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 42 books, unstacked. Only books measured that far out are counted, so a curve can step down where a shallower book drops out. A venue trading on another's book counts once, under that book.
BTC execution
Measured, not advertised: fill quality and fees on the BTC USD perp at every exchange we have tick data for. Rank is the tier shown on the exchange directory.
| #1 | $5.35 | $0.69 | $0.01 | $10kp $0.02 →$0.05$100kp $0.28 →$0.86 | 1m-$0.505m-$0.27 | -$0.48 | -$0.59 | $5.00 | 696 | 80,660,934 | |
| #1 | $5.11 | $1.23 | $0.13 | $10kp $0.12 →$0.14$100kp $1.47 →$1.57 | 1m-$0.245m+$0.01 | -$0.20 | -$0.33 | $4.50 | 696 | 7,755,925 | |
| #2 | $5.34 | $0.68 | $0.01 | $10kp $0.02 →$0.09$100kp $0.28 →$1.21 | 1m-$0.495m-$0.29 | -$0.49 | -$0.56 | $5.00 | 696 | 64,638,846 | |
| #2 | $0.45 | $0.89 | $0.17 | $10kp $0.25 →$0.25$100kp $3.93 →$4.01 | 1m+$0.275m+$0.34 | +$0.27 | +$0.25 | $0.00 | 696 | 20,114,521 | |
| #3 | $2.68 | $0.35 | $0.12 | $10kp $0.07 →$0.06$100kp $1.27 →$0.63 | 1m-$0.995m-$1.02 | -$0.31 | -$0.79 | $2.50 | 696 | 1,539,601 | |
| #4 | $5.96 | $0.92 | $0.01 | $10kp $0.03 →$0.14$100kp $0.56 →$1.80 | 1m-$0.415m-$0.11 | -$0.50 | -$0.53 | $5.50 | 696 | 36,208,789 | |
| #5 | $5.08 | $0.16 | $0.01 | $10kp $0.01 →$0.06$100kp $0.21 →$0.34 | 1m-$0.205m-$0.11 | -$0.16 | -$0.20 | $5.00 | 350 | 10,774,986 | |
| #5 | $3.74 | $0.48 | $0.12 | $10kp $0.16 →$0.21$100kp $2.03 →$2.24 | 1m-$0.845m-$0.83 | -$0.46 | -$0.81 | $3.50 | 696 | 1,938,552 | |
| #6 | $5.82 | $1.64 | $0.12 | $10kp $0.19 →$0.20$100kp $6.30 →$6.62 | 1m-$0.305m-$0.06 | -$0.24 | -$0.37 | $5.00 | 696 | 6,415,110 | |
| #6 | $4.22 | $0.44 | $0.03 | $10kp $0.11 →$0.06$100kp $2.63 →$1.02 | 1m-$0.275m-$0.24 | -$0.23 | -$0.29 | $4.00 | 696 | 766,416 | |
| #7 | $6.39 | $0.77 | $0.01 | $10kp $0.02 →$0.07$100kp $0.45 →$1.31 | 1m-$0.445m-$0.24 | -$0.48 | -$0.51 | $6.00 | 696 | 20,275,023 | |
| #7 | $4.29 | $0.59 | $0.14 | $10kp $0.16 →$0.22$100kp $1.87 →$1.99 | 1m-$0.815m-$0.65 | -$0.66 | -$0.79 | $4.00 | 696 | 146,502 | |
| #8 | $2.21 | $0.42 | $0.02 | $10kp $0.06 →$0.10$100kp $1.20 →$1.96 | 1m-$0.135m-$0.01 | -$0.05 | -$0.13 | $2.00 | 696 | 11,794,930 | |
| #10 | $5.37 | $0.73 | $0.06 | $10kp $0.07 →$0.27$100kp $1.98 →$4.22 | 1m-$0.375m-$0.31 | -$0.38 | -$0.39 | $5.00 | 696 | 8,669,052 | |
| #10 | $2.57 | $0.65 | $0.02 | $10kp $0.10 →$0.17$100kp $2.38 →$2.47 | 1m-$0.395m-$0.23 | -$0.20 | -$0.37 | $2.25 | 696 | 3,432,425 | |
| #11 | $6.31 | $0.62 | $0.01 | $10kp $0.12 →$0.10$100kp $4.64 →$1.81 | 1m-$1.105m-$1.04 | -$0.52 | -$0.97 | $6.00 | 696 | 1,515,101 | |
| #11 | $4.07 | $0.13 | $0.12 | $10kp $0.06 →$0.06$100kp $0.87 →$0.89 | 1m+$0.025m+$0.02 | +$0.03 | +$0.02 | $4.00 | 696 | 2,071,894 | |
| #14 | $6.28 | $0.55 | $0.01 | $10kp $0.07 →$0.05$100kp $4.25 →$2.72 | 1m-$0.705m-$0.44 | -$0.65 | -$0.75 | $6.00 | 696 | 1,594,273 | |
| #15 | $5.06 | $0.11 | $0.01 | $10kp $0.01 →$0.01$100kp $0.09 →$0.10 | 1m-$0.185m-$0.10 | -$0.11 | -$0.18 | $5.00 | 696 | 895,246 | |
| #17 | $6.27 | $0.54 | $0.01 | $10kp $0.01 →$0.14$100kp $0.07 →$2.50 | 1m-$0.335m-$0.05 | -$0.27 | -$0.35 | $6.00 | 696 | 9,781,591 | |
| #17 | $4.27 | $0.55 | $0.93 | $10kp $0.21 →$0.12$100kp $17.50 →$1.34 | 1m-$0.195m-$0.16 | -$0.11 | -$0.18 | $4.00 | 696 | 141,708 | |
| #18 | $4.08 | $0.15 | $0.12 | $10kp $0.06 →$0.06$100kp $3.49 →$0.61 | 1m+$0.035m+$0.01 | +$0.06 | +$0.05 | $4.00 | 696 | 332,340 | |
| #19 | $1.16 | $2.33 | $1.62 | $10kp $1.25 →$1.16$100kp $34.50 →$33.76 | 1m+$0.185m+$0.37 | +$0.06 | +$0.05 | $0.00 | 696 | 663,910 | |
| #19 | $4.01 | $1.01 | $0.36 | $10kp $0.48 →$0.53$100kp $29.06 →$28.02 | 1m-$0.565m-$0.41 | -$0.41 | -$0.58 | $3.50 | 696 | 1,036,634 | |
| #20 | $4.51 | $0.01 | $0.01 | $10kp $0.01 →$0.01$100kp $0.23 →$0.06 | 1m+$0.045m+$0.02 | -$0.00 | +$0.00 | $4.50 | 696 | 56,029 | |
| #21 | $6.06 | $0.12 | $0.02 | $10kp $0.01 →$0.01$100kp $4.04 →$0.47 | 1m-$0.295m-$0.18 | -$0.21 | -$0.29 | $6.00 | 696 | 696,810 | |
| #21 | $3.46 | $0.92 | $0.02 | $10kp $0.45 →$0.32$100kp $8.11 →$6.28 | 1m-$0.115m-$0.13 | +$0.04 | -$0.09 | $3.00 | 696 | 1,709,381 | |
| #23 | $5.11 | $0.22 | $0.01 | $10kp $0.02 →$0.08$100kp $0.13 →$0.66 | 1m-$0.015m+$0.22 | -$0.05 | -$0.06 | $5.00 | 696 | 16,226,971 | |
| #24 | $5.22 | $0.44 | $0.58 | $10kp $0.20 →$0.20$100kp $3.72 →$4.32 | 1m+$0.175m+$0.17 | +$0.15 | +$0.16 | $5.00 | 696 | 837,482 | |
| #27 | $7.41 | $4.82 | $2.66 | $10kp $1.81 →$1.52$100kp $30.47 →$48.41 | 1m+$1.235m+$1.48 | +$1.77 | +$1.23 | $5.00 | 667 | 51,604 | |
| #28 | $3.99 | $0.99 | $0.13 | $10kp $0.21 →$0.32$100kp $15.53 →$16.75 | 1m+$0.035m+$0.16 | +$0.09 | +$0.01 | $3.50 | 696 | 349,150 | |
| #29 | $5.03 | $0.11 | $0.06 | $10kp $0.03 →$0.03$100kp $1.68 →$1.80 | 1m+$0.035m-$0.21 | +$0.03 | +$0.03 | $5.00 | 696 | 12,020 | |
| #30 | $0.96 | $1.93 | $1.17 | $10kp $0.91 →$0.91$100kp $23.80 →$23.80 | 1m+$0.445m+$0.93 | +$0.51 | +$0.46 | $0.00 | 159 | 27,722 | |
| #31 | $3.86 | $0.12 | $0.05 | $10kp $0.07 →$0.04$100kp $0.39 →$0.42 | 1m+$0.015m+$0.03 | +$0.01 | +$0.01 | $3.80 | 696 | 2,533,146 | |
| #33 | $5.08 | $0.16 | $0.13 | $10kp $0.19 →$0.06$100kp $8.38 →$0.55 | 1m+$0.035m+$0.06 | +$0.03 | +$0.03 | $5.00 | 666 | 2,898,135 | |
| #33 | $6.03 | $0.06 | $0.04 | $10kp $0.02 →$0.00$100kp $0.18 →$0.08 | 1m-$0.035m+$0.02 | -$0.04 | -$0.04 | $6.00 | 696 | 2,064,940 | |
| #34 | $3.77 | $0.54 | $0.03 | $10kp $1.60 →$1.58$100kn/a | 1m-$0.945m-$0.76 | -$0.48 | -$0.71 | $3.50 | 159 | 34,555 | |
| #34 | $6.45 | $1.90 | $0.01 | $10kp $1.49 →$2.13$100kp $28.09 →$8.14 | 1m+$0.555m+$0.81 | +$0.56 | +$0.60 | $5.50 | 696 | 326,993 | |
| #35 | $4.76 | $1.40 | $1.43 | $10kp $1.62 →$0.67$100kp $40.96 →$48.33 | 1m+$0.645m+$0.66 | +$0.65 | +$0.64 | $4.00 | 696 | 5,188,507 |