Liquidity
According to Kaiko Analytics, Binance remains the leader in crypto exchange liquidity. The firm’s ranking considers factors such as trading volume, market depth, and execution risk.
Binance ranked first in liquidity, followed by Bybit and Coinbase. This indicates that Binance offers superior trading conditions with reduced slippage and execution risk.
Additional Factors
While Binance leads in liquidity, it falls behind Coinbase and Bitstamp in governance scores. This suggests that Binance may need to improve its governance practices to maintain its competitive edge.
Trading Volume
Binance also had the highest trading volume in Q1 2023, with Upbit coming in second. However, Upbit’s overall ranking was lower due to concerns about transparency.
Top 10 Exchanges
The top 10 exchanges in terms of liquidity for Q1 2023 are:
- Binance
- Upbit
- Bybit
- Coinbase
- Bitstamp
- Kraken
- FTX
- OKX
- Huobi
- Gate.io
