TechFlow News, March 26: According to TokenInsight’s “Cryptocurrency Exchange Liquidity Report,” Binance maintains the deepest order book in BTC and ETH spot markets, significantly outperforming other platforms within the 0.03% and 0.05% slippage bands. Bitget and OKX follow closely behind. In terms of large sell-order slippage in spot markets, Binance records the lowest slippage for both BTC and ETH; Bitget ranks second overall, demonstrating strong order-book absorption capacity. Regarding bid-ask spreads for BTC, both Binance and Bitget occupy the optimal range.
In the derivatives market, performance diverges across platforms. Bitget leads in BTC and ETH perpetual contract order-book depth, maintaining superiority within both the 0.05% and 0.1% slippage bands. For large sell-order slippage in BTC perpetual contracts, liquidity is relatively balanced across top-tier exchanges; by contrast, ETH perpetual contracts show more pronounced platform differentiation—Bitget and OKX achieve the lowest slippage under $5 million sell orders. Bid-ask spreads for BTC and ETH perpetual contracts remain generally low across major exchanges, reflecting increasing maturity in the derivatives market structure.
For precious metals derivatives, gold (XAU) and silver (XAG) exhibit distinct liquidity characteristics. Overall, Binance continues to dominate in XAU and XAG contract depth, while Bitget sustains strong liquidity performance. Relative to XAG, the XAU market displays greater overall depth, with slippage and bid-ask spreads remaining relatively well-controlled across leading platforms; conversely, XAG exhibits higher slippage and wider bid-ask spreads.
