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 | $5.34 | $0.67 | $0.01 | $10kp $0.01 →$0.05$100kp $0.28 →$0.86 | 1m-$0.515m-$0.25 | -$0.51 | -$0.59 | $5.00 | 336 | 39,722,547 | |
| #1 | $5.10 | $1.19 | $0.13 | $10kp $0.11 →$0.13$100kp $1.24 →$1.38 | 1m-$0.205m+$0.11 | -$0.20 | -$0.30 | $4.50 | 336 | 3,879,940 | |
| #2 | $0.50 | $0.99 | $0.20 | $10kp $0.28 →$0.29$100kp $4.74 →$4.79 | 1m+$0.305m+$0.34 | +$0.31 | +$0.30 | $0.00 | 336 | 8,143,336 | |
| #3 | $5.38 | $0.75 | $0.01 | $10kp $0.02 →$0.08$100kp $0.28 →$1.20 | 1m-$0.505m-$0.30 | -$0.49 | -$0.54 | $5.00 | 336 | 32,206,289 | |
| #4 | $5.95 | $1.91 | $0.13 | $10kp $0.21 →$0.22$100kp $7.87 →$8.45 | 1m-$0.375m-$0.07 | -$0.35 | -$0.43 | $5.00 | 336 | 2,921,632 | |
| #4 | $2.72 | $0.43 | $0.12 | $10kp $0.12 →$0.11$100kp $2.11 →$0.66 | 1m-$0.945m-$0.97 | -$0.27 | -$0.70 | $2.50 | 432 | 897,889 | |
| #5 | $6.02 | $1.03 | $0.01 | $10kp $0.03 →$0.11$100kp $0.55 →$1.57 | 1m-$0.435m-$0.15 | -$0.53 | -$0.54 | $5.50 | 336 | 19,368,167 | |
| #5 | $4.42 | $0.83 | $0.14 | $10kp $0.27 →$0.46$100kp $0.61 →$0.61 | 1m-$0.915m-$0.74 | -$0.80 | -$0.90 | $4.00 | 240 | 61,106 | |
| #6 | $4.25 | $0.50 | $0.03 | $10kp $0.10 →$0.08$100kp $2.62 →$1.07 | 1m-$0.365m-$0.20 | -$0.35 | -$0.38 | $4.00 | 240 | 278,217 | |
| #7 | $2.20 | $0.39 | $0.02 | $10kp $0.05 →$0.09$100kp $1.17 →$1.96 | 1m-$0.105m+$0.00 | -$0.06 | -$0.12 | $2.00 | 336 | 6,053,488 | |
| #7 | $3.74 | $0.48 | $0.12 | $10kp $0.17 →$0.22$100kp $2.38 →$2.80 | 1m-$0.885m-$0.85 | -$0.50 | -$0.86 | $3.50 | 240 | 507,217 | |
| #8 | $6.42 | $0.84 | $0.01 | $10kp $0.02 →$0.06$100kp $0.53 →$1.19 | 1m-$0.495m-$0.24 | -$0.53 | -$0.53 | $6.00 | 336 | 9,790,787 | |
| #9 | $1.30 | $2.59 | $1.74 | $10kp $1.32 →$1.20$100kp $34.50 →$34.00 | 1m+$0.165m+$0.31 | +$0.02 | +$0.04 | $0.00 | 336 | 226,312 | |
| #10 | $6.33 | $0.67 | $0.01 | $10kp $0.09 →$0.08$100kp $3.76 →$1.59 | 1m-$1.075m-$0.92 | -$0.64 | -$0.95 | $6.00 | 336 | 720,065 | |
| #10 | $2.57 | $0.64 | $0.02 | $10kp $0.11 →$0.18$100kp $3.26 →$3.53 | 1m-$0.385m-$0.22 | -$0.17 | -$0.34 | $2.25 | 240 | 2,128,259 | |
| #11 | $5.36 | $0.73 | $0.06 | $10kp $0.08 →$0.25$100kp $2.79 →$4.83 | 1m-$0.465m-$0.32 | -$0.46 | -$0.50 | $5.00 | 324 | 2,896,176 | |
| #11 | $4.07 | $0.14 | $0.12 | $10kp $0.06 →$0.06$100kp $0.83 →$0.86 | 1m-$0.015m-$0.04 | +$0.01 | -$0.01 | $4.00 | 240 | 596,956 | |
| #13 | $5.08 | $0.16 | $0.01 | $10kp $0.04 →$0.05$100kp $1.19 →$0.81 | 1m-$0.215m-$0.15 | -$0.17 | -$0.21 | $5.00 | 336 | 7,905,316 | |
| #13 | $4.51 | $0.01 | $0.01 | $10kp $0.01 →$0.01$100kp $0.44 →$0.06 | 1m-$0.035m-$0.03 | -$0.00 | +$0.01 | $4.50 | 240 | 20,939 | |
| #14 | $4.12 | $1.25 | $0.42 | $10kp $0.66 →$0.67$100kp $28.54 →$28.54 | 1m-$0.525m-$0.40 | -$0.39 | -$0.57 | $3.50 | 240 | 264,240 | |
| #15 | $4.34 | $0.68 | $1.14 | $10kp $0.29 →$0.14$100kp $12.40 →$2.89 | 1m-$0.025m-$0.06 | -$0.06 | -$0.04 | $4.00 | 240 | 44,498 | |
| #16 | $3.45 | $0.93 | $0.02 | $10kp $0.47 →$0.35$100kp $5.89 →$6.34 | 1m-$0.045m+$0.06 | +$0.03 | -$0.07 | $3.00 | 240 | 809,453 | |
| #18 | $6.29 | $0.57 | $0.01 | $10kp $0.09 →$0.06$100kp $4.54 →$3.09 | 1m-$0.765m-$0.51 | -$0.73 | -$0.80 | $6.00 | 324 | 873,062 | |
| #18 | $5.29 | $0.58 | $0.62 | $10kp $0.20 →$0.21$100kp $4.73 →$4.86 | 1m+$0.235m+$0.20 | +$0.21 | +$0.22 | $5.00 | 240 | 241,628 | |
| #19 | $6.05 | $0.11 | $0.02 | $10kp $0.01 →$0.01$100kp $5.35 →$0.38 | 1m-$0.275m-$0.22 | -$0.24 | -$0.30 | $6.00 | 336 | 383,821 | |
| #19 | $4.08 | $0.16 | $0.12 | $10kp $0.06 →$0.06$100kp $3.35 →$0.59 | 1m+$0.015m+$0.15 | +$0.05 | +$0.06 | $4.00 | 240 | 119,502 | |
| #20 | $5.06 | $0.12 | $0.01 | $10kp $0.01 →$0.01$100kp $0.10 →$0.36 | 1m-$0.175m-$0.03 | -$0.12 | -$0.22 | $5.00 | 240 | 347,767 | |
| #21 | $6.29 | $0.57 | $0.01 | $10kp $0.01 →$0.16$100kp $0.07 →$2.75 | 1m-$0.305m+$0.03 | -$0.25 | -$0.33 | $6.00 | 240 | 3,501,908 | |
| #23 | $5.11 | $0.22 | $0.01 | $10kp $0.01 →$0.08$100kp $0.19 →$0.81 | 1m-$0.005m+$0.31 | -$0.05 | -$0.08 | $5.00 | 240 | 5,421,285 | |
| #23 | $3.85 | $0.11 | $0.05 | $10kp $0.08 →$0.04$100kp $0.53 →$0.45 | 1m+$0.045m+$0.13 | -$0.01 | +$0.00 | $3.80 | 240 | 952,247 | |
| #25 | $8.76 | $7.51 | $4.14 | $10kp $2.09 →$1.87$100kp $33.85 →$33.85 | 1m+$2.025m+$2.25 | +$2.86 | +$2.23 | $5.00 | 336 | 27,574 | |
| #26 | $3.99 | $0.98 | $0.12 | $10kp $0.17 →$0.24$100kp $23.48 →$23.61 | 1m+$0.205m+$0.27 | +$0.13 | +$0.20 | $3.50 | 240 | 52,991 | |
| #26 | $5.04 | $0.10 | $0.06 | $10kp $0.03 →$0.03$100kp $2.38 →$2.38 | 1m-$0.045m-$0.55 | +$0.03 | +$0.03 | $5.00 | 336 | 6,377 | |
| #29 | $6.04 | $0.07 | $0.04 | $10kp $0.02 →$0.01$100kp $0.18 →$0.13 | 1m-$0.055m+$0.00 | -$0.04 | -$0.05 | $6.00 | 240 | 686,630 | |
| #30 | $4.55 | $1.10 | $0.79 | $10kp $1.72 →$0.54$100kp $48.29 →$63.27 | 1m+$0.525m+$0.54 | +$0.53 | +$0.52 | $4.00 | 240 | 2,592,498 | |
| #31 | $5.07 | $0.15 | $0.13 | $10kp $0.20 →$0.06$100kp $9.46 →$0.55 | 1m+$0.055m+$0.10 | +$0.03 | +$0.02 | $5.00 | 240 | 1,010,579 | |
| #31 | $6.40 | $1.80 | $0.02 | $10kp $1.32 →$1.94$100kp $25.98 →$11.11 | 1m+$0.485m+$0.60 | +$0.51 | +$0.50 | $5.50 | 240 | 143,109 |