How healthy is trading on each crypto exchange?

Data from 8 September 2026. We could read 122 of the 180 exchanges we track. Binance, OKX, Kraken, Upbit, Gate and MEXC are not included, because we could not get a full reading from them. Together the 122 traded $54.2B in 24 hours. Only $13.27B of orders were waiting within 2% of the price. That is $4.1 of trading for every $1 of waiting orders. BTCC, the biggest exchange we could read, did 9% of the trading but held 6% of the waiting orders.

Tap or hover on an underlined word to see what it means.

What is waiting on each side?

Buy ordersSell orders

A drawing, not live orders. Buy orders wait below the price and sell orders wait above it. The space in the middle is the price gap.

Warning signs and trading health

Which exchanges show the most warning signs in their trading, and which trade most smoothly? A higher warning-sign score means more warning signs. A higher health score means smoother trading. Neither score tells you whether an exchange can pay back its customers.

Trading data from 2026-09-08. Scores worked out on 2026-09-15. 111 exchanges scored for warning signs; 129 for trading health. Old data may not match today’s market. Exchanges that have closed or stopped trading are marked separately.

Find an exchangeShow

Showing 60 warning-sign scores and 30 health scores. A rank only compares exchanges with each other. It does not predict which one will fail.

Most warning signs · top 60

1VoyagerVoyager's site is a wind-down and creditor recovery resource, not an operating trading venue. It is retained for company context and excluded from current trading comparisons.100.0/100
1Bake.ioBake reports suspension of trading and provides a claims process. Its historical market readings are not evidence of a currently tradeable exchange.100.0/100
1TradeOgreThe Royal Canadian Mounted Police reported dismantling TradeOgre. It is excluded from current exchange comparisons. The seizure announcement does not itself establish a customer's recovery amount.100.0/100
1BitMartThe original notice scheduled spot and futures trading to end on 26 August. A later restructuring proposal does not confirm resumed service. These readings are excluded from current trading comparisons.100.0/100
1BitmexBitMEX has announced its closure. Trading is restricted to reducing positions before the shutdown deadline. It is not a normal venue for opening new positions and is excluded from current comparisons.100.0/100
1CoinExCoinEx has announced the end of exchange operations. Spot trading ends on 29 September 2026 and withdrawals end on 22 December. Original-token withdrawals have an earlier 29 September deadline. CoinEx says customer assets are fully backed; that statement is not an independent audit. Current closure risk is based on the announcement, not a prediction from earlier market data.
Experimental historical readings: provisional risk 40.7/100, CET stress 44.4/100. Calculated 2026-09-15. Dates and limitations.
Score using only data from before the closure news: 38.2/100. That ranked 55 of 111 for warning signs, with a trading health of 52.3/100. Trading data from 2026-09-08; worked out on 2026-09-15, ignoring any news after 2026-09-13. We did this after the closure. It was not published beforehand. So the score did not pick out this exchange in advance.
100.0/100
1ExmoEXMO.com announced it is closing, asks users to initiate withdrawals and restricts trading to closing positions. This notice must not be applied to the separate EXMO.me platform.100.0/100
1ProBit GlobalFTSE Russell records that ProBit spot trading ended. This supports excluding its spot readings, not a claim about every company service or the recovery of customer funds.100.0/100
9Dex-TradeWeak trading conditions; buy–sell gap 1.04%; 7-day trading change +17.1%71.0/100
10INEXFew orders in smaller coins; buy–sell gap 0.58%; 7-day trading change -64.1%67.1/100
11SafeTradeWeak trading conditions; buy–sell gap 2.82%; 7-day trading change +35.9%65.0/100
12BitoProWeak trading conditions; buy–sell gap 0.27%; 7-day trading change -6.6%63.9/100
13VALRWeak trading conditions; buy–sell gap 0.01%; 7-day trading change -7.9%63.5/100
14WOO XWeak trading conditions; buy–sell gap 2.44%; 7-day trading change +216.7%63.4/100
15OKJWeak trading conditions; buy–sell gap 0.16%; 7-day trading change -7.9%61.9/100
16HTXWeak trading conditions; buy–sell gap 0.23%; 7-day trading change +26.7%61.6/100
17ParibuWeak trading conditions; buy–sell gap 0.28%; 7-day trading change -5.5%60.2/100
18CoinWWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -34.5%59.6/100
19Max MaicoinWeak trading conditions; buy–sell gap 0.04%; 7-day trading change +5.9%59.3/100
20HataWeak trading conditions; buy–sell gap 0.38%; 7-day trading change -13.9%58.4/100
21LatokenWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -15.1%57.5/100
22DeribitWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -58.3%56.2/100
23BitrueWeak trading conditions; buy–sell gap 0.17%; 7-day trading change -49.8%55.4/100
24BigONEWeak trading conditions; buy–sell gap 0.14%; 7-day trading change -16.2%54.4/100
25BitbankWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -23.6%53.3/100
25PointPayWeak trading conditions; buy–sell gap 0.24%; 7-day trading change +19.4%53.3/100
27BitbeginWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -0.3%53.1/100
28VindaxWeak trading conditions; buy–sell gap 0.22%; 7-day trading change +21.7%51.2/100
29BtcTurk | KriptoWeak trading conditions; buy–sell gap 0.23%; 7-day trading change +1.1%51.0/100
30BTCMarketsWeak trading conditions; buy–sell gap 0.17%; 7-day trading change -34.4%49.6/100
31Kanga GlobalWeak trading conditions; buy–sell gap 1.20%; 7-day trading change +8.1%49.0/100
32Binance USWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -26.8%48.9/100
33bitcastleWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -14.0%48.7/100
33PoloniexWeak trading conditions; buy–sell gap 0.25%; 7-day trading change -8.4%48.7/100
35IcrypexWeak trading conditions; buy–sell gap 0.46%; 7-day trading change -1.7%47.9/100
36BittimeWeak trading conditions; buy–sell gap 0.40%; 7-day trading change +10.9%46.5/100
37CoinUp.ioWeak trading conditions; buy–sell gap 0.03%46.3/100
38LBankWeak trading conditions; buy–sell gap 0.12%; 7-day trading change -9.5%46.2/100
39BitVenusWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -18.8%45.9/100
40BitsoWeak trading conditions; buy–sell gap 0.04%; 7-day trading change +11.0%45.7/100
41BitDeltaWeak trading conditions; buy–sell gap 0.30%; 7-day trading change +2.1%45.4/100
42KCEXWeak trading conditions; buy–sell gap 0.09%; 7-day trading change -6.7%44.2/100
43TapbitWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -0.4%44.0/100
44BitkubWeak trading conditions; buy–sell gap 0.10%; 7-day trading change -7.5%43.4/100
45EarnBITFew orders in smaller coins; buy–sell gap 0.02%; 7-day trading change -21.8%42.7/100
45Kinesis MoneyWeak trading conditions; buy–sell gap 0.60%42.7/100
47AzbitWeak trading conditions; buy–sell gap 0.01%; 7-day trading change +3.1%42.6/100
47BullishWeak trading conditions; buy–sell gap 0.10%; 7-day trading change -26.6%42.6/100
49CEX.IOMoney leaving its known wallets; buy–sell gap 0.03%; 7-day trading change +4.0%42.3/100
50EmirexWeak trading conditions; buy–sell gap 0.18%; 7-day trading change -28.0%42.1/100
51KuCoinWeak trading conditions; buy–sell gap 0.04%; 7-day trading change +8.7%41.7/100
52DigiFinexWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -9.8%40.4/100
53Bit2MeWeak trading conditions; buy–sell gap 0.02%; 7-day trading change +5.4%39.3/100
54PhemexWeak trading conditions; buy–sell gap 0.07%; 7-day trading change -1.1%39.1/100
55CoinTRWeak trading conditions; buy–sell gap 0.47%; 7-day trading change -6.4%38.7/100
56CoinbaseWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -10.7%37.9/100
57GeminiWeak trading conditions; buy–sell gap 0.02%; 7-day trading change +30.4%37.8/100
58BitloWeak trading conditions; buy–sell gap 1.02%; 7-day trading change -11.2%37.7/100
59NonKYCWeak trading conditions; buy–sell gap 0.64%; 7-day trading change -8.3%37.6/100
60BYDFiWeak trading conditions; buy–sell gap 0.09%; 7-day trading change -13.4%36.9/100
61Crypto.comWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -23.1%36.7/100
62BTSEWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -4.2%36.6/100
63CoinstoreWeak trading conditions; buy–sell gap 0.06%; 7-day trading change +13.0%36.1/100
64BitazzaWeak trading conditions; buy–sell gap 0.15%; 7-day trading change +4.7%36.0/100
65Coins.phWeak trading conditions; buy–sell gap 0.02%; 7-day trading change +3.0%35.6/100
66SAFEbitWeak trading conditions; buy–sell gap 0.49%; 7-day trading change +13.1%35.2/100
67BackpackWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -13.8%34.7/100
67XT.COMWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -5.3%34.7/100
69Bybit EUWeak trading conditions; buy–sell gap 0.07%; 7-day trading change -21.1%34.6/100
70BloFinWeak trading conditions; buy–sell gap 0.10%; 7-day trading change +67.2%34.4/100
71Biconomy.comWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -6.4%33.8/100
72GroveXWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -2.4%33.7/100
73BybitWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -1.0%33.5/100
74DeepcoinWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -43.8%33.0/100
75WhiteBITWeak trading conditions; buy–sell gap 0.11%; 7-day trading change -0.6%32.8/100
76Changelly PROWeak trading conditions; buy–sell gap 0.09%; 7-day trading change -15.4%32.0/100
77GiottusWeak trading conditions; buy–sell gap 0.04%; 7-day trading change +25.9%31.8/100
77OurbitWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -9.3%31.8/100
79HibtWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -9.6%31.1/100
80WEEXFew orders in smaller coins; buy–sell gap 0.03%; 7-day trading change -13.2%31.0/100
81HitBTCWeak trading conditions; buy–sell gap 0.13%; 7-day trading change -11.4%29.9/100
82TokoCryptoWeak trading conditions; buy–sell gap 0.06%; 7-day trading change -11.1%29.6/100
83BitKanWeak trading conditions; buy–sell gap 0.05%; 7-day trading change +3.3%29.4/100
84BitunixWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -12.7%28.9/100
85HotcoinWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -16.9%28.8/100
86FMFW.ioWeak trading conditions; buy–sell gap 0.10%; 7-day trading change -11.6%28.6/100
87NizaWeak trading conditions; buy–sell gap 0.02%; 7-day trading change +0.6%28.1/100
88HashKey GlobalFew orders in smaller coins; buy–sell gap 0.39%; 7-day trading change -12.7%28.0/100
88TokpieWeak trading conditions; buy–sell gap 0.14%; 7-day trading change +9.8%28.0/100
90BitstampWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -16.7%27.9/100
91Young PlatformWeak trading conditions; buy–sell gap 0.62%; 7-day trading change -1.5%27.8/100
92BitgetWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -14.8%26.8/100
93FameEXWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -2.6%26.7/100
94BitvavoWeak trading conditions; buy–sell gap 0.07%; 7-day trading change -13.5%26.4/100
95ZoomexWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -16.0%26.3/100
96BitfinexWeak trading conditions; buy–sell gap 0.06%; 7-day trading change +5.6%26.0/100
97BTCCWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -8.1%25.8/100
98HashKey ExchangeWeak trading conditions; buy–sell gap 0.01%; 7-day trading change -3.2%25.6/100
99ToobitWeak trading conditions; buy–sell gap 0.03%; 7-day trading change +2.4%25.3/100
100OrangeXWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -6.9%23.4/100
101Ondo StocksWeak trading conditions; buy–sell gap 0.08%; 7-day trading change +24.5%22.9/100
102Aivora ExchangeWeak trading conditions; buy–sell gap 0.09%; 7-day trading change +1.8%22.0/100
103CoinzoomWeak trading conditions; buy–sell gap 0.35%; 7-day trading change +35.6%21.8/100
104XBO.comWeak trading conditions; buy–sell gap 0.16%; 7-day trading change -13.4%20.7/100
105PionexWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -4.7%20.4/100
106Gate USWeak trading conditions; buy–sell gap 0.01%; 7-day trading change +20.0%19.3/100
107Byte ExchangeWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -10.0%19.2/100
108LeveXWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -14.8%18.4/100
109OSL ExchangeWeak trading conditions; buy–sell gap 0.01%; 7-day trading change +3.8%17.0/100
110BitbabyWeak trading conditions; buy–sell gap 0.05%; 7-day trading change +0.3%16.8/100
111P2PB2BWeak trading conditions; buy–sell gap 0.04%; 7-day trading change -2.4%15.4/100
—SwissBorgNot enough data to compare.Not rated
—CoinsquareMoney leaving its known walletsNot rated
—NEXONot enough data to compare.Not rated
—RobinhoodNot enough data to compare.Not rated
—FlipsterMoney leaving its known walletsNot rated
—Arkham ExchangeNot enough data to compare.Not rated
—BiTomatoNot enough data to compare.Not rated
—Coin8Money leaving its known walletsNot rated
—SCLiTENot enough data to compare.Not rated
—BilaxyWeak trading conditions; buy–sell gap 0.01%; 7-day trading change +29.2%Not rated
—Binancebuy–sell gap 0.03%; 7-day trading change -4.2%Not rated
—BingXTrading falling; buy–sell gap 0.14%; 7-day trading change -15.3%Not rated
—Bit2cTrading falling; 7-day trading change -37.8%Not rated
—BitBNSWeak trading conditions; buy–sell gap 3.47%; 7-day trading change +214.6%Not rated
—BitexenWeak trading conditions; buy–sell gap 0.98%; 7-day trading change +14.6%Not rated
—Bitexlivebuy–sell gap 0.01%; 7-day trading change -0.9%Not rated
—bitFlyerWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -24.9%Not rated
—BithumbTrading falling; buy–sell gap 0.30%; 7-day trading change -44.9%Not rated
—One TradingWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -8.2%Not rated
—ALP.COMWeak trading conditions; buy–sell gap 0.01%; 7-day trading change -20.0%Not rated
—BTC Trade UAWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -30.1%Not rated
—BudaWeak trading conditions; buy–sell gap 0.33%; 7-day trading change +22.8%Not rated
—CatexTrading falling; buy–sell gap 0.25%; 7-day trading change -22.2%Not rated
—ChainEXWeak trading conditions; buy–sell gap 0.12%; 7-day trading change +172.8%Not rated
—Coinbase International ExchangeTrading falling; 7-day trading change -20.4%Not rated
—CoincheckWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -9.2%Not rated
—CoinDCXTrading falling; buy–sell gap 0.01%; 7-day trading change -18.7%Not rated
—CoinJar ExchangeTrading falling; buy–sell gap 0.22%; 7-day trading change -22.7%Not rated
—CoinoneTrading falling; buy–sell gap 0.08%; 7-day trading change -8.7%Not rated
—Cryptalbuy–sell gap 2.77%; 7-day trading change +2.2%Not rated
—TothemoonMoney leaving its known wallets; buy–sell gap 0.12%; 7-day trading change -12.6%Not rated
—CubeNot enough data to compare.Not rated
—Delta Exchange7-day trading change +3.8%Not rated
—DIFXWeak trading conditions; buy–sell gap 0.02%; 7-day trading change -15.5%Not rated
—Digitalexchange.idTrading falling; 7-day trading change -31.1%Not rated
—FastexNot enough data to compare.Not rated
—Figure MarketsTrading falling; buy–sell gap 0.12%; 7-day trading change -15.2%Not rated
—Foxbitbuy–sell gap 0.05%; 7-day trading change +24.8%Not rated
—Gatebuy–sell gap 0.03%; 7-day trading change -3.0%Not rated
—GlobeWeak trading conditions; buy–sell gap 0.06%; 7-day trading change +62.7%Not rated
—GMO Coin JapanWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -38.5%Not rated
—GoPaxTrading falling; 7-day trading change -34.7%Not rated
—BitTradeWeak trading conditions; buy–sell gap 0.02%; 7-day trading change +25.3%Not rated
—IMBXWeak trading conditions; buy–sell gap 0.03%; 7-day trading change -9.0%Not rated
—Independent Reservebuy–sell gap 0.25%; 7-day trading change -3.0%Not rated
—IndodaxMoney leaving its known wallets; 7-day trading change -7.2%Not rated
—INX Onebuy–sell gap 1.32%; 7-day trading change +12.2%Not rated
—KoinBXbuy–sell gap 0.42%; 7-day trading change +0.2%Not rated
—Koinparkbuy–sell gap 0.02%; 7-day trading change +9.6%Not rated
—KorbitTrading falling; buy–sell gap 0.08%; 7-day trading change -12.0%Not rated
—Krakenbuy–sell gap 0.03%; 7-day trading change +2.5%Not rated
—LunoTrading falling; buy–sell gap 0.09%; 7-day trading change -27.7%Not rated
—Mercado Bitcoinbuy–sell gap 0.05%; 7-day trading change +102.3%Not rated
—MudrexTrading falling; 7-day trading change -9.5%Not rated
—MEXCTrading falling; buy–sell gap 0.08%; 7-day trading change -11.0%Not rated
—NBXTrading falling; buy–sell gap 2.08%; 7-day trading change -16.6%Not rated
—OkcoinMoney leaving its known walletsNot rated
—OKXbuy–sell gap 0.03%; 7-day trading change -4.7%Not rated
—PaymiumWeak trading conditions; buy–sell gap 0.13%; 7-day trading change +71.3%Not rated
—PurcowWeak trading conditions; buy–sell gap 0.29%Not rated
—SecondBTCbuy–sell gap 0.02%; 7-day trading change -1.8%Not rated
—OrbixWeak trading conditions; buy–sell gap 0.05%; 7-day trading change -13.8%Not rated
—UpbitTrading falling; buy–sell gap 0.30%; 7-day trading change -67.4%Not rated
—Upbit Indonesia 7-day trading change +366.7%Not rated
—WazirXTrading falling; buy–sell gap 0.81%; 7-day trading change -21.1%Not rated
—WebotMoney leaving its known wallets; buy–sell gap 0.22%; 7-day trading change -0.1%Not rated
—WebseaMoney leaving its known wallets; buy–sell gap 0.08%; 7-day trading change +2.4%Not rated
—ZaifTrading falling; buy–sell gap 0.17%; 7-day trading change -34.1%Not rated
—ZebPayTrading falling; 7-day trading change -14.4%Not rated

Smoothest trading · top 30

1XBO.comBased on trading only. Not proof the exchange is safe.83.6/100
2P2PB2BBased on trading only. Not proof the exchange is safe.82.6/100
3DeepcoinBased on trading only. Not proof the exchange is safe.80.9/100
4WEEXBased on trading only. Not proof the exchange is safe.77.2/100
5Byte ExchangeBased on trading only. Not proof the exchange is safe.76.9/100
6LeveXBased on trading only. Not proof the exchange is safe.74.5/100
7CEX.IOBased on trading only. Not proof the exchange is safe.73.6/100
8BitgetBased on trading only. Not proof the exchange is safe.72.2/100
9Ondo StocksBased on trading only. Not proof the exchange is safe.71.8/100
10HotcoinBased on trading only. Not proof the exchange is safe.70.3/100
11BitbabyBased on trading only. Not proof the exchange is safe.69.9/100
12PionexBased on trading only. Not proof the exchange is safe.69.7/100
13CoinzoomBased on trading only. Not proof the exchange is safe.69.6/100
14OrangeXBased on trading only. Not proof the exchange is safe.68.6/100
15BTCCBased on trading only. Not proof the exchange is safe.68.4/100
16WhiteBITBased on trading only. Not proof the exchange is safe.67.8/100
17LBankBased on trading only. Not proof the exchange is safe.67.1/100
18ToobitBased on trading only. Not proof the exchange is safe.66.0/100
19XT.COMBased on trading only. Not proof the exchange is safe.65.6/100
20CoinUp.ioBased on trading only. Not proof the exchange is safe.65.1/100
21FameEXBased on trading only. Not proof the exchange is safe.64.0/100
22HibtBased on trading only. Not proof the exchange is safe.63.7/100
23FMFW.ioBased on trading only. Not proof the exchange is safe.63.6/100
24HitBTCBased on trading only. Not proof the exchange is safe.63.3/100
25DigiFinexBased on trading only. Not proof the exchange is safe.62.9/100
26Crypto.comBased on trading only. Not proof the exchange is safe.62.2/100
26TokoCryptoBased on trading only. Not proof the exchange is safe.62.2/100
28BitfinexBased on trading only. Not proof the exchange is safe.62.0/100
29BitunixBased on trading only. Not proof the exchange is safe.61.2/100
30Aivora ExchangeBased on trading only. Not proof the exchange is safe.61.1/100
31BybitBased on trading only. Not proof the exchange is safe.60.9/100
32CoinbaseBased on trading only. Not proof the exchange is safe.60.5/100
33NizaBased on trading only. Not proof the exchange is safe.60.2/100
34Changelly PROBased on trading only. Not proof the exchange is safe.59.8/100
34Coins.phBased on trading only. Not proof the exchange is safe.59.8/100
34OurbitBased on trading only. Not proof the exchange is safe.59.8/100
37BitKanBased on trading only. Not proof the exchange is safe.59.6/100
38KCEXBased on trading only. Not proof the exchange is safe.59.1/100
39OSL ExchangeBased on trading only. Not proof the exchange is safe.59.0/100
40ZoomexBased on trading only. Not proof the exchange is safe.58.6/100
41Biconomy.comBased on trading only. Not proof the exchange is safe.58.5/100
42Gate USBased on trading only. Not proof the exchange is safe.58.3/100
43Bybit EUBased on trading only. Not proof the exchange is safe.57.3/100
44GMO Coin JapanBased on trading only. Not proof the exchange is safe.56.9/100
45Bit2MeBased on trading only. Not proof the exchange is safe.55.9/100
45HashKey GlobalBased on trading only. Not proof the exchange is safe.55.9/100
47BitstampBased on trading only. Not proof the exchange is safe.55.6/100
48CoinstoreBased on trading only. Not proof the exchange is safe.55.5/100
49BitvavoBased on trading only. Not proof the exchange is safe.55.3/100
50HashKey ExchangeBased on trading only. Not proof the exchange is safe.54.8/100
51CoinTRBased on trading only. Not proof the exchange is safe.54.2/100
52BitazzaBased on trading only. Not proof the exchange is safe.53.4/100
52BloFinBased on trading only. Not proof the exchange is safe.53.4/100
54BullishBased on trading only. Not proof the exchange is safe.53.3/100
55Young PlatformBased on trading only. Not proof the exchange is safe.53.1/100
56GroveXBased on trading only. Not proof the exchange is safe.52.9/100
57EarnBITBased on trading only. Not proof the exchange is safe.52.5/100
58Binance USBased on trading only. Not proof the exchange is safe.52.0/100
59BitVenusBased on trading only. Not proof the exchange is safe.51.9/100
60PhemexBased on trading only. Not proof the exchange is safe.51.6/100
61TapbitBased on trading only. Not proof the exchange is safe.51.3/100
62CoinWBased on trading only. Not proof the exchange is safe.51.0/100
63Kanga GlobalBased on trading only. Not proof the exchange is safe.50.8/100
64KuCoinBased on trading only. Not proof the exchange is safe.50.4/100
65BittimeBased on trading only. Not proof the exchange is safe.50.1/100
66AzbitBased on trading only. Not proof the exchange is safe.49.5/100
66BitloBased on trading only. Not proof the exchange is safe.49.5/100
68BYDFiBased on trading only. Not proof the exchange is safe.49.3/100
69SAFEbitBased on trading only. Not proof the exchange is safe.48.6/100
69BitrueBased on trading only. Not proof the exchange is safe.48.6/100
71BackpackBased on trading only. Not proof the exchange is safe.48.4/100
72bitcastleBased on trading only. Not proof the exchange is safe.48.0/100
73NonKYCBased on trading only. Not proof the exchange is safe.47.9/100
74BTSEBased on trading only. Not proof the exchange is safe.47.7/100
75EmirexBased on trading only. Not proof the exchange is safe.47.5/100
76GiottusBased on trading only. Not proof the exchange is safe.45.2/100
77TokpieBased on trading only. Not proof the exchange is safe.45.1/100
78bitFlyerBased on trading only. Not proof the exchange is safe.44.5/100
79ALP.COMBased on trading only. Not proof the exchange is safe.44.3/100
80GlobeBased on trading only. Not proof the exchange is safe.44.0/100
81GeminiBased on trading only. Not proof the exchange is safe.43.5/100
82Kinesis MoneyBased on trading only. Not proof the exchange is safe.43.0/100
83BitbankBased on trading only. Not proof the exchange is safe.42.7/100
84DIFXBased on trading only. Not proof the exchange is safe.42.0/100
85IMBXBased on trading only. Not proof the exchange is safe.41.9/100
86BilaxyBased on trading only. Not proof the exchange is safe.41.8/100
87INEXBased on trading only. Not proof the exchange is safe.41.7/100
88VindaxBased on trading only. Not proof the exchange is safe.41.0/100
89BitDeltaBased on trading only. Not proof the exchange is safe.40.8/100
90BitkubBased on trading only. Not proof the exchange is safe.40.3/100
91HTXBased on trading only. Not proof the exchange is safe.39.5/100
92IcrypexBased on trading only. Not proof the exchange is safe.39.3/100
93PointPayBased on trading only. Not proof the exchange is safe.39.1/100
94BtcTurk | KriptoBased on trading only. Not proof the exchange is safe.38.1/100
95BTC Trade UABased on trading only. Not proof the exchange is safe.37.5/100
96BitexenBased on trading only. Not proof the exchange is safe.36.6/100
97BitbeginBased on trading only. Not proof the exchange is safe.36.5/100
98One TradingBased on trading only. Not proof the exchange is safe.36.2/100
99BitsoBased on trading only. Not proof the exchange is safe.35.2/100
99BTCMarketsBased on trading only. Not proof the exchange is safe.35.2/100
101PoloniexBased on trading only. Not proof the exchange is safe.34.8/100
102HataBased on trading only. Not proof the exchange is safe.34.7/100
103PaymiumBased on trading only. Not proof the exchange is safe.33.5/100
104VALRBased on trading only. Not proof the exchange is safe.33.4/100
105BitTradeBased on trading only. Not proof the exchange is safe.33.1/100
105ParibuBased on trading only. Not proof the exchange is safe.33.1/100
107DeribitBased on trading only. Not proof the exchange is safe.32.3/100
108BigONEBased on trading only. Not proof the exchange is safe.31.7/100
109Max MaicoinBased on trading only. Not proof the exchange is safe.30.8/100
110OrbixBased on trading only. Not proof the exchange is safe.29.0/100
111OKJBased on trading only. Not proof the exchange is safe.26.5/100
112SafeTradeBased on trading only. Not proof the exchange is safe.25.0/100
113CoincheckBased on trading only. Not proof the exchange is safe.22.9/100
114BudaBased on trading only. Not proof the exchange is safe.21.4/100
115LatokenBased on trading only. Not proof the exchange is safe.21.0/100
116BitoProBased on trading only. Not proof the exchange is safe.20.3/100
117PurcowBased on trading only. Not proof the exchange is safe.19.8/100
118ChainEXBased on trading only. Not proof the exchange is safe.15.2/100
119BitBNSBased on trading only. Not proof the exchange is safe.14.6/100
120Dex-TradeBased on trading only. Not proof the exchange is safe.14.0/100
121WOO XBased on trading only. Not proof the exchange is safe.9.8/100
122VoyagerClosed or restricted, so not scored for health.0.0/100
122Bake.ioClosed or restricted, so not scored for health.0.0/100
122TradeOgreClosed or restricted, so not scored for health.0.0/100
122BitMartClosed or restricted, so not scored for health.0.0/100
122BitmexClosed or restricted, so not scored for health.0.0/100
122CoinExClosed or restricted, so not scored for health.0.0/100
122ExmoClosed or restricted, so not scored for health.0.0/100
122ProBit GlobalClosed or restricted, so not scored for health.0.0/100
—SwissBorgBased on trading only. Not proof the exchange is safe.Not rated
—CoinsquareBased on trading only. Not proof the exchange is safe.Not rated
—NEXOBased on trading only. Not proof the exchange is safe.Not rated
—RobinhoodBased on trading only. Not proof the exchange is safe.Not rated
—FlipsterBased on trading only. Not proof the exchange is safe.Not rated
—Arkham ExchangeBased on trading only. Not proof the exchange is safe.Not rated
—BiTomatoBased on trading only. Not proof the exchange is safe.Not rated
—Coin8Based on trading only. Not proof the exchange is safe.Not rated
—SCLiTEBased on trading only. Not proof the exchange is safe.Not rated
—BinanceBased on trading only. Not proof the exchange is safe.Not rated
—BingXBased on trading only. Not proof the exchange is safe.Not rated
—Bit2cBased on trading only. Not proof the exchange is safe.Not rated
—BitexliveBased on trading only. Not proof the exchange is safe.Not rated
—BithumbBased on trading only. Not proof the exchange is safe.Not rated
—CatexBased on trading only. Not proof the exchange is safe.Not rated
—Coinbase International ExchangeBased on trading only. Not proof the exchange is safe.Not rated
—CoinDCXBased on trading only. Not proof the exchange is safe.Not rated
—CoinJar ExchangeBased on trading only. Not proof the exchange is safe.Not rated
—CoinoneBased on trading only. Not proof the exchange is safe.Not rated
—CryptalBased on trading only. Not proof the exchange is safe.Not rated
—TothemoonBased on trading only. Not proof the exchange is safe.Not rated
—CubeBased on trading only. Not proof the exchange is safe.Not rated
—Delta ExchangeBased on trading only. Not proof the exchange is safe.Not rated
—Digitalexchange.idBased on trading only. Not proof the exchange is safe.Not rated
—FastexBased on trading only. Not proof the exchange is safe.Not rated
—Figure MarketsBased on trading only. Not proof the exchange is safe.Not rated
—FoxbitBased on trading only. Not proof the exchange is safe.Not rated
—GateBased on trading only. Not proof the exchange is safe.Not rated
—GoPaxBased on trading only. Not proof the exchange is safe.Not rated
—Independent ReserveBased on trading only. Not proof the exchange is safe.Not rated
—IndodaxBased on trading only. Not proof the exchange is safe.Not rated
—INX OneBased on trading only. Not proof the exchange is safe.Not rated
—KoinBXBased on trading only. Not proof the exchange is safe.Not rated
—KoinparkBased on trading only. Not proof the exchange is safe.Not rated
—KorbitBased on trading only. Not proof the exchange is safe.Not rated
—KrakenBased on trading only. Not proof the exchange is safe.Not rated
—LunoBased on trading only. Not proof the exchange is safe.Not rated
—Mercado BitcoinBased on trading only. Not proof the exchange is safe.Not rated
—MudrexBased on trading only. Not proof the exchange is safe.Not rated
—MEXCBased on trading only. Not proof the exchange is safe.Not rated
—NBXBased on trading only. Not proof the exchange is safe.Not rated
—OkcoinBased on trading only. Not proof the exchange is safe.Not rated
—OKXBased on trading only. Not proof the exchange is safe.Not rated
—SecondBTCBased on trading only. Not proof the exchange is safe.Not rated
—UpbitBased on trading only. Not proof the exchange is safe.Not rated
—Upbit Indonesia Based on trading only. Not proof the exchange is safe.Not rated
—WazirXBased on trading only. Not proof the exchange is safe.Not rated
—WebotBased on trading only. Not proof the exchange is safe.Not rated
—WebseaBased on trading only. Not proof the exchange is safe.Not rated
—ZaifBased on trading only. Not proof the exchange is safe.Not rated
—ZebPayBased on trading only. Not proof the exchange is safe.Not rated

Closures and service changes.

Check this before comparing trading figures. Country exits and product changes are not global closures. Evidence confidence is not a safety rating.

See 21 recorded changes

Bybit: Japan services restricted
KuCoin: Separate EU entity: operations restricted
CoinW: Hong Kong services discontinued
Bitget: France exit; Japan wind-down announced
Bitvavo: Hungary trading suspension announced
Gemini: UK, EEA and Australia accounts closed
CoinEx: Trading ends 29 September; withdraw before 22 December
Bitso: Brazil retail exit announced
HashKey Global: Old app retired; services moved to HashKey Exchange
ProBit Global: Spot trading ended
Bake.io: Trading suspended; claims process
TradeOgre: Exchange dismantled by authorities
Voyager: Wind-down and creditor recovery
MEXC: India suspension announced; later status not verified
Bitmex: Closure announced; reduce-only trading
Exmo: Closure announced; withdrawals requested
Luno: Accounts closed in affected regions
Bitexlive: US and Canada services withdrawal-only
Coinbase International Exchange: Perpetuals migration announced
BitMart: Wind-down announced; restructuring proposed
Websea: Withdrawal suspension reported; recovery unconfirmed

Reported 24h volume$54.2B

Quoted depth within 2%$13.27B

24h volume / nearby depth4.1x

the price

$54.2B

$13.27B resting24.5% of a day's trading

Visible orders near the price equal 24.5% of reported daily trading. Orders change throughout the day; this is not a limit on how much can trade.

Orange shows reported daily trading. Blue shows orders near the price when checked, across both sides of the book. These are different kinds of measurement, not a cash-coverage test. Valid readings cover 76% of comparable published spot-volume totals; 15 exchanges lack a comparable total. The figures are a snapshot of visible orders, not money guaranteed to trade.

Open any exchange.

Search any name for its trading, wallet movements and company records. The coverage view below shows how much evidence is available for each one.

Market quality

Depth, price gap, trading against depth and the seven-day change in trading valued in Bitcoin.

Concentration

One-pair reliance, one-sided books and dependence on Bitcoin or Tether legs.

Transparency

Direct disclosure, reported-only, nothing found twice, or not searched.

Measured, partial and unavailable names all remain searchable.

The quote can say one thing while the book says another.

Every measured exchange is placed on the same field. Left means a tighter price gap. Higher means more reported trading for each dollar posted near the price.

Orange rings mark a tight quote that disagrees with the book behind it. Amber arcs connect venues that share visible strain flags (quote-book disagreement, one-sidedness, or one-pair share). Dot size follows reported volume. Open any dot for the company page. This graph stages measured disagreements; it does not predict failure or solvency.

Failure Graph overlays existing strain flags only: quote–book disagreement, book one-sidedness, and one-pair share. It stages what the readings already show. It does not predict failure or solvency.

Strong or weak—in which exact way?

Switch the question and the ranking changes. No exchange wins everything, and no single line below is a safety verdict.

Thickest books

The most dollars quoted within 2% of the price. Read size beside volume-to-depth.

1XBO.com0.0x volume-to-depth$1.09B 2BTCC6.2x volume-to-depth$820m 3WEEX2.7x volume-to-depth$674m 4Ondo Stocks0.0x volume-to-depth$665m 5CEX.IO0.1x volume-to-depth$634m 6Pionex5.7x volume-to-depth$548m 7Deepcoin0.8x volume-to-depth$514m 8Hotcoin1.9x volume-to-depth$484m 9LBank3.4x volume-to-depth$473m 10WhiteBIT1.8x volume-to-depth$470m

Most stretched

The most reported trading for each dollar posted near the price.

1BitDelta$7.6m nearby depth312.3x 2WOO X$2k nearby depth302.0x 3Dex-Trade$18k nearby depth111.4x 4Bitbegin$22k nearby depth104.8x 5Biconomy.com$25.3m nearby depth61.8x 6Purcow$25k nearby depth55.0x 7IMBX$4.1m nearby depth50.3x 8BigONE$13.5m nearby depth42.5x 9DIFX$1.6m nearby depth41.9x 10Poloniex$20.9m nearby depth36.5x

Tightest quotes

The smallest gap between the best visible buy and sell price.

1ALP.COM$3.6m nearby depth0.011%2HashKey Exchange$29.5m nearby depth0.011%3OSL Exchange$18.3m nearby depth0.011%4Bilaxy$17.4m nearby depth0.012%5Azbit$59.0m nearby depth0.014%6VALR$3.7m nearby depth0.015%7Gate US$2.9m nearby depth0.015%8DIFX$1.6m nearby depth0.015%9BTCC$820m nearby depth0.015%10Crypto.com$134m nearby depth0.015%

Heaviest Bitcoin markets

The largest measured Bitcoin-linked pair on each exchange.

1BTCCBTC/USDT · 51% of venue volume$2.62B 2PionexBTC/USDT · 69% of venue volume$2.14B 3AzbitBTC/USDT · 82% of venue volume$1.41B 4CoinUp.ioBTC/USDT · 37% of venue volume$1.23B 5KCEXBTC/USDT · 64% of venue volume$933m 6BitDeltaBTC/USDT · 32% of venue volume$765m 7BloFinBTC/USDT · 63% of venue volume$660m 8CoinWBTC/USDT · 46% of venue volume$596m 9HotcoinBTC/USDT · 62% of venue volume$587m 10TapbitBTC/USDT · 21% of venue volume$478m

Most reliant on one pair

The largest share of an exchange's trading carried by one market.

1BitexenUSDT/TRY100%2PaymiumBTC/EUR100%3BitBNSBTC/INR100%4ChainEXUSDT/ZAR100%5BTC Trade UATLR/UAH100%6BitTradeBTC/JPY96%7DIFXBTC/USDT96%8DeribitSOL/USDC96%9CoincheckBTC/JPY91%10GiottusUSDT/INR89%

Most one-sided books

Where the visible book supports one direction much more than the other.

1BTC Trade UA0.029% average spread100%2WOO X2.437% average spread99%3Latoken0.039% average spread91%4ChainEX0.123% average spread88%5Kinesis Money0.600% average spread67%6Buda0.335% average spread65%7Paribu0.281% average spread61%8Bilaxy0.012% average spread55%9Purcow0.294% average spread52%10Kanga Global1.195% average spread49%

Most pairs removed

The largest share of listed pairs excluded because they were marked stale or odd.

1Bilaxy44 listed pairs read93%2ChainEX5 listed pairs read80%3VALR55 listed pairs read65%4Orbix20 listed pairs read65%5Coincheck14 listed pairs read64%6BitTrade26 listed pairs read62%7Giottus136 listed pairs read56%8Icrypex111 listed pairs read54%9SafeTrade54 listed pairs read52%10Tapbit111 listed pairs read50%

Most trading beyond BTC and USDT

The largest share that survives after both common legs are removed.

1Ondo Stocks100% of depth also survives100%2BTC Trade UA100% of depth also survives100%3Deribit89% of depth also survives98%4Bitvavo85% of depth also survives89%5Gemini54% of depth also survives88%6Bit2Me90% of depth also survives88%7Paribu38% of depth also survives87%8Young Platform70% of depth also survives84%9Hata75% of depth also survives82%10SAFEbit56% of depth also survives79%

Broadest measured market profileP2PB2B · 80/100

Among the larger half of measured exchanges by reported volume, five visible market readings point more favourably together. The parts remain visible in its company view.

Most strained measured market profileHTX · 28/100

The same size gate is used here. Several public market readings are strained; this does not mean the company is unsafe or insolvent.

Download all current readings Open machine-readable data

A small price gap does not mean many orders.

The price gap is the difference between the best buy and sell price. Waiting orders are the buy and sell orders sitting near the price when we checked.

Tightest average spread0.011%

ALP.COM, on a book of $3.6m.

Deepest book$1.09B

XBO.com. The typical venue here holds $23.7m.

Highest volume-to-depth ratio312.3x

BitDelta: trading in a day for every $1 of orders near the price. The typical exchange: 3.8x.

What this meansA small price gap does not mean many waiting orders. ALP.COM has the smallest price gap, 0.011%, but only $3.6m of orders near the price. XBO.com has the most waiting orders, $1.09B, but a wider gap of 0.161%.

Is this one exchange, or the whole market?

Two tests. Take out the biggest exchange. Then take out all trading in Bitcoin and Tether.

All exchanges we could read4.1x

Trading for every $1 of waiting orders, across 122 of 180 exchanges we track.

Without BTCC3.9x

BTCC does 9% of the trading but holds 6% of the waiting orders.

Without Bitcoin and Tether trading1.7x

Only 8% of trading and 19% of waiting orders are left.

What this meansWithout BTCC, it is still $3.9 of trading for every $1 of waiting orders ($4.1 with it). So one exchange is not driving the result. Without trading in Bitcoin and Tether (USDT), only 8% of the trading and 19% of the waiting orders are left. So most trading on these exchanges runs through those two coins.

Ask this page a question.

Every answer below is drawn only from figures checked in this edition. Where the data cannot support a question, the page says so instead of guessing.

Most volume per depth Tightest quote vs depth Deepest books Without the biggest venue Without BTC and USDT Tight quote, strained book One-pair reliance One-sided books Removed pairs Recorded disclosures Disclosure states Could not be compared Broadest market profile Closest to failing?Ask your own question

Which exchange trades the most for the orders it has waiting?Open

BitDelta traded $312.3 in a day for every $1 of orders waiting within 2% of the price. The typical exchange here traded $3.8. A high number means a lot of trading rests on few waiting orders. It is not proof of trouble.

BitDelta312.3x

WOO X302.0x

Dex-Trade111.4x

Bitbegin104.8x

Biconomy.com61.8x

Purcow55.0x

IMBX50.3x

BigONE42.5x

DIFX41.9x

Poloniex36.5x

Does the smallest price gap come with the most waiting orders?Open

No. ALP.COM quotes the tightest average spread at 0.011%, and its book within 2% of the price is only $3.6m. XBO.com holds the deepest book at $1.09B while quoting 0.161%. A small price gap does not mean many orders are waiting behind it.

ALP.COM0.011%

HashKey Exchange0.011%

OSL Exchange0.011%

Bilaxy0.012%

Azbit0.014%

VALR0.015%

Gate US0.015%

DIFX0.015%

BTCC0.015%

Crypto.com0.015%

Ranked from tightest quote. Compare each name against the depth chart below.

Which venues post the most nearby depth?Open

The whole group holds $13.27B within 2% of the price against $54.2B of reported 24-hour volume. That is a 4.1x volume-to-depth ratio.

XBO.com$1,089m

BTCC$820m

WEEX$674m

Ondo Stocks$665m

CEX.IO$634m

Pionex$548m

Deepcoin$514m

Hotcoin$484m

LBank$473m

WhiteBIT$470m

Does the result change without the biggest exchange?Open

BTCC does 9% of the trading but holds 6% of the waiting orders. Take it out and the rest trade $3.9 for every $1 of waiting orders, against $4.1 with it. So one exchange is not driving the overall result.

BTCC$5.09B

CoinUp.io$3.27B

Pionex$3.11B

BitDelta$2.36B

Tapbit$2.29B

WEEX$1.80B

Azbit$1.72B

LBank$1.60B

Bybit$1.59B

Biconomy.com$1.56B

What is left without Bitcoin and Tether trading?Open

Only $4.19B of the trading, which is 8% of the total, and $2.52B of depth, which is 19%. Everything else on these venues leans on those two coins, and trading depends on them even more than waiting orders do.

Ondo Stocks100%

BTC Trade UA100%

Deribit98%

Bitvavo89%

Gemini88%

Bit2Me88%

Paribu87%

Young Platform84%

Hata82%

SAFEbit79%

Share of each venue's trading that does not touch a Bitcoin or Tether leg. Matched on the asset itself, so Kraken's XBT pairs are removed with the rest.

Which exchanges have a small price gap but few orders behind it?Open

26 of 122 exchanges have one of the smallest price gaps, but few orders behind that price for how much they trade, or orders stacked mostly on one side: BTCC, CoinUp.io, Pionex, Azbit, Bybit, Biconomy.com, Toobit, BitVenus, Ourbit, FameEX, Niza, bitcastle, Zoomex, IMBX, OSL Exchange, ALP.COM, DIFX, Deribit, CEX.IO, Coincheck, Bitbank, Bitso, Bilaxy, BitTrade, EarnBIT, BTC Trade UA. On these exchanges the price looks better than the orders behind it. This is not an accusation. Each exchange is judged against its own trading, not against Binance, so small exchanges are not marked down for being small.

Biconomy.com61.8x

IMBX50.3x

DIFX41.9x

bitcastle33.4x

Azbit29.2x

Coincheck28.8x

ALP.COM27.9x

FameEX18.8x

CoinUp.io16.0x

Bybit8.6x

Reported 24-hour volume divided by nearby depth. Smaller exchanges are not penalised for being small.

Which venues rely most on one pair?Open

Bitexen takes 100% of its trading through one pair. A venue resting on one market is a venue whose numbers can change when that one market moves.

Bitexen100%

Paymium100%

BitBNS100%

ChainEX100%

BTC Trade UA100%

BitTrade96%

DIFX96%

Deribit96%

Coincheck91%

Giottus89%

Which books are most one-sided?Open

Depth is counted on both sides. A lean of zero means buying and selling cost the same. BTC Trade UA is the most one-sided at 100%. A book that only supports one direction is not a two-way market.

BTC Trade UA100%

WOO X99%

Latoken91%

ChainEX88%

Kinesis Money67%

Buda65%

Paribu61%

Bilaxy55%

Purcow52%

Kanga Global49%

Where were the most listed pairs removed?Open

Bilaxy has 93% of its listed pairs marked stale or odd, so they are dropped before anything here is counted. This is a share of pair count, not volume.

Bilaxy93%

ChainEX80%

VALR65%

Orbix65%

Coincheck64%

BitTrade62%

Giottus56%

Icrypex54%

SafeTrade52%

Tapbit50%

Which disclosures were recorded for this edition?Open

A direct disclosure page is recorded for 28 of the full 180-venue roster. Another 20 have a public report but no direct page recorded here. A disclosure shows what a venue says it holds; it does not show everything it owes.

WEEX: Official reserve portal and verification instructions, Not established
Bybit: Official proof-of-reserves portal, Monthly reports, stated by exchange
Toobit: Official reserve portal and balance-verification guide, Monthly, stated by exchange
KuCoin: Official dated reserve snapshot and account inclusion portal, Periodic; exact cadence not established in this read
Coinbase: Public-company financial filing directory, Quarterly and annual filings; quarterly statements are not annual audits
CoinW: Official proof-of-reserves portal, Monthly, stated by exchange
Ourbit: Official reserve portal with stated account and asset scope, Not established
WhiteBIT: Historical Hacken proof-of-reserves report, Not established
Phemex: Official Merkle balance-verification portal and disclosed wallets, Monthly, stated by exchange
Bitget: Official public reserve API documentation, Monthly, stated by exchange
HTX: Official dated proof-of-reserves release, Monthly, stated by exchange
Crypto.com: Historical agreed-upon procedures reserve report, Not established
Bitunix: Official reserve and account inclusion portal, Not established
Bitvavo: Official quarterly reserve-attestation guide, Quarterly, stated by exchange
Gemini: Official financial statement and controls examination directory, Not established
CoinEx: Official reserve portal and wallet-ownership verification instructions, Monthly, stated by exchange
VALR: Auditor's historical proof-of-reserves engagement record, One-time engagement; recurring cadence not established
Bitso: Official zero-knowledge proof program and account report instructions, Monthly, stated by exchange
Backpack: Official zero-knowledge reserve verification portal, Daily public proofs, stated by exchange
Binance: Official customer-balance reserve verification portal, Not established
OKX: Official proof-of-reserves portal with customer-balance comparison, Monthly, stated on official portal
Gate: Official customer-balance reserve verification portal, Not established
MEXC: Official proof-of-reserves program portal, Monthly, stated by exchange
Bitmex: Official open-source reserve and liability verification tools, Not established
BingX: Official reserve portal with report and wallet-download links, Monthly, stated by exchange
Upbit: Dunamu digital assets and customer deposits agreed-upon procedures report, Not established
Kraken: Official dated reserve snapshot and account verification program, Not established
Luno: Official monthly reserve report guide, Monthly, stated by exchange

What does a missing direct disclosure page mean?Open

It is not one answer. 20 venues have reporting but no direct page recorded. 40 returned nothing in two completed checks. 92 remain unsearched. None of those states means zero reserves, and none is allowed to become a solvency verdict.

28direct pages

20reported, page not recorded

40nothing found twice

92not searched

Open the full disclosure audit

Which tracked venues could not be compared?Open

38 returned a partial reading below the publication gate: Binance, OKX, Gate, MEXC, Korbit, BingX, CoinDCX, NBX, Indodax, Tothemoon, Coinone, Bithumb, Upbit, Webot, Kraken, Luno, Koinpark, Independent Reserve, CoinJar Exchange, Zaif, Mercado Bitcoin, Foxbit, WazirX, SecondBTC, Figure Markets, Bitexlive, Delta Exchange, Cube, Catex, Digitalexchange.id, Upbit Indonesia , Bit2c, INX One, KoinBX, Mudrex, ZebPay, Cryptal, Coinbase International Exchange. 20 had no exact or usable spot-book reading: Robinhood, SwissBorg, ProBit Global, Bake.io, Coinsquare, Fastex, Okcoin, Coin8, Flipster, Arkham Exchange, TradeOgre, BiTomato, NEXO, Voyager, SCLiTE, Bitmex, Exmo, GoPax, BitMart, Websea. They stay on the full roster but are excluded from whole-exchange spot-book rankings. Their other available evidence remains in each company view. Unavailable does not mean weak.

No chart. A failed reading is not a measurement.

Which exchange has the broadest market-quality profile?Open

P2PB2B leads the five-reading market view at 80 out of 100. HTX has the most strained set at 28. The five readings are volume against depth, spread, one-sidedness, one-pair reliance and unusable-pair share. All five must be available. Quote-currency choice does not earn points. This is not a solvency or safety score.

P2PB2B80/100

Byte Exchange77/100

Deepcoin75/100

Bitbaby70/100

WEEX68/100

FameEX67/100

Bitget65/100

OSL Exchange65/100

Coins.ph64/100

XT.COM62/100

Which exchange is closest to failing?Open

This page cannot answer that. Waiting orders, price gaps and trading pairs show how trading looks. They do not show what an exchange owes its customers, what it holds, or whether the two match. The warning-sign scores at the top compare trading only. They do not predict which exchange will fail.

Not answered. The data cannot support it.

Ask this page anything.

Type a question in your own words. Answers come from the same edition printed above, plus dated reporting where it was available. Where the readings cannot answer a question, it will say so rather than guess.

Nothing here is advice, and nothing here is a statement about whether an exchange can meet what it owes its customers.

How much can we see for each exchange?

Choose a data coverage tier. Coverage counts the questions with evidence; confidence weighs the strength of that evidence. Neither is a verdict on exchange safety.

Tier 1: 80–100% · Tier 2: 60–79% · Tier 3: 40–59% · Tier 4: below 40%. Available evidence can include partial or historical records; open an exchange to see their scope.

Looking for decentralised exchanges? Open the separate DEX view →

The full exchange roster.

All 180 tracked exchanges stay visible. Measured venues are sorted by reported 24-hour volume, followed by partial and unavailable readings with their exact status. Only measured rows enter the headlines and rankings.

Full tracked exchange roster with measured, below-coverage and unavailable states.
Exchange	24h volume	Depth within 2%	Volume / depth	Average spread	Busiest pair	Disclosure
BTCCtight quote, book small for its flow51% in one pairdisclosure not reviewed here	$5.09B	$820m	6.2x	0.015%	BTC/USDT 51% of its volume	Not searched
CoinUp.iotight quote, book small for its flowdisclosure not reviewed here	$3.27B	$205m	16.0x	0.028%	BTC/USDT 37% of its volume	Not searched
Pionextight quote, book small for its flow69% in one pair	$3.11B	$548m	5.7x	0.016%	BTC/USDT 69% of its volume	Reported; direct page not recorded
BitDeltadisclosure not reviewed here	$2.36B	$7.6m	312.3x	0.297%	BTC/USDT 32% of its volume	Not searched
Tapbit50% of pairs flaggeddisclosure not reviewed here	$2.29B	$160m	14.3x	0.049%	HYPE/USDT 28% of its volume	Not searched
WEEX	$1.80B	$674m	2.7x	0.029%	BTC/USDT 23% of its volume	Direct page recorded
Azbittight quote, book small for its flow82% in one pair	$1.72B	$59.0m	29.2x	0.014%	BTC/USDT 82% of its volume	Nothing found in two completed checks
LBank	$1.60B	$473m	3.4x	0.123%	BTC/USDT 13% of its volume	Reported; direct page not recorded
Bybittight quote, book small for its flow	$1.59B	$184m	8.6x	0.026%	BTC/USDT 21% of its volume	Direct page recorded
Biconomy.comtight quote, book small for its flow	$1.56B	$25.3m	61.8x	0.033%	BTC/USDT 30% of its volume	Nothing found in two completed checks
KCEX64% in one pair	$1.46B	$298m	4.9x	0.092%	BTC/USDT 64% of its volume	Reported; direct page not recorded
Toobittight quote, book small for its flow	$1.45B	$185m	7.8x	0.035%	BTC/USDT 20% of its volume	Direct page recorded
KuCoin	$1.44B	$81.2m	17.8x	0.037%	BTC/USDT 31% of its volume	Direct page recorded
Coinbase	$1.35B	$196m	6.9x	0.041%	BTC/USD 18% of its volume	Direct page recorded
CoinW	$1.28B	$66.3m	19.4x	0.060%	BTC/USDT 46% of its volume	Direct page recorded
XT.COM	$1.26B	$135m	9.4x	0.040%	BTC/USDT 21% of its volume	Reported; direct page not recorded
OrangeXdisclosure not reviewed here	$1.22B	$231m	5.3x	0.034%	BTC/USDT 23% of its volume	Not searched
BitVenustight quote, book small for its flow15% of pairs flaggeddisclosure not reviewed here	$1.10B	$173m	6.4x	0.028%	BTC/USDT 40% of its volume	Not searched
BloFin63% in one pairdisclosure not reviewed here	$1.04B	$262m	4.0x	0.104%	BTC/USDT 63% of its volume	Not searched
DigiFinex	$1.04B	$337m	3.1x	0.050%	BTC/USDT 39% of its volume	Nothing found in two completed checks
Ourbittight quote, one-sided book	$1.02B	$204m	5.0x	0.026%	BTC/USDT 44% of its volume	Direct page recorded
Aivora Exchangedisclosure not reviewed here	$964m	$47.6m	20.3x	0.087%	USDC/USDT 24% of its volume	Not searched
Hotcoin62% in one pair	$943m	$484m	1.9x	0.045%	BTC/USDT 62% of its volume	Reported; direct page not recorded
FameEXtight quote, book small for its flowdisclosure not reviewed here	$844m	$44.9m	18.8x	0.018%	BTC/USDT 28% of its volume	Not searched
WhiteBIT	$842m	$470m	1.8x	0.111%	BTC/USDT 13% of its volume	Direct page recorded
Phemex19% of pairs flagged	$834m	$142m	5.9x	0.065%	BTC/USDT 39% of its volume	Direct page recorded
Poloniex42% of pairs flaggeddisclosure not reviewed here	$763m	$20.9m	36.5x	0.246%	BTC/USDT 32% of its volume	Not searched
GroveX	$725m	$132m	5.5x	0.056%	USDC/USDT 22% of its volume	Nothing found in two completed checks
Bullish	$718m	$145m	4.9x	0.096%	BTC/USDC 33% of its volume	Reported; direct page not recorded
Bitget	$647m	$256m	2.5x	0.040%	BTC/USDT 23% of its volume	Direct page recorded
HTX27% of pairs flagged	$594m	$73.7m	8.1x	0.228%	BTC/USDT 40% of its volume	Direct page recorded
BigONE17% of pairs flagged51% in one pairdisclosure not reviewed here	$573m	$13.5m	42.5x	0.135%	BTC/USDT 51% of its volume	Not searched
Crypto.com23% of pairs flagged	$524m	$134m	3.9x	0.015%	BTC/USD 39% of its volume	Direct page recorded
Hibt	$446m	$84.8m	5.3x	0.062%	BTC/USDT 29% of its volume	Nothing found in two completed checks
Bitrue50% in one pair	$433m	$154m	2.8x	0.173%	BTC/USDT 50% of its volume	Reported; direct page not recorded
Nizatight quote, one-sided book	$433m	$82.9m	5.2x	0.020%	BTC/USD 13% of its volume	Nothing found in two completed checks
Deepcoin	$412m	$514m	0.8x	0.019%	SOL/USDT 42% of its volume	Nothing found in two completed checks
bitcastletight quote, book small for its flow55% in one pairdisclosure not reviewed here	$386m	$11.5m	33.4x	0.025%	BTC/USDT 55% of its volume	Not searched
P2PB2B	$385m	$219m	1.8x	0.044%	BTC/USDT 14% of its volume	Nothing found in two completed checks
Zoomextight quote, book small for its flow	$356m	$45.1m	7.9x	0.017%	BTC/USDT 28% of its volume	Reported; direct page not recorded
Bitbabydisclosure not reviewed here	$267m	$112m	2.4x	0.054%	BTC/USDT 35% of its volume	Not searched
Bitstamp21% of pairs flagged	$242m	$60.0m	4.0x	0.020%	BTC/USD 35% of its volume	Reported; direct page not recorded
Bitunix	$238m	$59.1m	4.0x	0.041%	BTC/USDT 44% of its volume	Direct page recorded
Bitfinex23% of pairs flagged	$237m	$210m	1.1x	0.065%	BTC/USD 39% of its volume	Reported; direct page not recorded
Bitvavo	$230m	$47.9m	4.8x	0.072%	BTC/EUR 11% of its volume	Direct page recorded
Bit2Me18% of pairs flagged	$225m	$69.0m	3.3x	0.024%	USDC/EUR 48% of its volume	Reported; direct page not recorded
IMBXtight quote, book small for its flow55% in one pairdisclosure not reviewed here	$208m	$4.1m	50.3x	0.034%	USDC/USDT 55% of its volume	Not searched
BTSE	$151m	$28.3m	5.3x	0.059%	BTC/USDT 34% of its volume	Reported; direct page not recorded
Coinstore	$147m	$38.4m	3.8x	0.062%	BTC/USDT 40% of its volume	Reported; direct page not recorded
BYDFi51% in one pair	$144m	$26.6m	5.4x	0.090%	BTC/USDT 51% of its volume	Reported; direct page not recorded
BitKan	$131m	$130m	1.0x	0.050%	USDC/USDT 16% of its volume	Nothing found in two completed checks
SAFEbit	$130m	$22.5m	5.8x	0.486%	BTC/TRY 7% of its volume	Nothing found in two completed checks
CoinTR	$123m	$50.0m	2.5x	0.468%	USDC/USDT 29% of its volume	Nothing found in two completed checks
OSL Exchangetight quote, book small for its flow	$117m	$18.3m	6.4x	0.011%	ETH/USD 40% of its volume	Nothing found in two completed checks
HashKey Exchange	$114m	$29.5m	3.9x	0.011%	ETH/USD 44% of its volume	Nothing found in two completed checks
Coins.ph55% in one pair	$103m	$22.8m	4.5x	0.021%	USDT/PHP 55% of its volume	Nothing found in two completed checks
ALP.COMtight quote, book small for its flow67% in one pairdisclosure not reviewed here	$99.5m	$3.6m	27.9x	0.011%	BTC/USDT 67% of its volume	Not searched
BtcTurk \| Kriptohigh volume-to-depth and one-sided17% of pairs flagged	$91.7m	$11.5m	8.0x	0.229%	PUMP/TRY 8% of its volume	Nothing found in two completed checks
Paribuhigh volume-to-depth and one-sideddisclosure not reviewed here	$86.4m	$6.0m	14.4x	0.281%	USDT/TRY 7% of its volume	Not searched
Byte Exchange	$79.2m	$168m	0.5x	0.033%	BTC/USDT 32% of its volume	Nothing found in two completed checks
HitBTC45% of pairs flaggeddisclosure not reviewed here	$78.5m	$215m	0.4x	0.133%	BTC/USDT 36% of its volume	Not searched
FMFW.io36% of pairs flaggeddisclosure not reviewed here	$77.3m	$201m	0.4x	0.102%	BTC/USDT 37% of its volume	Not searched
Gemini40% of pairs flagged64% in one pair	$76.6m	$19.1m	4.0x	0.015%	ZEC/USD 64% of its volume	Direct page recorded
PointPayhigh volume-to-depth and one-sideddisclosure not reviewed here	$75.2m	$6.3m	11.8x	0.236%	XAUT/USDT 18% of its volume	Not searched
Changelly PRO43% of pairs flaggeddisclosure not reviewed here	$65.2m	$170m	0.4x	0.087%	BTC/USDT 44% of its volume	Not searched
DIFXtight quote, book small for its flow96% in one pair	$65.0m	$1.6m	41.9x	0.015%	BTC/USDT 96% of its volume	Nothing found in two completed checks
Deribittight quote, book small for its flow29% of pairs flagged96% in one pair	$64.2m	$10.8m	6.0x	0.021%	SOL/USDC 96% of its volume	Reported; direct page not recorded
CEX.IOtight quote, one-sided book	$52.7m	$634m	0.1x	0.033%	USDC/EUR 36% of its volume	Nothing found in two completed checks
CoinEx	$52.7m	$16.0m	3.3x	0.203%	BTC/USDT 25% of its volume	Direct page recorded
Latokenhigh volume-to-depth and one-sided33% of pairs flagged77% in one pairdisclosure not reviewed here	$49.5m	$2.7m	18.2x	0.039%	ETH/USDT 77% of its volume	Not searched
Coinchecktight quote, book small for its flow64% of pairs flagged91% in one pairdisclosure not reviewed here	$39.0m	$1.4m	28.8x	0.027%	BTC/JPY 91% of its volume	Not searched
Bitkub39% of pairs flagged62% in one pair	$36.6m	$22.3m	1.6x	0.104%	USDT/THB 62% of its volume	Nothing found in two completed checks
GMO Coin Japan	$29.9m	$18.2m	1.6x	0.049%	BTC/JPY 35% of its volume	Nothing found in two completed checks
Vindaxdisclosure not reviewed here	$29.3m	$8.2m	3.6x	0.215%	ETH/USDT 13% of its volume	Not searched
Bitbanktight quote, one-sided book	$28.7m	$6.0m	4.8x	0.029%	BTC/JPY 31% of its volume	Nothing found in two completed checks
NonKYC	$28.2m	$8.2m	3.5x	0.637%	BTC/USDT 22% of its volume	Nothing found in two completed checks
bitFlyer75% in one pair	$26.0m	$5.7m	4.6x	0.046%	BTC/JPY 75% of its volume	Nothing found in two completed checks
Bitazza	$21.2m	$16.6m	1.3x	0.152%	USDT/THB 11% of its volume	Nothing found in two completed checks
VALR65% of pairs flagged87% in one pair	$20.8m	$3.7m	5.6x	0.015%	USDT/ZAR 87% of its volume	Direct page recorded
Icrypex54% of pairs flaggeddisclosure not reviewed here	$19.8m	$6.4m	3.1x	0.464%	ETH/USDT 27% of its volume	Not searched
Bitsotight quote, one-sided book16% of pairs flagged55% in one pair	$18.7m	$4.9m	3.8x	0.036%	XRP/MXN 55% of its volume	Direct page recorded
Bittime	$18.2m	$7.2m	2.5x	0.404%	BTC/USDT 25% of its volume	Nothing found in two completed checks
Binance US31% of pairs flagged	$17.8m	$16.5m	1.1x	0.051%	BTC/USDT 26% of its volume	Nothing found in two completed checks
BitoProhigh volume-to-depth and one-sided20% of pairs flagged73% in one pair	$17.3m	$2.6m	6.6x	0.267%	USDT/TWD 73% of its volume	Nothing found in two completed checks
XBO.com	$15.3m	$1.09B	0.0x	0.161%	DOT/USDT 12% of its volume	Nothing found in two completed checks
LeveX	$15.0m	$69.7m	0.2x	0.051%	USDC/USDT 31% of its volume	Reported; direct page not recorded
OKJ27% of pairs flagged	$14.8m	$2.8m	5.2x	0.164%	ETH/JPY 40% of its volume	Nothing found in two completed checks
Bilaxytight quote, one-sided book93% of pairs flagged58% in one pairdisclosure not reviewed here	$13.8m	$17.4m	0.8x	0.012%	BTC/USDT 58% of its volume	Not searched
Backpack31% of pairs flagged	$13.7m	$4.5m	3.0x	0.021%	USDT/USDC 43% of its volume	Direct page recorded
Bybit EU	$11.2m	$72.2m	0.2x	0.068%	BTC/USDC 30% of its volume	Reported; direct page not recorded
Max Maicoin39% of pairs flagged83% in one pair	$9.5m	$3.8m	2.5x	0.040%	USDT/TWD 83% of its volume	Nothing found in two completed checks
Tokpie	$7.9m	$6.0m	1.3x	0.141%	USDT/USDC 19% of its volume	Nothing found in two completed checks
BitTradetight quote, one-sided book62% of pairs flagged96% in one pair	$6.0m	$3.2m	1.9x	0.017%	BTC/JPY 96% of its volume	Reported; direct page not recorded
TokoCryptodisclosure not reviewed here	$5.9m	$168m	0.0x	0.056%	USDT/IDR 35% of its volume	Not searched
Kanga Globaldisclosure not reviewed here	$5.9m	$24.6m	0.2x	1.195%	USDT/PLN 7% of its volume	Not searched
Ondo Stocks	$4.8m	$665m	0.0x	0.082%	CRCLON/USDON 17% of its volume	Reported; direct page not recorded
EarnBITtight quote, one-sided bookdisclosure not reviewed here	$2.7m	$2.4m	1.1x	0.019%	BTC/USDT 25% of its volume	Not searched
Bitbegindisclosure not reviewed here	$2.3m	$22k	104.8x	0.063%	ETH/USDT 30% of its volume	Not searched
Dex-Tradehigh volume-to-depth and one-sided53% in one pairdisclosure not reviewed here	$2.0m	$18k	111.4x	1.042%	P2PS/ETH 53% of its volume	Not searched
Buda40% of pairs flagged52% in one pairdisclosure not reviewed here	$1.6m	$858k	1.8x	0.335%	USDC/CLP 52% of its volume	Not searched
BTCMarkets32% of pairs flaggeddisclosure not reviewed here	$1.4m	$2.4m	0.6x	0.172%	BTC/AUD 35% of its volume	Not searched
Emirexdisclosure not reviewed here	$1.4m	$1.5m	1.0x	0.182%	LINK/USDC 15% of its volume	Not searched
Purcowhigh volume-to-depth and one-sided76% in one pairdisclosure not reviewed here	$1.3m	$25k	55.0x	0.294%	BTC/USDT 76% of its volume	Not searched
Bitlo	$800k	$6.7m	0.1x	1.016%	LUNA/TRY 5% of its volume	Nothing found in two completed checks
SafeTrade52% of pairs flagged61% in one pairdisclosure not reviewed here	$781k	$1.8m	0.4x	2.820%	PRL/USDT 61% of its volume	Not searched
WOO Xhigh volume-to-depth and one-sided52% in one pairdisclosure not reviewed here	$579k	$2k	302.0x	2.437%	ETH/USDT 52% of its volume	Not searched
Kinesis Money48% of pairs flaggeddisclosure not reviewed here	$457k	$28.9m	0.0x	0.600%	KAU/C1USD 22% of its volume	Not searched
One Trading33% of pairs flagged70% in one pair	$365k	$243k	1.5x	0.023%	BTC/USDC 70% of its volume	Nothing found in two completed checks
Bitexen100% in one pairdisclosure not reviewed here	$338k	$197k	1.7x	0.977%	USDT/TRY 100% of its volume	Not searched
Orbix65% of pairs flagged55% in one pairdisclosure not reviewed here	$253k	$693k	0.4x	0.049%	USDT/THB 55% of its volume	Not searched
HashKey Global	$231k	$796k	0.3x	0.387%	SUI/USDT 7% of its volume	Nothing found in two completed checks
Giottus56% of pairs flagged89% in one pairdisclosure not reviewed here	$213k	$14.2m	0.0x	0.037%	USDT/INR 89% of its volume	Not searched
Globe85% in one pairdisclosure not reviewed here	$177k	$259k	0.7x	0.058%	BTC/USDT 85% of its volume	Not searched
Hata30% of pairs flaggeddisclosure not reviewed here	$175k	$287k	0.6x	0.384%	BTC/MYR 18% of its volume	Not searched
Coinzoomdisclosure not reviewed here	$160k	$145m	0.0x	0.351%	USDT/USD 42% of its volume	Not searched
Young Platformdisclosure not reviewed here	$154k	$12.5m	0.0x	0.615%	YNG/EUR 44% of its volume	Not searched
Paymium100% in one pairdisclosure not reviewed here	$127k	$342k	0.4x	0.134%	BTC/EUR 100% of its volume	Not searched
INEXdisclosure not reviewed here	$17k	$2k	8.0x	0.583%	ESE/USDT 12% of its volume	Not searched
BitBNS43% of pairs flagged100% in one pairdisclosure not reviewed here	$8k	$497	15.9x	3.465%	BTC/INR 100% of its volume	Not searched
ChainEX80% of pairs flagged100% in one pairdisclosure not reviewed here	$8k	$3k	2.3x	0.123%	USDT/ZAR 100% of its volume	Not searched
Gate US	$4k	$2.9m	0.0x	0.015%	BTC/USDT 39% of its volume	Nothing found in two completed checks
BTC Trade UAtight quote, one-sided book100% in one pairdisclosure not reviewed here	$0	$917	0.0x	0.029%	TLR/UAH 100% of its volume	Not searched
RobinhoodUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
SwissBorgUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
ProBit GlobalUnavailable Excluded from current comparison: Spot trading ended	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Bake.ioUnavailable Excluded from current comparison: Trading suspended; claims process	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
CoinsquareUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
FastexUnavailable spot venue not listed at read time	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
OkcoinUnavailable spot venue not listed at read time	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Coin8Unavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
FlipsterUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Arkham ExchangeUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
TradeOgreUnavailable Excluded from current comparison: Exchange dismantled by authorities	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
BiTomatoUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
NEXOUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
VoyagerUnavailable Excluded from current comparison: Wind-down and creditor recovery	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
SCLiTEUnavailable no exact spot-book match	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
BinanceBelow coverage partial read; ticker-page limit reached	$7.27B · covered pairs	$756m · partial	9.6x	0.027%	USDC/USDTCovered pairs only	Direct page recorded
OKXBelow coverage partial read; ticker-page limit reached	$1.46B · covered pairs	$377m · partial	3.9x	0.034%	BTC/USDTCovered pairs only	Direct page recorded
GateBelow coverage only 67.3% of reported volume was measurable	$958m · covered pairs	$176m · partial	5.4x	0.034%	BTC/USDTCovered pairs only	Direct page recorded
MEXCBelow coverage only 67.4% of reported volume was measurable	$763m · covered pairs	$255m · partial	3.0x	0.078%	BTC/USDTCovered pairs only	Direct page recorded
BitmexUnavailable Excluded from current comparison: Closure announced; reduce-only trading	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Direct page recorded
KorbitBelow coverage only 61.8% of reported volume was measurable	$13.2m · covered pairs	$1.8m · partial	7.5x	0.077%	USDT/KRWCovered pairs only	Nothing found in two completed checks
BingXBelow coverage only 43.0% of reported volume was measurable	$108m · covered pairs	$143m · partial	0.8x	0.143%	USDC/USDTCovered pairs only	Direct page recorded
CoinDCXBelow coverage only 59.2% of reported volume was measurable	$526k · covered pairs	$84 · partial	6,288.2x	0.010%	USDT/INRCovered pairs only	Not searched
NBXBelow coverage only 16.0% of reported volume was measurable	$20k · covered pairs	$111k · partial	0.2x	2.080%	ADA/NOKCovered pairs only	Not searched
ExmoUnavailable Excluded from current comparison: Closure announced; withdrawals requested	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
IndodaxBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
TothemoonBelow coverage only 77.9% of reported volume was measurable	$63.7m · covered pairs	$30.7m · partial	2.1x	0.121%	BTC/EURCovered pairs only	Not searched
CoinoneBelow coverage only 59.1% of reported volume was measurable	$80.6m · covered pairs	$3.3m · partial	24.6x	0.079%	USDT/KRWCovered pairs only	Nothing found in two completed checks
BithumbBelow coverage only 47.8% of reported volume was measurable	$190m · covered pairs	$22.3m · partial	8.5x	0.296%	USDT/KRWCovered pairs only	Reported; direct page not recorded
UpbitBelow coverage only 18.4% of reported volume was measurable	$179m · covered pairs	$21.5m · partial	8.3x	0.300%	USDT/KRWCovered pairs only	Direct page recorded
WebotBelow coverage only 75.1% of reported volume was measurable	$5.8m · covered pairs	$208m · partial	0.0x	0.217%	USDC/USDTCovered pairs only	Nothing found in two completed checks
KrakenBelow coverage partial read; ticker-page limit reached	$1.04B · covered pairs	$498m · partial	2.1x	0.035%	XBT/USDCovered pairs only	Direct page recorded
LunoBelow coverage only 49.5% of reported volume was measurable	$3.0m · covered pairs	$1.8m · partial	1.7x	0.087%	XBT/MYRCovered pairs only	Direct page recorded
KoinparkBelow coverage only 56.1% of reported volume was measurable	$6.9m · covered pairs	$28.8m · partial	0.2x	0.019%	BTC/USDTCovered pairs only	Nothing found in two completed checks
Independent ReserveBelow coverage only 40.2% of reported volume was measurable	$2.2m · covered pairs	$13.0m · partial	0.2x	0.246%	USDC/AUDCovered pairs only	Not searched
CoinJar ExchangeBelow coverage only 68.8% of reported volume was measurable	$952k · covered pairs	$10.0m · partial	0.1x	0.215%	BTC/AUDCovered pairs only	Not searched
ZaifBelow coverage only 36.3% of reported volume was measurable	$193k · covered pairs	$28k · partial	6.9x	0.167%	ETH/JPYCovered pairs only	Not searched
Mercado BitcoinBelow coverage only 61.3% of reported volume was measurable	$2.3m · covered pairs	$912k · partial	2.6x	0.050%	USDT/BRLCovered pairs only	Not searched
FoxbitBelow coverage only 71.9% of reported volume was measurable	$7.0m · covered pairs	$24.0m · partial	0.3x	0.051%	USDT/BRLCovered pairs only	Not searched
WazirXBelow coverage only 58.0% of reported volume was measurable	$298k · covered pairs	$559k · partial	0.5x	0.813%	USDT/INRCovered pairs only	Not searched
SecondBTCBelow coverage only 74.3% of reported volume was measurable	$35.0m · covered pairs	$8.9m · partial	3.9x	0.018%	SOL/USDTCovered pairs only	Not searched
Figure MarketsBelow coverage only 2.6% of reported volume was measurable	$104k · covered pairs	$1.2m · partial	0.1x	0.125%	UNI/USDCovered pairs only	Not searched
BitexliveBelow coverage only 67.4% of reported volume was measurable	$1.8m · covered pairs	$3.0m · partial	0.6x	0.013%	BTC/USDTCovered pairs only	Not searched
GoPaxUnavailable rate limited	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Delta ExchangeBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
CubeBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
CatexBelow coverage only 63.4% of reported volume was measurable	$13.1m · covered pairs	$631k · partial	20.8x	0.250%	BTC/USDTCovered pairs only	Not searched
Digitalexchange.idBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Upbit Indonesia Below coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
Bit2cBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
INX OneBelow coverage only 40.7% of reported volume was measurable	$506 · covered pairs	$36k · partial	0.0x	1.324%	USDT/USDCovered pairs only	Not searched
KoinBXBelow coverage only 59.4% of reported volume was measurable	$14.7m · covered pairs	$55.6m · partial	0.3x	0.416%	USDT/INRCovered pairs only	Not searched
MudrexBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
ZebPayBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
CryptalBelow coverage only 73.5% of reported volume was measurable	$589k · covered pairs	$7.7m · partial	0.1x	2.766%	BTC/EURCovered pairs only	Not searched
Coinbase International ExchangeBelow coverage published no depth	Not measured	Not measured	Not available	Not available	Not measuredCovered pairs only	Not searched
BitMartUnavailable Excluded from current comparison: Wind-down announced; restructuring proposed	$233m · covered pairs	$21.3m · partial	11.0x	0.014%	BTC/USDTCovered pairs only	Not searched
WebseaUnavailable Excluded from current comparison: Withdrawal suspension reported; recovery unconfirmed	$597m · covered pairs	$68.2m · partial	8.8x	0.079%	BTC/USDTCovered pairs only	Nothing found in two completed checks

What to watch, and what would make this wrong.

What to watch nextWatch trading per $1 of waiting orders, not either number alone. If trading keeps rising but waiting orders do not, each order has to carry more trading, and prices can jump more easily. Also watch how many trading pairs we have to throw out as stale or odd. At the worst exchange here it was 93%. If that share rises, less of the exchange is being compared.

What would make this wrongThis would be wrong if the orders we can see are not the real orders. Exchanges show only some of what traders are willing to buy and sell, and big traders often hide their size. It would also be wrong if the pairs we threw out are real markets. And none of it tells you if an exchange can pay back its customers: few visible orders does not mean trouble, and many orders do not prove the exchange is safe.

Measured122

Valid book readings used in every headline and ranking.

Below coverage38

Partial readings kept visible but excluded from comparisons.

Unavailable20

No exact or usable spot-book reading. Unavailable does not mean weak.