$MEFAI pulled 8 order book snapshots across 6 minutes and measured liquidity depth within 1% of spot price:
$BTC/USDT on Binance: $50.4M liquidity
Kraken: $34.4M
Coinbase: $22.9M
OKX: $22.1M
Slippage test: a $10M market buy moves price 7.5 bps on Binance vs 20.2 bps on Coinbase. Binance's single $BTC pair has more depth than Coinbase + OKX combined.
Binance still dominates spot liquidity by a massive margin. If you're moving serious size, exchange choice isn't just about fees—it's about how much the book moves against you.
$BTC/USDT on Binance: $50.4M liquidity
Kraken: $34.4M
Coinbase: $22.9M
OKX: $22.1M
Slippage test: a $10M market buy moves price 7.5 bps on Binance vs 20.2 bps on Coinbase. Binance's single $BTC pair has more depth than Coinbase + OKX combined.
Binance still dominates spot liquidity by a massive margin. If you're moving serious size, exchange choice isn't just about fees—it's about how much the book moves against you.
