Kaiko: Binance leads in liquidity among CEX exchanges in the second quarter of 2024

Despite many legal obstacles, Binance still proves itself to be a formidable competitor as it continues to maintain the highest liquidity position among CEX exchanges in the second quarter of 2024.



According to Kaiko's research, among the 43 exchanges surveyed in the second quarter of 2024, Binance still leads in liquidity compared to other competitors in the same industry.


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This week @0xAnastasiaMel delves into exchange liquidity. Check it out below 👇https://t.co/2MbxNnYODe pic.twitter.com/N5FylRwYFb— Kaiko (@KaikoData) June 7, 2024
Also according to the liquidity rankings, Bybit ranked second, Coinbase ranked third, Upbit and HTX (former Huobi) ranked fourth. Evaluation criteria include: trading volume, volume contribution, +/- 1 market depth, dispersion coefficient of variation (CV) and market quality.

Factors determining Binance's leadership in liquidity include trading volume, volume contribution, and market depth. Bybit and Upbit are also cases to watch out for, as their high liquidity scores are also due to their volume and market depth.

However, according to Kaiko, Bybit and Upbit have much lower market quality, which is clearly reflected in the lower overall ranking of these two exchanges after taking into account all parameters.

Volume is an essential component in the ranking, as it reflects the liquidity that has been handled by the exchange. Looking at the top 10 ranked exchanges in Q2 2024, Binance is both the exchange with the highest liquidity and the exchange with the highest average trading volume over the three months.

After Binance is the Korean exchange Upbit by trading volume. Although the exchange has high trading volume, it ranked 10th overall in the rankings because its low business score dragged it down. This CEX has only one identified member on the executive team.

The difference in volume between Binance and Upbit as well as other exchanges is quite relative. Binance, which offers twice as many assets as Upbit, has 4 times the trading volume of Upbit. The diversity of assets listed on Binance may be one of the reasons it has the highest volume and liquidity in the rankings.


The asset diversity on Binance is the result of new strategies under CEO Richard Teng. Binance differentiates between futures listings and spot listings, launchpool frequency and dense listings, and a series of new products.