Crypto Exchange Liquidity Report 2024Q1

In the crypto realm, liquidity refers to the ability to swiftly buy or sell assets in the market without significantly impacting the stability of asset prices. In other words, it measures the capability to quickly convert specific assets into other assets or cash.

The liquidity and prices of cryptocurrencies are heavily influenced by liquidity in the trading markets. Assessing and analyzing liquidity across different exchanges is an indispensable aspect of crypto market analysis. TokenInsight conducted a liquidity-related analysis using BTC, ETH, and SOL as samples.

Based on the statistical results, the exchange liquidity rankings are as follows:

Derivatives Analysis

Derivatives Trading Depth

In terms of derivatives trading depth, TokenInsight has separately compiled data on the 0.1% and 0.3% depths for BTCUSDT, ETHUSDT, and SOLUSDT trading pairs across various exchanges. The conclusions are as follows:

Binance and OKX rank first and second in BTCUSDT trading depth. Particularly, OKX's data at the 0.1% depth surpasses that of Binance.

The performance of Binance and OKX in ETHUSDT trading depth mirrors that of BTCUSDT. OKX demonstrates notably better performance at near depths (0.1%) compared to Binance, while Binance exhibits a slight advantage in deeper depths.

Binance ranks first in both depths for SOLUSDT.

Derivatives Slippage

To test the trading slippage that large traders and whales may encounter, TokenInsight simulated the slippage analysis of contract pairs by purchasing BTC, ETH, and SOL with $1 million, $5 million, and $10 million USD. The conclusions are as follows:

Binance has the smallest slippage for $1 million and $5 million BTC buy-side orders. OKX follows closely behind, and the gap between its slippage and Binance's decreases as the amount of the buy order increases. When the order reaches $10 million, OKX's slippage performance surpasses that of Binance, ranking first among all exchanges.

In terms of ETH slippage, OKX has the lowest slippage for all three segments of simulated buy orders among all exchanges. Binance ranks second, but the gap between its slippage and OKX's increases as the simulated buy order amount increases.

For SOL slippage, Binance leads by a significant margin in all three segments of simulated buy orders, and its advantage gradually increases as the simulated buy order amount grows.

Derivatives Trading Fee

Gate's VIP0 Maker fee is the lowest among all exchanges, at 0.015%. For VIP0 Taker fees, there is little difference among exchanges, ranging from 0.05% to 0.06%.

OKX, HTX, and KuCoin offer negative fees for their highest-tier VIP Maker. Among them, HTX has the lowest fee among the three exchanges. However, OKX's performance is more outstanding in terms of the highest-tier VIP Taker fees.

Spot Analysis

Spot Trading Depth

For spot trading depth, TokenInsight has separately compiled data on the 0.1%, 0.3%, and 0.5% depths for BTC/USDT, ETH/USDT, and SOL/USDT trading pairs across various exchanges. Here are the conclusions:

Binance outperforms other exchanges in every range for BTC/USDT, demonstrating superior depth. Bybit and OKX follow closely, showing particularly strong performance in the mid to long-term depth, providing a stable trading environment for large and extra-large orders.

Binance ranks first in both buy and sell depth across all price ranges for ETH/USDT. Bybit ranks second in the 0.1% and 0.3% depth, but its buy order performance is slightly behind HTX in the 0.5% depth.

Binance maintains its position as the top performer in depth across all price ranges for SOL/USDT, with OKX consistently ranking second in each interval.

Spot Slippage

In the analysis of spot pair slippage, TokenInsight simulated purchases of BTC, ETH, and SOL with amounts of $1 million, $3 million, and $5 million, calculating the slippage under different purchase volumes. Here are the conclusions:

Binance exhibits the lowest slippage for BTC buy orders across all three simulated purchase volumes. OKX ranks second in slippage performance for $1 million purchases, but is surpassed by Bybit in the $3 million and $5 million tests.

Binance and Bybit lead in ETH buy order slippage, ranking first and second, respectively. OKX and Gate perform well in the $1 million slippage test, but the gap between their slippage and that of Binance and Bybit increases with higher purchase volumes.

Binance demonstrates more pronounced advantages in SOL slippage compared to BTC and ETH. Gate ranks second in the $1 million and $3 million tests.

Spot Trading Fee

OKX's spot VIP0 Maker and Taker fees are the lowest among all exchanges, making it more favorable for retail traders in terms of trading costs and potentially attracting new users to trade.

Both OKX and KuCoin offer the lowest Maker fees for their highest VIP levels, with negative rates. However, OKX has a higher entry threshold for its highest VIP level. In terms of Taker fees for the highest VIP level, OKX outperforms KuCoin significantly.

The following is a display of relevant content in the report: