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 | BITGET | A- | A- | A- | A- | A | - |
| 2 | OKEX | A+ | A- | A- | A- | A- | - |
| 3 | DERIBIT | C | C | C | C- | C | - |
| 4 | BITMEX | C- | C- | C- | C- | C- | - |
| 5 | GEMINI | C- | C- | C- | C- | C | - |
| 6 | GATEIO | A | B | B | B | C+ | - |
| 7 | KRAKEN | B- | B- | B- | C+ | A+ | - |
| 8 | COINBASE | C | C+ | C+ | B- | C+ | - |
| 9 | UPBIT | C+ | C- | C- | C | A+ | - |
| 10 | BYBITSPOT | A | B+ | B+ | B+ | B+ | - |
| 11 | CRYPTOCOM | A- | B | B | B | A | - |
| 12 | KUCOIN | B+ | B+ | B+ | B+ | A- | - |
| 13 | BULLISH | B | A | A | A | C- | - |
| 14 | BITFINEX | B | C+ | C+ | B- | A+ | - |
| 15 | BITSTAMP | C+ | C | C | C | A | - |
| 16 | BINANCE | A+ | A | A | A | C | - |
24-hour and 7-day trading volume for BTC/USDT Spot
| # | Exchange | 24H Volume | 7D Volume | Market Share | Avg Trade Size |
|---|---|---|---|---|---|
| 1 | BINANCE | - | - | 2392.0% | $305 |
| 2 | GATEIO | - | - | 2267.0% | $4408 |
| 3 | OKEX | - | - | 1860.0% | $2165 |
| 4 | BYBITSPOT | - | - | 1818.0% | $971 |
| 5 | BITGET | - | - | 655.0% | $887 |
| 6 | CRYPTOCOM | - | - | 542.0% | $1162 |
| 7 | KUCOIN | - | - | 237.0% | $958 |
| 8 | BULLISH | - | - | 101.0% | $2028 |
| 9 | BITFINEX | - | - | 84.0% | $2063 |
| 10 | COINBASE | - | - | 20.0% | $816 |
| 11 | KRAKEN | - | - | 16.0% | $1315 |
| 12 | BITSTAMP | - | - | 6.0% | $3485 |
| 13 | DERIBIT | - | - | 2.0% | $374 |
| 14 | BITMEX | - | - | 1.0% | $104 |
| 15 | UPBIT | - | - | - | $811 |
| 16 | GEMINI | - | - | - | $357 |
Bid-ask spreads at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | BITGET | A- | 0.00 bps | 0.01 bps | 0.02 bps | 0.20 bps | 0.46 bps |
| 2 | OKEX | A- | 0.02 bps | 0.02 bps | 0.02 bps | 0.17 bps | 0.51 bps |
| 3 | DERIBIT | C | 14.88 bps | 18.38 bps | 23.31 bps | 105.92 bps | 131.76 bps |
| 4 | BITMEX | C- | 29.81 bps | 37.48 bps | 44.44 bps | 101.75 bps | 124.41 bps |
| 5 | GEMINI | C- | 1.06 bps | 4.64 bps | 12.02 bps | 85.79 bps | 149.72 bps |
| 6 | GATEIO | B | 0.04 bps | 0.30 bps | 0.61 bps | 1.92 bps | 2.21 bps |
| 7 | KRAKEN | B- | 0.92 bps | 1.20 bps | 1.44 bps | 3.41 bps | 5.36 bps |
| 8 | COINBASE | C+ | 2.57 bps | 3.00 bps | 3.74 bps | 7.42 bps | 7.85 bps |
| 9 | UPBIT | C- | 48.47 bps | 54.15 bps | 58.84 bps | 96.80 bps | 152.87 bps |
| 10 | BYBITSPOT | B+ | 0.02 bps | 0.02 bps | 0.02 bps | 0.37 bps | 0.85 bps |
| 11 | CRYPTOCOM | B | 0.01 bps | 0.13 bps | 0.29 bps | 1.48 bps | 1.93 bps |
| 12 | KUCOIN | B+ | 0.02 bps | 0.02 bps | 0.04 bps | 0.72 bps | 1.34 bps |
| 13 | BULLISH | A | 0.24 bps | 0.36 bps | 0.41 bps | 0.46 bps | 0.46 bps |
| 14 | BITFINEX | C+ | 2.82 bps | 2.86 bps | 2.98 bps | 4.29 bps | 6.16 bps |
| 15 | BITSTAMP | C | 1.21 bps | 1.31 bps | 1.71 bps | 5.99 bps | 12.60 bps |
| 16 | BINANCE | A | 0.00 bps | 0.00 bps | 0.01 bps | 0.10 bps | 0.14 bps |
Expected slippage at different order sizes (in basis points)
| # | Exchange | Grade | @$1K | @$5K | @$10K | @$50K | @$100K |
|---|---|---|---|---|---|---|---|
| 1 | BITGET | A- | 0.00 bps | 0.00 bps | 0.01 bps | 0.10 bps | 0.23 bps |
| 2 | OKEX | A- | 0.01 bps | 0.01 bps | 0.01 bps | 0.08 bps | 0.26 bps |
| 3 | DERIBIT | C | 7.44 bps | 9.19 bps | 11.66 bps | 52.96 bps | 65.88 bps |
| 4 | BITMEX | C- | 14.90 bps | 18.74 bps | 22.22 bps | 50.88 bps | 62.21 bps |
| 5 | GEMINI | C- | 0.53 bps | 2.32 bps | 6.01 bps | 42.89 bps | 74.86 bps |
| 6 | GATEIO | B | 0.02 bps | 0.15 bps | 0.30 bps | 0.96 bps | 1.11 bps |
| 7 | KRAKEN | B- | 0.46 bps | 0.60 bps | 0.72 bps | 1.71 bps | 2.68 bps |
| 8 | COINBASE | C+ | 1.29 bps | 1.50 bps | 1.87 bps | 3.71 bps | 3.92 bps |
| 9 | UPBIT | C- | 24.24 bps | 27.07 bps | 29.42 bps | 48.40 bps | 76.43 bps |
| 10 | BYBITSPOT | B+ | 0.01 bps | 0.01 bps | 0.01 bps | 0.19 bps | 0.43 bps |
| 11 | CRYPTOCOM | B | 0.01 bps | 0.06 bps | 0.14 bps | 0.74 bps | 0.96 bps |
| 12 | KUCOIN | B+ | 0.01 bps | 0.01 bps | 0.02 bps | 0.36 bps | 0.67 bps |
| 13 | BULLISH | A | 0.12 bps | 0.18 bps | 0.20 bps | 0.23 bps | 0.23 bps |
| 14 | BITFINEX | C+ | 1.41 bps | 1.43 bps | 1.49 bps | 2.14 bps | 3.08 bps |
| 15 | BITSTAMP | C | 0.61 bps | 0.65 bps | 0.85 bps | 3.00 bps | 6.30 bps |
| 16 | BINANCE | A | 0.00 bps | 0.00 bps | 0.00 bps | 0.05 bps | 0.07 bps |
Standard deviation of spreads - lower is more consistent
| # | Exchange | Grade | Std Dev @$1K | Avg Spread @$1K |
|---|---|---|---|---|
| 1 | BITGET | A- | 0.00 bps | 0.00 bps |
| 2 | OKEX | A- | 0.01 bps | 0.02 bps |
| 3 | DERIBIT | C- | 3.96 bps | 14.88 bps |
| 4 | BITMEX | C- | 25.09 bps | 29.81 bps |
| 5 | GEMINI | C- | 2.52 bps | 1.06 bps |
| 6 | GATEIO | B | 0.09 bps | 0.04 bps |
| 7 | KRAKEN | C+ | 3.18 bps | 0.92 bps |
| 8 | COINBASE | B- | 0.94 bps | 2.57 bps |
| 9 | UPBIT | C | 17.26 bps | 48.47 bps |
| 10 | BYBITSPOT | B+ | 0.00 bps | 0.02 bps |
| 11 | CRYPTOCOM | B | 0.03 bps | 0.01 bps |
| 12 | KUCOIN | B+ | 0.00 bps | 0.02 bps |
| 13 | BULLISH | A | 0.14 bps | 0.24 bps |
| 14 | BITFINEX | B- | 0.92 bps | 2.82 bps |
| 15 | BITSTAMP | C | 1.92 bps | 1.21 bps |
| 16 | BINANCE | A | 0.00 bps | 0.00 bps |
Order book balance analysis - closer to 1.0 is more balanced
| # | Exchange | Grade | Avg Ratio @$1K | Std Dev |
|---|---|---|---|---|
| 1 | BITGET | A | 1.000 | 0.000 |
| 2 | OKEX | A- | 1.000 | 0.000 |
| 3 | DERIBIT | C | 1.000 | 0.004 |
| 4 | BITMEX | C- | 1.009 | 0.273 |
| 5 | GEMINI | C | 1.000 | 0.000 |
| 6 | GATEIO | C+ | 1.000 | 0.000 |
| 7 | KRAKEN | A+ | 1.000 | 0.000 |
| 8 | COINBASE | C+ | 1.000 | 0.000 |
| 9 | UPBIT | A+ | 1.000 | 0.000 |
| 10 | BYBITSPOT | B+ | 1.000 | 0.000 |
| 11 | CRYPTOCOM | A | 1.000 | 0.000 |
| 12 | KUCOIN | A- | 1.000 | 0.000 |
| 13 | BULLISH | C- | 1.000 | 0.000 |
| 14 | BITFINEX | A+ | 1.000 | 0.000 |
| 15 | BITSTAMP | A | 1.000 | 0.000 |
| 16 | BINANCE | C | 1.000 | 0.000 |
How concentrated liquidity is near the mid-price - lower is better
| # | Exchange | Grade | Fragmentation @$1K |
|---|---|---|---|
| 1 | BITGET | A+ | 999.6914 |
| 2 | OKEX | A+ | 999.7014 |
| 3 | DERIBIT | C+ | 328.1471 |
| 4 | BITMEX | B+ | 547.8329 |
| 5 | GEMINI | C | 669.1957 |
| 6 | GATEIO | C | 977.1114 |
| 7 | KRAKEN | B+ | 825.6957 |
| 8 | COINBASE | C- | 560.9386 |
| 9 | UPBIT | B | 842.9900 |
| 10 | BYBITSPOT | A | 1000.0000 |
| 11 | CRYPTOCOM | C+ | 988.4943 |
| 12 | KUCOIN | A- | 999.9757 |
| 13 | BULLISH | C- | 516.2614 |
| 14 | BITFINEX | A | 978.6557 |
| 15 | BITSTAMP | B | 969.9514 |
| 16 | BINANCE | A+ | 999.5114 |
Data updated hourly. Grades range from A+ (best) to C- (worst). Institutional grades are calibrated for large order sizes ($100k+).