FORM/USDT
Where FORM/USDT trades: Binance, Bybit and KuCoin, spot and perpetual futures, with per-venue 24h volume and share. $186.8M in 24h volume.
FORM/USDT trades on 3 exchanges across 4 listings — 3 perpetual futures markets and 1 spot book.
Binance runs the deepest of them at $145.1M over 24 hours, 77.7% of the $186.8M total we measure across all 4 of them.
Where FORM/USDT trades
| Exchange | 24h volume | Share |
|---|---|---|
| Binance | $145.1M | 77.7% |
| Binance | $25.1M | 13.5% |
| Bybit | $15.1M | 8.1% |
| KuCoin | $1.5M | 0.8% |
Volume is 24h turnover as each exchange's own public ticker reports it (USD-quoted; on-page amounts follow your selected display currency). A dash means the venue quotes the pair against something other than a USD stablecoin, so there is no honest reported figure for it rather than a converted guess. Updated 2026-09-09 08:38 UTC.
Spot or perpetual
Perpetual futures: Binance, Bybit and KuCoin.
Spot: Binance.
Where the liquidity sits
The top 3 venues hold 99.2% of measured FORM/USDT turnover: Binance perpetuals ($145.1M, 77.7%), Binance spot ($25.1M, 13.5%) and Bybit perpetuals ($15.1M, 8.1%).
Perpetual futures account for 86.5% of it, spot the rest. Futures turnover is notional, so it is not directly comparable to spot volume — the same dollar of margin moves several dollars of notional.
How we measure this
Volume is 24-hour turnover from each exchange's own public ticker, refreshed on a schedule rather than streamed. A venue enters the total only where it quotes the pair against a USD stablecoin, so the underlying figure is the venue's own reported turnover — never a cross-rate guess of ours. On-page amounts follow your selected display currency.