THE/USDT
Where THE/USDT trades: Binance, Bybit and KuCoin, spot and perpetual futures, with per-venue 24h volume and share. $1.8M in 24h volume.
THE/USDT trades on 3 exchanges across 4 listings — 3 perpetual futures markets and 1 spot book.
Binance runs the deepest of them at $1.4M over 24 hours, 80.2% of the $1.8M total we measure across all 4 of them.
Where THE/USDT trades
| Exchange | Type | Symbol | 24h volume | Share |
|---|---|---|---|---|
| Binance | Perpetual |
THEUSDT
|
$1.4M | 80.2% |
| Binance | Spot |
THEUSDT
|
$203.0K | 11.5% |
| Bybit | Perpetual |
THEUSDT
|
$125.2K | 7.1% |
| KuCoin | Perpetual |
THEUSDTM
|
$21.6K | 1.2% |
Volume is 24h turnover in USD, taken from each exchange's public ticker. A dash means the venue quotes the pair against something other than a USD stablecoin, so we have no honest USD figure for it rather than a converted guess. Updated 2026-08-19 16:29 UTC.
Spot or perpetual
Perpetual futures: Binance, Bybit and KuCoin.
Spot: Binance.
Where the liquidity sits
The top 3 venues hold 98.8% of measured THE/USDT turnover: Binance perpetuals ($1.4M, 80.2%), Binance spot ($203.0K, 11.5%) and Bybit perpetuals ($125.2K, 7.1%).
Perpetual futures account for 88.5% 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. We only publish a dollar figure where the pair is quoted against a USD stablecoin, so the number is the venue's own turnover and not a conversion of ours.