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Evaluating exchanges by order book depth is far superior to looking at the trading volume
At 1% depth, Binance has the most liquid BTC pair with combined orders; followed by Coinbase, Bitfinex, Kraken, and Bitstamp
At 10% depth, Bitfinex has, by far, the most liquid pair; followed by Bitstamp, Coinbase, and Kraken
After evaluating 15 largest exchanges, it’s clear that Bitfinex, Coinbase, Kraken, Bitstamp, and Binance have the most liquid BTC pairs
Footnotes
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