Perpetual Market Liquidity Comparison: Order Book Depth and Execution Quality Across Leading Exchanges

Source: Cryptonews Original Title: BitMart tops BTC–ETH perp liquidity across leading centralized exchanges Original Link: https://crypto.news/bitmart-tops-btc-eth-perp-liquidity-across-leading-centralized-exchanges/

Overview

A leading cryptocurrency exchange has demonstrated higher order book depth in Bitcoin and Ethereum perpetual markets compared to competing platforms during a recent observed period, according to market data analysis.

Bitcoin Perpetual Markets Performance

Data comparing perpetual markets across multiple global exchanges showed the exchange maintaining consistently deeper order books at the top seven price levels throughout the measured timeframe, measured in U.S. dollars.

In Bitcoin (BTC) perpetual markets, liquidity levels remained above those of competing exchanges even as broader market conditions fluctuated. The exchange’s order book depth remained relatively stable while competing platforms showed visible declines and slower recovery periods during the same timeframe.

Ethereum Perpetual Markets Insights

Similar patterns emerged in Ethereum perpetual markets, where order book depth led competitors, with liquidity building gradually toward the latter portion of the observed period. Other exchanges displayed flatter or more uneven liquidity trajectories during the same interval.

Impact on Trading Execution

Order book depth at top price levels directly affects execution quality for traders. Deeper liquidity typically allows larger orders to be filled closer to current market prices with reduced slippage. This factor becomes particularly relevant during periods of heightened volatility when thinner order books may experience greater price impact from large trades.

The consistency of this liquidity advantage across both Bitcoin and Ethereum markets indicates a sustained trend rather than an isolated occurrence. Deeper order book liquidity generally correlates with:

• Tighter bid-ask spreads
• More predictable trade execution
• Better performance during volatile market conditions

Market-Making Infrastructure

The data suggests the exchange has established stronger market-making infrastructure compared to peer exchanges during the measured period, though the specific duration of the analysis was not disclosed in the published report.