TokenInsight's latest liquidity report shows Bitget leading the BTC and ETH futures market in t

TokenInsight Report: Binance Leads Spot Liquidity, Bitget Dominates Derivatives

A new liquidity report from TokenInsight is out, and it paints a clear picture of where the action is. In BTC and ETH spot markets, Binance takes the crown for order book depth—especially in the 0.03% and 0.05% ranges. Bitget and OKX follow close behind.

When it comes to slippage on large sell orders, Binance again comes out on top for both BTC and ETH. Bitget ranks second overall, showing strong order book absorption. On the bid-ask spread front for BTC, Binance and Bitget sit in the optimal zone.

The derivatives market tells a slightly different story. Bitget leads the pack in BTC and ETH futures order book depth, taking the top spot in both the 0.05% and 0.1% ranges. For large sell order slippage, BTC futures liquidity is fairly balanced among the top exchanges. ETH futures, on the other hand, show more platform divergence—Bitget and OKX post the lowest slippage for $5 million sell orders. Bid-ask spreads for both BTC and ETH futures remain low across major exchanges, a sign that the derivatives market structure is maturing.

Precious metal contracts tell another tale. Gold (XAU) and silver (XAG) show very different liquidity profiles. Binance still dominates in XAU and XAG contract depth, with Bitget holding its own. The XAU market overall has better depth, with slippage and spreads staying relatively manageable across top platforms. XAG? That's a different story—higher slippage, wider spreads.