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 37 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: 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 | $5.33 | $0.65 | $0.01 | $10kp $0.01 →$0.04$100kp $0.28 →$0.75 | 1m-$0.515m-$0.28 | -$0.52 | -$0.61 | $5.00 | 288 | 32,004,315 | |
| #1 | $5.09 | $1.18 | $0.13 | $10kp $0.11 →$0.13$100kp $1.18 →$1.27 | 1m-$0.175m+$0.14 | -$0.20 | -$0.30 | $4.50 | 312 | 3,430,992 | |
| #2 | $0.48 | $0.97 | $0.20 | $10kp $0.28 →$0.29$100kp $4.70 →$4.86 | 1m+$0.285m+$0.32 | +$0.30 | +$0.28 | $0.00 | 312 | 7,174,975 | |
| #3 | $5.39 | $0.77 | $0.01 | $10kp $0.02 →$0.07$100kp $0.27 →$1.05 | 1m-$0.525m-$0.33 | -$0.50 | -$0.55 | $5.00 | 312 | 27,996,375 | |
| #4 | $5.94 | $1.89 | $0.13 | $10kp $0.21 →$0.23$100kp $7.96 →$8.58 | 1m-$0.425m-$0.15 | -$0.38 | -$0.49 | $5.00 | 312 | 2,430,320 | |
| #4 | $2.72 | $0.44 | $0.12 | $10kp $0.10 →$0.10$100kp $3.31 →$1.81 | 1m-$0.905m-$0.97 | -$0.26 | -$0.67 | $2.50 | 384 | 727,623 | |
| #5 | $6.03 | $1.06 | $0.01 | $10kp $0.03 →$0.10$100kp $0.53 →$1.46 | 1m-$0.435m-$0.19 | -$0.54 | -$0.55 | $5.50 | 312 | 17,704,754 | |
| #5 | $4.38 | $0.76 | $0.13 | $10kp $0.29 →$0.47$100kp $4.19 →$4.99 | 1m-$1.055m-$0.90 | -$0.83 | -$1.02 | $4.00 | 192 | 42,588 | |
| #6 | $4.24 | $0.48 | $0.02 | $10kp $0.10 →$0.07$100kp $2.60 →$0.98 | 1m-$0.375m-$0.27 | -$0.35 | -$0.38 | $4.00 | 192 | 213,903 | |
| #7 | $2.19 | $0.38 | $0.02 | $10kp $0.05 →$0.08$100kp $1.11 →$1.93 | 1m-$0.115m-$0.02 | -$0.06 | -$0.12 | $2.00 | 312 | 5,568,150 | |
| #7 | $3.74 | $0.47 | $0.12 | $10kp $0.17 →$0.22$100kp $1.83 →$2.18 | 1m-$0.915m-$0.85 | -$0.49 | -$0.86 | $3.50 | 192 | 354,787 | |
| #8 | $6.40 | $0.79 | $0.01 | $10kp $0.02 →$0.05$100kp $0.51 →$1.06 | 1m-$0.535m-$0.28 | -$0.54 | -$0.57 | $6.00 | 312 | 8,531,749 | |
| #9 | $1.32 | $2.62 | $1.78 | $10kp $1.40 →$1.32$100kp $33.77 →$32.78 | 1m+$0.175m+$0.31 | +$0.01 | +$0.03 | $0.00 | 312 | 177,501 | |
| #10 | $6.31 | $0.62 | $0.01 | $10kp $0.09 →$0.08$100kp $3.66 →$1.53 | 1m-$1.105m-$1.01 | -$0.64 | -$1.02 | $6.00 | 312 | 607,268 | |
| #10 | $2.59 | $0.69 | $0.02 | $10kp $0.12 →$0.18$100kp $3.84 →$4.46 | 1m-$0.385m-$0.23 | -$0.12 | -$0.32 | $2.25 | 192 | 1,750,302 | |
| #11 | $5.35 | $0.69 | $0.07 | $10kp $0.09 →$0.22$100kp $2.87 →$4.61 | 1m-$0.515m-$0.38 | -$0.51 | -$0.56 | $5.00 | 300 | 2,149,003 | |
| #11 | $4.07 | $0.14 | $0.12 | $10kp $0.06 →$0.06$100kp $0.82 →$0.85 | 1m-$0.045m-$0.07 | +$0.00 | -$0.03 | $4.00 | 192 | 461,909 | |
| #12 | $5.38 | $0.77 | $0.02 | $10kp $0.17 →$0.16$100kp $10.26 →$12.90 | 1m-$0.705m-$0.70 | -$0.77 | -$0.76 | $5.00 | 120 | 978,269 | |
| #13 | $5.08 | $0.16 | $0.01 | $10kp $0.03 →$0.05$100kp $1.21 →$0.74 | 1m-$0.215m-$0.15 | -$0.17 | -$0.22 | $5.00 | 312 | 7,164,289 | |
| #13 | $4.51 | $0.01 | $0.01 | $10kp $0.01 →$0.01$100kp $0.55 →$0.06 | 1m-$0.025m+$0.01 | -$0.00 | +$0.02 | $4.50 | 192 | 15,582 | |
| #14 | $4.16 | $1.31 | $0.43 | $10kp $0.69 →$0.70$100kp $28.54 →$28.54 | 1m-$0.475m-$0.36 | -$0.36 | -$0.52 | $3.50 | 192 | 199,697 | |
| #15 | $4.37 | $0.73 | $1.34 | $10kp $0.18 →$0.13$100kp $16.45 →$6.36 | 1m-$0.015m-$0.09 | -$0.02 | -$0.03 | $4.00 | 192 | 34,086 | |
| #16 | $3.43 | $0.86 | $0.02 | $10kp $0.45 →$0.31$100kp $2.94 →$2.94 | 1m-$0.045m-$0.04 | +$0.02 | -$0.09 | $3.00 | 192 | 611,428 | |
| #18 | $6.28 | $0.56 | $0.01 | $10kp $0.08 →$0.06$100kp $4.50 →$3.24 | 1m-$0.845m-$0.60 | -$0.74 | -$0.83 | $6.00 | 300 | 779,425 | |
| #18 | $5.30 | $0.60 | $0.68 | $10kp $0.20 →$0.20$100kp $4.52 →$4.52 | 1m+$0.245m+$0.22 | +$0.24 | +$0.24 | $5.00 | 192 | 178,842 | |
| #19 | $6.05 | $0.10 | $0.02 | $10kp $0.01 →$0.01$100kp $4.87 →$0.25 | 1m-$0.275m-$0.23 | -$0.24 | -$0.30 | $6.00 | 312 | 347,475 | |
| #19 | $4.08 | $0.15 | $0.12 | $10kp $0.06 →$0.06$100kp $3.28 →$0.59 | 1m+$0.015m+$0.13 | +$0.05 | +$0.07 | $4.00 | 192 | 89,536 | |
| #20 | $5.05 | $0.10 | $0.01 | $10kp $0.01 →$0.01$100kp $0.06 →$0.08 | 1m-$0.185m-$0.05 | -$0.13 | -$0.22 | $5.00 | 192 | 245,713 | |
| #21 | $6.28 | $0.55 | $0.01 | $10kp $0.01 →$0.15$100kp $0.07 →$2.75 | 1m-$0.305m+$0.03 | -$0.25 | -$0.33 | $6.00 | 192 | 2,592,815 | |
| #23 | $5.11 | $0.22 | $0.01 | $10kp $0.01 →$0.08$100kp $0.16 →$0.80 | 1m-$0.035m+$0.20 | -$0.04 | -$0.10 | $5.00 | 192 | 4,189,451 | |
| #23 | $3.85 | $0.10 | $0.05 | $10kp $0.07 →$0.03$100kp $0.53 →$0.49 | 1m+$0.015m+$0.12 | -$0.01 | -$0.01 | $3.80 | 192 | 706,965 | |
| #25 | $8.77 | $7.54 | $3.99 | $10kp $2.14 →$1.87$100kp $40.57 →$39.95 | 1m+$2.185m+$2.23 | +$2.96 | +$2.29 | $5.00 | 312 | 23,743 | |
| #26 | $3.93 | $0.86 | $0.12 | $10kp $0.15 →$0.22$100kp $19.45 →$21.66 | 1m+$0.085m+$0.17 | +$0.10 | +$0.09 | $3.50 | 192 | 40,175 | |
| #26 | $5.04 | $0.10 | $0.06 | $10kp $0.03 →$0.03$100kp $2.32 →$2.11 | 1m-$0.075m-$0.75 | +$0.03 | +$0.02 | $5.00 | 312 | 5,689 | |
| #29 | $6.04 | $0.07 | $0.04 | $10kp $0.02 →$0.01$100kp $0.18 →$0.12 | 1m-$0.035m+$0.05 | -$0.04 | -$0.04 | $6.00 | 192 | 539,255 | |
| #30 | $4.53 | $1.06 | $0.76 | $10kp $1.76 →$0.49$100kp $48.29 →$63.27 | 1m+$0.505m+$0.52 | +$0.51 | +$0.50 | $4.00 | 192 | 2,074,324 | |
| #31 | $5.07 | $0.14 | $0.13 | $10kp $0.19 →$0.05$100kp $9.46 →$0.55 | 1m+$0.055m+$0.10 | +$0.03 | +$0.02 | $5.00 | 192 | 781,447 | |
| #31 | $6.36 | $1.71 | $0.02 | $10kp $1.31 →$1.89$100kp $26.27 →$11.11 | 1m+$0.545m+$0.72 | +$0.48 | +$0.50 | $5.50 | 192 | 90,909 |