FeeFloor Research · Preliminary
Which crypto exchanges have the deepest real liquidity?
By the FeeFloor Data TeamMeasured since 15 July 202688 sweepsUpdated 3 Aug 2026, 12:02 UTC
The cheapest venue on a small trade is often not the one that can absorb a large one. Liquidity — filling size without walking the book — is a separate contest, measured separately for each asset and market.
For BTC perpetuals, the deepest measured book so far is Bitmart, filling a $1M order in 100% of measurements.
Preliminary. Live from day one with real measurements over 88 sweeps. Slippage percentiles are held back until there is enough history — median needs 10+ observations, p90 needs 20+ — so a “—” means “not enough data yet,” not zero.
Perpetual futures depth
Every order-book venue, per asset, ranked by how reliably it filled a $1M perpetual order. Median and p90 are the slippage distribution at $1M; Cost CV and Rank σ measure stability across sweeps (lower = steadier); “largest consistent” is the biggest size it filled at least 90% of the time.
| Asset | Venue | Fills $1M | Fills $100K | Median slip $1M | p90 slip $1M | Largest consistent | Cost CV | Rank σ | n |
|---|---|---|---|---|---|---|---|---|---|
| BTC |  Bitmart | 100% | 100% | 0.0 | 0.4 | $1M | 0.04 | 2.62 | 88 |
| BTC |  Toobit | 100% | 100% | 0.0 | 0.2 | $1M | 0.04 | 2.11 | 88 |
| BTC |  MEXC | 100% | 100% | 0.0 | 0.2 | $1M | 0.08 | 0.36 | 88 |
| BTC |  Bitunix | 100% | 100% | 0.0 | 0.1 | $1M | 0.00 | 2.34 | 88 |
| BTC |  BloFin | 100% | 100% | 0.1 | 0.5 | $1M | 0.03 | 2.54 | 88 |
| BTC |  XT.COM | 100% | 100% | 0.1 | 4.0 | $1M | 0.22 | 4.68 | 88 |
| BTC |  OKX | 100% | 100% | 0.2 | 1.0 | $1M | 0.08 | 3.03 | 88 |
| BTC |  Binance | 100% | 100% | 0.3 | 0.9 | $1M | 0.07 | 2.74 | 88 |
| BTC |  BingX | 100% | 100% | 0.3 | 0.6 | $1M | 0.05 | 2.19 | 88 |
| BTC |  edgeX | 100% | 100% | 0.4 | 0.5 | $1M | 0.05 | 1.45 | 88 |
| BTC |  Hyperliquid | 100% | 100% | 0.4 | 1.6 | $1M | 0.12 | 5.52 | 88 |
| BTC |  Extended | 100% | 100% | 0.4 | 1.9 | $1M | 0.24 | 1.75 | 88 |
| BTC |  Aster | 100% | 100% | 0.5 | 1.1 | $1M | 0.18 | 4.38 | 88 |
| BTC |  Coinbase | 100% | 100% | 0.6 | 0.9 | $1M | 0.12 | 1.29 | 88 |
| BTC |  GRVT | 100% | 100% | 0.6 | 2.3 | $1M | 0.21 | 6.78 | 88 |
| BTC |  Bybit | 100% | 100% | 0.8 | 1.6 | $1M | 0.09 | 4.86 | 88 |
| BTC |  HTX | 100% | 100% | 1.2 | 2.3 | $1M | 0.12 | 2.26 | 88 |
| BTC |  NADO | 100% | 100% | 1.2 | 2.0 | $1M | 0.12 | 3.56 | 88 |
| BTC |  Lighter | 100% | 100% | 1.3 | 2.0 | $1M | 0.32 | 0.62 | 88 |
| BTC |  Gate.io | 100% | 100% | 1.5 | 2.3 | $1M | 0.09 | 4.68 | 88 |
| BTC |  Kraken | 100% | 100% | 2.1 | 3.0 | $1M | 0.07 | 2.02 | 88 |
| BTC |  StandX | 100% | 100% | 2.7 | 4.8 | $1M | 0.15 | 4.37 | 88 |
| BTC |  Apex Omni | 100% | 100% | 3.5 | 7.7 | $1M | 0.34 | 6.90 | 88 |
| BTC |  Deribit | 100% | 100% | 3.6 | 6.2 | $1M | 0.22 | 5.04 | 88 |
| BTC |  SunX | 100% | 100% | 4.5 | 7.5 | $1M | 0.18 | 2.44 | 88 |
| BTC |  Crypto.com | 100% | 100% | 4.5 | 6.4 | $1M | 0.10 | 1.77 | 88 |
| BTC |  WhiteBIT | 100% | 100% | 6.0 | 9.1 | $1M | 0.14 | 2.31 | 88 |
| BTC |  dYdX | 100% | 100% | 6.5 | 9.1 | $1M | 0.18 | 2.44 | 88 |
| BTC |  RISEx | 100% | 100% | 7.7 | 9.4 | $1M | 0.13 | 1.87 | 88 |
| BTC |  Hibachi | 99% | 100% | 14.4 | 26.1 | $1M | 0.37 | 1.60 | 86 |
| BTC |  Aevo | 98% | 100% | 9.0 | 12.8 | $1M | 0.21 | 1.46 | 87 |
| BTC |  Bitget | 97% | 100% | 0.6 | 1.2 | $1M | 0.07 | 2.31 | 88 |
| BTC |  KuCoin | 97% | 100% | 2.8 | 3.7 | $1M | 0.10 | 2.06 | 88 |
| BTC |  Ethereal | 87% | 100% | 6.6 | 7.9 | $100K | 0.08 | 2.24 | 87 |
| BTC |  Phemex | 41% | 100% | 4.0 | 6.0 | $100K | 0.18 | 3.65 | 88 |
| BTC |  Ondo | 25% | 100% | 12.3 | 48.7 | $100K | 0.65 | 1.27 | 88 |
| BTC |  Bluefin | 0% | 100% | — | — | $100K | — | — | 88 |
| BTC |  Hotstuff | 0% | 0% | — | — | $1K | — | — | 86 |
| BTC |  Orderly | 0% | 100% | — | — | $100K | — | — | 88 |
| BTC |  Pacifica | 0% | 94% | — | — | $100K | — | — | 86 |
| BTC |  Paradex | 0% | 99% | — | — | $100K | — | — | 88 |
| ETH | Toobit | 100% | 100% | 0.1 | 0.6 | $1M | 0.07 | 3.31 | 88 |
| ETH | MEXC | 100% | 100% | 0.1 | 0.5 | $1M | 0.11 | 0.53 | 88 |
| ETH | edgeX | 100% | 100% | 0.2 | 0.6 | $1M | 0.07 | 1.69 | 88 |
| ETH | Bitmart | 100% | 100% | 0.3 | 0.9 | $1M | 0.05 | 2.96 | 88 |
| ETH | XT.COM | 100% | 100% | 0.3 | 1.0 | $1M | 0.06 | 3.64 | 88 |
| ETH | BloFin | 100% | 100% | 0.4 | 0.7 | $1M | 0.04 | 2.91 | 88 |
| ETH | BingX | 100% | 100% | 0.5 | 0.8 | $1M | 0.04 | 2.28 | 87 |
| ETH | OKX | 100% | 100% | 0.5 | 1.4 | $1M | 0.11 | 4.25 | 88 |
| ETH | Bitunix | 100% | 100% | 0.6 | 0.6 | $1M | 0.01 | 3.01 | 88 |
| ETH | Binance | 100% | 100% | 0.8 | 1.7 | $1M | 0.10 | 4.51 | 88 |
| ETH | Bitget | 100% | 100% | 0.9 | 1.4 | $1M | 0.07 | 3.03 | 88 |
| ETH | Hyperliquid | 100% | 100% | 1.0 | 2.3 | $1M | 0.16 | 6.50 | 88 |
| ETH | Aster | 100% | 100% | 1.0 | 2.9 | $1M | 0.34 | 7.26 | 88 |
| ETH | HTX | 100% | 100% | 1.2 | 2.6 | $1M | 0.11 | 2.88 | 88 |
| ETH | Extended | 100% | 100% | 1.6 | 3.1 | $1M | 0.22 | 5.81 | 88 |
| ETH | Coinbase | 100% | 100% | 1.6 | 2.5 | $1M | 0.19 | 4.30 | 88 |
| ETH | Bybit | 100% | 100% | 1.6 | 2.5 | $1M | 0.07 | 2.77 | 88 |
| ETH | Lighter | 100% | 100% | 1.7 | 2.7 | $1M | 0.34 | 1.63 | 88 |
| ETH | GRVT | 100% | 100% | 2.5 | 4.4 | $1M | 0.20 | 3.82 | 88 |
| ETH | Gate.io | 100% | 100% | 2.8 | 4.3 | $1M | 0.12 | 3.11 | 88 |
| ETH | NADO | 100% | 100% | 3.0 | 4.1 | $1M | 0.13 | 5.26 | 88 |
| ETH | Kraken | 100% | 100% | 3.3 | 4.3 | $1M | 0.11 | 1.70 | 88 |
| ETH | KuCoin | 100% | 100% | 3.5 | 4.6 | $1M | 0.07 | 1.27 | 88 |
| ETH | StandX | 100% | 100% | 3.6 | 5.8 | $1M | 0.16 | 2.15 | 88 |
| ETH | SunX | 100% | 100% | 6.5 | 10.7 | $1M | 0.38 | 3.32 | 88 |
| ETH | WhiteBIT | 100% | 100% | 7.2 | 9.7 | $1M | 0.15 | 1.42 | 88 |
| ETH | dYdX | 100% | 100% | 8.8 | 12.5 | $1M | 0.32 | 2.13 | 88 |
| ETH | Deribit | 100% | 100% | 11.7 | 15.5 | $1M | 0.30 | 2.96 | 88 |
| ETH | RISEx | 100% | 100% | 14.8 | 17.4 | $1M | 0.15 | 1.13 | 88 |
| ETH | Apex Omni | 100% | 100% | 20.7 | 34.0 | $1M | 0.26 | 1.14 | 88 |
| ETH | Aevo | 99% | 100% | 9.9 | 13.2 | $1M | 0.17 | 1.26 | 85 |
| ETH | Phemex | 98% | 100% | 4.3 | 7.2 | $1M | 0.21 | 1.61 | 88 |
| ETH | Crypto.com | 97% | 100% | 21.0 | 27.7 | $1M | 0.19 | 1.08 | 88 |
| ETH | Ondo | 26% | 100% | 23.6 | 71.4 | $100K | 0.65 | 0.70 | 88 |
| ETH | Bluefin | 0% | 100% | — | — | $100K | — | — | 88 |
| ETH | Ethereal | 0% | 99% | — | — | $100K | — | — | 88 |
| ETH | Hibachi | 0% | 100% | — | — | $100K | — | — | 87 |
| ETH | Hotstuff | 0% | 0% | — | — | $10K | — | — | 85 |
| ETH | Orderly | 0% | 100% | — | — | $100K | — | — | 88 |
| ETH | Pacifica | 0% | 99% | — | — | $100K | — | — | 87 |
| ETH | Paradex | 0% | 98% | — | — | $100K | — | — | 88 |
| SOL | Toobit | 100% | 100% | 0.0 | 0.7 | $1M | 0.09 | 3.10 | 88 |
| SOL | edgeX | 100% | 100% | 0.8 | 2.6 | $1M | 0.12 | 4.11 | 88 |
| SOL | Bitunix | 100% | 100% | 0.9 | 1.1 | $1M | 0.02 | 2.54 | 88 |
| SOL | Bitmart | 100% | 100% | 1.1 | 2.8 | $1M | 0.13 | 3.96 | 88 |
| SOL | MEXC | 100% | 100% | 1.1 | 1.8 | $1M | 0.14 | 0.48 | 88 |
| SOL | BingX | 100% | 100% | 1.1 | 1.5 | $1M | 0.13 | 3.54 | 88 |
| SOL | Binance | 100% | 100% | 2.0 | 3.1 | $1M | 0.11 | 3.31 | 88 |
| SOL | XT.COM | 100% | 100% | 2.1 | 2.8 | $1M | 0.06 | 2.83 | 88 |
| SOL | OKX | 100% | 100% | 2.3 | 3.5 | $1M | 0.11 | 3.87 | 88 |
| SOL | BloFin | 100% | 100% | 2.4 | 3.3 | $1M | 0.09 | 2.68 | 88 |
| SOL | Bybit | 100% | 100% | 2.7 | 3.9 | $1M | 0.09 | 3.19 | 88 |
| SOL | Bitget | 100% | 100% | 3.0 | 4.8 | $1M | 0.12 | 3.68 | 88 |
| SOL | Aster | 100% | 100% | 3.4 | 4.5 | $1M | 0.14 | 4.32 | 88 |
| SOL | Coinbase | 100% | 100% | 4.0 | 5.6 | $1M | 0.19 | 4.80 | 88 |
| SOL | Extended | 100% | 100% | 4.6 | 6.2 | $1M | 0.16 | 5.57 | 88 |
| SOL | NADO | 100% | 100% | 5.3 | 6.7 | $1M | 0.10 | 2.44 | 88 |
| SOL | Lighter | 100% | 100% | 6.0 | 7.5 | $1M | 0.20 | 5.48 | 88 |
| SOL | Kraken | 100% | 100% | 6.1 | 9.2 | $1M | 0.15 | 1.80 | 88 |
| SOL | Gate.io | 100% | 100% | 7.0 | 10.6 | $1M | 0.17 | 1.78 | 88 |
| SOL | HTX | 100% | 100% | 12.9 | 19.4 | $1M | 0.22 | 1.91 | 88 |
| SOL | dYdX | 100% | 100% | 13.2 | 28.5 | $1M | 0.47 | 1.42 | 88 |
| SOL | WhiteBIT | 100% | 100% | 33.3 | 46.5 | $1M | 0.16 | 0.68 | 88 |
| SOL | GRVT | 99% | 100% | 4.1 | 5.0 | $1M | 0.09 | 2.91 | 88 |
| SOL | Phemex | 99% | 100% | 8.3 | 10.4 | $1M | 0.10 | 1.40 | 88 |
| SOL | Aevo | 99% | 100% | 7.3 | 10.0 | $1M | 0.25 | 1.38 | 87 |
| SOL | KuCoin | 95% | 100% | 8.0 | 10.5 | $1M | 0.14 | 1.86 | 88 |
| SOL | Deribit | 41% | 100% | 41.2 | 57.1 | $100K | 0.38 | 2.62 | 88 |
| SOL | Crypto.com | 35% | 100% | 31.8 | 38.3 | $100K | 0.10 | 0.70 | 88 |
| SOL | Hyperliquid | 13% | 100% | 1.5 | 2.0 | $100K | 0.11 | 3.44 | 88 |
| SOL | Apex Omni | 0% | 100% | — | — | $100K | — | — | 88 |
| SOL | Bluefin | 0% | 98% | — | — | $100K | — | — | 88 |
| SOL | Ethereal | 0% | 99% | — | — | $100K | — | — | 87 |
| SOL | Hibachi | 0% | 100% | — | — | $100K | — | — | 87 |
| SOL | Hotstuff | 0% | 0% | — | — | $1K | — | — | 87 |
| SOL | Orderly | 0% | 63% | — | — | $10K | — | — | 88 |
| SOL | Pacifica | 0% | 100% | — | — | $100K | — | — | 87 |
| SOL | Paradex | 0% | 0% | — | — | $1K | — | — | 63 |
| SOL | RISEx | 0% | 100% | — | — | $100K | — | — | 88 |
| SOL | SunX | 0% | 99% | — | — | $100K | — | — | 88 |
Spot depth
Measured the same way, kept entirely separate — a venue’s spot book is a different thing from its perp book.
| Asset | Venue | Fills $1M | Fills $100K | Median slip $1M | p90 slip $1M | Largest consistent | Cost CV | Rank σ | n |
|---|---|---|---|---|---|---|---|---|---|
| BTC | XT.COM | 100% | 100% | 0.0 | 0.1 | $1M | 0.00 | 0.52 | 88 |
| BTC | Toobit | 100% | 100% | 0.0 | 0.0 | $1M | 0.29 | 0.51 | 88 |
| BTC | Binance | 100% | 100% | 1.0 | 2.4 | $1M | 0.07 | 1.03 | 88 |
| BTC | Bitunix | 100% | 100% | 1.5 | 1.8 | $1M | 0.02 | 1.64 | 88 |
| BTC | BingX | 100% | 100% | 1.6 | 4.1 | $1M | 0.11 | 1.86 | 88 |
| BTC | OKX | 100% | 100% | 2.0 | 3.1 | $1M | 0.06 | 1.30 | 88 |
| BTC | HTX | 100% | 100% | 2.9 | 4.9 | $1M | 0.17 | 0.57 | 88 |
| BTC | Bitmart | 100% | 100% | 3.6 | 4.4 | $1M | 0.05 | 0.96 | 88 |
| BTC | Bybit | 100% | 100% | 3.9 | 5.4 | $1M | 0.08 | 0.92 | 88 |
| BTC | WhiteBIT | 100% | 100% | 5.4 | 6.6 | $1M | 0.05 | 0.82 | 88 |
| BTC | Crypto.com | 100% | 100% | 5.9 | 7.7 | $1M | 0.03 | 0.63 | 88 |
| BTC | Phemex | 100% | 100% | 6.2 | 8.7 | $1M | 0.11 | 1.29 | 88 |
| BTC | Kraken | 100% | 100% | 13.8 | 19.4 | $1M | 0.25 | 0.79 | 88 |
| BTC | Bitget | 99% | 100% | 1.6 | 2.5 | $1M | 0.06 | 1.11 | 88 |
| BTC | Gate.io | 98% | 100% | 15.1 | 18.6 | $1M | 0.17 | 0.62 | 88 |
| BTC | MEXC | 97% | 100% | 1.1 | 18.3 | $1M | 1.22 | 4.36 | 88 |
| BTC | Coinbase | 47% | 100% | 17.9 | 21.7 | $100K | 0.03 | 0.62 | 88 |
| BTC | KuCoin | 6% | 100% | 3.4 | 5.7 | $100K | 0.09 | 1.20 | 87 |
| BTC | Deribit | 5% | 100% | 64.0 | 70.5 | $100K | 0.06 | 0.50 | 88 |
| BTC |  Backpack | 0% | 100% | — | — | $100K | — | — | 87 |
| BTC | Firi | 0% | 100% | — | — | $100K | — | — | 2 |
| BTC | Hyperliquid | 0% | 100% | — | — | $100K | — | — | 88 |
| ETH | Toobit | 100% | 100% | 1.1 | 1.3 | $1M | 0.26 | 0.15 | 88 |
| ETH | XT.COM | 100% | 100% | 2.1 | 4.8 | $1M | 0.06 | 1.00 | 88 |
| ETH | Binance | 100% | 100% | 3.2 | 4.7 | $1M | 0.10 | 0.41 | 88 |
| ETH | BingX | 100% | 100% | 5.6 | 7.9 | $1M | 0.11 | 1.32 | 88 |
| ETH | OKX | 100% | 100% | 5.9 | 7.9 | $1M | 0.12 | 1.42 | 88 |
| ETH | Bitmart | 100% | 100% | 5.9 | 6.8 | $1M | 0.10 | 1.22 | 88 |
| ETH | HTX | 100% | 100% | 6.2 | 16.6 | $1M | 0.20 | 0.60 | 88 |
| ETH | Phemex | 99% | 100% | 7.9 | 10.3 | $1M | 0.10 | 1.52 | 88 |
| ETH | Bybit | 99% | 100% | 9.6 | 12.8 | $1M | 0.17 | 0.98 | 88 |
| ETH | WhiteBIT | 98% | 100% | 12.8 | 14.8 | $1M | 0.06 | 0.92 | 88 |
| ETH | Kraken | 97% | 100% | 35.8 | 44.4 | $1M | 0.17 | 0.85 | 88 |
| ETH | Bitget | 95% | 100% | 6.8 | 9.6 | $1M | 0.14 | 1.84 | 88 |
| ETH | MEXC | 92% | 100% | 51.3 | 68.4 | $1M | 0.33 | 1.43 | 88 |
| ETH | Crypto.com | 57% | 100% | 30.0 | 100.1 | $100K | 0.33 | 0.83 | 88 |
| ETH | Gate.io | 45% | 100% | 32.4 | 59.5 | $100K | 0.33 | 0.69 | 88 |
| ETH | Backpack | 0% | 98% | — | — | $100K | — | — | 86 |
| ETH | Bitunix | 0% | 100% | — | — | $100K | — | — | 88 |
| ETH | Coinbase | 0% | 100% | — | — | $100K | — | — | 88 |
| ETH | Deribit | 0% | 45% | — | — | $10K | — | — | 88 |
| ETH | Firi | 0% | 100% | — | — | $100K | — | — | 2 |
| ETH | KuCoin | 0% | 100% | — | — | $100K | — | — | 86 |
| SOL | Bitunix | 100% | 100% | 7.7 | 9.5 | $1M | 0.06 | 0.92 | 88 |
| SOL | MEXC | 100% | 100% | 7.8 | 13.8 | $1M | 0.52 | 1.17 | 88 |
| SOL | Binance | 100% | 100% | 8.7 | 13.6 | $1M | 0.17 | 1.55 | 88 |
| SOL | Toobit | 100% | 100% | 10.3 | 14.6 | $1M | 0.19 | 1.65 | 88 |
| SOL | Bitmart | 100% | 100% | 10.6 | 13.9 | $1M | 0.16 | 1.52 | 88 |
| SOL | Phemex | 100% | 100% | 14.9 | 17.6 | $1M | 0.07 | 1.14 | 88 |
| SOL | BingX | 100% | 100% | 17.5 | 26.1 | $1M | 0.23 | 1.31 | 88 |
| SOL | OKX | 100% | 100% | 17.7 | 25.5 | $1M | 0.24 | 1.40 | 88 |
| SOL | XT.COM | 100% | 100% | 25.8 | 29.3 | $1M | 0.06 | 0.98 | 88 |
| SOL | WhiteBIT | 100% | 100% | 42.1 | 59.0 | $1M | 0.20 | 1.21 | 88 |
| SOL | Bitget | 99% | 100% | 12.4 | 18.5 | $1M | 0.15 | 1.56 | 88 |
| SOL | Bybit | 81% | 100% | 30.5 | 42.0 | $100K | 0.17 | 1.15 | 88 |
| SOL | Crypto.com | 80% | 100% | 45.5 | 53.3 | $100K | 0.09 | 0.58 | 88 |
| SOL | HTX | 58% | 100% | 27.1 | 44.3 | $100K | 0.19 | 0.98 | 88 |
| SOL | Gate.io | 8% | 100% | 61.9 | 64.6 | $100K | 0.03 | 0.49 | 88 |
| SOL | KuCoin | 2% | 100% | 22.3 | 29.7 | $100K | 0.11 | 0.50 | 87 |
| SOL | Backpack | 0% | 99% | — | — | $100K | — | — | 87 |
| SOL | Coinbase | 0% | 99% | — | — | $100K | — | — | 88 |
| SOL | Deribit | 0% | 0% | — | — | $1K | — | — | 86 |
| SOL | Firi | 0% | 0% | — | — | $10K | — | — | 2 |
| SOL | Kraken | 0% | 100% | — | — | $100K | — | — | 88 |
Non-order-book liquidity models
A handful of venues do not run an order book — they price fills from an external oracle (GMX, Jupiter, Gains and similar). Execution is structurally different: size doesn’t move the fill, so they “absorb” any order at the oracle price. That can be an advantage, but it is not order-book depth, so they are listed here rather than ranked on a depth metric they would trivially top.
Avantisoracle-priced
GMTradeoracle-priced
GMXoracle-priced
Gainsoracle-priced
Jupiteroracle-priced
MYXoracle-priced
Ostiumoracle-priced
Reyaoracle-pricedWhat this measures — and what it doesn’t yet
Fill rateis the share of measurements a venue’s book absorbed the order within tolerance; median/p90 slippage is the distribution over its successful fills; Cost CV (coefficient of variation) and Rank σ are separate stability measures — a venue can have steady cost yet an unstable rank if its rivals move. Everything is split by asset and market and pooled across neither. Percentiles unlock at 10+ (20+ for p90) observations; stability needs at least two sweeps. Buy/sell asymmetry is out of scope for now — the engine reports a single taker execution per venue.
Shares the continuously-sampled dataset behind the cheapest-exchange report. Download the raw history as CSV or the computed rollup as JSON, and read the methodology.