Binance ranked first in ±1% two-sided order book depth across all four core Bitcoin (BTC) and Ethereum (ETH) spot and futures markets, according to CoinGlass’ Q1 2026 market share report released on April 1.
The report highlights Binance’s position as a leader in execution quality, not just trading volume. Liquidity depth is considered an important metric for traders because it reflects the ability of an exchange to absorb large trades with minimal impact on price execution.
The report found that in BTC futures, Binance posted average ±1% depth of about $284 million, ahead of OKX at about $160 million and Bybit at about $76.55 million. That put Binance at roughly 1.8 times OKX and 3.7 times Bybit, indicating a stronger ability to absorb large directional trades without the same impact on execution costs as competitors.
Binance also led in the other three liquidity categories measured in the report: BTC spot depth at about $37.54 million, ETH futures depth at about $139 million, and ETH spot depth at about $16.84 million. Bybit ranked second in both spot markets, while OKX ranked second in both futures markets, with Binance the only exchange to rank first across all four segments.
Binance’s scale was cited as a factor supporting its performance. Kaiko Research reports that Binance reached 300 million registered accounts in December 2025 and was processing more than $20 billion in daily spot volume across 1,630 trading pairs. That scale is cited as a key factor supporting its depth and execution performance in BTC and ETH markets.
Binance describes itself as a global blockchain ecosystem and says its exchange is the largest in the digital asset sector. On its proof-of-reserves page, it states that user balances are backed 1:1, with Merkle-tree-based verification and zk-SNARK tools designed to allow users to verify inclusion in reserve snapshots.
CoinGlass is described as a crypto market-data platform focused on derivatives, options, spot, order flow, liquidity, order depth, liquidation heatmaps, and exchange analytics. Its site also shows a broader product footprint that includes a crypto API, mobile app, charts, alerts, a Learning Center, and its Legend product—positioning the company as an infrastructure and intelligence layer for digital-asset market participants.
