Compare 15+ 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 | COINBASE | C | B- | B- | C- | C+ | - |
| 2 | BITFINEX | C+ | B- | B- | C | A | - |
| 3 | GEMINI | C- | C- | C- | C- | A- | - |
| 4 | BITSTAMP | C+ | C | C | C- | A- | - |
| 5 | OKEX | A | B+ | B+ | B | B+ | - |
| 6 | DERIBIT | C | C- | C- | C- | C+ | - |
| 7 | BULLISH | B | A | A | B+ | C | - |
| 8 | BINANCE | A+ | A | A | B+ | C | - |
| 9 | KRAKEN | B | B | B | C | A | - |
| 10 | BITGET | A- | B+ | B+ | C+ | B+ | - |
| 11 | CRYPTOCOM | B+ | B+ | B+ | B- | A | - |
| 12 | KUCOIN | A- | A- | A- | B- | C | - |
| 13 | GATEIO | A | B | B | C+ | B | - |
| 14 | BYBITSPOT | A+ | A- | A- | B | A- | - |
| 15 | UPBIT | C- | C | C | C- | C- | - |
24-hour and 7-day trading volume for BTC/USDT Spot
| # | Exchange | 24H Volume | 7D Volume | Market Share | Avg Trade Size |
|---|---|---|---|---|---|
| 1 | BINANCE | - | - | 3385.0% | $441 |
| 2 | BYBITSPOT | - | - | 1993.0% | $687 |
| 3 | GATEIO | - | - | 1788.0% | $4021 |
| 4 | OKEX | - | - | 1169.0% | $1889 |
| 5 | BITGET | - | - | 570.0% | $1106 |
| 6 | KUCOIN | - | - | 516.0% | $417 |
| 7 | CRYPTOCOM | - | - | 344.0% | $1057 |
| 8 | BITFINEX | - | - | 124.0% | $1704 |
| 9 | BULLISH | - | - | 75.0% | $2558 |
| 10 | KRAKEN | - | - | 25.0% | $2101 |
| 11 | COINBASE | - | - | 9.0% | $911 |
| 12 | UPBIT | - | - | 1.0% | $143 |
| 13 | DERIBIT | - | - | 1.0% | $1051 |
| 14 | BITSTAMP | - | - | 1.0% | $708 |
| 15 | GEMINI | - | - | - | $800 |
Bid-ask spreads at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | COINBASE | B- | 2.12 bps | 2.81 bps | 4.00 bps | 7.35 bps | 7.88 bps |
| 2 | BITFINEX | B- | 1.83 bps | 2.10 bps | 2.52 bps | 4.79 bps | 6.75 bps |
| 3 | GEMINI | C- | 81.88 bps | 65.06 bps | 35.24 bps | 120.77 bps | 360.61 bps |
| 4 | BITSTAMP | C | 3.23 bps | 3.48 bps | 3.96 bps | 10.45 bps | 19.64 bps |
| 5 | OKEX | B+ | 0.01 bps | 0.01 bps | 0.02 bps | 0.16 bps | 0.49 bps |
| 6 | DERIBIT | C- | 45.11 bps | 66.30 bps | 114.04 bps | 238.38 bps | 293.16 bps |
| 7 | BULLISH | A | 0.10 bps | 0.15 bps | 0.18 bps | 0.21 bps | 0.21 bps |
| 8 | BINANCE | A | 0.00 bps | 0.00 bps | 0.00 bps | 0.01 bps | 0.03 bps |
| 9 | KRAKEN | B | 0.31 bps | 0.62 bps | 0.78 bps | 1.70 bps | 2.85 bps |
| 10 | BITGET | B+ | 0.00 bps | 0.00 bps | 0.02 bps | 0.51 bps | 1.10 bps |
| 11 | CRYPTOCOM | B+ | 0.00 bps | 0.04 bps | 0.12 bps | 1.12 bps | 1.72 bps |
| 12 | KUCOIN | A- | 0.03 bps | 0.06 bps | 0.10 bps | 0.23 bps | 0.33 bps |
| 13 | GATEIO | B | 0.04 bps | 0.21 bps | 0.51 bps | 1.79 bps | 1.99 bps |
| 14 | BYBITSPOT | A- | 0.01 bps | 0.01 bps | 0.01 bps | 0.12 bps | 0.51 bps |
| 15 | UPBIT | C | 7.12 bps | 24.42 bps | 31.45 bps | 42.00 bps | 48.58 bps |
Expected slippage at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | COINBASE | B- | 1.06 bps | 1.40 bps | 2.00 bps | 3.67 bps | 3.94 bps |
| 2 | BITFINEX | B- | 0.91 bps | 1.05 bps | 1.26 bps | 2.40 bps | 3.37 bps |
| 3 | GEMINI | C- | 40.94 bps | 32.53 bps | 17.62 bps | 60.38 bps | 180.30 bps |
| 4 | BITSTAMP | C | 1.61 bps | 1.74 bps | 1.98 bps | 5.22 bps | 9.82 bps |
| 5 | OKEX | B+ | 0.01 bps | 0.01 bps | 0.01 bps | 0.08 bps | 0.24 bps |
| 6 | DERIBIT | C- | 22.55 bps | 33.15 bps | 57.02 bps | 119.19 bps | 146.58 bps |
| 7 | BULLISH | A | 0.05 bps | 0.08 bps | 0.09 bps | 0.11 bps | 0.11 bps |
| 8 | BINANCE | A | 0.00 bps | 0.00 bps | 0.00 bps | 0.01 bps | 0.02 bps |
| 9 | KRAKEN | B | 0.15 bps | 0.31 bps | 0.39 bps | 0.85 bps | 1.43 bps |
| 10 | BITGET | B+ | 0.00 bps | 0.00 bps | 0.01 bps | 0.25 bps | 0.55 bps |
| 11 | CRYPTOCOM | B+ | 0.00 bps | 0.02 bps | 0.06 bps | 0.56 bps | 0.86 bps |
| 12 | KUCOIN | A- | 0.01 bps | 0.03 bps | 0.05 bps | 0.11 bps | 0.17 bps |
| 13 | GATEIO | B | 0.02 bps | 0.10 bps | 0.26 bps | 0.90 bps | 0.99 bps |
| 14 | BYBITSPOT | A- | 0.01 bps | 0.01 bps | 0.01 bps | 0.06 bps | 0.26 bps |
| 15 | UPBIT | C | 3.56 bps | 12.21 bps | 15.73 bps | 21.00 bps | 24.29 bps |
Standard deviation of spreads - lower is more consistent
| # | Exchange | Grade | Std Dev @$1K | Avg Spread @$1K |
|---|---|---|---|---|
| 1 | COINBASE | C- | 0.80 bps | 2.12 bps |
| 2 | BITFINEX | C | 0.45 bps | 1.83 bps |
| 3 | GEMINI | C- | 263.02 bps | 81.88 bps |
| 4 | BITSTAMP | C- | 1.38 bps | 3.23 bps |
| 5 | OKEX | B | 0.01 bps | 0.01 bps |
| 6 | DERIBIT | C- | 34.70 bps | 45.11 bps |
| 7 | BULLISH | B+ | 0.08 bps | 0.10 bps |
| 8 | BINANCE | B+ | 0.00 bps | 0.00 bps |
| 9 | KRAKEN | C | 0.40 bps | 0.31 bps |
| 10 | BITGET | C+ | 0.01 bps | 0.00 bps |
| 11 | CRYPTOCOM | B- | 0.02 bps | 0.00 bps |
| 12 | KUCOIN | B- | 0.04 bps | 0.03 bps |
| 13 | GATEIO | C+ | 0.09 bps | 0.04 bps |
| 14 | BYBITSPOT | B | 0.00 bps | 0.01 bps |
| 15 | UPBIT | C- | 6.15 bps | 7.12 bps |
Order book balance analysis - closer to 1.0 is more balanced
| # | Exchange | Grade | Avg Ratio @$1K | Std Dev |
|---|---|---|---|---|
| 1 | COINBASE | C+ | 1.000 | 0.000 |
| 2 | BITFINEX | A | 1.000 | 0.000 |
| 3 | GEMINI | A- | 1.000 | 0.000 |
| 4 | BITSTAMP | A- | 1.000 | 0.000 |
| 5 | OKEX | B+ | 1.000 | 0.000 |
| 6 | DERIBIT | C+ | 1.000 | 0.000 |
| 7 | BULLISH | C | 1.006 | 0.170 |
| 8 | BINANCE | C | 1.000 | 0.000 |
| 9 | KRAKEN | A | 1.000 | 0.000 |
| 10 | BITGET | B+ | 1.000 | 0.000 |
| 11 | CRYPTOCOM | A | 1.000 | 0.000 |
| 12 | KUCOIN | C | 1.001 | 0.067 |
| 13 | GATEIO | B | 1.000 | 0.000 |
| 14 | BYBITSPOT | A- | 1.000 | 0.000 |
| 15 | UPBIT | C- | 2.010 | 6.954 |
How concentrated liquidity is near the mid-price - lower is better
| # | Exchange | Grade | Fragmentation @$1K |
|---|---|---|---|
| 1 | COINBASE | C | 657.7057 |
| 2 | BITFINEX | C+ | 960.5714 |
| 3 | GEMINI | C | 721.8829 |
| 4 | BITSTAMP | B | 652.1243 |
| 5 | OKEX | A | 999.5814 |
| 6 | DERIBIT | A- | 819.1671 |
| 7 | BULLISH | C- | 397.0100 |
| 8 | BINANCE | A+ | 1000.0000 |
| 9 | KRAKEN | B | 803.5614 |
| 10 | BITGET | A+ | 1000.0000 |
| 11 | CRYPTOCOM | C+ | 997.3157 |
| 12 | KUCOIN | A- | 921.3243 |
| 13 | GATEIO | C- | 973.3486 |
| 14 | BYBITSPOT | A | 1000.0000 |
| 15 | UPBIT | C- | 423.7071 |
Data updated hourly. Grades range from A+ (best) to C- (worst). Institutional grades are calibrated for large order sizes ($100k+).