Exchange charts
Activity
Traded volume and open positions across venues.
USD perp open interest share · BTC vs ETH vs Others
Each base's share of daily USD perp open interest. USD perps settle in USDT or USDC.
Spot volume · Exchanges
Daily spot volume by exchange. Top eight by latest observation; the rest grouped as Other.
Liquidity
Order-book depth and how much reported volume is backed by real liquidity.
Spot market depth · Exchanges
End-of-day spot depth within ±2% of mid, by exchange. Measured from our own order-book snapshots. Top eight by latest observation; the rest grouped as Other.
Liquidity-normalized spot volume · Exchanges
Daily spot volume constrained by observed active liquidity, by exchange. A gap to reported volume may also be liquidity our snapshot missed. Top eight by latest observation; the rest grouped as Other.
Order book
The current book by distance from mid, per segment and per exchange. A snapshot, so the range control above does not apply to it.
Cumulative USD resting within each distance of mid across 36 books, each curve drawn on its own rather than stacked. Only books measured that far from mid are counted, so a curve can step down where a shallower book drops out. A venue trading on another venue's book is counted once, under that book.
BTC execution
Measured, not advertised: tick-level fill quality and fees on the BTC market at every exchange we have data for. Rank is the same quality tier shown on the exchange directory.
| #1 | $5.32 | $0.64 | $0.01 | $10kp $0.02 →$0.04$100kp $0.33 →$0.69 | 1m-$0.525m-$0.25 | -$0.57 | -$0.62 | $5.00 | 600 | 88,770,465 | |
| #1 | $5.28 | $1.56 | $0.14 | $10kp $0.10 →$0.11$100kp $1.04 →$1.16 | 1m-$0.235m+$0.18 | -$0.18 | -$0.37 | $4.50 | 600 | 8,633,142 | |
| #3 | $5.41 | $0.82 | $0.01 | $10kp $0.02 →$0.05$100kp $0.32 →$0.98 | 1m-$0.485m-$0.33 | -$0.52 | -$0.55 | $5.00 | 600 | 67,837,172 | |
| #3 | $0.54 | $1.07 | $0.17 | $10kp $0.29 →$0.28$100kp $5.34 →$5.16 | 1m+$0.275m+$0.41 | +$0.30 | +$0.30 | $0.00 | 600 | 19,733,038 | |
| #4 | $6.10 | $1.20 | $0.01 | $10kp $0.04 →$0.05$100kp $0.69 →$0.99 | 1m-$0.355m-$0.20 | -$0.48 | -$0.48 | $5.50 | 600 | 50,161,282 | |
| #5 | $5.94 | $1.89 | $0.13 | $10kp $0.28 →$0.29$100kp $7.60 →$8.01 | 1m-$0.655m-$0.50 | -$0.46 | -$0.72 | $5.00 | 432 | 2,562,598 | |
| #6 | $5.10 | $0.21 | $0.01 | $10kp $0.03 →$0.06$100kp $1.50 →$0.62 | 1m-$0.275m-$0.18 | -$0.26 | -$0.28 | $5.00 | 600 | 21,535,366 | |
| #7 | $6.35 | $0.71 | $0.01 | $10kp $0.03 →$0.04$100kp $0.62 →$0.77 | 1m-$0.565m-$0.39 | -$0.59 | -$0.60 | $6.00 | 456 | 21,281,495 | |
| #8 | $2.17 | $0.34 | $0.02 | $10kp $0.03 →$0.05$100kp $0.85 →$1.60 | 1m-$0.155m-$0.07 | -$0.08 | -$0.16 | $2.00 | 600 | 14,122,898 | |
| #10 | $1.27 | $2.55 | $1.92 | $10kp $1.64 →$1.34$100kp $39.13 →$39.51 | 1m-$0.095m+$0.08 | -$0.15 | -$0.18 | $0.00 | 600 | 530,710 | |
| #11 | $5.18 | $0.36 | $0.07 | $10kp $0.10 →$0.08$100kp $2.04 →$1.60 | 1m-$1.045m-$0.87 | -$0.93 | -$1.08 | $5.00 | 600 | 2,531,269 | |
| #12 | $6.32 | $0.63 | $0.01 | $10kp $0.08 →$0.07$100kp $3.57 →$2.15 | 1m-$1.155m-$0.96 | -$0.75 | -$1.06 | $6.00 | 600 | 1,855,904 | |
| #13 | $5.38 | $0.77 | $0.02 | $10kp $0.18 →$0.19$100kp $10.02 →$12.53 | 1m-$0.745m-$0.73 | -$0.78 | -$0.78 | $5.00 | 624 | 6,444,679 | |
| #14 | $6.32 | $0.64 | $0.01 | $10kp $0.10 →$0.08$100kp $4.86 →$4.82 | 1m-$0.895m-$0.83 | -$0.82 | -$0.90 | $6.00 | 600 | 2,039,618 | |
| #19 | $5.99 | -$0.01 | $0.02 | $10kp $0.01 →$0.01$100kp $6.29 →$0.38 | 1m-$0.215m+$0.07 | -$0.23 | -$0.27 | $6.00 | 144 | 141,684 | |
| #22 | $9.27 | $8.54 | $4.57 | $10kp $3.85 →$3.48$100kp $33.63 →$25.01 | 1m+$2.465m+$2.98 | +$3.62 | +$2.48 | $5.00 | 624 | 100,329 | |
| #28 | $5.06 | $0.12 | $0.06 | $10kp $0.03 →$0.03$100kp $1.46 →$1.46 | 1m-$0.115m-$0.13 | +$0.05 | -$0.04 | $5.00 | 624 | 13,758 |