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 36 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 $0.02 →$0.04$100kp $0.33 →$0.70 | 1m-$0.525m-$0.26 | -$0.57 | -$0.62 | $5.00 | 624 | 93,689,515 | |
| #1 | $5.28 | $1.56 | $0.14 | $10kp $0.11 →$0.11$100kp $1.05 →$1.16 | 1m-$0.235m+$0.18 | -$0.18 | -$0.37 | $4.50 | 624 | 9,097,455 | |
| #3 | $5.41 | $0.83 | $0.01 | $10kp $0.02 →$0.05$100kp $0.32 →$0.97 | 1m-$0.485m-$0.33 | -$0.52 | -$0.55 | $5.00 | 624 | 72,122,857 | |
| #3 | $0.54 | $1.08 | $0.17 | $10kp $0.29 →$0.28$100kp $5.32 →$5.13 | 1m+$0.285m+$0.41 | +$0.29 | +$0.30 | $0.00 | 624 | 20,503,516 | |
| #4 | $5.95 | $1.90 | $0.13 | $10kp $0.28 →$0.29$100kp $7.70 →$8.12 | 1m-$0.595m-$0.46 | -$0.46 | -$0.70 | $5.00 | 456 | 2,787,889 | |
| #5 | $6.10 | $1.19 | $0.01 | $10kp $0.04 →$0.05$100kp $0.69 →$0.99 | 1m-$0.365m-$0.22 | -$0.48 | -$0.48 | $5.50 | 624 | 52,989,860 | |
| #6 | $5.10 | $0.21 | $0.01 | $10kp $0.03 →$0.06$100kp $1.51 →$0.65 | 1m-$0.275m-$0.18 | -$0.26 | -$0.28 | $5.00 | 624 | 22,681,757 | |
| #7 | $6.36 | $0.72 | $0.01 | $10kp $0.03 →$0.04$100kp $0.63 →$0.77 | 1m-$0.565m-$0.38 | -$0.59 | -$0.59 | $6.00 | 480 | 22,358,706 | |
| #8 | $2.17 | $0.34 | $0.02 | $10kp $0.03 →$0.05$100kp $0.87 →$1.62 | 1m-$0.155m-$0.07 | -$0.08 | -$0.16 | $2.00 | 624 | 14,800,529 | |
| #9 | $1.28 | $2.57 | $1.93 | $10kp $1.65 →$1.38$100kp $38.90 →$39.28 | 1m-$0.085m+$0.08 | -$0.16 | -$0.17 | $0.00 | 624 | 555,118 | |
| #10 | $5.19 | $0.37 | $0.07 | $10kp $0.10 →$0.08$100kp $2.24 →$1.75 | 1m-$1.025m-$0.87 | -$0.93 | -$1.08 | $5.00 | 624 | 2,668,642 | |
| #12 | $6.32 | $0.65 | $0.01 | $10kp $0.08 →$0.07$100kp $3.57 →$2.22 | 1m-$1.145m-$0.93 | -$0.75 | -$1.04 | $6.00 | 624 | 1,927,986 | |
| #13 | $5.38 | $0.77 | $0.02 | $10kp $0.18 →$0.19$100kp $10.17 →$12.69 | 1m-$0.745m-$0.72 | -$0.78 | -$0.77 | $5.00 | 648 | 6,796,110 | |
| #14 | $6.32 | $0.63 | $0.01 | $10kp $0.10 →$0.08$100kp $4.95 →$4.92 | 1m-$0.895m-$0.83 | -$0.82 | -$0.90 | $6.00 | 624 | 2,152,927 | |
| #19 | $6.00 | -$0.00 | $0.03 | $10kp $0.01 →$0.01$100kp $6.25 →$0.57 | 1m-$0.225m+$0.06 | -$0.24 | -$0.27 | $6.00 | 168 | 188,231 | |
| #23 | $9.19 | $8.37 | $4.52 | $10kp $3.53 →$3.07$100kp $37.83 →$24.67 | 1m+$2.415m+$2.84 | +$3.52 | +$2.41 | $5.00 | 648 | 103,503 | |
| #27 | $5.06 | $0.12 | $0.07 | $10kp $0.03 →$0.03$100kp $1.49 →$1.49 | 1m-$0.125m-$0.10 | +$0.05 | -$0.04 | $5.00 | 648 | 14,468 |