Crypto Exchange Report: CEX Liquidity - Oct. 2024

Based on the statistical results, the exchange liquidity ranking is as follows:

Depth

For future depth, MEXC's 0.05% and 0.1% depth both surpass $100 million. Bitget also demonstrates strong futures depth, with its 0.05% and 0.1% levels nearly double that of its competitors. Meanwhile, Binance, OKX, and Bybit are in a similar tier, with their 0.05% depth hovering around $20 million.

For spot depth, most exchanges’ liquidity depth concentrates on a wider 0.1% range. MEXC also holds a significant advantage. Binance and Bitget are in a comparable tier.

Slippage

MEXC and Bitget stand out in ask slippage for both $1M and $5M futures orders. Binance, Bybit, and OKX fall into a similar range, with BTCUSDT ask slippage of around 4 to 5 BPS for $1M orders.

For spot slippage, MEXC and Binance show a greater advantage. On the other hand, Bitget significantly lags in spot slippage. The other exchange's BTC/USDT ask slippage is wandering around the 3.2 to 3.5 BPS range for $100k order.

Fees

OKX offers a negative maker fee for larger future traders, but with relatively strict requirements. MEXC offers a zero maker fee for regular users. For larger traders, it adopts a trading fee deduction by holding its exchange tokens. Binance, Bybit, and Bitget have similar fee levels for regular users.

For spot trading fees, OKX also stands out by offering a negative maker fee for larger spot traders. Bybit performs better than Binance, which indicates that it pays more attention to the spot market.

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