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.
21
Venues assessed
21
Complete data
2026-07-16
Collecting since
09-09 12:40 UTC
Latest sweep
v2
Methodology · established
Perpetual markets — flagship BTC/ETH (spot is a separate, future dataset)
Sources: venue tickers (reported) + PerpFinder order-book engine (observable) · 11 sweeps in the last 3 days| Exchange | Reported 24h (venue) | Reported BTC+ETH | Median spread | Slippage @$100k | Reported/support | Data confidence |
|---|---|---|---|---|---|---|
| Binance | $57.0B | $18.9B | 0.03 bps | 0.00 bps | 18,864×p97 among venues this sweep | 100/100 |
| OKX | $22.4B | — | 0.03 bps | 0.00 bps | — | 80/100 |
| Toobit | $20.0B | $11.9B | 0.03 bps | 0.00 bps | 11,885×p91 among venues this sweep | 100/100 |
| Bybit | $13.0B | $6.3B | 0.03 bps | 0.38 bps | 6,302×p72 among venues this sweep | 100/100 |
| Gate.io | $12.6B | $9.4B | 0.03 bps | 0.01 bps | 9,367×p84 among venues this sweep | 100/100 |
| MEXC | $12.2B | $6.1B | 0.03 bps | 0.00 bps | 6,087×p66 among venues this sweep | 100/100 |
| Coinbase | $8.6B | $8.1B | 0.03 bps | 0.00 bps | 8,108×p78 among venues this sweep | 100/100 |
| Bitget | $7.4B | $4.0B | 0.03 bps | 0.00 bps | 3,971×p53 among venues this sweep | 100/100 |
| XT.COM | $7.3B | — | 0.04 bps | 0.00 bps | — | 80/100 |
| WEEXunverified | $7.2B | $3.3B | 0.03 bps | 0.00 bps | 3,295×p41 among venues this sweep | 100/100 |
| Bitmart | $6.9B | $6.0B | 0.03 bps | 0.00 bps | 6,020×p59 among venues this sweep | 100/100 |
| BingX | $6.4B | $1.5B | 0.16 bps | 0.04 bps | 1,509×p28 among venues this sweep | 100/100 |
| WhiteBIT | $6.0B | $3.2B | 2.93 bps | 1.29 bps | 3,226×p34 among venues this sweep | 100/100 |
| Bitunix | $6.0B | $3.7B | 0.03 bps | 0.01 bps | 3,744×p47 among venues this sweep | 100/100 |
| KuCoin | $1.8B | — | 0.25 bps | 0.80 bps | — | 80/100 |
| HTX | $1.5B | $1.3B | 0.03 bps | 0.00 bps | 1,265×p22 among venues this sweep | 100/100 |
| Kraken | $868.2M | — | 1.38 bps | 0.85 bps | — | 80/100 |
| BloFin | $705.7M | $342.5M | 0.77 bps | 0.00 bps | 342×p3 among venues this sweep | 100/100 |
| Phemex | $659.7M | $345.7M | 0.11 bps | 0.46 bps | 346×p9 among venues this sweep | 100/100 |
| Crypto.com | $534.0M | $486.4M | 1.80 bps | 1.86 bps | 486×p16 among venues this sweep | 100/100 |
| Deribit | $478.7M | — | 1.23 bps | 0.60 bps | — | 80/100 |
One value for every venue in this sweep, so it is stated here instead of repeated down a column: max standardized fill ≥ $1.0M · data status complete.
“—” = unavailable this sweep (never rendered as zero). “0.00 bps” is a measured reading: the standardized order filled at the touch price in that sweep. Spread and slippage are stored to two decimals, so two decimals is the full stored precision. 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.
The same ratio over time
Reported volume vs observable support
6-hour sweepsReported BTC+ETH main-market volume divided by the largest standardized order the venue's visible book absorbed in the same sweep. These are measurements of public data, not accusations — a high ratio does not claim that any venue misreports volume.
Top 5 venues by reported 24h volume in the newest sweep that carries a ratio. A sweep with no computable ratio for a venue leaves a break in that line — never a zero.
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 does not 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.