NIL/USDT
Where NIL/USDT trades: Binance, Bybit and KuCoin, spot and perpetual futures, with per-venue 24h volume and share. $5.2M in 24h volume.
NIL/USDT trades on 3 exchanges across 5 listings — 3 perpetual futures markets and 2 spot books.
Binance runs the deepest of them at $3.0M over 24 hours, 57.1% of the $5.2M total we measure across all 5 of them.
Where NIL/USDT trades
| Exchange | 24h volume | Share |
|---|---|---|
| Binance | $3.0M | 57.1% |
| Bybit | $1.7M | 32.6% |
| Binance | $402,668 | 7.7% |
| KuCoin | $70,147 | 1.3% |
| KuCoin | $68,491 | 1.3% |
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 and KuCoin.
Where the liquidity sits
The top 3 venues hold 97.4% of measured NIL/USDT turnover: Binance perpetuals ($3.0M, 57.1%), Bybit perpetuals ($1.7M, 32.6%) and Binance spot ($402,668, 7.7%).
Perpetual futures account for 91.0% 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.