Depth, price gap, trading against depth and the seven-day change in trading valued in Bitcoin.
Compare exchanges. See where each stands.
Across 122 of 180 tracked exchanges, readable spot pairs reported $54.2B of 24-hour volume against $13.27B of quoted depth within 2% of the price. That is a 4.1x volume-to-depth ratio. BTCC alone is 9% of the trading but only 6% of the depth.
Hover over underlined terms, or tap them, for a quick explanation.
What is waiting on each side?
Buy ordersSell orders
An illustration of orders waiting to trade, not live orders. More waiting money and a smaller price gap answer different questions.
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: EEA trading services discontinued
- 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.
One-pair reliance, one-sided books and dependence on Bitcoin or Tether legs.
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.
More volume for each dollar near the priceMore depth for each dollar tradedTighter quoteWider quoteBTCCCoinUp.ioPionexAzbitBybitBiconomy.com
Orange rings mark a tight quote that disagrees with the book behind it. Dot size follows reported volume. Open any dot for the company page.
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.
Most stretched
The most reported trading for each dollar posted near the price.
Tightest quotes
The smallest gap between the best visible buy and sell price.
Heaviest Bitcoin markets
The largest measured Bitcoin-linked pair on each exchange.
Most reliant on one pair
The largest share of an exchange's trading carried by one market.
Most one-sided books
Where the visible book supports one direction much more than the other.
Most pairs removed
The largest share of listed pairs excluded because they were marked stale or odd.
Most trading beyond BTC and USDT
The largest share that survives after both common legs are removed.
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.
The same size gate is used here. Several public market readings are strained; this does not mean the company is unsafe or insolvent.
A tight price is not a deep market.
The spread is the quoted price gap. Depth is how much was posted near that price when the book was read.
ALP.COM, on a book of $3.6m.
XBO.com. The typical venue here holds $23.7m.
BitDelta reports that many dollars of 24-hour volume per dollar of nearby depth. The typical venue reports 3.8x.
Charlie's inferenceTight quoting and deep books are not the same thing, and today they point in different directions. ALP.COM shows the narrowest average spread on the board at 0.011% on a book of $3.6m, while XBO.com holds $1.09B and quotes 0.161%. The spread is the quoted price gap. The depth reading is the amount posted near it at the time of the read.
Is this one exchange, or the whole market?
Two removals. Take out the biggest venue, then take out the two legs everything trades against.
Volume-to-depth across 122 of 180 tracked exchanges.
BTCC is 9% of the trading but 6% of the depth.
Only 8% of trading and 19% of depth survive that removal.
Charlie's inferenceRemove BTCC and the group's volume-to-depth ratio is still 3.9x against 4.1x with it, so the pattern is not one venue. Remove the BTC and USDT legs and only 8% of the trading and 19% of the depth remain, so the pattern is very much those two legs.
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 depthTightest quote vs depthDeepest books
Without the biggest venueWithout BTC and USDTTight quote, strained book
One-pair relianceOne-sided booksRemoved pairs
Recorded disclosuresDisclosure statesCould not be compared
Broadest market profileClosest to failing?Ask your own question
Which venue has the most volume for its nearby depth?Open
BitDelta reports 312.3 dollars of 24-hour volume for each dollar of quoted depth within 2%. The typical venue here reports 3.8. This is a size ratio, not a count of how often orders were replaced and not proof of trouble.
Does the tightest quote have the deepest book?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 narrow quote describes the price gap. Depth shows how much was posted near that price.
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.
Does the result survive removing the largest venue?Open
BTCC is 9% of the trading but only 6% of the depth. Take it out and the group's volume-to-depth ratio is 3.9x instead of 4.1x. The largest venue is far more concentrated in activity than in liquidity.
What remains without Bitcoin and Tether pairs?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 legs, and activity leans on them harder than liquidity does.
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 tight quotes also have a strained book?Open
26 of 122 venues quote in the tightest third of the group while their book is either the smallest for what it carries or the most one-sided: 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. This is the reading the page exists for. It is not an accusation. It says the screen looks better than the book behind it. Note what this test does not do: it does not call a small exchange thin. A book is judged against the trading it has to carry, not against Binance.
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.
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.
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.
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
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.
Which exchange is closest to failing?Open
This page will not answer that, and nothing here could. Order-book depth, spread and published pair lists describe trading conditions. They say nothing about what a company owes, what it holds for customers, or whether the two match. Anyone offering a failure ranking from public market data is guessing with a straight face.
Refused. The data cannot support the question.
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 →
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.
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.
| 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 the volume-to-depth ratio rather than either figure on its own. If reported volume keeps rising while quoted depth within 2% does not, more volume is being compared with less nearby depth. Watch the excluded-pair share too: it reached 93% at the worst venue here, and a rising share means more listed pairs are being left out of this comparison.
What would make this wrongThis reading would be wrong if the quoted book is not the real book. Exchanges show only part of resting interest, market makers hold size back, and a venue can have far more available than it displays. It would also be wrong if the flagged pairs dropped here are genuine markets. And none of it speaks to solvency: an exchange with a thin public book can be perfectly sound, and a deep book proves nothing about what is owed to customers.
Valid book readings used in every headline and ranking.
Partial readings kept visible but excluded from comparisons.
No exact or usable spot-book reading. Unavailable does not mean weak.