Exploring the trading depth of major centralized exchanges, with a focus on narrow price ranges.
Author: Coingecko
Translated by: Felix, PANews
Liquidity has become a key metric for measuring crypto assets, influencing not only the convenience of trading but also volatility, slippage, and institutional appeal. As exchanges raise listing standards and market makers provide foundational depth, liquidity signifies the maturity of an asset and its readiness for substantial capital.
This report examines the trading depth of major centralized exchanges, focusing on narrow price ranges to reveal the capital scale required to drive market fluctuations. The report aims to provide a clearer and more intuitive view of liquidity for ordinary traders in today's rapidly evolving crypto landscape.
1. Binance leads in BTC liquidity across all depth levels, with a bidirectional (buy and sell sides) depth of approximately $8 million within a +/- $100 price fluctuation range, ahead of Bitget and OKX.
During the study period, the median bidirectional depth for eight selected exchanges in the BTC market price +/- $100 fluctuation range was between $20 million and $25 million. Almost all exchanges showed a steady upward trend in liquidity, indicating that liquidity is present at various depth levels.
Binance accounts for about 32% of this liquidity, with both buy and sell depths around $8 million. Following Binance is Bitget, with approximately $4.6 million, and OKX with about $3.7 million. Meanwhile, HTX and Kraken are generally the exchanges with the lowest BTC liquidity.
Within the +/- $10 fluctuation range, only Binance has bidirectional liquidity exceeding $1 million. The liquidity of Bybit, Bitget, OKX, HTX, and Crypto.com ranges between $100,000 and $500,000, while Kraken and Coinbase have liquidity of about $100,000 or lower.
2. In the +/- $15 range, Bitget surpasses Binance to become the leading liquidity provider for ETH, although Binance dominates in broader price ranges.
The median liquidity depth for ETH is between $15 million and $16 million, with a depth range of about $2 in the 0.1% liquidity range. Within the same 0.1% range (BTC being +/- $100), its liquidity is about 60% to 70% of BTC's.
In the +/- $2 range, Bitget is the strongest exchange for ETH liquidity, followed by Binance and OKX. However, beyond this range, Bitget's ETH liquidity gradually weakens. The liquidity of the eight exchanges is quite healthy within the +/- $2 range, with six platforms having liquidity of about $1 million or more, even the smallest platform (HTX) has liquidity of $430,000.
In a larger range of +/- $50 (about 2%) from the market price, Binance still provides more liquidity, although its advantage in ETH is smaller compared to BTC. Binance's ETH liquidity share is 25%, while BTC's liquidity share is 32%.
3. XRP's liquidity is concentrated in Bitget, Binance, and Coinbase, which control about 67% of the share; it lags behind SOL in both liquidity and trading volume.
In the +/- $0.02 (about 1.0%) depth range, XRP has a unilateral liquidity of about $15 million across the eight exchanges.
Bitget dominates in the +/- $0.006 (about 0.3%) depth range, but its advantage quickly diminishes thereafter. In the +/- $0.02 (about 1.0%) depth range, Binance and Coinbase have already surpassed in liquidity. These three exchanges account for nearly two-thirds (about 67%) of all liquidity in that range.
Despite XRP's market cap being much higher than SOL's, in the +/- 2% depth range across the eight exchanges, XRP's cumulative liquidity is lower than SOL's. This is also reflected in trading volume statistics, where SOL's trading volume was nearly double that of XRP during the study period.
4. SOL's order book holds about 60% of ETH liquidity in the +/- 2% depth range, showing significant depth in the +/- $1 narrow range.
In the +/- $1 (about 0.6%) liquidity range, SOL has about $20 million of liquidity on each side across the eight exchanges, indicating overall good liquidity.
In this range, Bitget holds about 32% of the liquidity share, followed by Binance with about 20%. Only Kraken has unilateral depth below $1 million in this range, with unilateral liquidity of about $480,000.
Beyond the +/- $1 range, Binance again demonstrates its liquidity advantage, steadily increasing and widening the gap from the market price. At the +/- $2.5 (about 1.6%) depth level, Crypto.com shows a significant leap in depth. However, for smaller coins like SOL, liquidity that far from the market price is of little significance to ordinary traders. Additionally, the liquidity of the other six exchanges gradually decreases after the +/- $1.5 level.
5. DOGE's liquidity remains balanced in the +/- 2% range, closely surrounding the market price.
The liquidity situation of DOGE is markedly different from other tokens, perhaps because it is a meme token.
In more exchanges, liquidity close to the market price is significantly deeper. Bitget, Binance, OKX, and Coinbase have roughly comparable liquidity in the +/- $0.001 (about 0.5%) depth range, with unilateral liquidity between $1 million and $1.7 million.
The liquidity curve for Dogecoin on Binance, Coinbase, Bitget, and Crypto.com is relatively steep, indicating consistent liquidity across various depth levels. This may suggest the presence of market makers, but it also indicates that traders have more speculative limit/stop orders.
At the +/- 2% depth level, Dogecoin has a cumulative unilateral liquidity of about $10 million to $12 million across all eight exchanges, roughly half of XRP's liquidity at the same depth level. Considering the relative market cap sizes of XRP and Dogecoin, this situation is particularly healthy.
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