Crypto Liquidity on CEXes 2025

Liquidity has become a critical metric for crypto assets, shaping not only ease of trading but also volatility, slippage, and institutional appeal. As exchanges raise listing standards and market makers provide foundational depth, liquidity signals asset maturity and readiness for serious capital. 

This report explores trading depth across leading centralized exchanges, focusing on narrow price ranges to show how much capital is needed to move markets. The goal is to provide a clearer, more relatable view of liquidity for the average trader in today’s fast-evolving crypto landscape.

We’ve summarized the key highlights, but be sure to dig into the full 43 slides below.

Top 5 Highlights of CoinGecko’s RWA in 2025

1. Binance Lead BTC Liquidity Across All Depth Levels, Holding ~$8M Depth on Both Sides Within +/- $100, Ahead of Bitget and OKX

2. Bitget Overtook Binance as ETH Liquidity Leader Within +/- $15, Though Binance Regains Dominance at Wider Depths

3. XRP Liquidity Concentrated on Bitget, Binance, and Coinbase, Controlling ~67% Share; Trails SOL in Both Liquidity and Volume

4. SOL Orderbooks Hold ~60% of ETH’s Liquidity at +/-2%, Shows Remarkable Depth Within a Tight +/- $1 Range

5. DOGE Liquidity Remained Balanced Across +/-2%, Clustered Tightly Around Market Price

1. Binance Lead BTC Liquidity Across All Depth Levels, Holding ~$8M Depth on Both Sides Within +/- $100, Ahead of Bitget and OKX

Across the study period, the eight selected exchanges had a median cumulative depth of $20 - $25 million on each side at +/- $100 of the market price of bitcoin (BTC). Liquidity on almost all exchanges displays a steadily increasing slope, indicating the availability of liquidity across depth levels.​

Binance accounted for around 32% of this liquidity, with an orderbook depth of around $8 million on both the buy and sell side. This is followed by Bitget with around $4.6 million, and OKX with $3.7 million. Meanwhile, HTX and Kraken tend to be the most illiquid exchanges for BTC.

Zooming in to the +/-$10 range, only Binance has >$1 million in liquidity on both sides. Bybit, Bitget, OKX, HTX, and Crypto.com have liquidity between $100k and $500k, and Kraken and Coinbase have ~$100k or less.
 

2. Bitget Overtook Binance as ETH Liquidity Leader Within +/- $15, Though Binance Regains Dominance at Wider Depths

Ethereum (ETH) has a median liquidity of $15 - $16 million of depth around the 0.1% liquidity range of +/- $2. Its liquidity is ~ 60 - 70% of BTC’s at the same 0.1% range (+/- $100 for BTC).

Within the +/- $2 range, Bitget is the most liquid exchange for ETH, followed by Binance, and OKX. However, beyond that range, Bitget’s ETH liquidity tapers off. Liquidity across the eight exchanges is rather healthy at the +/- $2 range. Six platforms have ~$1 million or more in liquidity, with even the smallest (HTX) having $430K in this range. 

At a larger interval of +/- $50 (~2%) from market price, Binance still offers more liquidity, though its advantage for ETH is smaller compared to BTC. It has a 25% liquidity share for ETH, versus 32% for BTC.

3. XRP Liquidity Concentrated on Bitget, Binance, and Coinbase, Controlling ~67% Share; Trails SOL in Both Liquidity and Volume

At the +/- $0.02 (~1.0%) depth range,  Ripple (XRP) has ~$15 million one-sided liquidity across the eight exchanges. 

​Bitget retains strong dominance up to the +/- $0.006 (~0.3%) depth range, before tapering off quickly. By the +/- $0.02 (~1.0%) depth range, Binance and Coinbase have caught up in terms of liquidity. These three exchanges command close to two-thirds (~67%) of all liquidity at this range.​

​Despite XRP's much higher market cap than SOL's, it has less cumulative liquidity on the eight exchanges at the +/- 2% depth level compared to SOL. This is also reflected in the trading volume stats, where SOL recorded almost 2x more volume compared to XRP during the study period. ​
 

4. SOL Orderbooks Hold ~60% of ETH’s Liquidity at +/-2%, Shows Remarkable Depth Within a Tight +/- $1 Range

At the +/- $1 (~0.6%) liquidity range, there is ~$20 million liquidity on each side for Solana (SOL) across the eight exchanges, indicating generally healthy liquidity. ​

​Bitget leads with a ~32% share of liquidity at this range, followed by Binance at ~20%. Only Kraken has <$1 million one-sided depth at this range, with only ~$480K in one-sided liquidity.​

​Beyond the +/- $1 range, Binance reasserts its liquidity dominance and continues to rise steadily, further from the market price. The depth on Crypto.com makes a massive leap at the +/- $2.50 (~1.6%) depth level. However, liquidity so far out from the market price for a smaller coin like SOL is less useful for the average trader.​ ​Otherwise, liquidity tapers off beyond the +/-$1.50 level for the other six exchanges. ​

5. DOGE Liquidity Remained Balanced Across +/-2%, Clustered Tightly Around Market Price

Dogecoin’s (DOGE) liquidity profile looks quite different from the other coins we examine in this study, perhaps because it’s a meme coin. ​

​Liquidity close to the market price is visibly deeper across more exchanges. Bitget, Binance, OKX, and Coinbase all have roughly equal liquidity up to the +/- $0.001 (~0.5%) depth range, with between $1.0 to 1.7 million in one-sided liquidity. ​

​The relatively steep DOGE liquidity curves on Binance, Coinbase, Bitget, and Crypto.com indicate liquidity is consistent across the depth levels. This may suggest the presence of market makers but also the existence of more speculative limit orders / stop losses by traders.​

​At the +/-2% depth level, DOGE has ~$10 to $12 million in cumulative single-sided liquidity across all eight exchanges, roughly half of XRP’s liquidity at the same depth level. This is particularly healthy given the relative size of XRP and DOGE's market caps.​

Read the Report: Crypto Liquidity on CEXes 2025

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