Crypto Exchange Volume Quality
Venue-reported 24h perpetual volume, side by side with what the venue's order books observably support. This dataset does not claim any venue misreports volume; it measures how strongly reported activity is supported by observable signals.
How the signals work
Signals: median spread, slippage at standardized sizes and the largest standardized order that fills on the flagship BTC and ETH markets. A high reported-to-support ratio means reported activity is large relative to visible liquidity — which can reflect genuine high turnover and market-maker flow just as well as anything else. Full method: methodology.
Venues assessed
20
Complete data
19
Collecting since
2026-07-16
Latest sweep
07-25 18:40 UTC
Methodology
v1 · established
Perpetual markets — flagship BTC/ETH (spot is a separate, future dataset)
Sources: venue tickers (reported) + PerpFinder order-book engine (observable) · 8 sweeps stored| Exchange | Reported 24h (venue) | Reported BTC+ETH | Median spread | Slippage @$100k | Max standardized fill | Reported/support | Data confidence | Status |
|---|---|---|---|---|---|---|---|---|
| Binance | $19.9B | $5.3B | 0.04 bps | 0 bps | ≥ $1.0M | 5,314× (p94) | 100/100 | complete |
| OKX | $8.2B | — | 0.04 bps | 0 bps | ≥ $1.0M | — | 80/100 | complete |
| MEXC | $6.5B | — | 0.04 bps | 0 bps | ≥ $1.0M | — | 80/100 | complete |
| Bybit | $4.5B | $1.7B | 0.04 bps | 0 bps | ≥ $1.0M | 1,730× (p61) | 100/100 | complete |
| BingX | $4.3B | — | 0.46 bps | 0.04 bps | ≥ $1.0M | — | 80/100 | complete |
| Gate.io | $3.4B | — | 0.04 bps | 0 bps | ≥ $1.0M | — | 80/100 | complete |
| Bitmart | $3.1B | $1.9B | 0.04 bps | 0 bps | ≥ $1.0M | 1,887× (p72) | 100/100 | complete |
| Bitget | $2.5B | $1.1B | 0.04 bps | 0.08 bps | ≥ $1.0M | 1,146× (p39) | 100/100 | complete |
| XT.COM | $2.3B | — | 0.07 bps | 0 bps | ≥ $1.0M | — | 80/100 | complete |
| Coinbase | $2.2B | $1.9B | 0.04 bps | 0.02 bps | ≥ $1.0M | 1,898× (p83) | 100/100 | complete |
| WhiteBIT | $2.2B | — | 1.3 bps | 1.92 bps | ≥ $1.0M | — | 80/100 | complete |
| Bitunix | $2.2B | $1.1B | 0.04 bps | 0.03 bps | ≥ $1.0M | 1,145× (p28) | 100/100 | complete |
| KuCoin | $757.3M | — | 0.24 bps | 0.77 bps | ≥ $1.0M | — | 80/100 | complete |
| BloFin | $473.1M | $271.4M | 0.04 bps | 0 bps | ≥ $1.0M | 271× (p17) | 100/100 | complete |
| HTX | $470.0M | — | 0.04 bps | 0 bps | ≥ $1.0M | — | 80/100 | complete |
| Phemex | $343.2M | $123.4M | 0.04 bps | 1.2 bps | $100K | 1,234× (p50) | 100/100 | complete |
| Kraken | $240.2M | — | 0.81 bps | 0.38 bps | ≥ $1.0M | — | 80/100 | complete |
| Crypto.com | $180.7M | $166.0M | 0.2 bps | 1.47 bps | ≥ $1.0M | 166× (p6) | 100/100 | complete |
| Deribit | $113.4M | — | 0.84 bps | 0.94 bps | ≥ $1.0M | — | 80/100 | complete |
| Toobit | — | — | 0.04 bps | 0 bps | ≥ $1.0M | — | 50/100 | partial |
“—” = unavailable this sweep (never rendered as zero). Data confidence measures OUR observability of the venue (feed and book availability), not the venue's quality — a venue with limited coverage gets lower confidence, not a worse verdict. Reported/support = reported BTC+ETH main-market volume ÷ largest standardized order ($10k–$1M ladder) that filled within the engine's 2% band on both markets; percentile is winsorized across venues. No adjusted or “normalized” dollar volume is published in v1 — signals are shown raw, next to their inputs.
Why reported volume alone is not enough
Reported volume is self-declared by each venue and is the single most-cited exchange statistic. Order-book depth, spread and slippage are independently observable. Comparing the two doesn't prove anything about any single venue — but across venues, measured identically and repeatedly, the relationship between reported activity and observable liquidity is itself a useful market statistic. We publish the signals separately rather than collapsing them into one opaque score, and where data is missing we say so instead of guessing.
PerpFinder Research
Editorial TeamEditorial team tracking 100+ perpetual futures venues with live on-chain and exchange data.