Categories
I. Introduction
This article aims to provide a comparative analysis of the liquidity of major trading platforms (Binance, Bitget, BingX, and Tapbit). Liquidity is a key indicator of a trading platform’s quality, as it directly impacts users’ trading experience and costs. By analyzing the order book depth, bid-ask spread, and slippage on these platforms, we can gain insights into their performance in trading.
II.Research Methodology
Comparison Subjects: Binance, Bitget, BingX, Tapbit
Trading Pairs: BTC and randomly selected DOGE(for this week)
Key Liquidity Indicators:
-Order Book Depth
-Bid-Ask Spread
-Slippage
III.BTC Perpetual Contract Liquidity Analysis
1. BTCUSDT Contract Trading Depth(Unit: USDT)
Based on the BTCUSDT contract trading depth data in the chart, Tapbit and BingX perform the best in terms of liquidity, providing traders with better depth and lower slippage. Tapbit, in particular, can absorb large orders in high-volume trades without causing significant price fluctuations. In contrast, Bitget’s low sell-side depth may result in price increases when large buy orders are placed
2. BTC Contract Slippage
According to the slippage data analysis for the BTCUSDT contract, Tapbit performs exceptionally well with the lowest buy and sell slippage at 1,000,000 USDT and 3,000,000 USDT trade volumes, making it ideal for large traders by effectively reducing transaction costs. Bitget shows average performance in slippage control but has slightly higher sell-side slippage in large trades. Binance and BingX perform relatively average in slippage control. Overall, Tapbit is the best choice for medium-sized and large transactions.
IV.DOGE Perpetual Contract Liquidity Analysis
1. DOGEUSDT Contract Trading Depth
According to the DOGEUSDT contract trading depth data, Tapbit shows the best performance in both bid and ask depth within the 0.10% and 0.50% spread ranges. Specifically, Tapbit’s bid depth at a 0.10% spread is 439K USDT, with an ask depth of 345K USDT. At a 0.50% spread, its bid and ask depth are 3.86M and 5.11M USDT, respectively, both the highest among all platforms. This indicates that Tapbit has stronger liquidity and depth advantages across different spread ranges, helping to reduce market impact for large trades. In contrast, Binance performs the weakest in these two metrics.
2. DOGE Contract Slippage
Overall, the slippage at the 1 million USDT level ranges from 0.1825% to 0.2894%, while the slippage at the 3 million USDT level ranges from 0.3735% to 0.5924%. Among them, Tapbit performs best in multiple indicators, especially in sell slippage for larger trading volumes (3,000,000 USDT). Bingx, on the other hand, shows higher slippage in most cases.
VI. Comprehensive Assessment
Overall, Tapbit demonstrates exceptional performance in both BTC and DOGE perpetual contract markets, featuring the deepest order book depth and lowest slippage, particularly advantageous for large-volume traders seeking reduced transaction costs. Bitget maintains stability in small-volume trading scenarios but shows inadequate slippage control in large transactions.BingX performs moderately, surpassing Binance, but it requires improvements in liquidity and slippage control.
VII.Implications for Investors
Platform-Specific Analysis:
Tapbit: Low slippage and deep order book depth mean that investors can execute large trades at prices close to the market, significantly reducing costs. This is especially important for users who frequently make large trades.
Bitget: While performing adequately in smaller trades, slippage is higher in larger trades, which may increase costs. Investors should carefully consider the risks of conducting large transactions on this platform.
BingX: Performs moderately, making it suitable for general and medium-scale trading needs.
Platform Selection Recommendations:
1. For investors prioritizing liquidity and low-cost execution, Tapbit stands as the optimal choice, especially for large-volume traders.
2. Binance suits small, frequent traders but may not be optimal for large-volume transactions.
3. Bitget and BingX are appropriate for users with lower liquidity requirements who value diversity and overall stability.
