Searching For The Best Market: CEX Liquidity Depth Comparative Analysis

In the crypto world, liquidity is a vital yet complex concept. In any market, liquidity refers to how easily an asset can be bought or sold without causing a significant change in its price. High liquidity means there's plenty of trading activity, making it easier to buy and sell assets at stable prices. In contrast, low liquidity can lead to higher volatility, larger spreads, and potential delays in executing trades.

One key factor in choosing a market for high-volume trading is liquidity depth. It measures the volume of buy and sell orders and an exchange's capability of absorbing large market orders without triggering significant price changes, called slippage. Liquidity is typically assessed within a ±2% price range from the mid-market price, as this range reflects the actual conditions for executing large market orders without materially affecting the price.

Methodology

In this research, we conducted a multifaceted analysis of the five largest global centralized crypto exchanges (CEX): Binance, Bitget, Bybit, MEXC, and OKX. We examined the liquidity depth of spot and futures markets. 

For this analysis, we selected the 20 most actively traded pairs in January 2025, all available on both spot and perpetual futures markets. The first step involved calculating the ±2% liquidity depth, which serves as a key metric in the ranking process. The liquidity depth snapshot was taken on January 30.

Table 1. Trending spot and futures pairs on CEXs in January 2025

Source: CryptoRank 

The ranking methodology is based on scoring each exchange according to its summarized ±2% liquidity depth. An exchange with the highest liquidity depth receives the maximum points, while an exchange with the lowest receives the fewest:

• 1st place – 5 points

• 2nd place – 4 points

• 3rd place – 3 points

• 4th place – 2 points

• 5th place – 1 point

The total score for each exchange is then calculated by summing its points across all trading pairs. The maximum possible score is 100 if an exchange has the highest liquidity across all pairs, while the minimum is 20 if it ranks lowest in every case.

The ranking methodology favors exchanges with the highest total liquidity depth and a well-balanced liquidity distribution across trading pairs. This approach ensures that exchanges serve top pairs like BTC/USDT and ETH/USDT and long-tail pairs, thus reflecting the interests of a broader range of traders.

The detailed calculations for both spot and futures markets are available in our spreadsheet. Refer to it for a complete breakdown of liquidity depth, ranking methodology, and individual trading pair performance.

Spot Market Liquidity Analysis

CEX spot markets typically offer high liquidity,  which provides the ability to execute large trades with low slippage. However, liquidity depth provides a more nuanced perspective, highlighting variations in market depth across different exchanges and trading pairs, which can impact execution quality beyond overall rankings.

The largest crypto exchange, Binance, leads the ranking by a significant margin, which comes as no surprise given its dominant share of BTC and ETH trading (Figure 1). While other exchanges compete in trading volume for certain long-tail pairs with assets such as ADA, SUI, and LINK, they lag behind in overall liquidity depth.

Bitget, MEXC, and OKX ranked second to fourth among these five exchanges. Bitget and MEXC demonstrated solid liquidity in BTC and ETH trading pairs, making them competitive in high-volume markets. OKX, meanwhile, exhibited a more balanced liquidity distribution across the top four assets and stood out with particularly deep liquidity in the SUI/USDT pair, which shows its strength in niche markets.

Bybit had the lowest overall liquidity depth but maintained a relatively even distribution across the five most actively traded assets: BTC, ETH, XRP, SOL, and DOGE.

Figure 1. Spot liquidity breakdown across trending pairs

Source: Analysis Spreadsheet

The ranking reflects similar trends, with Binance leading with 92 out of 100 points. It held the highest liquidity depth in 14 of the 20 analyzed trading pairs. Bitget followed in second place, with OKX and MEXC closely trailing, which highlights their competitive liquidity depth across trending trading pairs.

Table 2. Spot Market Scoring

Source: Analysis Spreadsheet

Perpetual Futures Market Liquidity Analysis

Unlike the spot market, the futures market presents a completely different picture, with MEXC leading by a significant margin (Figure 2). Its substantial liquidity depth is primarily concentrated in three pairs — BTC, ETH, and SOL — while liquidity in other pairs remains relatively close to that of competing exchanges, albeit slightly higher.

At the same time, Bybit, which ranked last in the spot market analysis, now ranks second. It demonstrated the deepest liquidity across exchanges for the BTC pair relative to other analyzed assets, which suggests a stronger presence in its futures market.

In contrast to its dominance in the spot market, Binance ranks third in the futures market. Notably, its liquidity depth is significantly higher for ETH than BTC, which indicates a shift in market-making activity for derivatives trading.

Bitget holds the fourth position, closely trailing Binance, while OKX ranks lowest among the analyzed exchanges. OKX’s comparatively weaker liquidity depth suggests a less competitive futures market presence despite its balanced distribution in the spot market.

Figure 2. Futures liquidity breakdown across trending pairs

Source: Analysis Spreadsheet

The futures market rankings present a different landscape, with MEXC leading at 92 points, demonstrating the highest liquidity depth in 17 of the 20 analyzed trading pairs. Bitget follows with 74 points, showing strong liquidity across key pairs. Binance ranks third with 59 points, maintaining competitive depth but lagging behind the leaders. Bybit secures 50 points and exhibits solid liquidity in BTC and ETH pairs, while OKX ranks last with 25 points, reflecting lower liquidity depth in the perpetual futures market.

Table 3. Futures Market Scoring

Source: Analysis Spreadsheet

What the Liquidity Depth Rankings Reveal

Several factors influence liquidity depth on crypto exchanges:

• User Base – a large and active trading community ensures continuous order flow and tighter spreads, as seen with Binance’s dominance in the spot market due to its vast global reach.

• Institutional Presence – high-frequency trading and market-making enhance liquidity.

• Wash Trading – some exchanges inflate volumes artificially, and suspicious trading activity raises concerns about transparency and actual market depth.

This analysis reveals significant differences in liquidity depth across major centralized crypto exchanges in both spot and futures markets. Binance consistently led the spot market with unparalleled liquidity depth in the majority of trading pairs, cementing its position as the dominant player for high-volume traders. MEXC, on the other hand, emerged as the leader in the futures market, showcasing impressive depth in BTC, ETH, and SOL pairs. Bybit’s strong performance in the futures market contrasts its lower spot market ranking, highlighting its strategic focus on derivative trading. Conversely, OKX consistently ranked lowest in both markets, indicating room for improvement in its liquidity offerings.

This analysis provides insights for investors seeking the most suitable exchange for their trading routine. Binance stands out as a top choice for spot market traders, offering deep liquidity and a broad selection of high-demand assets. MEXC emerges as a strong option for futures traders, particularly in BTC and ETH pairs. Bitget, ranking consistently in the middle for both spot and futures markets, presents a balanced option for traders looking to consolidate all activities on a single platform. It demonstrates strong liquidity depth not only for major assets like BTC and ETH but also for narrative-driven assets such as SOL, SUI, and meme coins.