W/USDT
Where W/USDT trades: Binance, Bybit, OKX and KuCoin, spot and perpetual futures, with per-venue 24h volume and share. $5.3M in 24h volume.
W/USDT trades on 4 exchanges across 8 listings — 4 perpetual futures markets and 4 spot books.
Binance runs the deepest of them at $2.1M over 24 hours, 40.5% of the $5.3M total we measure across all 8 of them.
Where W/USDT trades
| Exchange | 24h volume | Share |
|---|---|---|
| Binance | $2.1M | 40.5% |
| Bybit | $1.1M | 21.5% |
| OKX | $1.1M | 20.0% |
| Binance | $475,163 | 9.0% |
| OKX | $309,470 | 5.9% |
| Bybit | $100,049 | 1.9% |
| KuCoin | $35,161 | 0.7% |
| KuCoin | $30,566 | 0.6% |
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, OKX and KuCoin.
Spot: Binance, OKX, Bybit and KuCoin.
Where the liquidity sits
The top 3 venues hold 82.0% of measured W/USDT turnover: Binance perpetuals ($2.1M, 40.5%), Bybit perpetuals ($1.1M, 21.5%) and OKX perpetuals ($1.1M, 20.0%).
Perpetual futures account for 82.5% 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.