2024Q1 Crypto Exchange Liquidity Report

In the field of cryptocurrency, 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 into cash.

The liquidity and price of crypto assets are greatly affected by the liquidity of the trading market. The investigation and analysis of the liquidity of different exchanges is an indispensable part of the analysis of the cryptocurrency secondary market. TokenInsight selected three popular cryptocurrencies, BTC, ETH and SOL, as samples to conduct liquidity-related analysis.

According to the statistical results, the exchange liquidity list is as follows:

Contract data analysis

Contract trading depth

In terms of contract trading depth, TokenInsight calculated the 0.1% and 0.3% depth data of BTCUSDT, ETHUSDT and SOLUSDT contract trading pairs on each exchange respectively. The conclusion is as follows:

Binance and OKX are divided into BTCUSDT contract trading depths Ranked 1st and 2nd. Among them, OKX has better data than Binance at 0.1% depth.

Binance and OKX perform the same as BTCUSDT in terms of ETHUSDT contract trading depth. OKX significantly outperforms Binance at shallower depths (0.1%); while Binance has a slight advantage at mid- to long-range depths.

Binance ranks #1 for SOLUSDT performance at both contract depths.

Contract trading pair slippage

In order to test the possible transaction slippage faced by retail large order users and giant whales, TokenInsight simulated the use of 1 million, When buying BTC, ETH and SOL with 5 million and 10 million US dollars, we calculated the slippage under different purchase amounts. The conclusion is as follows:

Binance’s slippage of 1 million US dollars and 5 million US dollars of BTC buying orders are both Minimum. OKX performs second best, and its slippage gap with Binance decreases as the amount invested in buy orders increases. At $10 million, OKX’s slippage performance surpassed Binance and ranked first among all exchanges.

In terms of ETH slippage, OKX’s simulated buy order slippage in the 3 segments is the lowest among all exchanges. Binance ranks 2nd, but as the simulated amount of buy orders increases, the slippage gap between it and OKX gradually increases.

In terms of SOL slippage, Binance is in an absolute leading position in SOL slippage in all three segments, and its advantage gradually increases with the increase in the simulated buy order amount.

Contract transaction rate

Gate’s contract VIP0 Maker rate is the lowest among all exchanges, 0.015%. In terms of VIP0 Taker rates, there is not much difference among exchanges, all between 0.05-0.06%.

OKX, HTX and KuCoin’s highest-level VIP Maker rates are all negative. Among them, HTX’s fee rate is the lowest among the three exchanges. But when it comes to the highest-tier VIP Taker rates, OKX does even better.

Spot data analysis

Spot transaction depth

In terms of spot transaction depth, TokenInsight separately counted 3 exchanges: BTC/USDT, ETH/USDT and SOL/USDT. The average depth of trading pairs in the 0.1%, 0.3% and 0.5% price ranges, the conclusions are as follows:

Binance’s depth in each price range of BTC/USDT far exceeds that of other exchanges, and it performs the best. Bybit and OKX follow closely behind. Their in-depth performance in the mid-to-long-term is better than that of the near-end, and they can provide a relatively stable trading environment and meet large and ultra-large trading orders.

Binance is #1 in depth performance across all price ranges for ETH/USDT buyers and sellers. Bybit ranks 2nd at 0.1% and 0.3% depth, but performs slightly worse than HTX on buy orders at 0.5% depth.

Binance remains firmly ranked #1 in depth across 3 price ranges for SOL/USDT, with OKX ranking #1 in each range.

Spot trading pair slippage

TokenInsight simulated the use of 1 million, 3 million and 5 million US dollars to purchase BTC, ETH and SOL in the analysis of spot currency pair slippage, and calculated the The conclusions of the slippage under different purchase amounts are as follows:

Binance’s BTC purchase order slippage under the three simulated purchase amounts is the smallest. OKX ranked 2nd in terms of slippage performance at $1 million, but was overtaken by Bybit in the 3 million and 5 million tests.

Binance and Bybit rank 1st and 2nd in terms of slippage on ETH buy orders. OKX and Gate performed better at slippage of $1 million, but as buying volume increased, the gap between their slippage and Binance and Bybit gradually widened.

Binance’s advantage in SOL slippage is more obvious than that of BTC and ETH. Gate placed 2nd in the $1 million and $3 million tests.

Spot trading rates

OKX’s spot VIP0 Maker and Taker rates are the lowest among all exchanges, and perform best in terms of retail transaction costs, making it easier to attract new users to trade.

OKX and KuCoin have the lowest rates for VIP Maker, the highest tier, both with negative rates. However, the entry threshold for OKX’s highest level VIP users is higher. At the highest tier VIP Taker rates, OKX far outperforms KuCoin.

The following is a display of relevant content in the report:

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