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Crypto data platform TokenInsight said in a September exchange liquidity report that Binance and MEXC posted the deepest combined BTC and ETH spot liquidity within 0.01% of the mid-price on both the bid and ask sides, at $1.36 million and $1.35 million, respectively. KuCoin and Bitget followed at around $480,000 to $490,000, according to the report.
For combined BTC and ETH futures liquidity within 0.03%, MEXC ranked first at $21.03 million, followed by Hyperliquid at $15.44 million and Bitget at $15.25 million. In a simulated $500,000 BTC spot sell order, the median slippage on MEXC was 0.005%, compared with 0.007% on Binance. For P90 slippage, which reflects execution costs under adverse market conditions, Binance came in at 0.018% and MEXC at 0.020%, the report said.
The analysis used order book data from nine major exchanges collected between Aug. 16 and Sept. 14.