Introduction
Liquidity has emerged as a vital performance indicator for crypto assets, influencing not just trading efficiency but also price volatility, execution slippage, and the broader appeal to institutional investors. As centralized exchanges (CEXes) implement stricter listing requirements and partner with sophisticated market makers, liquidity has become a proxy for asset maturity and market readiness.
This report delves into the trading depth on major centralized exchanges, examining how much capital is required to shift prices within narrow spreads. Our aim is to offer a more practical, data-driven perspective on liquidity that resonates with the everyday trader navigating the evolving crypto landscape.
Key Takeaways
- Binance leads in BTC liquidity, offering ~$8M depth on each side within ±$100, outpacing Bitget and OKX
- Bitget surpasses Binance in ETH liquidity within ±$15, though Binance regains dominance at broader depth levels
- XRP liquidity is concentrated across Bitget, Binance, and Coinbase (~67% combined), yet SOL surpasses it in both liquidity and volume
- Solana’s (SOL) order books show deep liquidity, reaching ~60% of ETH’s within ±2%, especially strong in a tight ±$1 range
- DOGE exhibits balanced liquidity across ±2%, with tight spreads and consistent market depth
BTC Liquidity: Binance Maintains Dominance Across Depth Levels
Throughout the observed period, the top eight CEXes showed median cumulative BTC order book depth of $20–$25 million on each side within ±$100. Most exchanges show a steady increase in available depth as spreads widen.
Binance commands approximately 32% of total BTC liquidity, boasting ~$8 million on both buy and sell sides. Bitget follows with ~$4.6 million, and OKX with ~$3.7 million. In contrast, HTX and Kraken rank among the least liquid for BTC trading.
Zooming into a tighter ±$10 spread, only Binance maintains liquidity above $1 million on both sides. Other exchanges (Bybit, Bitget, OKX, HTX, Crypto.com) hold between $100K–$500K, while Kraken and Coinbase trail with under $100K.
ETH Liquidity: Bitget Outpaces Binance Within Tight Spreads
Ethereum’s median order book depth hovers between $15–$16 million within the ±$2 (~0.1%) price range, equating to ~60–70% of BTC’s liquidity at comparable depths.
Bitget emerges as the most liquid ETH exchange within a tight ±$2 band, followed by Binance and OKX. At this range, six of the eight platforms show liquidity above $1 million, with HTX at ~$430K.
At wider bands like ±$50 (~2%), Binance reclaims the top spot with ~25% ETH liquidity share—a smaller lead than its 32% for BTC.
XRP Liquidity: Heavyweight Trio Controls Majority Share
Ripple (XRP) shows ~$15 million in one-sided depth within ±$0.02 (~1%). Bitget leads up to ±$0.006 (~0.3%), but Binance and Coinbase catch up as the spread widens.
Together, these three exchanges command ~67% of XRP liquidity at this level. However, XRP underperforms Solana in both liquidity and trading volume, despite its significantly higher market cap.
SOL Liquidity: Narrow Spreads, Strong Performance
Within a ±$1 (~0.6%) band, Solana (SOL) shows ~$20 million one-sided depth across the eight CEXes. Bitget leads with ~32% share, followed by Binance (~20%). Kraken is the only outlier, posting less than $1 million in depth.
Beyond ±$1, Binance expands its dominance, and Crypto.com sees a spike in depth at ±$2.50. Still, most exchanges taper off beyond the ±$1.50 spread, which may limit utility for average traders.
DOGE Liquidity: Consistent Depth Across Exchanges
Dogecoin presents a distinct profile, likely due to its meme-coin status. Liquidity is tightly clustered around the market price across top exchanges.
Bitget, Binance, OKX, and Coinbase each hold $1.0–$1.7 million in depth within ±$0.001 (~0.5%). The steep slope of liquidity curves suggests active market making and speculative limit orders.
At ±2%, DOGE commands $10–$12 million in one-sided depth—about half of XRP’s liquidity at the same level. Given DOGE’s market cap, this is a solid performance.
Conclusion
In 2025, crypto liquidity remains a key determinant of an asset’s tradability and institutional relevance. Binance continues to lead across BTC and broader depth levels, while Bitget shows strong performance in ETH and SOL trading pairs.
SOL’s increasing depth and volume suggest growing institutional interest, while DOGE maintains surprisingly consistent liquidity. XRP’s relatively shallow liquidity compared to its market cap may signal waning trader enthusiasm.
For retail and institutional traders alike, liquidity insights offer critical context for strategy, slippage, and asset selection. In an industry driven by speed, trust, and volatility, liquidity is the silent engine powering the market. Want to know more up-to-date data in the crypto world? Check our articles in the Guides page.
FAQ
What is liquidity on a crypto exchange?
Liquidity refers to the availability of buy and sell orders on an exchange. Higher liquidity means less slippage and faster execution.
Why does liquidity matter?
Liquidity affects how easily you can enter or exit positions without significantly impacting the price. It’s crucial for both retail and institutional traders.
Which exchange had the best BTC liquidity in 2025?
Binance led in BTC liquidity across all depth levels, holding around $8 million on each side within a ±$100 range.
How does low liquidity impact a trader?
Low liquidity can lead to slippage, wider spreads, and potential losses during order execution, especially on large trades.
What tools are used to measure crypto liquidity?
Order book depth, spread analysis, and liquidity heatmaps are commonly used to assess real-time liquidity.