MEFAI's $BTC liquidity tracking shows Binance maintaining the deepest order book 6 out of 7 days. Current snapshot (±1% from spot): Binance $45.5M, Kraken $42.8M, Coinbase $30.3M, OKX $21.5M. Binance consistently holds 35-40% more depth than second place, making it the go-to for large block trades with minimal slippage. Kraken's liquidity staying competitive with Coinbase is notable given volume differences.