Of the eight books we track, Chainlink's charged traders the most for size on Nov 2. A $1.0M market order in $LINK cost an estimated 23.1 bps between the quoted price and the average fill at 14:00 UTC. The same order in $BTC cost 0.1 bps.
$ETH filled at 0.9 bps, Solana at 3.6 bps and XRP at 5.2 bps. At the thin end, Cardano cost 19 bps, Dogecoin 8.3 bps and BNB 6.7 bps.
The same gap applies to forced closes. When liquidations hit a thin book like Chainlink's or Cardano's, each $1.0M of orders moves the price further than it would on Bitcoin's, whichever side is being closed.
$ETH filled at 0.9 bps, Solana at 3.6 bps and XRP at 5.2 bps. At the thin end, Cardano cost 19 bps, Dogecoin 8.3 bps and BNB 6.7 bps.
The same gap applies to forced closes. When liquidations hit a thin book like Chainlink's or Cardano's, each $1.0M of orders moves the price further than it would on Bitcoin's, whichever side is being closed.
