Liquidity

Spread and depth are median across the 10 most-active probe instruments per venue (selection: largest s3 archive growth in the last 30 days). Each instrument is summarised as the mean over the ~60-minute minutely window (upstream caps fetch at 100 minutes per call); the venue value is then the median across instruments — robust against illiquid-altcoin outliers in the probe set. Spread cost shows half-spread on a $10k notional trade (one-way). 24h volume is upstream venue turnover; ⚠marks venues with <1 % of the top venue's 24h volume (their tight quotes may not reflect real execution). Combined ranking sums spread-rank and depth-rank — lower is better. Benchmark cards compare the same symbol across every venue that lists it — apples-to-apples, no aggregation. Longer windows (24h/7d/30d) and slippage curves at $10k/$100k/$1M need an upstream extension. Cached 5 min.