USDT/USD
Where USDT/USD trades: Kraken, Binance, OKX and Bybit, spot, with per-venue 24h volume and share. $343.9M in 24h volume.
USDT/USD trades on 4 exchanges across 4 listings — 4 spot books.
Kraken runs the deepest of them at $257.5M over 24 hours, 74.9% of the $343.9M total we measure across all 4 of them.
Where USDT/USD trades
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.
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Spot or perpetual
No venue we track lists a USDT/USD perpetual — this pair is spot only.
Spot: Kraken, Binance, OKX and Bybit.
Where the liquidity sits
The top 3 venues hold 99.4% of measured USDT/USD turnover: Kraken spot ($257.5M, 74.9%), Binance spot ($82.5M, 24.0%) and OKX spot ($2.0M, 0.6%).
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.