A $1.0M market order on Chainlink cost 20.6 bps of slippage on Oct 10, the thinnest of the eight books we track. The same order on Bitcoin moved the price 0 bps.
Behind $LINK , Cardano was next at 17.9 bps, then Dogecoin at 8.5 bps and BNB at 7.9 bps. On the deep side, Ether cost 0.7 bps, Solana 3.1 bps and XRP 4.7 bps.
On a thin book, a large forced close eats through more price levels before it fills. That makes a chain of liquidations easier to set off in either direction on coins like $LINK and $ADA than on $BTC .
Behind $LINK , Cardano was next at 17.9 bps, then Dogecoin at 8.5 bps and BNB at 7.9 bps. On the deep side, Ether cost 0.7 bps, Solana 3.1 bps and XRP 4.7 bps.
On a thin book, a large forced close eats through more price levels before it fills. That makes a chain of liquidations easier to set off in either direction on coins like $LINK and $ADA than on $BTC .