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Arena
Which exchange is winning right now
Every 10 minutes we read each exchange's own public API. On every metric, the biggest mover attacks the rest, and points add up into today's standings.
Round 9 · 01:20 UTC
Round by round
Today's rounds, newest on top: on each metric, the best mover and who it hit hardest. Pick one for its numbers.01:20 UTC · against the reading before
24h volume
Phoenixbest move$64.52M+$481.8K (+0.75%)
Hyperliquidhit hardest$8.64B−$26.08M (−0.30%)Open interest
Backpackbest move$119.11M+$298.2K (+0.25%)Phoenixhit hardest$26.49M−$129.9K (−0.49%)Depth within 10 bps
Bitgetbest move$16.75M+$5.69M (+51.5%)Phoenixhit hardest$815.2K−$76.6K (−8.59%)Markets over $1M
Asterbest move60 markets+1 markets (+1.69%)
Arcushit hardest41 markets±0 markets (±0.00%)Spread
Phoenixbest move0.26 bps−0.00 bps (−0.10%)
Lighterhit hardest0.47 bps+0.35 bps (+287.1%)Title holders
Who leads each measure right now, with the runner-up for scale. Titles change hands as the numbers move.
Volume champion
Binance
$68.14B
#2 OKX · $23.74B
Biggest DEX
Hyperliquid
$8.64B
#2 Lighter · $1.86B
Open interest champion
Binance
$30.83B
#2 Gate · $13.89B
Cheapest $100k trade
Lighter
0.7 bps
#2 Arcus · 3.1 bps
Lowest $1M BTC slippage
OKX
0.04 bps
#2 Binance · 0.34 bps
Deepest order books
Bybit
$30.16M
#2 Binance · $29.85M
Most markets over $1M
Binance
601 markets
#2 Bybit · 272 markets
Highest BTC leverage
Gate
200x
#2 Binance · 150x
Most best moves today
Lighter
9 best moves
#2 Gate · 6 best moves
Fastest API
Binance
93 ms
#2 Phoenix · 95 ms
Where is a trade cheapest right now?
One market order, one way: the exchange's standard taker fee plus the price impact on its public order book at 01:20 UTC. Pick the coin and the size.
Taker feePrice impact
A $100K BTC market order costs $3.21 on Lighter, the cheapest, and $60.06 on Bitget.
- 1LighterDEX$3.210 + 0.32 bps
- 2ArcusDEX$26.382.25 + 0.39 bps
- 3AsterDEX$43.514 + 0.35 bps
- 4HyperliquidDEX$45.594.5 + 0.06 bps
- 5BinanceCEX$50.065 + 0.01 bps
- 6OKXCEX$50.065 + 0.01 bps
- 7GateCEX$50.065 + 0.01 bps
- 8BackpackCEX$50.065 + 0.01 bps
- 9BybitCEX$55.065.5 + 0.01 bps
- 10PhoenixDEX$56.083.5 + 2.11 bps
- 11BitgetCEX$60.066 + 0.01 bps
No price at this size (book too thin or no published fee): Pacifica
Price impact walks the public order book on both sides and averages them.Your fees after sign-up perks, on Perps →
Ranking
An overall score out of 100, updated every 10 minutes. Each measure is scored against the other eleven exchanges (size on a log scale, so the biggest leads without flattening the rest) and weighted: open interest 22, depth 22, cost to trade 14, spread 14, Earn 14, volume 7, markets over $1M 7. Outfit, build and stance follow the place, one level per place.
00:0006:0012:0018:0024:00
- 1Binance84.3
- 2Bitget75.1
- 3OKX74.6
- 4Bybit73.6
- 5Gate64.5
- 6Hyperliquid62.1
- 7Aster50.9
- 8Lighter47.1
- 9Backpack42.3
- 10Arcus39.4
- 11
Pacifica13.2 - 12Phoenix8.1
All the numbers
Latest reading, 01:20 UTC. Changes compare with the reading 24 hours earlier.
| Exchange | ||||||
|---|---|---|---|---|---|---|
| 1BinanceCEX | 84.3 | 1 | $68.14B | 47.5% | $30.83B | 310 |
| 2BitgetCEX | 75.1 | 4 | $9.11B | 6.3% | $8.69B | 341 |
| 3OKXCEX | 74.6 | 1 | $23.74B | 16.5% | $7.86B | 327 |
| 4BybitCEX | 73.6 | 2 | $13.63B | 9.5% | $6.48B | 357 |
| 5GateCEX | 64.5 | 6 | $15.24B | 10.6% | $13.89B | 354 |
| 6HyperliquidDEX | 62.1 | 1 | $8.64B | 6.0% | $7.91B | 302 |
| 7AsterDEX | 50.9 | 4 | $1.74B | 1.2% | $1.36B | 316 |
| 8LighterDEX | 47.1 | 9 | $1.86B | 1.3% | $579.84M | 365 |
| 9BackpackCEX | 42.3 | 5 | $237.04M | 0.2% | $119.11M | 351 |
| 10ArcusDEX | 39.4 | 2 | $397.76M | 0.3% | $111.04M | 308 |
| 11PacificaDEX | 13.2 | 3 | $789.21M | 0.5% | $63.75M | 323 |
| 12PhoenixDEX | 8.1 | 6 | $64.52M | 0.0% | $26.49M | 352 |
How we measure
- Only numbers every exchange publishes count toward the ranking and the fights. An exchange that misses a number in one reading keeps its last value for up to an hour; after that the metric sits out for everyone. Everything else is in the table only.
- Every number comes from the exchange's own public API, with no keys, read the same way for every exchange every 10 minutes. Nothing here depends on whether we have a partnership with the exchange.
- Open interest is one side of every open position. Where an API counts both sides (Hyperliquid, Aster, Pacifica) we halve it; Bitget, Gate and Backpack don't say which they publish, so theirs is shown as published.
- Cost to trade $100k: buying and selling $100k of BTC, ETH and SOL at market against the public order book, averaged, plus the standard taker fee.
- Spread: the gap at the top of the BTC and ETH books. SOL is left out: most exchanges quote it in $0.01 steps, so its gap is about one tick (≈0.9 bps) wherever the book stands, which measures the tick size, not the book.
- Earn: the best flexible USDT or USDC savings rate each exchange pays on $10K, $100K, $1M and $10M, with the VIP level that balance reaches and every rate cap, read once a day. Each balance is scored on its own and the four make up the Earn score; an exchange without a savings product counts 0%. Earn feeds the ranking only, not the fights.
- A round compares two readings 10 minutes apart. Every move is a % of the venue's own earlier value, never an absolute amount, so a small exchange and a big one compete on equal terms. CEX and DEX fight in the same ring.
- Slower columns: tokens from CoinGecko every 10 minutes; app ratings from the App Store (22 storefronts) and Google Play, and TVL, fees, revenue, users, reserves and net flows from DefiLlama, once a day.
- A dash means the exchange doesn't publish that number. Binance's open interest sums its 300 busiest markets.
For fun and information, not investment advice.