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Arena
The numbers throw the punches.
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 13 · 02:00 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.02:00 UTC · against the reading before
24h volume
Hyperliquidbest move$8.88B+$145.73M (+1.67%)
Lighterhit hardest$1.9B−$27.95M (−1.45%)Open interest
Bybitbest move$6.34B−$4.64M (−0.07%)
Pacificahit hardest$60.51M−$2.71M (−4.29%)Depth within 10 bps
Hyperliquidbest move$14.83M+$1.93M (+15.0%)
Gatehit hardest$4.71M−$921.8K (−16.4%)Markets over $1M
Bitgetbest move224 markets+2 markets (+0.90%)Lighterhit hardest53 markets−2 markets (−3.64%)Spread
Lighterbest move0.09 bps−0.49 bps (−84.8%)
Arcushit hardest0.17 bps+0.14 bps (+546.9%)Title holders
Who leads each measure right now, with the runner-up for scale. Titles change hands as the numbers move.
Volume champion
Binance
$69.93B
#2 OKX · $24.31B
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 02:00 UTC. Pick the coin and the size.
Taker feePrice impact
A $100K BTC market order costs $3.97 on Lighter, the cheapest, and $60.06 on Bitget.
- 1LighterDEX$3.970 + 0.4 bps
- 2ArcusDEX$27.702.25 + 0.52 bps
- 3
AsterDEX$45.054 + 0.51 bps - 4HyperliquidDEX$45.604.5 + 0.06 bps
- 5
BinanceCEX$50.065 + 0.01 bps - 6
OKXCEX$50.065 + 0.01 bps - 7GateCEX$50.065 + 0.01 bps
- 8
PhoenixDEX$57.493.5 + 2.25 bps - 9BybitCEX$57.905.5 + 0.29 bps
- 10
BackpackCEX$58.365 + 0.84 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.
All the numbers
Latest reading, 02:00 UTC. Changes compare with the reading 24 hours earlier.
| Exchange | ||||||
|---|---|---|---|---|---|---|
| 1BinanceCEX | 88.0 | 1 | $69.93B | 47.3% | $30.35B | 448 |
| 1 | 16.4% | 471 | ||||
| 7 | 6.4% | 505 | ||||
| 4 | 9.6% | 515 | ||||
| 3 | 6.0% | 459 | ||||
| 9 | 10.7% | 488 | ||||
| 12 | 1.3% | 514 | ||||
| 4 | 1.2% | 456 | ||||
| 6 | 0.2% | 472 | ||||
| 4 | 0.3% | 447 | ||||
| 4 | 0.5% | 443 | ||||
| 7 | 0.0% | 471 |
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 at market against the public order book, plus the standard taker fee. In the ranking, cost, depth and spread are scored on BTC, ETH, XRP, SOL and DOGE separately, 20% each; an exchange without that market, or whose book can't fill $100k, scores lowest on it. The table and the fights use BTC, ETH and SOL, which every exchange lists.
- Spread: the gap at the top of each book. On XRP, SOL and DOGE most exchanges quote in steps that make the gap about one tick, so a finer tick scores better on that coin; each coin is 20% of the spread score, and the fights use BTC and ETH.
- 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. Standing rates only: limited-time promotions are left out.
- 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.