Without USDC
4.92bn USDT63.12% of the original trading total remains. This removes the largest market, without changing the time window.
7.80bn USDTTrading in 24 hours
Gross turnover, not new money.
487Markets in the comparison
USDT-quoted spot pairs with current trades.
36.9%Largest market: USDC
Share of the same tracked total.
60.1%Top three markets
How much the headline depends on a few.
77.1%Top ten markets
The rest share the remaining trading.
10Markets above 1% each
A count of meaningful shares, not users.
28.53mReported trades
Repeated trades can reuse the same capital.
273.37 USDTAverage turnover per trade
Weighted across all covered markets.
A few markets can carry the whole reading.
USDC takes 36.88% of tracked turnover. The three largest markets together take 60.07%. A busy headline need not mean broad activity.
Bars use the full 0–100% scale. Each share has the same denominator: all 487 covered USDT spot markets.
Charlie’s view. 10 markets each clear a 1% share. Read that breadth alongside the top-three share: the count shows how many markets matter, while the share shows how heavily activity leans on the leaders.
Remove the obvious driver.
Trading can be concentrated in a major coin or in a dollar-linked pair. Those are different stories. Neither is proof of new demand.
Without identified dollar-linked and euro pairs
4.68bn USDTThose identified pairs account for 40.06% of tracked turnover. Their trading is included in the headline, not silently removed.
The exclusions overlap when the leading market is in the identified group. They are separate tests and must not be added together.
Does busy mean easy to trade?
Not necessarily. Recent turnover has already traded. The book shows orders waiting now, and those orders can disappear. Compare like-sized trades, not just the loudest market.
BNB / USDT
733.5850 USDT
Midpoint between the best buying and selling prices. It is a reference price, not an executable quote.
Book observed 2026-09-09T21:01:14 UTC.
0.136 bpBuyer–seller price gapOne basis point is 0.01%.
994.51k USDTBuying orders within 0.25%Full captured band.
687.50k USDTSelling orders within 0.25%Full captured band.
0.363 bp100k USDT buying costAbove the midpoint; before fees.
BTC / USDT
78,310.6850 USDT
Midpoint between the best buying and selling prices. It is a reference price, not an executable quote.
Book observed 2026-09-09T21:01:13 UTC.
0.001 bpBuyer–seller price gapOne basis point is 0.01%.
13.57m USDTBuying orders within 0.25%Full captured band.
9.88m USDTSelling orders within 0.25%At least this much; the band is truncated.
0.001 bp100k USDT buying costAbove the midpoint; before fees.
ETH / USDT
2,470.6450 USDT
Midpoint between the best buying and selling prices. It is a reference price, not an executable quote.
Book observed 2026-09-09T21:01:13 UTC.
0.040 bpBuyer–seller price gapOne basis point is 0.01%.
4.49m USDTBuying orders within 0.25%Full captured band.
3.01m USDTSelling orders within 0.25%Full captured band.
0.454 bp100k USDT buying costAbove the midpoint; before fees.
SOL / USDT
102.4650 USDT
Midpoint between the best buying and selling prices. It is a reference price, not an executable quote.
Book observed 2026-09-09T21:01:13 UTC.
0.976 bpBuyer–seller price gapOne basis point is 0.01%.
3.79m USDTBuying orders within 0.25%Full captured band.
2.11m USDTSelling orders within 0.25%Full captured band.
3.356 bp100k USDT buying costAbove the midpoint; before fees.
Buying and selling depth covers prices within 0.25% of each book’s midpoint. These are current snapshots, not liquidity growth.
Same size. Different friction.
A 100,000 USDT buy is walked through the displayed selling orders. For the sale, the token quantity is worth 100,000 USDT at the midpoint. Lower costs mean less movement from that reference price.
BNB
Buy0.363 bp
Sell2.453 bp
BTC
Buy0.001 bp
Sell0.001 bp
ETH
Buy0.454 bp
Sell0.222 bp
SOL
Buy3.356 bp
Sell1.612 bp
Buy: cost above midpoint. Sell: cost below midpoint. Basis points; 1 bp = 0.01%. Each side uses the same displayed book for that asset. No fees, hidden orders or market response are included.
Charlie’s view. High turnover and low execution cost answer different questions. A busy market may still have little size close to its current price. This snapshot checks that distinction; it cannot tell us whether depth has improved.
Look past the market total.
Turnover per trade helps distinguish many smaller executions from fewer larger ones. It is an average, not the size of a typical trader, and does not identify new money.
| Market | Trading USDT | Share | Trades | USDT / trade |
|---|---|---|---|---|
| USDCUSDT | 2.88bn | 36.88% | 531,101 | 5.42k |
| BTCUSDT | 1.12bn | 14.30% | 3,200,994 | 348.44 |
| ETHUSDT | 693.11m | 8.89% | 2,620,130 | 264.53 |
| ZECUSDT | 325.17m | 4.17% | 1,018,053 | 319.41 |
| PROMUSDT | 226.87m | 2.91% | 1,503,939 | 150.85 |
| SOLUSDT | 200.94m | 2.58% | 816,232 | 246.18 |
| XRPUSDT | 192.09m | 2.46% | 803,264 | 239.13 |
| USD1USDT | 161.06m | 2.06% | 238,990 | 673.93 |
| BNBUSDT | 110.91m | 1.42% | 911,160 | 121.73 |
| NEARUSDT | 108.71m | 1.39% | 644,783 | 168.60 |
| DOGEUSDT | 71.47m | 0.92% | 672,457 | 106.28 |
| SUIUSDT | 63.45m | 0.81% | 490,138 | 129.46 |
| PUMPUSDT | 60.57m | 0.78% | 456,376 | 132.73 |
| HOLOUSDT | 58.08m | 0.74% | 92,305 | 629.20 |
| RLUSDUSDT | 55.84m | 0.72% | 5,750 | 9.71k |
| ARBUSDT | 51.65m | 0.66% | 287,674 | 179.56 |
| UNIUSDT | 49.48m | 0.63% | 256,620 | 192.80 |
| MARSCOINUSDT | 47.43m | 0.61% | 412,196 | 115.06 |
| LINKUSDT | 42.63m | 0.55% | 508,033 | 83.92 |
| IOSTUSDT | 40.44m | 0.52% | 764,846 | 52.87 |
| ENAUSDT | 39.26m | 0.50% | 200,190 | 196.13 |
| ADAUSDT | 38.33m | 0.49% | 186,685 | 205.31 |
| TAOUSDT | 33.72m | 0.43% | 226,425 | 148.93 |
| WLDUSDT | 31.86m | 0.41% | 220,131 | 144.75 |
| PEPEUSDT | 28.43m | 0.36% | 91,043 | 312.25 |
Ask about the reading.
Compare named markets, remove a leader, rank turnover per trade, or inspect the four current books. Different dates, future prices and exchange health need other evidence.
Answers use this saved edition.
Choose a comparison.
The chart will use the same figures as the page.
This is market activity on one venue, not a measure of exchange reserves, solvency or the whole crypto market. Resting orders can be cancelled; simulated fills are not guaranteed. Saved edition: 2026-09-09T21:01:14 UTC.