Welcome to our crypto exchange volume article where we compare daily spot trading volumes and futures trading volume.
We cover some of the top Bitcoin trading sites like Binance, Crypto.com, Coinbase, MEXC, Kraken and more.
No Financial Advice, Information only. Do your own research. Cryptocurrencies are high-risk investments
What is Crypto Exchange Volume?
The crypto exchange volume is the value of all cryptocurrencies changing owner in a certain period. The period is usually 24 hours and therefor it is often named as daily crypto exchange volume.
Why is Crypto Exchange Volume important?
The crypto exchange volume is important since this gives information about how liquid the market is. The liquidity is important because it tells you how easy you can get in and out from a position or a cryptocurrency.
In addition, the liquidity often gives information about the spread and the slippage.
If the crypto exchange volume is high in any given market it usually comes with a tight spread and low slippage which results in better trading results for each trade.
The trading volume for a site is important because it will tell you
- How popular the trading site is (If the trading volume is large the trading site is popular)
- A hint about the spreads (If the trading volume is large the spreads are usually tighter. A trader always look for tight spreads since it basically means lower fees).
- A hint about the slippage (If the trading volume is large the slippage is usually lower).
- Exchange rates (If the trading volume is large, the spreads are tight and the slippage is minimal the exchange rates must be good)
Crypto Exchange Volume - Daily Spot and Futures Trading Volume
In the table below, we have summarized the trading volume on 2022-04-04 from 8 of the best crypto exchanges.
The data was acquired from Coingecko.
In the graph you can see trading volumes for spot markets, futures markets, BTC/USD/T and ETH/USD/T markets.
Spot markets: All spot trading (No futures and perpetuals)
Futures markets: Perpetuals and futures (Not Spot market)
BTC/USD/T: The largest BTC/USD equivalent trading volume. Sometimes it might be BTC/USDT and some times BTC/USD.
ETH/USD/T: The largest ETH/USD equivalent trading volume. Sometimes it might be ETH/USDT and some times ETH/USD.
1. Binance Daily Trading Volume
Binance daily trading volume is outstanding compared to it’s competitors, as you can see in the table below.
There is really no competitor when we are talking trading volumes compared to Binance. However, each trading platform have chosen their niche where they can compete with Binance as you can read more about below.
2. OKX Daily Trading Volume
OKX daily trading volume is decent and they are doing a good job to compete with Binance, especially in the derivative and futures market.
OKX has very low spot trading fees and with our referral link you will get -20% on all trading fees charged by OKX.
3. Kucoin Daily Trading Volume
Kucoin can’t really keep up with Binance in terms of daily spot and futures trading volumes.
However, Kucoin can compete with Binance in terms of number of listed cryptocurrencies and trading pairs. Also, they have a better fee schedule than Binance. Read more about Kucoin VS Binance.
4. Crypto.com Daily Trading Volume
Crypto.com has a decent daily trading volume for both spot trading and derivative trading. However, their trading fees are high and you might want to look at Kraken instead.
Still, Crypto.com has a more complete crypto ecosystem than Kraken and Coinbase with VISA card and NFT marketplace.
Referral code: mcmk7qgbhh
5. Coinbase Daily Trading Volume
Coinbase daily trading volume can’t compete with Binance and OKX. However, Coinbase is not aiming for the best daily trading volume since they have choosen another approach for their customers.
They are an US regulated exchange that has to make sure all products they list are also regulated and allowed according to the law they are regulated under.
This approach is different from Binance and Kucoin which are operating in a more grey zone when it comes to regulation and licenses.
6. MEXC Daily Trading Volume
MEXC Global is the third largest crypto trading platform for derivatives in terms of daily trading volume.
7. FTX Daily Trading Volume
As you can see in the diagram, FTX spot daily trading volume is very low. However, the FTX futures and derivatives daily trading volume is competitive with Binance and OKX.
8. Kraken Daily Trading Volume
Kraken is, similar to Coinbase, a US regulated crypto exchange and therefor are the listing opportunities limited.
However, Kraken focuses on security and robustness. Here, you will find the most traded cryptocurrencies with the most common trading features and also staking some of the largest layer 1 proof-of-stake cryptocurrencies.
9. Bybit Daily Trading Volume
Bybit is a famous crypto derivative trading platform. While BitMEX was the first platform to offer perpetuals, Bybit has taken a big part of the former BitMEX market share.
As you can see in the graph above, spot trading on Bybit is very limited. Also, for low volumes the fees are expensive even if they start at the same levels as Kucoin and Binance. However, with Binance and Kucoin you can get so much lower fees with our referral code and by paying the fees in their native coin.
Conclusion: Bybit is a good crypto trading platform for crypto derivatives but not for spot trading and especially not for small volumes spot exchanges.