TokenInsight: Crypto Exchange Liquidity Report Q1 2024

Author: TokenInsight

In the cryptocurrency field, the definition of liquidity refers to the ability to quickly buy or sell assets in the market without affecting the price stability of a specific asset. In other words, it measures the ability to quickly convert a specific asset into other assets or cash.

The liquidity and price of crypto assets are largely influenced by the liquidity of trading markets. Examining and analyzing the liquidity of different exchanges is an indispensable part of cryptocurrency secondary market analysis. TokenInsight selected three popular cryptocurrencies: BTC, ETH, and SOL for liquidity-related analysis.

According to the statistical results, the exchange liquidity rankings are as follows: Ranking

Contract Data Analysis

Contract Trading Depth

In terms of contract trading depth, TokenInsight collected the 0.1% and 0.3% depth data for BTCUSDT, ETHUSDT, and SOLUSDT trading pairs from various exchanges, with the following conclusions:

Binance and OKX ranked 1st and 2nd in BTCUSDT contract trading depth. Among them, OKX outperformed Binance at the 0.1% depth.

Binance and OKX performed similarly in ETHUSDT contract trading depth as in BTCUSDT. OKX showed significantly better performance at shallower depths (0.1%) compared to Binance, while Binance had a slight advantage at mid to far depths.

Binance ranked 1st in both contract depths for SOLUSDT.

Contract Trading Pair Slippage

To test the trading slippage that retail large order users and whales may face, TokenInsight simulated purchasing BTC, ETH, and SOL with amounts of $1 million, $5 million, and $10 million, calculating the slippage under different purchase amounts, with the following conclusions:

Binance had the minimum slippage for $1 million and $5 million BTC buy orders. OKX performed second, and its slippage gap with Binance decreased as the buy order amounts increased. At $10 million, OKX's slippage performance surpassed Binance, taking the top position among all exchanges.

In terms of ETH slippage, OKX had the lowest slippage across all three simulated buy amounts among all exchanges. Binance ranked 2nd, but as the simulated buy amounts increased, the slippage gap between it and OKX gradually widened.

For SOL slippage, Binance maintained an absolute leading position across all three segments, and its advantage increased with larger simulated buy amounts.

Contract Trading Fees

Gate has the lowest VIP0 Maker fee among all exchanges at 0.015%. The VIP0 Taker fees across exchanges are relatively similar, ranging from 0.05% to 0.06%.

OKX, HTX, and KuCoin all have negative fees for the highest level VIP Maker fees. Among them, HTX has the lowest fee. However, in terms of the highest level VIP Taker fees, OKX performs better.

Spot Data Analysis

Spot Trading Depth

For spot trading depth, TokenInsight collected the average depth data for BTC/USDT, ETH/USDT, and SOL/USDT trading pairs at 0.1%, 0.3%, and 0.5% price ranges, with the following conclusions:

Binance significantly outperformed other exchanges in the depth of BTC/USDT across all price ranges, showing the best performance. Bybit and OKX followed closely, with their mid to far depth performance being better than near depth, providing a relatively stable trading environment to accommodate large and super-large trading orders.

Binance ranked 1st in the depth of ETH/USDT for both buyers and sellers across all price ranges. Bybit ranked 2nd at 0.1% and 0.3% depths, but its buy order performance at 0.5% depth was slightly inferior to HTX.

Binance still held the 1st position in SOL/USDT depth across all three price ranges, with OKX ranking 1st in each range.

Spot Trading Pair Slippage

In the analysis of spot trading pair slippage, TokenInsight simulated purchasing BTC, ETH, and SOL with amounts of $1 million, $3 million, and $5 million, calculating the slippage under different purchase amounts, with the following conclusions:

Binance had the minimum BTC buy order slippage across all three simulated purchase amounts. OKX ranked 2nd for $1 million slippage but was surpassed by Bybit in the $3 million and $5 million tests.

Binance and Bybit ranked 1st and 2nd in ETH buy order slippage. OKX and Gate performed well for $1 million slippage, but as the purchase amounts increased, the slippage gap between them and Binance and Bybit gradually widened.

Binance's advantage in SOL slippage was more pronounced compared to BTC and ETH. Gate ranked 2nd in the $1 million and $3 million tests.

Spot Trading Fees

OKX has the lowest VIP0 Maker and Taker fees among all exchanges, performing best in retail trading costs, making it easier to attract new users for trading.

OKX and KuCoin have the lowest VIP Maker fees at the highest level, both being negative fees. However, OKX has a higher entry threshold for the highest level VIP users. In terms of the highest level VIP Taker fees, OKX's performance far exceeds that of KuCoin.

The following are some relevant content displays from the report: Trading Depth Trading Depth Spot Slippage Spot Slippage