According to data from the "Cryptocurrency Exchange Liquidity Report" released by TokenInsight, in the BTC and ETH spot markets, Binance maintains a leading order book depth, significantly outperforming other platforms within the 0.03% and 0.05% ranges, followed by Bitget and OKX. In terms of slippage for large spot sell orders, Binance maintains the lowest slippage for both BTC and ETH, while Bitget ranks second overall, demonstrating strong order book absorption capacity. Regarding BTC bid-ask spreads, Binance and Bitget are in the optimal range.
The contract market presents a differentiated landscape. Bitget performs prominently in BTC and ETH contract order book depth, maintaining a leading position within both the 0.05% and 0.1% ranges. From the perspective of large sell order slippage performance, BTC contract liquidity is relatively balanced among top-tier platforms, while ETH contracts show more pronounced platform differentiation, with Bitget and OKX having the lowest slippage in the scenario of a $5 million sell order. The bid-ask spreads for BTC and ETH contracts generally remain low among mainstream exchanges, reflecting the increasing maturity of the derivatives market structure.
In terms of precious metals contracts, gold (XAU) and silver (XAG) exhibit different liquidity characteristics. Overall, Binance still dominates the contract depth for both XAU and XAG, while Bitget maintains strong liquidity performance. In comparison, the overall depth of the XAU market is better, with relatively controllable slippage and spreads on top platforms; whereas XAG shows higher slippage and wider spreads.