MEXC, a global cryptocurrency exchange, saw its combined Bitcoin (BTC) and Ether (ETH) spot order book depth more than double between TokenInsight’s July and September 2026 liquidity reports, reaching $3.58 million within 0.03% of the mid-market price, according to TokenInsight’s Crypto Exchange Liquidity Report for September 2026. The exchange ranked second on this measure in the September assessment of nine trading venues.
The increase from $1.76 million in the July report was accompanied by a rise in combined BTC and ETH futures depth, which grew approximately 34% to $21.03 million within the same price band. MEXC retained first place in that category, having recorded $15.71 million in the earlier assessment.
TokenInsight’s report compares order book depth, slippage and bid-ask spreads across cryptocurrency exchanges. It covers BTC and ETH spot and futures markets, alongside gold and silver futures, with coverage depending on instrument availability and access to market data.
| Metric | July | September | Change |
| Combined BTC/ETH futures order book depth within the 0.03% band | $15.71 million | $21.03 million | +33.9% |
| Combined BTC/ETH spot order book depth within the 0.03% band | $1.76 million | $3.58 million | +103.4% |
| Median slippage for a simulated $1 million ETH futures sell order | 0.015% | 0.008% | −46.7% |
| Median slippage for a simulated $300,000 silver futures sell order | 0.013% | 0.002% | −84.6% |
More liquidity close to the market price
Order book depth measures the value of displayed buy and sell orders within a specified distance of the mid-market price. Greater depth close to that price can help absorb orders with less price movement, although displayed liquidity may change before a transaction is executed.
Within the narrower 0.01% band, MEXC’s combined BTC and ETH spot depth reached approximately $1.35 million, jointly ranking first in the September report.
The figures describe aggregate depth across two assets rather than the amount available to execute a single BTC or ETH order. Rankings may also differ at wider price bands or for larger orders.
Lower estimated slippage on ether futures
MEXC’s median slippage for a simulated $1 million ETH futures sell order fell to 0.008% in the September assessment, from 0.015% in July. The September P90 reading was 0.013%, meaning 90% of the simulated executions produced slippage at or below that level.
For a $500,000 ETH futures sell order, median slippage was 0.003%, with a P90 reading of 0.007%. In BTC spot trading, MEXC recorded the lowest median slippage among the surveyed venues for a $500,000 sell order, at 0.005%.
Silver results extend beyond crypto markets
For a simulated $300,000 silver futures sell order, MEXC’s median slippage declined from 0.013% in the July report to 0.002% in September, the lowest among the venues assessed for that instrument.
The exchange also recorded $2.39 million in combined gold and silver futures depth within the 0.01% band and ranked first in silver-specific order book depth.
Taken together, the results show improvements in MEXC’s displayed liquidity and estimated execution quality across several tested markets. They do not establish a single overall liquidity ranking: outcomes depend on the asset, order size, price band and observation period. Slippage estimates based on order book data should also be distinguished from realised trading costs, which include fees and the effects of changing market conditions.
Featured image via Shutterstock.
