According to the exchange liquidity report released in September by cryptocurrency information platform TokenInsight, the combined spot liquidity for BTC and ETH recorded the highest levels, with Binance at $1.36 million and MEXC at $1.35 million within a 0.01% range relative to the mid-bid/ask price. KuCoin and Bitget followed, each at around $480,000 to $490,000. For combined BTC and ETH futures liquidity, MEXC was the highest at $21.03 million based on a 0.03% range, followed by HyperLiquid ($15.44 million) and Bitget ($15.25 million). When simulating a $500,000 BTC spot sale, the median slippage was lower for MEXC at 0.005% and Binance at 0.007%. The P90 slippage, which indicates execution costs in unfavorable market conditions, was 0.018% for Binance and 0.020% for MEXC. The analysis utilized quote data from nine major exchanges from August 16 to September 14.
