Bitcoin order books and market depth across exchanges
A price is one number from one venue at one moment. What it costs to move that price is a different number, and it is the one that decides whether a chart pattern means anything. This page publishes a periodic snapshot of the top-of-book BTC quote from each responding exchange with the spread in basis points, and the depth each venue reports on either side of the mid. Each table states when it was observed.
What you can do with it
Compare spreads, not just prices
Two venues quoting the same mid can have very different spreads, and the spread is what you pay to cross. Reading them in basis points in one column makes an outlier obvious in a way that four exchange tabs never will.
Read the cost of moving the market
The depth table reports what it would take to shift the price two per cent in either direction, alongside the pair and the venue's reported turnover. Where the two disagree — heavy turnover, thin depth — the turnover figure is the one to distrust.
Watch a venue's status alongside its numbers
Exchange status responses are collected on the same pass. A venue reporting degraded service and a venue reporting nothing are different situations, and both are different from a venue with genuinely no liquidity.
Work the pair in the app
The crypto workspace holds the chart, the book and the supporting views for a selected pair, so depth can be read against the price action rather than remembered from another screen.
How it works
Bid, ask, spread and depth in one example
Illustrative numbers, not a live quote
- Best bid
- 84,000.00
- The highest price a buyer is offering.
- Best ask
- 84,000.84
- The lowest price a seller is asking.
- Midpoint
- 84,000.42
- (bid + ask) ÷ 2.
- Spread
- 0.84 = 0.10 bps
- (ask − bid) ÷ midpoint × 10,000.
- +2% depth
- $9,000,000
- What the source measured as needed to lift the price 2%. A separate measurement from the spread, rounded by the source.
Buying one bitcoin at the ask and selling it at the bid would cost 0.84 in the quote currency, before fees. The spread says nothing about a larger order: the tables carry one price level on each side and a rounded depth total, not the levels in between. To price an order of your own size, copy the venue's levels into the slippage calculator.
Compare two venues in four steps
The quote table answers which venue is cheapest to cross right now. The depth table answers how far that holds.
- Read the spread column. The tighter venue is the cheaper one to cross at the top of the book.
- Check the quote currency. A USD book and a USDT book are two prices that usually track closely, not one.
- Check the observation time above the table. Venues are asked in turn, so two quotes can be seconds apart.
- Read reported depth beside turnover. A tight spread over thin depth holds for small size only.
Quotes are collected sequentially, and that matters
Each venue is asked in turn, so the quotes in the table are close together in time but not simultaneous. Over a few seconds a fast market moves, which is enough to create an apparent cross-venue gap that never existed at a single instant. The observation time above the table is the honest version of 'live'.
Where a venue answers with an implausible book — an ask below its own bid, a missing side — the row is withheld rather than rendered. A quote that cannot be right is worse than a blank.
Reported depth is reported, not verified
The depth figures come from the upstream source's own measurement of each venue's book, and the source rounds them and can convert a missing measurement to zero. A reported zero therefore means 'nothing measured here', not 'no liquidity here', and the table says so under every use of the number.
Resting size is also not a promise. Orders are cancelled, and on some venues a large visible wall is routinely withdrawn as price approaches it. That behaviour is exactly what the order-book risk view is for.
USD and USDT are not the same quote
The tables keep the quote currency in its own column instead of treating a USDT pair as a dollar pair. They usually track closely, and the cases where they do not are the cases where treating them as identical would produce a phantom arbitrage.
What the numbers on this page can and cannot settle
They can settle whether a venue is quoting a competitive spread on this pair right now, and roughly how much size sits near the mid. That is enough to decide where to work an order and enough to notice when a venue everybody quotes as deep is not.
They cannot settle what you would actually get filled at. Between a snapshot and an order there is a queue, a cancellation rate and, on a fast tape, a completely different book. Depth is a measure of the offer, not of the outcome.
They also cannot settle a venue's honesty. A venue can quote tightly on a small size and be thin everywhere behind it, which is why the depth and turnover figures sit next to each other and why the data-quality flags have their own page.
What it costs
This page, its tables and the app are currently free to use. Some tools inside the app ask for a free account. The charter says how Vultax Research is funded.
Compared with the liquidity heatmap tools
The best-known tools in this category render a heatmap per symbol and per exchange, and the picture is genuinely good. What they generally do not publish is the observation time, the list of venues that failed to answer, or clear coverage notes. This page states its observation times and coverage, which makes it useful for checking a heatmap.
Competitor details last checked . They describe other products as their operators published them, not as an assessment of them.
Every table on this page
Each table carries its own source, observation time, coverage and limits. Research summaries have JSON or CSV downloads where indicated; source rows are display only. A missing value means the source did not report it; it is never rendered as a zero.
01 Market snapshot
BTC bid and ask by exchange
The top-of-book quotes already captured by Vultax’s crypto refresh pack.
ObservedObserved 5 rowsWithin this table’s source-time freshness window; prices can change between observations.
| Exchange | Quote currency | Best bid (quote currency) | Best ask (quote currency) | Spread |
|---|---|---|---|---|
| Binance | USDT | 76,629.41 | 76,629.42 | 0.0013 bps |
| Bybit | USDT | 76,625.90 | 76,626 | 0.013 bps |
| Coinbase | USD | 76,506.70 | 76,506.71 | 0.0013 bps |
| Kraken | USD | 76,501.90 | 76,502 | 0.013 bps |
| OKX | USDT | 76,627.20 | 76,627.30 | 0.013 bps |
Scroll to see all columns.
CoverageBTC spot; only the responding exchanges shown below. USD and USDT remain separate quote labels.
This is a periodic top-of-book snapshot. It contains no order-level history or heatmap levels.
Quotes are collected sequentially. Displayed size and actual execution are not established by this table.
Display only. Source rows are excluded from downloads; the linked public pack contains a reduced summary.
SourcesVultax crypto pack, public exchange order-book endpoints
02 Market snapshot
Reported BTC market depth
Reported cost to move the market by 2%, alongside the corresponding BTC pair and reported turnover.
UnavailableSource time unavailable0 rowsThis source dataset is no longer published here. Related research and the app remain available.
| Exchange | Pair | +2% depth (USD) | −2% depth (USD) | Reported 24h volume (USD) | Pair status |
|---|---|---|---|---|---|
| No rows in this section. This source dataset is no longer published here. Related research and the app remain available. | |||||
Scroll to see all columns.
CoverageSource rows withheld from public publication.
This is a publication restriction, not a statement that the source has no observations.
Questions
What is a crypto order book, and what does this page show?
An order book lists the buy orders (bids) and sell orders (asks) for a trading pair. The highest bid and the lowest ask are the top of the book, and the gap between them is the spread. This page compares Bitcoin top-of-book snapshots and source-reported depth across the exchanges that responded. It does not show every price level or a continuous stream of orders.
Which exchanges are covered?
The ones that answered on the observation pass, listed by name in the table. A venue absent from the table did not respond; it has not been judged and it has not been excluded.
Is this a live order book?
It is a periodic top-of-book snapshot with a stated observation time, not a streaming book and not a level-by-level heatmap. The app's crypto workspace is where a pair is worked in detail.
What does the two per cent depth figure mean?
The amount the source measured as needed to move the price two per cent up or down on that venue's book for that pair. It is a measure of resilience, and it is reported by the source rather than independently verified.
Why is the spread in basis points, and sometimes to several decimals?
A spread in dollars cannot be compared across venues or across time; in basis points it can. Precision follows the size of the number: on a liquid Bitcoin book the spread can be a small fraction of a basis point, and a column fixed at two decimals would print that real quote as zero.
Can I work out slippage from this page?
Not from these tables. They carry the best bid and ask and a rounded depth total, not the price levels in between, so they cannot say what an order of a given size would fill at. The slippage calculator works from levels you paste in from a venue's own book.
Do I need an account?
This page is free. In the app, prices and books are open to everyone. The large-trade feed, the trade tape, the arbitrage configuration and the six-domain Vi IQ detail open with a free account.
Can I export the tables?
Research summaries have JSON and CSV downloads where indicated. Source quotes, individual trades and vendor datasets are not downloadable.
Coverage and methodology
- Downloads contain Vultax research summaries and simulation results. Exchange quotes, individual source trades, leaderboards and vendor datasets are not included. Third-party rights remain with their owners.
- Source time, coverage and limitations apply to each table. Missing values are unavailable, not zero.
Published research behind this page
Dated write-ups of the same sources. A figure in a study describes the window it was written about, not the snapshot above.
51%–95%Published fake-volume estimatesCrypto Wash Trading and Real Liquidity: Fake-Volume Estimates Run From 51% to 95%
Published estimates put fake or non-economic bitcoin volume at 51% to 95%, and above 70% on unregulated venues. Why the studies disagree, why depth and slippage judge a venue better than volume (Binance: 64.3% of volume, 30.7% of depth, per Kaiko), and what to check yourself.
288–590 msFeed latency at the 95th percentileOrder-book feed latency and coverage on 16 crypto exchanges, September 2026
Order-book feed latency on 16 crypto exchanges: medians from 35.0 ms (Coinbase) to 111.5 ms (BTSE), a 95th percentile of 288–590 ms on every venue, and data in every minute of the day. Plus the coverage check that catches a feed that stays connected and stores almost nothing.
Keep reading
Take this into the workspace
The book snapshots here are public. A free account opens the crypto workspace, with the large-trade feed, the tape and the arbitrage configuration inside it.
A free account needs no payment card and starts no subscription. Figures on this page were observed . JSON, Markdown, Schema
