REAL Ranking: Exchange Scores

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Every exchange scored on Reserves, Execution, Activity and Liquidity, with how each pillar is built.

REAL ranking

Reserves · Execution · Activity · Liquidity

One score per exchange, built only on what we can measure or verify: reserves, execution from real fills, volume and open interest the venue's own order book could support, and the depth we observed. Volume alone is easy to inflate, so every pillar is something a venue cannot print. A low pillar means weak measurable evidence, not misconduct.

RReserves30 EExecution30 AActivity20 LLiquidity20points out of 100 · weights redistribute over measured pillars

S85+A70+B55+C40+Dbelow 40S also requires measured execution.

Methodology List your exchange

AllCEXDEX

70 exchanges scoredcomputed 2026-10-23

	Tier
Binancecex	S	87	93	66	99	100
OKXcex	A	78	81	62	89	88
Hyperliquiddex	A	74	82	52	84	86
Coinbasecex	A	73	100	40	73	69
Bybitcex	A	72	73	52	86	86
Gatecex	A	72	66	54	86	94
Krakencex	B	69	77	48	73	84
Bitgetcex	B	67	57	53	80	91
MEXCcex	B	66	64	53	86	70
Lighterdex	B	63	62	50	67	77
Crypto.comcex	B	63	60	58	71	66
Deribitcex	B	62	64	46	69	74
HTXcex	B	60	65	43	71	70
Extendeddex	B	60	48	73	50	68
Bitstampcex	B	60	66	53	64	58
Upbitcex	B	60	70	41	71	62
Variationaldex	B	58	50	n/a	70	68
Nadodex	B	57	41	77	48	60
Asterdex	B	56	60	36	69	67
Polymarket Perpsdex	B	55	50	62	45	65
KuCoincex	C	55	59	33	70	63
Derive V3dex	C	54	52	85	41	27
QFEXdex	C	54	50	n/a	50	69
Arcusdex	C	53	43	65	49	56
Backpackcex	C	52	48	57	49	54
Geminicex	C	52	67	41	53	45
Bitunixcex	C	51	25	53	70	68
Bitvavocex	C	51	43	46	65	56
Bitfinexcex	C	51	72	13	63	62
SoDEXdex	C	50	44	49	51	60
Kalshi Perpsdex	C	50	50	n/a	46	53
TxFlowdex	C	48	50	47	41	51
Katana Perpsdex	C	48	50	72	25	30
Bithumbcex	C	47	58	21	66	50
Orderly Networkdex	C	47	50	n/a	32	56
Nativedex	C	46	50	n/a	47	37
Phemexcex	C	45	33	27	71	66
SunXdex	C	44	50	46	31	47
Pacificadex	C	44	50	32	48	51
Ondo Perpsdex	C	44	50	28	47	56
GRVTdex	C	42	37	27	57	58
RiseXdex	C	41	32	45	44	48
BULKdex	C	41	50	n/a	31	35
Aevodex	D	39	50	n/a	15	47
ApeX Omnidex	D	39	37	21	51	56
Indodaxcex	D	39	47	n/a	37	29
Hibachidex	D	38	50	41	28	28
BingXcex	D	38	38	39	73	0
Injectivedex	D	37	50	n/a	27	29
HashKeycex	D	36	57	n/a	23	18
CoinExcex	D	35	33	n/a	43	29
dYdXdex	D	35	39	4	38	71
Bitruecex	D	32	26	8	65	43
Phoenixdex	D	31	15	28	38	56
GUMdex	D	31	50	31	20	15
Paradexdex	D	31	36	n/a	26	29
edgeXdex	D	31	42	0	48	20
CoinDCXcex	D	29	38	n/a	25	18
Perpldex	D	27	33	n/a	27	16
Antarcticdex	D	24	21	0	62	n/a
01 Exchangedex	D	23	25	n/a	22	20
StandXdex	D	21	32	0	28	27
Delta Exchange Indiacex	D	19	0	n/a	37	31
Delta Exchangecex	D	19	0	38	20	18
Bybit EUcex	D	19	0	n/a	40	26
Binance.UScex	D	17	0	n/a	40	21
OKX EUcex	D	17	0	n/a	33	26
XT.COMcex	D	17	0	9	46	23
WhiteBITcex	D	14	0	0	41	30
Gate EUcex	D	13	0	n/a	26	21

How the REAL score is built

REAL is a weighted mean of four pillars, each 0 to 100: Reserves, Execution, Activity and Liquidity. Size is log-scaled, so a venue a tenth the size of the leader still scores about 70. An input we cannot measure hands its weight to the ones we did and never counts as zero. CEX and DEX are ranked within their own type, and nothing self-reported that we cannot check enters the score.

Every pillar, check and threshold: Exchanges methodology.

ReservesBest

Coinbase100Typical

Hibachi50Lowest

Gate EU0

ExecutionBest

Derive V385Typical

HTX43Lowest

WhiteBIT0

ActivityBest

Binance99Typical

Pacifica48Lowest

Aevo15

LiquidityBest

Binance100Typical

Backpack54Lowest

BingX0

Scores are recomputed after listings or material data changes, reviewed, then published. Every venue's pillar breakdown is on its profile. The ranking, its pillars and their weights are subject to change as coverage improves.

Methodology List your exchange