Which Bitcoin Exchange is the Most Liquid?
Scott
04/29/2020 16:12

Time for a bitcoin flex-off!

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Let's say you wanted to buy Bitcoin right now, but didn't want to pay more than $25 above the best price. Which exchange would have the most Bitcoin available for you to buy? Let's take a look!

Using CoveTrader, we opened five live order books side-by-side and set each to a different exchange, focusing on five of the most prominent US exchanges. We then looked $25 into the ask depth starting from the best price, $8820. Note that we've made use of price increments to group all orders to the nearest $5 increment.

Now summing these up for each exchange we see the following:

Looks like Kraken, in this case, is the winner! Bittrex is clearly suffering from a lack of liquidity at the moment, which might explain some of the trade throughs that we've been tweeting about recently. 

Please note that exchange trading fees will play a big role in determining where the best all-in price is. See below for a quick guide (small traders pay the high fee, while those trading above $1M/month pay the lower fee), or read more here.

In this case, Kraken is also a pretty affordable exchange to trade on.

You can monitor cross-exchange liquidity and trading with our free real-time tool, CoveTrader!

About CoveTrader

CoveTrader by Cove Markets is a platform for active traders of bitcoin and other cryptocurrencies. The crypto market is highly fragmented with dozens of exchanges and limited availability of trading tools. CoveTrader ties the market together in one powerful and transparent trading and analytics platform.

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