FeeFloor Research · Preliminary
Which crypto exchanges have the deepest real liquidity?
By the FeeFloor Data TeamMeasured since 16 July 202681 sweepsUpdated 3 Aug 2026, 12:02 UTC
Sell-side coverage (per market)
Coverage history: v2 (2026-07-16) — Sell-side support expanded to all order-book venues (perp 35/49 → 49/49; spot already full). v3 (2026-07-17) — Spot-sell reset: 8 sweeps before 2026-07-17 06:00 UTC were corrupt (a spot-engine regression ignored side and returned buy data). They are excluded; spot-sell maturity restarts on post-fix measurements. Buy and perp-sell were unaffected. Sweeps before a change keep the version they were collected under, so an expansion in supported venues is never read as a market move.
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 81 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 | 0.2 | $1M | 0.02 | 2.09 | 78 |
| BTC |  Toobit | 100% | 100% | 0.0 | 0.1 | $1M | 0.03 | 1.78 | 81 |
| BTC |  MEXC | 100% | 100% | 0.0 | 0.3 | $1M | 0.07 | 0.28 | 81 |
| BTC |  Bitunix | 100% | 100% | 0.0 | 0.1 | $1M | 0.00 | 2.48 | 81 |
| BTC |  XT.COM | 100% | 100% | 0.1 | 3.3 | $1M | 0.20 | 4.02 | 81 |
| BTC |  Binance | 100% | 100% | 0.2 | 0.8 | $1M | 0.07 | 2.59 | 81 |
| BTC |  OKX | 100% | 100% | 0.2 | 0.7 | $1M | 0.06 | 2.69 | 81 |
| BTC |  BingX | 100% | 100% | 0.2 | 0.7 | $1M | 0.06 | 2.39 | 81 |
| BTC |  edgeX | 100% | 100% | 0.4 | 0.6 | $1M | 0.04 | 1.17 | 81 |
| BTC |  Extended | 100% | 100% | 0.5 | 1.8 | $1M | 0.22 | 1.43 | 81 |
| BTC |  Coinbase | 100% | 100% | 0.5 | 1.1 | $1M | 0.13 | 1.31 | 81 |
| BTC |  Bybit | 100% | 100% | 0.6 | 1.5 | $1M | 0.08 | 5.02 | 81 |
| BTC |  GRVT | 100% | 100% | 0.7 | 1.7 | $1M | 0.18 | 5.51 | 78 |
| BTC |  Aster | 100% | 100% | 0.8 | 1.6 | $1M | 0.17 | 4.53 | 81 |
| BTC |  Lighter | 100% | 100% | 1.3 | 1.9 | $1M | 0.25 | 0.34 | 81 |
| BTC |  HTX | 100% | 100% | 1.3 | 2.6 | $1M | 0.10 | 2.31 | 78 |
| BTC |  NADO | 100% | 100% | 1.3 | 2.1 | $1M | 0.11 | 4.44 | 81 |
| BTC |  Gate.io | 100% | 100% | 1.4 | 2.2 | $1M | 0.10 | 4.84 | 81 |
| BTC |  Kraken | 100% | 100% | 2.1 | 2.8 | $1M | 0.09 | 3.62 | 81 |
| BTC |  StandX | 100% | 100% | 2.9 | 5.5 | $1M | 0.16 | 3.20 | 81 |
| BTC |  Apex Omni | 100% | 100% | 3.7 | 10.0 | $1M | 0.37 | 6.58 | 78 |
| BTC |  Deribit | 100% | 100% | 3.7 | 6.4 | $1M | 0.28 | 5.28 | 81 |
| BTC |  Crypto.com | 100% | 100% | 4.5 | 6.0 | $1M | 0.12 | 2.10 | 78 |
| BTC |  SunX | 100% | 100% | 4.8 | 8.1 | $1M | 0.23 | 3.40 | 78 |
| BTC |  dYdX | 100% | 100% | 6.3 | 9.1 | $1M | 0.15 | 3.66 | 81 |
| BTC |  RISEx | 100% | 100% | 7.4 | 9.2 | $1M | 0.14 | 2.03 | 78 |
| BTC |  WhiteBIT | 100% | 100% | 7.9 | 10.9 | $1M | 0.21 | 3.82 | 81 |
| BTC |  Hyperliquid | 99% | 100% | 0.4 | 1.5 | $1M | 0.12 | 5.44 | 81 |
| BTC |  Bitget | 99% | 100% | 0.6 | 1.2 | $1M | 0.07 | 2.41 | 81 |
| BTC |  KuCoin | 99% | 100% | 2.5 | 3.5 | $1M | 0.10 | 1.91 | 81 |
| BTC |  Aevo | 99% | 100% | 9.4 | 13.0 | $1M | 0.32 | 2.30 | 80 |
| BTC |  BloFin | 99% | 100% | 0.1 | 0.5 | $1M | 0.04 | 2.68 | 78 |
| BTC |  Hibachi | 99% | 100% | 13.3 | 24.6 | $1M | 0.31 | 1.61 | 77 |
| BTC |  Ethereal | 91% | 100% | 7.2 | 8.5 | $1M | 0.09 | 2.01 | 78 |
| BTC |  Phemex | 44% | 100% | 4.0 | 6.7 | $100K | 0.19 | 2.87 | 78 |
| BTC |  Orderly | 1% | 100% | 56.7 | 56.7 | $100K | — | — | 81 |
| BTC |  Bluefin | 0% | 100% | — | — | $100K | — | — | 78 |
| BTC |  Hotstuff | 0% | 0% | — | — | $1K | — | — | 76 |
| BTC |  Ondo | 0% | 99% | — | — | $100K | — | — | 78 |
| BTC |  Pacifica | 0% | 99% | — | — | $100K | — | — | 79 |
| BTC |  Paradex | 0% | 100% | — | — | $100K | — | — | 81 |
| ETH | Toobit | 100% | 100% | 0.1 | 0.6 | $1M | 0.07 | 3.36 | 81 |
| ETH | MEXC | 100% | 100% | 0.2 | 0.5 | $1M | 0.09 | 0.46 | 81 |
| ETH | Bitmart | 100% | 100% | 0.2 | 0.7 | $1M | 0.05 | 2.97 | 78 |
| ETH | edgeX | 100% | 100% | 0.2 | 0.5 | $1M | 0.07 | 1.99 | 81 |
| ETH | XT.COM | 100% | 100% | 0.3 | 1.0 | $1M | 0.06 | 3.82 | 81 |
| ETH | BloFin | 100% | 100% | 0.4 | 0.7 | $1M | 0.04 | 2.68 | 78 |
| ETH | BingX | 100% | 100% | 0.5 | 0.8 | $1M | 0.05 | 3.31 | 81 |
| ETH | Bitunix | 100% | 100% | 0.6 | 0.7 | $1M | 0.01 | 2.61 | 81 |
| ETH | OKX | 100% | 100% | 0.7 | 1.3 | $1M | 0.08 | 4.28 | 81 |
| ETH | Bitget | 100% | 100% | 0.9 | 1.8 | $1M | 0.07 | 2.92 | 81 |
| ETH | Binance | 100% | 100% | 0.9 | 1.7 | $1M | 0.10 | 4.46 | 81 |
| ETH | Hyperliquid | 100% | 100% | 1.0 | 2.6 | $1M | 0.15 | 7.06 | 81 |
| ETH | Aster | 100% | 100% | 1.3 | 3.0 | $1M | 0.19 | 6.64 | 81 |
| ETH | Extended | 100% | 100% | 1.4 | 3.0 | $1M | 0.23 | 5.19 | 81 |
| ETH | HTX | 100% | 100% | 1.4 | 2.6 | $1M | 0.13 | 3.27 | 77 |
| ETH | Lighter | 100% | 100% | 1.5 | 2.4 | $1M | 0.25 | 0.46 | 81 |
| ETH | Coinbase | 100% | 100% | 1.6 | 2.8 | $1M | 0.20 | 5.57 | 80 |
| ETH | Bybit | 100% | 100% | 1.7 | 2.5 | $1M | 0.09 | 3.79 | 81 |
| ETH | GRVT | 100% | 100% | 2.3 | 3.8 | $1M | 0.24 | 3.84 | 78 |
| ETH | StandX | 100% | 100% | 2.8 | 6.4 | $1M | 0.19 | 3.84 | 80 |
| ETH | NADO | 100% | 100% | 2.9 | 4.3 | $1M | 0.13 | 5.58 | 81 |
| ETH | Gate.io | 100% | 100% | 3.1 | 4.7 | $1M | 0.14 | 3.68 | 80 |
| ETH | Kraken | 100% | 100% | 3.3 | 4.3 | $1M | 0.14 | 1.81 | 81 |
| ETH | KuCoin | 100% | 100% | 3.6 | 4.6 | $1M | 0.09 | 1.43 | 81 |
| ETH | SunX | 100% | 100% | 4.8 | 9.3 | $1M | 0.22 | 3.39 | 78 |
| ETH | dYdX | 100% | 100% | 8.0 | 11.7 | $1M | 0.32 | 2.00 | 81 |
| ETH | WhiteBIT | 100% | 100% | 9.0 | 12.3 | $1M | 0.24 | 2.03 | 81 |
| ETH | Deribit | 100% | 100% | 12.8 | 16.7 | $1M | 0.30 | 3.33 | 81 |
| ETH | RISEx | 100% | 100% | 15.0 | 17.2 | $1M | 0.18 | 1.20 | 78 |
| ETH | Apex Omni | 100% | 100% | 18.7 | 24.3 | $1M | 0.24 | 1.14 | 78 |
| ETH | Aevo | 99% | 100% | 9.9 | 13.5 | $1M | 0.21 | 1.82 | 79 |
| ETH | Phemex | 99% | 100% | 4.5 | 6.7 | $1M | 0.17 | 1.61 | 78 |
| ETH | Crypto.com | 97% | 100% | 21.2 | 26.6 | $1M | 0.25 | 1.33 | 78 |
| ETH | Bluefin | 0% | 100% | — | — | $100K | — | — | 78 |
| ETH | Ethereal | 0% | 100% | — | — | $100K | — | — | 78 |
| ETH | Hibachi | 0% | 100% | — | — | $100K | — | — | 77 |
| ETH | Hotstuff | 0% | 0% | — | — | $10K | — | — | 75 |
| ETH | Ondo | 0% | 97% | — | — | $100K | — | — | 78 |
| ETH | Orderly | 0% | 100% | — | — | $100K | — | — | 80 |
| ETH | Pacifica | 0% | 99% | — | — | $100K | — | — | 79 |
| ETH | Paradex | 0% | 98% | — | — | $100K | — | — | 81 |
| SOL | Toobit | 100% | 100% | 0.0 | 0.6 | $1M | 0.09 | 2.94 | 81 |
| SOL | Bitmart | 100% | 100% | 0.7 | 2.9 | $1M | 0.17 | 4.88 | 77 |
| SOL | edgeX | 100% | 100% | 0.8 | 2.0 | $1M | 0.13 | 3.95 | 81 |
| SOL | Bitunix | 100% | 100% | 0.9 | 1.1 | $1M | 0.02 | 2.41 | 80 |
| SOL | MEXC | 100% | 100% | 1.1 | 1.7 | $1M | 0.14 | 0.47 | 81 |
| SOL | BingX | 100% | 100% | 1.1 | 1.6 | $1M | 0.12 | 3.61 | 81 |
| SOL | XT.COM | 100% | 100% | 1.9 | 3.0 | $1M | 0.06 | 2.38 | 80 |
| SOL | OKX | 100% | 100% | 1.9 | 3.5 | $1M | 0.14 | 4.25 | 80 |
| SOL | Binance | 100% | 100% | 2.0 | 2.8 | $1M | 0.09 | 3.37 | 81 |
| SOL | BloFin | 100% | 100% | 2.2 | 3.1 | $1M | 0.10 | 3.21 | 77 |
| SOL | Bybit | 100% | 100% | 2.8 | 3.8 | $1M | 0.09 | 2.88 | 81 |
| SOL | Bitget | 100% | 100% | 3.2 | 4.3 | $1M | 0.10 | 3.01 | 81 |
| SOL | Aster | 100% | 100% | 3.7 | 5.2 | $1M | 0.12 | 3.73 | 80 |
| SOL | Coinbase | 100% | 100% | 4.1 | 5.4 | $1M | 0.18 | 5.28 | 80 |
| SOL | Extended | 100% | 100% | 4.5 | 6.5 | $1M | 0.15 | 4.96 | 81 |
| SOL | NADO | 100% | 100% | 5.4 | 6.7 | $1M | 0.11 | 2.47 | 80 |
| SOL | Lighter | 100% | 100% | 5.6 | 7.2 | $1M | 0.22 | 5.69 | 81 |
| SOL | Kraken | 100% | 100% | 6.4 | 8.9 | $1M | 0.14 | 1.75 | 81 |
| SOL | KuCoin | 100% | 100% | 7.3 | 9.4 | $1M | 0.11 | 1.88 | 81 |
| SOL | Gate.io | 100% | 100% | 7.4 | 9.7 | $1M | 0.14 | 1.80 | 81 |
| SOL | Phemex | 100% | 100% | 8.7 | 12.6 | $1M | 0.13 | 1.94 | 78 |
| SOL | dYdX | 100% | 100% | 10.0 | 26.9 | $1M | 0.51 | 2.60 | 81 |
| SOL | HTX | 100% | 100% | 11.7 | 18.8 | $1M | 0.21 | 1.71 | 77 |
| SOL | WhiteBIT | 100% | 100% | 35.5 | 45.0 | $1M | 0.14 | 1.49 | 81 |
| SOL | Aevo | 99% | 100% | 7.7 | 10.5 | $1M | 0.32 | 1.72 | 79 |
| SOL | GRVT | 99% | 100% | 4.2 | 5.3 | $1M | 0.09 | 3.06 | 77 |
| SOL | Deribit | 33% | 100% | 38.9 | 49.7 | $100K | 0.37 | 3.03 | 81 |
| SOL | Crypto.com | 31% | 100% | 26.5 | 38.3 | $100K | 0.15 | 0.67 | 78 |
| SOL | Hyperliquid | 6% | 100% | 1.5 | 1.9 | $100K | 0.04 | 2.61 | 80 |
| SOL | Apex Omni | 0% | 100% | — | — | $100K | — | — | 78 |
| SOL | Bluefin | 0% | 99% | — | — | $100K | — | — | 78 |
| SOL | Ethereal | 0% | 100% | — | — | $100K | — | — | 76 |
| SOL | Hibachi | 0% | 100% | — | — | $100K | — | — | 76 |
| SOL | Hotstuff | 0% | 0% | — | — | $1K | — | — | 76 |
| SOL | Orderly | 0% | 60% | — | — | $10K | — | — | 79 |
| SOL | Pacifica | 0% | 99% | — | — | $100K | — | — | 79 |
| SOL | Paradex | 0% | 0% | — | — | $10K | — | — | 57 |
| SOL | RISEx | 0% | 100% | — | — | $100K | — | — | 77 |
| SOL | SunX | 0% | 99% | — | — | $100K | — | — | 77 |
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 | 0.45 | 69 |
| BTC | Toobit | 100% | 100% | 0.0 | 0.0 | $1M | 0.34 | 0.49 | 69 |
| BTC | Binance | 100% | 100% | 1.3 | 2.5 | $1M | 0.08 | 0.95 | 69 |
| BTC | Bitunix | 100% | 100% | 1.5 | 1.8 | $1M | 0.02 | 1.52 | 69 |
| BTC | OKX | 100% | 100% | 2.3 | 3.3 | $1M | 0.06 | 1.21 | 69 |
| BTC | BingX | 100% | 100% | 2.4 | 4.3 | $1M | 0.11 | 1.77 | 68 |
| BTC | Bybit | 100% | 100% | 3.6 | 5.2 | $1M | 0.09 | 1.16 | 69 |
| BTC | Bitmart | 100% | 100% | 3.7 | 4.9 | $1M | 0.06 | 0.91 | 68 |
| BTC | HTX | 100% | 100% | 5.0 | 7.8 | $1M | 0.13 | 0.66 | 69 |
| BTC | WhiteBIT | 100% | 100% | 5.4 | 6.2 | $1M | 0.04 | 0.70 | 69 |
| BTC | Phemex | 100% | 100% | 5.6 | 7.3 | $1M | 0.11 | 1.44 | 69 |
| BTC | Crypto.com | 100% | 100% | 6.0 | 8.5 | $1M | 0.03 | 0.61 | 69 |
| BTC | Kraken | 100% | 100% | 16.2 | 19.6 | $1M | 0.27 | 0.61 | 69 |
| BTC | Bitget | 99% | 100% | 1.5 | 2.8 | $1M | 0.07 | 1.13 | 69 |
| BTC | MEXC | 99% | 100% | 1.8 | 10.6 | $1M | 1.05 | 3.88 | 69 |
| BTC | Gate.io | 99% | 100% | 15.4 | 17.4 | $1M | 0.18 | 0.65 | 69 |
| BTC | Coinbase | 3% | 100% | 15.9 | 18.2 | $100K | 0.02 | 0.00 | 69 |
| BTC | KuCoin | 1% | 100% | 4.1 | 4.1 | $100K | — | — | 68 |
| BTC |  Backpack | 0% | 100% | — | — | $100K | — | — | 69 |
| BTC | Deribit | 0% | 100% | — | — | $100K | — | — | 69 |
| BTC | Firi | 0% | 100% | — | — | $100K | — | — | 2 |
| BTC | Hyperliquid | 0% | 100% | — | — | $100K | — | — | 69 |
| ETH | Toobit | 100% | 100% | 1.1 | 1.3 | $1M | 0.29 | 0.12 | 69 |
| ETH | XT.COM | 100% | 100% | 2.1 | 4.5 | $1M | 0.06 | 1.00 | 69 |
| ETH | Binance | 100% | 100% | 3.3 | 4.8 | $1M | 0.11 | 0.47 | 69 |
| ETH | BingX | 100% | 100% | 5.3 | 8.2 | $1M | 0.12 | 1.45 | 69 |
| ETH | OKX | 100% | 100% | 5.6 | 7.8 | $1M | 0.11 | 1.16 | 68 |
| ETH | Bitmart | 100% | 100% | 5.7 | 6.6 | $1M | 0.08 | 1.01 | 69 |
| ETH | Phemex | 100% | 100% | 7.4 | 9.8 | $1M | 0.10 | 1.39 | 69 |
| ETH | Bybit | 100% | 100% | 9.6 | 12.8 | $1M | 0.15 | 1.16 | 69 |
| ETH | HTX | 100% | 100% | 10.5 | 18.4 | $1M | 0.13 | 0.63 | 69 |
| ETH | WhiteBIT | 100% | 100% | 12.6 | 14.7 | $1M | 0.06 | 0.92 | 69 |
| ETH | Kraken | 99% | 100% | 35.0 | 40.6 | $1M | 0.21 | 0.81 | 69 |
| ETH | Bitget | 96% | 100% | 7.3 | 9.5 | $1M | 0.12 | 1.64 | 69 |
| ETH | MEXC | 94% | 100% | 51.2 | 78.0 | $1M | 0.34 | 0.89 | 69 |
| ETH | Crypto.com | 55% | 100% | 55.4 | 135.2 | $100K | 0.34 | 0.87 | 69 |
| ETH | Gate.io | 52% | 100% | 20.6 | 32.8 | $100K | 0.35 | 0.79 | 69 |
| ETH | Backpack | 0% | 100% | — | — | $100K | — | — | 69 |
| ETH | Bitunix | 0% | 100% | — | — | $100K | — | — | 69 |
| ETH | Coinbase | 0% | 99% | — | — | $100K | — | — | 69 |
| ETH | Deribit | 0% | 32% | — | — | $10K | — | — | 69 |
| ETH | Firi | 0% | 0% | — | — | $10K | — | — | 2 |
| ETH | KuCoin | 0% | 100% | — | — | $100K | — | — | 68 |
| SOL | MEXC | 100% | 100% | 6.4 | 9.3 | $1M | 0.83 | 1.21 | 69 |
| SOL | Binance | 100% | 100% | 7.6 | 11.3 | $1M | 0.18 | 1.11 | 69 |
| SOL | Bitunix | 100% | 100% | 7.8 | 9.4 | $1M | 0.06 | 0.91 | 69 |
| SOL | Toobit | 100% | 100% | 10.4 | 14.4 | $1M | 0.20 | 1.79 | 69 |
| SOL | Bitmart | 100% | 100% | 10.6 | 13.7 | $1M | 0.17 | 1.54 | 69 |
| SOL | BingX | 100% | 100% | 12.7 | 23.1 | $1M | 0.25 | 1.33 | 69 |
| SOL | OKX | 100% | 100% | 14.3 | 18.5 | $1M | 0.19 | 1.24 | 69 |
| SOL | Phemex | 100% | 100% | 15.2 | 17.0 | $1M | 0.06 | 1.23 | 69 |
| SOL | XT.COM | 100% | 100% | 25.5 | 29.3 | $1M | 0.06 | 0.75 | 69 |
| SOL | WhiteBIT | 100% | 100% | 43.1 | 60.3 | $1M | 0.18 | 0.87 | 69 |
| SOL | Bitget | 99% | 100% | 12.0 | 18.0 | $1M | 0.17 | 1.71 | 69 |
| SOL | Crypto.com | 99% | 100% | 59.4 | 81.5 | $1M | 0.13 | 0.75 | 69 |
| SOL | Bybit | 93% | 100% | 26.1 | 32.9 | $1M | 0.13 | 0.57 | 69 |
| SOL | HTX | 64% | 100% | 38.4 | 62.1 | $100K | 0.21 | 0.72 | 69 |
| SOL | Kraken | 58% | 100% | 72.2 | 78.1 | $100K | 0.12 | 0.55 | 69 |
| SOL | Gate.io | 10% | 100% | 61.8 | 66.1 | $100K | 0.05 | 0.49 | 69 |
| SOL | Backpack | 0% | 100% | — | — | $100K | — | — | 69 |
| SOL | Coinbase | 0% | 100% | — | — | $100K | — | — | 69 |
| SOL | Deribit | 0% | 0% | — | — | $1K | — | — | 67 |
| SOL | Firi | 0% | 0% | — | — | $10K | — | — | 2 |
| SOL | KuCoin | 0% | 100% | — | — | $100K | — | — | 68 |
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.