, Binance USDT-M had the clearly lower average quoted spread on 543 and Bybit on 7; the rest were within 5 % of each other. The order book was deeper (top-20 notional) on Binance USDT-M for 507 pairs and on Bybit for 67. It differs pair by pair — the shared-pairs table on this page lists the numbers.
Which has more trading volume, Binance USDT-M or Bybit?
In the 30 days to 2026-10-10 our recordings show about $56,884,490,893 of turnover per day on Binance USDT-M and $16,050,092,365 on Bybit (all recorded instruments of each venue, USD). The archive holds 789 Binance USDT-M instruments and 1,400 Bybit instruments.
How much does Binance USDT-M and Bybit historical data cost?
€1 per Binance USDT-M or Bybit instrument-day — no subscription, no minimum order, no account needed: buy as a guest, download instantly, or use credit packs that never expire. Free full-day samples first on the downloads page; details on pricing.
Can I get the same day from Binance USDT-M and Bybit to compare them myself?
Yes. Both venues are recorded continuously, so any UTC day is available from both; each file holds that venue's complete feed with nanosecond timestamps, which is what cross-venue lead-lag, arbitrage and execution-quality research needs. Free full-day samples are on the download page.