Depth of crypto order books: CoinGecko’s 2026 report

Behind the volumes, the real thickness of the market. CoinGecko compared the order books of eight centralized platforms to measure the liquidity available on Bitcoin, Ethereum, XRP, Solana and Dogecoin. Its 2026 report is based on daily readings carried out between July 6 and September 3.

The study does not seek to determine precisely how much a 2% variation would cost. Rather, it measures the capital placed in buying and selling around the market price. The greater this depth, the more a large order can be executed without causing a marked price difference.

Key Points

CoinGecko compares book depth of Binance, Bybit, Bitget, OKX, Kraken, Crypto.com, Coinbase and MEXC

Bitcoin has a median depth of $29 million for buying and $37 million for selling in a range of $100

Binance dominates on BTC and ETH, Coinbase on XRP and SOL, while MEXC takes the lead on DOGE

Excluding Bitcoin, the liquidity of the five assets studied declines overall compared to 2025, but is better distributed between the platforms

Bitcoin and Ethereum: Binance keeps the deepest books

For Bitcoin, CoinGecko limited its observation to orders placed up to $100 on either side of the market price. Across the eight platforms, the cumulative median depth reaches $29 million on the buyer side and $37 million on the seller side, an increase of almost 50% compared to the previous study.

Binance concentrates 25.3% of this liquidity, with around $7.3 million in buy orders and 8.3 million sell orders in this range. Bitget and OKX follow with almost $4-5 million each. The report, however, notes significant variations depending on the day and price levels. At $100 above the market, Bitget's selling depth jumps from more than $5 million to $9 million.

Ethereum has thinner books. In a zone of about 0.15% around the price, its median depth is only 35-45% of that of Bitcoin, compared to at least 60% in 2025. It reaches around $13-14 million, with Binance leading near price, ahead of Bitget and OKX.

However, this hierarchy is not fixed. On August 9, Coinbase posted nearly $15 million in sell orders at five dollars above the ETH price, compared to around $4 million on Binance. A dominant platform on average therefore does not necessarily offer the best execution at all times.

XRP, Solana and Dogecoin redistribute positions

On XRP, the depth appears more dispersed than in 2025 and leans towards buyers: CoinGecko lists almost 18 million dollars in buy orders compared to 14 million for sale within a range of 2%. Binance dominates at market price, but Coinbase takes the lead once the gap reaches around 0.1%.

Solana's liquidity declined 28.5% year-over-year, from approximately $28 million to $20 million on each side of the book. MEXC is deepest in the immediate vicinity of the price, at $934,000, while Coinbase takes the lead beyond a 1% gap. The latter then exceeds 6 million dollars on the buyer side and 4 million on the seller side.

Dogecoin brings up the rear. Its cumulative depth only reaches $9-12 million per side in a 2% range, about half as much as Solana. MEXC dominates near the market and holds nearly $2 million on either side beyond a 0.3% gap before its curve plateaus.