Crypto: CoinGecko Estimates the Real Liquidity of 8 Major Exchanges

Behind the volumes, the real thickness of the market. CoinGecko compared the order books of eight centralized platforms to measure the liquidity available on Bitcoin, Ethereum, XRP, Solana, and Dogecoin. Its 2026 report is based on daily surveys conducted between July 6 and September 3.

The study does not seek to precisely determine how much a 2% variation would cost. Instead, it measures the capital placed for buying and selling around the market price. The greater this depth, the more a significant order can be executed without causing a marked price gap.

Key Points

• CoinGecko compares the depth of the order books of Binance, Bybit, Bitget, OKX, Kraken, Crypto.com, Coinbase, and MEXC
• Bitcoin accumulates a median depth of $29 million for buying and $37 million for selling within a $100 range
• Binance dominates BTC and ETH, Coinbase leads on XRP and SOL, while MEXC takes the lead on DOGE
• Excluding Bitcoin, the liquidity of the five studied assets decreases overall compared to 2025, but is better distributed among the platforms

Bitcoin and Ethereum: Binance Retains the Deepest Order Books

For Bitcoin, CoinGecko limited its observation to orders placed within $100 on either side of the market price. On the eight platforms, the cumulative median depth reaches $29 million on the buy side and $37 million on the sell side, representing an increase of nearly 50% compared to the previous study.

Binance concentrates 25.3% of this liquidity, with about $7.3 million in buy orders and $8.3 million in sell orders within this range. Bitget and OKX follow with nearly $4 to $5 million each. However, the report notes significant variations depending on the days and price levels. At $100 above the market, Bitget's sell depth thus jumps from over $5 to $9 million.

Ethereum shows thinner order books. In a zone of about 0.15% around the price, its median depth represents only 35 to 45% of that of Bitcoin, compared to at least 60% in 2025. It reaches about $13 to $14 million, with Binance leading near the price, ahead of Bitget and OKX.

This hierarchy is not, however, fixed. On August 9, Coinbase displayed nearly $15 million in sell orders at five dollars above the ETH price, compared to about $4 million on Binance. A dominant platform on average does not necessarily provide the best execution at every moment.

![CoinGecko compared the order books of eight centralized platforms to measure the liquidity available on Bitcoin, Ethereum, XRP, Solana, and Dogecoin. Its 2026 report is based on daily surveys conducted between July 6 and September 3.

The study does not seek to precisely determine how much a 2% variation would cost. Instead, it measures the capital placed for buying and selling around the market price. The greater this depth, the more a significant order can be executed without causing a marked price gap.](https://journalducoin-com.exactdn.com/app/uploads/2026/10/Coingecko-rapport-plateforme-crypto-centralisee-exchange.png?strip=all&quality=90&webp=90&lazy=1) ![CoinGecko compared the order books of eight centralized platforms to measure the liquidity available on Bitcoin, Ethereum, XRP, Solana, and Dogecoin. Its 2026 report is based on daily surveys conducted between July 6 and September 3.

The study does not seek to precisely determine how much a 2% variation would cost. Instead, it measures the capital placed for buying and selling around the market price. The greater this depth, the more a significant order can be executed without causing a marked price gap.](https://public.chaincatcher.com/upload/news/202610/f6e0b8c98a9c48a297da42f2bd6f915f.png) CoinGecko presents its report on the liquidity of major crypto platforms -- Source: Account X

XRP, Solana, and Dogecoin Redistribute Positions

For XRP, the depth appears more dispersed than in 2025 and leans towards buyers: CoinGecko records nearly $18 million in buy orders against $14 million in sell orders within a 2% range. Binance dominates at the market price, but Coinbase takes the lead as soon as the gap reaches about 0.1%.

The liquidity of Solana has decreased by 28.5% year-on-year, dropping from about $28 to $20 million on each side of the book. MEXC shows the deepest near the price, with $934,000, while Coinbase takes the lead beyond a gap of 1%. The latter then exceeds $6 million on the buy side and $4 million on the sell side.

Dogecoin brings up the rear. Its cumulative depth reaches only $9 to $12 million on each side within a 2% range, about half that of Solana. MEXC dominates near the market and retains nearly $2 million on each side beyond a gap of 0.3%, before its curve flattens.

The report thus outlines a market less uniform than suggested by volume rankings. Binance remains the main venue for BTC and ETH, but Coinbase and MEXC hold strong positions on several altcoins. For a large order, the choice of platform and timing of execution matters as much as the displayed fees.

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