Crypto exchange Binance is still leading the way in more ways than one, according to digital asset analytics firm Kaiko.
In a new reportKaiko ranks among the top ten crypto exchanges in terms of liquidity, putting Binance at the top of the list, followed by Bybit and Coinbase.
“Liquid exchanges offer superior trading conditions, such as less slippage and lower execution risk. While liquidity can be calculated in several ways, we chose to develop a liquidity score for this quarter’s stock market rankings, based on five metrics, including volume and market depth.
Looking at the liquidity rankings of the 43 exchanges, Binance, the world’s largest exchange, unsurprisingly takes the lead. However, Binance ranks third behind Coinbase and Bitstamp when it comes to additional factors such as governance scores, where it falls short compared to its top competitors.”
The analytics company derives its liquidity ranking from a mix of the exchanges’ trading volume, volume share, market depth, coefficient of variation dispersion score, and market quality score.
In the first quarter of this year, Kaiko says Binance had by far the most trading volume.
Upbit was in second place. However, Kaiko says the Korean crypto exchange ranks last in the overall rankings because it is less transparent than Binance.
“Now, looking at the top 10 ranked exchanges for this quarter, Binance appears to be both the most liquid exchange and the one recording the highest trading volume on average over the three months under consideration. Interestingly, Binance is followed by the South Korean exchange Upbit, which, despite apparently high volume, ranks 10th in this ranking due to a low business score. The exchange has only one identified member of the executive team”
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