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 Crypto Liquidity on CEXes 2026
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Binance Maintains Its Position as the Most Liquid Avenue for BTC, Holding ~$7M – $8M Depth on Both Sides Within ±$100
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ETH Liquidity Has Dropped From 2025, Now Just Making up ~35-45% of BTC Liquidity, Down From 60%
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XRP Liquidity Widely Distributed Amongst Eight Exchanges at the ±2% Range, With Liquidity on Coinbase Indicating a Higher Proportion of Bidders Than Sellers
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SOL Liquidity Has Shrunk by Over 28.5% Since 2025; MEXC Is More Liquid Near Market Price, but Gets Overtaken by Coinbase Past The ±1% Range
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DOGE Liquidity Remains Shallow Across The ±2% Range, Only MEXC and Binance Offer More Than $1M in Market Depth
1. Binance Maintains Its Position as the Most Liquid Avenue for BTC, Holding ~$7M – $8M Depth on Both Sides Within ±$100
Across the study period, the eight selected centralized exchanges had a median cumulative depth of $29 million on the buy side and $37 million on the sell side for bitcoin (BTC). This corresponds to an increase of almost 50% in liquidity compared to 2025.
While liquidity on almost all exchanges shows a steadily increasing trend, the pattern is much more erratic, highlighting the volatile shifts in liquidity and volume during the study period.
Binance is still the overall liquidity leader for BTC, controlling 25.3% of total liquidity across the eight exchanges. It had $7.3 million on the buy side and $8.3 million on the sell side. This is followed by Bitget & OKX with approximately $4 – 5 million.
2. ETH Liquidity Has Dropped From 2025, Now Just Making up ~35-45% of BTC Liquidity, Down From 60%
Ethereum (ETH) has a median liquidity of $13-$14 million at the 0.15% level (BTC: ±$100, ETH: ±$3). Its liquidity is just ~35 – 45% of BTC’s liquidity around the same range, representing a stark drop from last year’s figures, when ETH made up at least 60% of BTC orderbook size within the same range.
However, ETH remains fairly liquid at this range, with 7 of the 8 exchanges maintaining over $1 million in depth on each side. The remaining exchange, MEXC, has around $450,000 in liquidity in this range, which is more than sufficient to support sizeable retail trades.
Binance is still the most liquid avenue for ETH in the ±$3 range, followed by Bitget and OKX. However, past the ±$5 range, liquidity on Bitget rises sharply at the ±$10 interval.
3. XRP Liquidity Widely Distributed Amongst Eight Exchanges at the ±2% Range, With Liquidity on Coinbase Indicating a Higher Proportion of Bidders Than Sellers
Compared to XRP’s liquidity curve in 2025, which was more symmetrical across both sides of the order book, the median liquidity for XRP in 2026 is skewed to the buy-side. There’s close to $18 million in bids, compared to $14 million in asks.
Liquidity is more evenly distributed across the ±$0.025 (~2.0%) range, though total market depth has remained relatively the same as 2025, at ~$30 million.
All eight CEXes have healthy XRP liquidity at the market price, though Bybit and Kraken have less than $100,000 at ±$0 price deviation. Binance still leads with the deepest market at this level, but is surpassed by Coinbase at the ±$0.0025 (~0.1%) level.
Despite its market cap towering over SOL by 40% higher in 2026, XRP has less cumulative liquidity on the 8 exchanges at the ±2% depth, as SOL average daily volume is still 25% higher than XRP’s.
4. SOL Liquidity Has Shrunk by Over 28.5% Since 2025; MEXC Is More Liquid Near Market Price, but Gets Overtaken by Coinbase Past The ±1% Range
The overall liquidity for SOL has shrunk considerably since 2025, falling from ~$28 million on each side of the orderbook, to just ~$20 million in 2026. At the ±$0.20 (~0.2%) liquidity range, total SOL liquidity across the 8 centralized exchanges sits around $8 million.
Liquidity across exchanges such as Binance, Coinbase, and Bitget is now more evenly distributed than it was in 2025.
MEXC is the most liquid platform for trading SOL at market prices, with $934,000 in liquidity, beating Binance. However, beyond the ±$0.20 range, it is overtaken by Bitget and Coinbase. Over the remainder of the ±2% range, Coinbase dominates SOL liquidity with over $6 million of depth on the buy side, and $4 million on the sell side.
5. DOGE Liquidity Remains Shallow Across The ±2% Range, Only MEXC and Binance Offer More Than $1M in Market Depth
Of the five assets included in the study, DOGE has the lowest liquidity, with ~$9 – $12 million in cumulative single-sided liquidity across all eight exchanges, or approximately half of SOL’s liquidity within the same ±2% range. However, this is not surprising, given that SOL’s market cap is ~5x DOGE’s.
Of the eight exchanges, only Binance, MEXC, and OKX have more than $200,000 in orderbook depth at the market price. MEXC, which specializes in memecoins, is far ahead of the pack with over $443,000 in liquidity.
However, total orderbook depth across most exchanges increases drastically at the ±$0.0002 (0.1%) interval, while liquidity on MEXC remained stagnant. Past the ±$0.0006 (0.3%) range, MEXC regains its dominance, but tapers off past the ±1% interval with around ~$2 million in liquidity on both sides of the orderbook.
At the ±2% depth level, 3 of the 8 exchanges still have less than $1 million in single-sided liquidity, signaling low interest from traders and market makers.
Read the Report:
Crypto Liquidity on CEXes 2026
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