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 | 804 | 1,433 |
| Spot | — | 520 |
| Perpetuals | 800 | 869 |
| Dated futures | 4 | 44 |
| Coverage | February 2021 – present | July 2023 – present |
| Recorded volume (raw) | 751 TB | 632 TB |
| Turnover / day · 30d | $55.3B | $14.5B |
| Trades / day · 30d | 169,732,301 | 45,658,342 |
| Average trade size · 30d | $326 | $318 |
| Turnover / day · 365d | $51.6B | $17.2B |
Full venue pages: Binance USDT-M · Bybit
Spread, depth and turnover on shared perpetual pairs
The busiest of the 686 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 | $792.5K | $654.5K | $11.0B | $4.4B |
| ETH/USDT | 0.041 | 0.041 | $567.7K | $464.9K | $7.8B | $2.4B |
| BTC/USDC | 0.013 | 0.015 | $343.1K | $79.3K | $2.9B | $51.9M |
| ETH/USDC | 0.042 | 0.20 | $242.3K | $9.1K | $2.4B | $11.5M |
| SOXL/USDT | 0.89 | 0.98 | $753.5K | $253.2K | $1.9B | $297.8M |
| SOL/USDT | 0.93 | 0.93 | $4.9M | $5.3M | $1.6B | $554.3M |
| ZEC/USDT | 0.085 | 0.10 | $45.1K | $32.7K | $1.7B | $364.2M |
| XAU/USDT | 0.024 | 0.025 | $344.2K | $80.8K | $1.6B | $111.0M |
| SNDK/USDT | 0.074 | 0.65 | $64.9K | $11.1K | $1.3B | $63.7M |
| NEAR/USDT | 2.05 | 2.05 | $1.4M | $944.3K | $726.7M | $287.9M |
| XRP/USDT | 0.73 | 0.73 | $1.9M | $1.6M | $695.5M | $307.3M |
| SKHYNIX/USDT | 0.098 | 0.30 | $56.5K | $23.1K | $938.4M | $51.4M |
| SPCX_2/USDT | 0.65 | 0.89 | $1.6M | $231.2K | $934.7M | $43.4M |
| CL/USDT | 1.05 | 1.05 | $2.7M | $1.4M | $844.8M | $104.2M |
| HYPERLIQUID_2/USDT | 0.12 | 0.51 | $67.8K | $564.8K | $626.3M | $193.1M |
| KORU/USDT | 7.24 | 7.31 | $4.1M | $909.4K | $707.2M | $64.9M |
| XAG/USDT | 1.74 | 1.74 | $6.0M | $1.6M | $663.2M | $33.7M |
| BZ/USDT | 0.95 | 1.09 | $1.4M | $230.2K | $453.3M | $16.3M |
| MU_2/USDT | 0.11 | 0.71 | $57.5K | $20.2K | $435.7M | $31.2M |
| DOGE/USDT | 1.20 | 1.20 | $1.8M | $1.6M | $351.2M | $82.5M |
Averages over the recorded days of the 30 days to 2026-10-30, 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 2026-10-30, across the 596 actively traded perpetual pairs both venues list, Binance USDT-M had the clearly lower average quoted spread on 540 and Bybit on 12; the rest were within 5 % of each other. The order book was deeper (top-20 notional) on Binance USDT-M for 509 pairs and on Bybit for 71. 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 2026-10-30 our recordings show about $55,279,937,023 of turnover per day on Binance USDT-M and $14,504,933,516 on Bybit (all recorded instruments of each venue, USD). The archive holds 804 Binance USDT-M instruments and 1,433 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.