TokenInsight: 2024Q1 Cryptocurrency Exchange Liquidity Analysis Report

Written by TI Research

existcryptocurrencyIn the field, liquidity is defined as the ability to quickly buy or sell an asset in the market without affecting the price stability of a specific asset. In other words, it measures the ability to quickly convert a specific asset into other assets or cash.

The liquidity and price of crypto assets are greatly affected by the liquidity of the trading market.exchange流动性的考察和分析是加密货币二级市场分析中不可或缺的一环。TokenInsight 选取了BTC,ETHandSOLThree popular cryptocurrencies were used as samples for liquidity-related analysis.

根据统计结果，exchange流动性榜单如下:

Ranking

contractdata analysis

contractTrading Depth

In terms of contract trading depth, TokenInsight has collected the 0.1% and 0.3% depth data of BTCUSDT, ETHUSDT and SOLUSDT contract trading pairs on various exchanges, and the conclusions are as follows:

BinanceandOKXThey ranked first and second in terms of BTCUSDT contract transaction depth. Among them, OKX's data at 0.1% depth is better than Binance.

Binance and OKX perform similarly to BTCUSDT in terms of ETHUSDT contract trading depth. OKX performs significantly better than Binance in terms of shallow depth (0.1%), while Binance has a slight advantage in terms of mid- to long-range depth.

Binance ranked first in both contract depths of SOLUSDT.

Slippage of contract trading pairs

In order to test the transaction slippage that retail large-order users and whales may face, TokenInsight simulated the purchase of BTC, ETH and SOL with 1 million, 5 million and 10 million US dollars in the analysis of the slippage of contract currency pairs, and calculated the slippage under different purchase amounts. The conclusion is as follows:

Binance has the smallest slippage for both $1 million and $5 million BTC buy orders. OKX is second, and the gap between its slippage and Binance decreases as the buy order amount increases. At $10 million, OKX's slippage performance surpasses Binance, ranking first among all exchanges.

In terms of ETH slippage, OKX has the lowest simulated buy order slippage in all three segments among all exchanges. Binance ranks second, but as the simulated buy order amount increases, the slippage gap between it and OKX is gradually increasing.

In terms of SOL slippage, Binance is in an absolute leading position in all three segments of SOL slippage, and its advantage is gradually increasing with the increase of the simulated buy order amount.

Contract transaction fee rate

GateThe VIP0 Maker fee of the contract is the lowest among all exchanges, 0.015%. The VIP0 Taker fee of each exchange is not much different, ranging from 0.05-0.06%.

OKX,HTXandKuCoinThe highest level VIP Maker fees of all exchanges are negative. Among them, HTX has the lowest fee rate among the three exchanges. However, in terms of the highest level VIP Taker fee rate, OKX performs better.

Spot data analysis

Spot Trading Depth

Regarding the spot trading depth, TokenInsight counted the average depth of the three trading pairs of BTC/USDT, ETH/USDT and SOL/USDT in the price ranges of 0.1%, 0.3% and 0.5% on each exchange, and the conclusions are as follows:

Binance has the best performance with a depth in every price range of BTC/USDT far exceeding other exchanges.Bybitand OKX followed closely behind. Their depth performance in the mid- and long-term ends is better than that in the near-term ends. They can provide a relatively stable trading environment and meet large and super-large transaction orders.

Binance ranks first in depth performance at all price ranges for both the buy and sell sides of ETH/USDT. Bybit ranks second in depths of 0.1% and 0.3%, but its buy performance at a depth of 0.5% is slightly inferior to HTX.

Binance still holds the No. 1 ranking in depth for all three price ranges of SOL/USDT, and OKX ranks No. 1 in each range.

Slippage for spot trading pairs

In its analysis of the slippage of spot currency pairs, TokenInsight simulated the purchase of BTC, ETH, and SOL with $1 million, $3 million, and $5 million, and calculated the slippage under different purchase amounts. The conclusions are as follows:

Binance has the smallest BTC buy order slippage under the three simulated purchase volumes. OKX ranks second in slippage performance of $1 million, but is surpassed by Bybit in the tests of $3 million and $5 million.

Binance and Bybit ranked first and second in ETH buy order slippage. OKX and Gate performed relatively well in slippage of $1 million, but as the purchase volume increased, the gap between their slippage and Binance and Bybit gradually widened.

Binance's advantage in SOL slippage compared to BTC andXiaobai Navigation ETH is more obvious. Gate ranks 2nd in the $1 million and $3 million tests.

Spot Transaction Fee Rate

OKX's spot VIP0 Maker and Taker fees are the lowest among all exchanges, performing best in terms of retail trading costs, making it easier to attract new users to trade.

OKX and KuCoin have the lowest highest-level VIP Maker rates, both of which are negative. However, the entry threshold for OKX's highest-level VIP users is relatively high. In terms of the highest-level VIP Taker rates, OKX's performance is far better than KuCoin's.

The following is a partial display of the relevant contents of the report:

Trading Depth

Trading Depth

Spot Slippage

The article comes from the Internet:TokenInsight: 2024Q1 Cryptocurrency Exchange Liquidity Analysis Report

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