Compare 16+ crypto exchanges by institutional-grade quality metrics. Rankings based on spread, slippage, volume, and liquidity analysis.
BTC/USDT Spot · All Regions · Last Week
| # | Exchange | Overall | Spread | Slippage | Consistency | Bid/Ask | 24H Volume |
|---|---|---|---|---|---|---|---|
| 1 | BITSTAMP | C+ | C | C | C | A+ | - |
| 2 | BULLISH | B | A | A | A | C | - |
| 3 | KRAKEN | B | B- | B- | B- | A | - |
| 4 | GATEIO | A+ | B+ | B+ | A- | B+ | - |
| 5 | BITGET | A | A- | A- | A- | A+ | - |
| 6 | OKEX | A- | A- | A- | B+ | C+ | - |
| 7 | BITFINEX | B+ | B- | B- | B | A+ | - |
| 8 | CRYPTOCOM | A- | B | B | B+ | A- | - |
| 9 | DERIBIT | C- | C- | C- | C- | A | - |
| 10 | KUCOIN | B+ | B | B | A- | B+ | - |
| 11 | GEMINI | C- | C- | C- | C- | C | - |
| 12 | UPBIT | C | C- | C- | C- | A | - |
| 13 | BITMEX | C- | C | C | C | C- | - |
| 14 | COINBASE | C | C+ | C+ | B | C | - |
| 15 | BINANCE | A+ | A | A | A | C- | - |
| 16 | BYBITSPOT | A | B+ | B+ | A- | B | - |
24-hour and 7-day trading volume for BTC/USDT Spot
| # | Exchange | 24H Volume | 7D Volume | Market Share | Avg Trade Size |
|---|---|---|---|---|---|
| 1 | BINANCE | - | - | 3084.0% | $423 |
| 2 | GATEIO | - | - | 1912.0% | $2486 |
| 3 | BYBITSPOT | - | - | 1712.0% | $507 |
| 4 | OKEX | - | - | 947.0% | $1193 |
| 5 | CRYPTOCOM | - | - | 793.0% | $1041 |
| 6 | BITGET | - | - | 784.0% | $606 |
| 7 | KUCOIN | - | - | 518.0% | $1511 |
| 8 | BITFINEX | - | - | 173.0% | $2078 |
| 9 | BULLISH | - | - | 73.0% | $4088 |
| 10 | COINBASE | - | - | 14.0% | $639 |
| 11 | KRAKEN | - | - | 13.0% | $1540 |
| 12 | DERIBIT | - | - | 5.0% | $427 |
| 13 | BITSTAMP | - | - | 2.0% | $2295 |
| 14 | BITMEX | - | - | 1.0% | $16 |
| 15 | UPBIT | - | - | - | $477 |
| 16 | GEMINI | - | - | - | $637 |
Bid-ask spreads at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | BITSTAMP | C | 2.17 bps | 2.22 bps | 2.82 bps | 7.15 bps | 11.72 bps |
| 2 | BULLISH | A | 0.20 bps | 0.32 bps | 0.37 bps | 0.40 bps | 0.40 bps |
| 3 | KRAKEN | B- | 1.48 bps | 1.78 bps | 1.93 bps | 3.32 bps | 4.58 bps |
| 4 | GATEIO | B+ | 0.01 bps | 0.02 bps | 0.03 bps | 0.60 bps | 1.19 bps |
| 5 | BITGET | A- | 0.00 bps | 0.04 bps | 0.10 bps | 0.34 bps | 0.58 bps |
| 6 | OKEX | A- | 0.01 bps | 0.02 bps | 0.04 bps | 0.59 bps | 1.08 bps |
| 7 | BITFINEX | B- | 2.55 bps | 2.57 bps | 2.68 bps | 4.01 bps | 5.97 bps |
| 8 | CRYPTOCOM | B | 0.03 bps | 0.35 bps | 0.66 bps | 1.87 bps | 2.42 bps |
| 9 | DERIBIT | C- | 6.95 bps | 8.02 bps | 9.36 bps | 94.37 bps | 252.84 bps |
| 10 | KUCOIN | B | 0.01 bps | 0.04 bps | 0.11 bps | 0.66 bps | 1.15 bps |
| 11 | GEMINI | C- | 3.95 bps | 17.27 bps | 32.23 bps | 80.40 bps | 90.81 bps |
| 12 | UPBIT | C- | 68.88 bps | 79.33 bps | 89.65 bps | 120.55 bps | 188.22 bps |
| 13 | BITMEX | C | 5.24 bps | 8.65 bps | 9.84 bps | 12.59 bps | 14.01 bps |
| 14 | COINBASE | C+ | 3.02 bps | 4.45 bps | 6.04 bps | 9.04 bps | 9.43 bps |
| 15 | BINANCE | A | 0.00 bps | 0.00 bps | 0.00 bps | 0.04 bps | 0.09 bps |
| 16 | BYBITSPOT | B+ | 0.01 bps | 0.01 bps | 0.02 bps | 0.85 bps | 1.22 bps |
Expected slippage at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | BITSTAMP | C | 1.09 bps | 1.11 bps | 1.41 bps | 3.58 bps | 5.86 bps |
| 2 | BULLISH | A | 0.10 bps | 0.16 bps | 0.18 bps | 0.20 bps | 0.20 bps |
| 3 | KRAKEN | B- | 0.74 bps | 0.89 bps | 0.97 bps | 1.66 bps | 2.29 bps |
| 4 | GATEIO | B+ | 0.01 bps | 0.01 bps | 0.01 bps | 0.30 bps | 0.59 bps |
| 5 | BITGET | A- | 0.00 bps | 0.02 bps | 0.05 bps | 0.17 bps | 0.29 bps |
| 6 | OKEX | A- | 0.01 bps | 0.01 bps | 0.02 bps | 0.30 bps | 0.54 bps |
| 7 | BITFINEX | B- | 1.27 bps | 1.28 bps | 1.34 bps | 2.00 bps | 2.99 bps |
| 8 | CRYPTOCOM | B | 0.02 bps | 0.18 bps | 0.33 bps | 0.94 bps | 1.21 bps |
| 9 | DERIBIT | C- | 3.48 bps | 4.01 bps | 4.68 bps | 47.19 bps | 126.42 bps |
| 10 | KUCOIN | B | 0.01 bps | 0.02 bps | 0.06 bps | 0.33 bps | 0.57 bps |
| 11 | GEMINI | C- | 1.97 bps | 8.64 bps | 16.11 bps | 40.20 bps | 45.40 bps |
| 12 | UPBIT | C- | 34.44 bps | 39.67 bps | 44.82 bps | 60.27 bps | 94.11 bps |
| 13 | BITMEX | C | 2.62 bps | 4.32 bps | 4.92 bps | 6.29 bps | 7.01 bps |
| 14 | COINBASE | C+ | 1.51 bps | 2.23 bps | 3.02 bps | 4.52 bps | 4.72 bps |
| 15 | BINANCE | A | 0.00 bps | 0.00 bps | 0.00 bps | 0.02 bps | 0.05 bps |
| 16 | BYBITSPOT | B+ | 0.01 bps | 0.01 bps | 0.01 bps | 0.42 bps | 0.61 bps |
Standard deviation of spreads - lower is more consistent
| # | Exchange | Grade | Std Dev @$1K | Avg Spread @$1K |
|---|---|---|---|---|
| 1 | BITSTAMP | C | 1.35 bps | 2.17 bps |
| 2 | BULLISH | A | 0.13 bps | 0.20 bps |
| 3 | KRAKEN | B- | 0.71 bps | 1.48 bps |
| 4 | GATEIO | A- | 0.00 bps | 0.01 bps |
| 5 | BITGET | A- | 0.01 bps | 0.00 bps |
| 6 | OKEX | B+ | 0.00 bps | 0.01 bps |
| 7 | BITFINEX | B | 0.85 bps | 2.55 bps |
| 8 | CRYPTOCOM | B+ | 0.06 bps | 0.03 bps |
| 9 | DERIBIT | C- | 1.87 bps | 6.95 bps |
| 10 | KUCOIN | A- | 0.00 bps | 0.01 bps |
| 11 | GEMINI | C- | 13.96 bps | 3.95 bps |
| 12 | UPBIT | C- | 19.33 bps | 68.88 bps |
| 13 | BITMEX | C | 4.74 bps | 5.24 bps |
| 14 | COINBASE | B | 0.99 bps | 3.02 bps |
| 15 | BINANCE | A | 0.00 bps | 0.00 bps |
| 16 | BYBITSPOT | A- | 0.00 bps | 0.01 bps |
Order book balance analysis - closer to 1.0 is more balanced
| # | Exchange | Grade | Avg Ratio @$1K | Std Dev |
|---|---|---|---|---|
| 1 | BITSTAMP | A+ | 1.000 | 0.000 |
| 2 | BULLISH | C | 1.000 | 0.000 |
| 3 | KRAKEN | A | 1.000 | 0.000 |
| 4 | GATEIO | B+ | 1.000 | 0.000 |
| 5 | BITGET | A+ | 1.000 | 0.000 |
| 6 | OKEX | C+ | 1.000 | 0.000 |
| 7 | BITFINEX | A+ | 1.000 | 0.000 |
| 8 | CRYPTOCOM | A- | 1.000 | 0.000 |
| 9 | DERIBIT | A | 1.000 | 0.000 |
| 10 | KUCOIN | B+ | 1.000 | 0.000 |
| 11 | GEMINI | C | 1.000 | 0.007 |
| 12 | UPBIT | A | 1.000 | 0.000 |
| 13 | BITMEX | C- | 0.703 | 1.143 |
| 14 | COINBASE | C | 1.000 | 0.000 |
| 15 | BINANCE | C- | 1.000 | 0.000 |
| 16 | BYBITSPOT | B | 1.000 | 0.000 |
How concentrated liquidity is near the mid-price - lower is better
| # | Exchange | Grade | Fragmentation @$1K |
|---|---|---|---|
| 1 | BITSTAMP | A- | 919.5471 |
| 2 | BULLISH | C- | 531.4425 |
| 3 | KRAKEN | A- | 923.8214 |
| 4 | GATEIO | B+ | 999.4514 |
| 5 | BITGET | A+ | 998.7943 |
| 6 | OKEX | B+ | 999.7700 |
| 7 | BITFINEX | A | 975.3343 |
| 8 | CRYPTOCOM | C+ | 911.4314 |
| 9 | DERIBIT | C | 595.9300 |
| 10 | KUCOIN | A | 999.9257 |
| 11 | GEMINI | C- | 758.1800 |
| 12 | UPBIT | C+ | 765.8186 |
| 13 | BITMEX | C- | 374.4800 |
| 14 | COINBASE | C- | 462.1971 |
| 15 | BINANCE | A+ | 999.8857 |
| 16 | BYBITSPOT | C | 1000.0000 |
Data updated hourly. Grades range from A+ (best) to C- (worst). Institutional grades are calibrated for large order sizes ($100k+).