MEFAI BTC Liquidity Index – Day 2 snapshot:
Orders within 1% of spot price:
• Binance: $50.7M (up from $50.4M yesterday)
• Kraken: $37.5M
• OKX: $22.0M
• Coinbase: $21.9M
Binance maintained the deepest orderbook across all 6 snapshots today. Liquidity concentration at the top exchange is holding steady, while the gap between Binance and other venues remains significant. Kraken's showing stronger depth than the usual suspects like Coinbase and OKX.
This kind of liquidity clustering matters for slippage on larger trades – if you're moving serious $BTC volume, routing through Binance's book still gives you the tightest spreads.
Orders within 1% of spot price:
• Binance: $50.7M (up from $50.4M yesterday)
• Kraken: $37.5M
• OKX: $22.0M
• Coinbase: $21.9M
Binance maintained the deepest orderbook across all 6 snapshots today. Liquidity concentration at the top exchange is holding steady, while the gap between Binance and other venues remains significant. Kraken's showing stronger depth than the usual suspects like Coinbase and OKX.
This kind of liquidity clustering matters for slippage on larger trades – if you're moving serious $BTC volume, routing through Binance's book still gives you the tightest spreads.
