FeeFloor Research · Preliminary
Which crypto exchanges have the deepest real liquidity?
By the FeeFloor Data TeamMeasured since 15 July 20264 sweepsUpdated 15 Jul 2026, 13:23 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 ETH perpetuals, the deepest measured book so far is Toobit, filling a $1M order in 100% of measurements.
Preliminary. Live from day one with real measurements over 4 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% | — | — | $1M | 0.01 | 1.50 | 4 |
| BTC |  MEXC | 100% | 100% | — | — | $1M | 0.10 | 0.00 | 4 |
| BTC |  Bitunix | 100% | 100% | — | — | $1M | 0.00 | 0.83 | 4 |
| BTC |  Toobit | 100% | 100% | — | — | $1M | 0.01 | 0.87 | 4 |
| BTC |  BloFin | 100% | 100% | — | — | $1M | 0.02 | 2.12 | 4 |
| BTC |  OKX | 100% | 100% | — | — | $1M | 0.13 | 4.69 | 4 |
| BTC |  BingX | 100% | 100% | — | — | $1M | 0.01 | 0.83 | 4 |
| BTC |  Hyperliquid | 100% | 100% | — | — | $1M | 0.06 | 3.27 | 4 |
| BTC |  edgeX | 100% | 100% | — | — | $1M | 0.02 | 0.00 | 4 |
| BTC |  Extended | 100% | 100% | — | — | $1M | 0.11 | 0.00 | 4 |
| BTC |  Binance | 100% | 100% | — | — | $1M | 0.03 | 0.50 | 4 |
| BTC |  GRVT | 100% | 100% | — | — | $1M | 0.11 | 6.80 | 4 |
| BTC |  Aster | 100% | 100% | — | — | $1M | 0.05 | 1.12 | 4 |
| BTC |  Coinbase | 100% | 100% | — | — | $1M | 0.04 | 0.00 | 4 |
| BTC |  Bybit | 100% | 100% | — | — | $1M | 0.05 | 1.30 | 4 |
| BTC |  Bitget | 100% | 100% | — | — | $1M | 0.03 | 1.22 | 4 |
| BTC |  HTX | 100% | 100% | — | — | $1M | 0.06 | 1.09 | 4 |
| BTC |  Lighter | 100% | 100% | — | — | $1M | 0.25 | 0.00 | 4 |
| BTC |  Gate.io | 100% | 100% | — | — | $1M | 0.13 | 5.67 | 4 |
| BTC |  NADO | 100% | 100% | — | — | $1M | 0.05 | 1.22 | 4 |
| BTC |  Apex Omni | 100% | 100% | — | — | $1M | 0.12 | 2.68 | 4 |
| BTC |  Deribit | 100% | 100% | — | — | $1M | 0.25 | 3.35 | 4 |
| BTC |  Kraken | 100% | 100% | — | — | $1M | 0.05 | 0.83 | 4 |
| BTC |  XT.COM | 100% | 100% | — | — | $1M | 0.04 | 1.09 | 4 |
| BTC |  StandX | 100% | 100% | — | — | $1M | 0.09 | 2.18 | 4 |
| BTC |  WhiteBIT | 100% | 100% | — | — | $1M | 0.14 | 3.00 | 4 |
| BTC |  Crypto.com | 100% | 100% | — | — | $1M | 0.07 | 1.12 | 4 |
| BTC |  Ethereal | 100% | 100% | — | — | $1M | 0.14 | 2.74 | 4 |
| BTC |  SunX | 100% | 100% | — | — | $1M | 0.02 | 0.71 | 4 |
| BTC |  dYdX | 100% | 100% | — | — | $1M | 0.10 | 0.83 | 4 |
| BTC |  Aevo | 100% | 100% | — | — | $1M | 0.06 | 0.50 | 4 |
| BTC |  RISEx | 100% | 100% | — | — | $1M | 0.03 | 0.50 | 4 |
| BTC |  Hibachi | 100% | 100% | — | — | $1M | 0.12 | 0.50 | 4 |
| BTC |  KuCoin | 75% | 100% | — | — | $100K | 0.06 | 1.63 | 4 |
| BTC |  Phemex | 25% | 100% | — | — | $100K | — | — | 4 |
| BTC |  Bluefin | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC |  Hotstuff | 0% | 0% | — | — | $1K | — | — | 4 |
| BTC |  Ondo | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC |  Orderly | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC |  Pacifica | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC |  Paradex | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Toobit | 100% | 100% | — | — | $1M | 0.10 | 2.55 | 4 |
| ETH | XT.COM | 100% | 100% | — | — | $1M | 0.07 | 3.64 | 4 |
| ETH | Bitmart | 100% | 100% | — | — | $1M | 0.07 | 1.22 | 4 |
| ETH | edgeX | 100% | 100% | — | — | $1M | 0.04 | 0.71 | 4 |
| ETH | MEXC | 100% | 100% | — | — | $1M | 0.04 | 0.43 | 4 |
| ETH | BloFin | 100% | 100% | — | — | $1M | 0.03 | 0.71 | 4 |
| ETH | OKX | 100% | 100% | — | — | $1M | 0.09 | 3.94 | 4 |
| ETH | Bitunix | 100% | 100% | — | — | $1M | 0.00 | 2.05 | 4 |
| ETH | Bitget | 100% | 100% | — | — | $1M | 0.06 | 1.12 | 4 |
| ETH | BingX | 100% | 100% | — | — | $1M | 0.03 | 1.79 | 4 |
| ETH | Aster | 100% | 100% | — | — | $1M | 0.10 | 2.06 | 4 |
| ETH | Hyperliquid | 100% | 100% | — | — | $1M | 0.09 | 5.55 | 4 |
| ETH | Binance | 100% | 100% | — | — | $1M | 0.06 | 2.77 | 4 |
| ETH | Coinbase | 100% | 100% | — | — | $1M | 0.05 | 0.50 | 4 |
| ETH | HTX | 100% | 100% | — | — | $1M | 0.06 | 1.79 | 4 |
| ETH | Extended | 100% | 100% | — | — | $1M | 0.08 | 1.09 | 4 |
| ETH | Bybit | 100% | 100% | — | — | $1M | 0.02 | 0.87 | 4 |
| ETH | Lighter | 100% | 100% | — | — | $1M | 0.14 | 0.43 | 4 |
| ETH | NADO | 100% | 100% | — | — | $1M | 0.13 | 6.06 | 4 |
| ETH | GRVT | 100% | 100% | — | — | $1M | 0.18 | 6.22 | 4 |
| ETH | KuCoin | 100% | 100% | — | — | $1M | 0.07 | 0.83 | 4 |
| ETH | StandX | 100% | 100% | — | — | $1M | 0.24 | 1.50 | 4 |
| ETH | Phemex | 100% | 100% | — | — | $1M | 0.30 | 1.48 | 4 |
| ETH | Kraken | 100% | 100% | — | — | $1M | 0.10 | 0.83 | 4 |
| ETH | Gate.io | 100% | 100% | — | — | $1M | 0.12 | 1.22 | 4 |
| ETH | SunX | 100% | 100% | — | — | $1M | 0.21 | 0.83 | 4 |
| ETH | WhiteBIT | 100% | 100% | — | — | $1M | 0.10 | 0.71 | 4 |
| ETH | dYdX | 100% | 100% | — | — | $1M | 0.14 | 1.58 | 4 |
| ETH | Aevo | 100% | 100% | — | — | $1M | 0.16 | 1.50 | 4 |
| ETH | Deribit | 100% | 100% | — | — | $1M | 0.26 | 1.58 | 4 |
| ETH | Crypto.com | 100% | 100% | — | — | $1M | 0.20 | 0.43 | 4 |
| ETH | RISEx | 100% | 100% | — | — | $1M | 0.21 | 0.71 | 4 |
| ETH | Apex Omni | 100% | 100% | — | — | $1M | 0.19 | 1.00 | 4 |
| ETH | Bluefin | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Ethereal | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Hibachi | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Hotstuff | 0% | 0% | — | — | $10K | — | — | 4 |
| ETH | Ondo | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Orderly | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Pacifica | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Paradex | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Toobit | 100% | 100% | — | — | $1M | 0.10 | 2.95 | 4 |
| SOL | edgeX | 100% | 100% | — | — | $1M | 0.15 | 6.26 | 4 |
| SOL | Bitunix | 100% | 100% | — | — | $1M | 0.01 | 1.48 | 4 |
| SOL | MEXC | 100% | 100% | — | — | $1M | 0.16 | 0.50 | 4 |
| SOL | BingX | 100% | 100% | — | — | $1M | 0.02 | 0.87 | 4 |
| SOL | Bitmart | 100% | 100% | — | — | $1M | 0.09 | 3.49 | 4 |
| SOL | XT.COM | 100% | 100% | — | — | $1M | 0.02 | 3.57 | 4 |
| SOL | Binance | 100% | 100% | — | — | $1M | 0.11 | 3.77 | 4 |
| SOL | Bybit | 100% | 100% | — | — | $1M | 0.08 | 3.19 | 4 |
| SOL | BloFin | 100% | 100% | — | — | $1M | 0.08 | 2.55 | 4 |
| SOL | OKX | 100% | 100% | — | — | $1M | 0.08 | 2.68 | 4 |
| SOL | Bitget | 100% | 100% | — | — | $1M | 0.17 | 1.12 | 4 |
| SOL | GRVT | 100% | 100% | — | — | $1M | 0.04 | 2.55 | 4 |
| SOL | Aster | 100% | 100% | — | — | $1M | 0.06 | 1.66 | 4 |
| SOL | NADO | 100% | 100% | — | — | $1M | 0.08 | 1.92 | 4 |
| SOL | Coinbase | 100% | 100% | — | — | $1M | 0.15 | 5.22 | 4 |
| SOL | Extended | 100% | 100% | — | — | $1M | 0.11 | 4.30 | 4 |
| SOL | Kraken | 100% | 100% | — | — | $1M | 0.11 | 0.43 | 4 |
| SOL | Lighter | 100% | 100% | — | — | $1M | 0.07 | 1.92 | 4 |
| SOL | Aevo | 100% | 100% | — | — | $1M | 0.09 | 0.83 | 4 |
| SOL | Phemex | 100% | 100% | — | — | $1M | 0.08 | 1.09 | 4 |
| SOL | Gate.io | 100% | 100% | — | — | $1M | 0.10 | 1.12 | 4 |
| SOL | dYdX | 100% | 100% | — | — | $1M | 0.17 | 1.09 | 4 |
| SOL | HTX | 100% | 100% | — | — | $1M | 0.16 | 1.09 | 4 |
| SOL | WhiteBIT | 100% | 100% | — | — | $1M | 0.04 | 0.71 | 4 |
| SOL | Deribit | 100% | 100% | — | — | $1M | 0.30 | 0.71 | 4 |
| SOL | KuCoin | 75% | 100% | — | — | $100K | 0.06 | 0.82 | 4 |
| SOL | Hyperliquid | 25% | 100% | — | — | $100K | — | — | 4 |
| SOL | Apex Omni | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Bluefin | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Crypto.com | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Ethereal | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Hibachi | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Hotstuff | 0% | 0% | — | — | $1K | — | — | 4 |
| SOL | Orderly | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Pacifica | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Paradex | 0% | 0% | — | — | $10K | — | — | 4 |
| SOL | RISEx | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | SunX | 0% | 100% | — | — | $100K | — | — | 4 |
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% | — | — | $1M | 0.00 | 0.50 | 4 |
| BTC | Toobit | 100% | 100% | — | — | $1M | 0.00 | 0.50 | 4 |
| BTC | Binance | 100% | 100% | — | — | $1M | 0.02 | 0.50 | 4 |
| BTC | BingX | 100% | 100% | — | — | $1M | 0.10 | 1.09 | 4 |
| BTC | Bitunix | 100% | 100% | — | — | $1M | 0.00 | 1.64 | 4 |
| BTC | OKX | 100% | 100% | — | — | $1M | 0.04 | 0.71 | 4 |
| BTC | Bitmart | 100% | 100% | — | — | $1M | 0.03 | 0.87 | 4 |
| BTC | HTX | 100% | 100% | — | — | $1M | 0.07 | 0.50 | 4 |
| BTC | Bybit | 100% | 100% | — | — | $1M | 0.02 | 0.87 | 4 |
| BTC | Phemex | 100% | 100% | — | — | $1M | 0.08 | 1.66 | 4 |
| BTC | WhiteBIT | 100% | 100% | — | — | $1M | 0.03 | 0.87 | 4 |
| BTC | Crypto.com | 100% | 100% | — | — | $1M | 0.04 | 0.50 | 4 |
| BTC | Kraken | 100% | 100% | — | — | $1M | 0.03 | 0.83 | 4 |
| BTC | Gate.io | 100% | 100% | — | — | $1M | 0.05 | 0.50 | 4 |
| BTC | Deribit | 100% | 100% | — | — | $1M | 0.06 | 0.50 | 4 |
| BTC | Bitget | 75% | 100% | — | — | $100K | 0.06 | 0.47 | 4 |
| BTC | MEXC | 75% | 100% | — | — | $100K | 0.56 | 4.24 | 4 |
| BTC | Coinbase | 75% | 100% | — | — | $100K | 0.02 | 0.47 | 4 |
| BTC |  Backpack | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC | Hyperliquid | 0% | 100% | — | — | $100K | — | — | 4 |
| BTC | KuCoin | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Toobit | 100% | 100% | — | — | $1M | 0.05 | 0.00 | 4 |
| ETH | XT.COM | 100% | 100% | — | — | $1M | 0.07 | 1.12 | 4 |
| ETH | Binance | 100% | 100% | — | — | $1M | 0.04 | 0.00 | 4 |
| ETH | BingX | 100% | 100% | — | — | $1M | 0.05 | 0.43 | 4 |
| ETH | OKX | 100% | 100% | — | — | $1M | 0.03 | 0.83 | 4 |
| ETH | Bitmart | 100% | 100% | — | — | $1M | 0.02 | 0.50 | 4 |
| ETH | HTX | 100% | 100% | — | — | $1M | 0.20 | 0.43 | 4 |
| ETH | Phemex | 100% | 100% | — | — | $1M | 0.13 | 0.87 | 4 |
| ETH | Bybit | 100% | 100% | — | — | $1M | 0.14 | 0.50 | 4 |
| ETH | WhiteBIT | 100% | 100% | — | — | $1M | 0.02 | 1.64 | 4 |
| ETH | Kraken | 100% | 100% | — | — | $1M | 0.05 | 1.22 | 4 |
| ETH | Bitget | 75% | 100% | — | — | $100K | 0.01 | 0.00 | 4 |
| ETH | MEXC | 75% | 100% | — | — | $100K | 0.30 | 0.00 | 4 |
| ETH | Crypto.com | 50% | 100% | — | — | $100K | 0.02 | 0.00 | 4 |
| ETH | Backpack | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Bitunix | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Coinbase | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | Deribit | 0% | 75% | — | — | $10K | — | — | 4 |
| ETH | Gate.io | 0% | 100% | — | — | $100K | — | — | 4 |
| ETH | KuCoin | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Bitunix | 100% | 100% | — | — | $1M | 0.06 | 0.43 | 4 |
| SOL | Toobit | 100% | 100% | — | — | $1M | 0.09 | 1.58 | 4 |
| SOL | Binance | 100% | 100% | — | — | $1M | 0.09 | 1.30 | 4 |
| SOL | Bitmart | 100% | 100% | — | — | $1M | 0.03 | 0.71 | 4 |
| SOL | MEXC | 100% | 100% | — | — | $1M | 0.14 | 0.87 | 4 |
| SOL | Bitget | 100% | 100% | — | — | $1M | 0.15 | 1.00 | 4 |
| SOL | Phemex | 100% | 100% | — | — | $1M | 0.07 | 0.50 | 4 |
| SOL | BingX | 100% | 100% | — | — | $1M | 0.23 | 1.79 | 4 |
| SOL | XT.COM | 100% | 100% | — | — | $1M | 0.06 | 0.83 | 4 |
| SOL | WhiteBIT | 100% | 100% | — | — | $1M | 0.01 | 0.71 | 4 |
| SOL | Bybit | 100% | 100% | — | — | $1M | 0.10 | 1.41 | 4 |
| SOL | OKX | 100% | 100% | — | — | $1M | 0.15 | 1.48 | 4 |
| SOL | Crypto.com | 100% | 100% | — | — | $1M | 0.03 | 0.50 | 4 |
| SOL | HTX | 50% | 100% | — | — | $100K | 0.14 | 0.50 | 4 |
| SOL | Backpack | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Coinbase | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Deribit | 0% | 0% | — | — | $10K | — | — | 4 |
| SOL | Gate.io | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | Kraken | 0% | 100% | — | — | $100K | — | — | 4 |
| SOL | KuCoin | 0% | 100% | — | — | $100K | — | — | 4 |
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.