MEXC came out on top of a third-party liquidity study covering nine major cryptocurrency exchanges, according to TokenInsight's July 2026 Crypto Exchange Liquidity Report, published August 4. The report measured order book depth, slippage and bid-ask spreads across BTC and ETH spot and futures markets, as well as gold and silver futures, and found MEXC led the field on several of those metrics.
In near-touch order book depth — the tightest and most liquidity-sensitive measurement band — MEXC's combined BTC and ETH futures depth came in first among the nine exchanges at $15.71 million at the 0.03% band. At a wider 0.05% band, MEXC's combined depth of $20.83 million placed third, within 2.1% of the top-ranked exchange, indicating the advantage was concentrated close to the mid-price rather than spread evenly across the order book.
A larger lead in silver futures
MEXC's strongest showing came in XAG silver futures, where it ranked first across both measurement bands. Depth reached roughly $0.4 million at the tightest 0.01% band, about twice that of the next-closest exchange, and approximately $1.0 million at the 0.03% band, roughly 43% higher than its nearest competitor. The result builds on a similar finding in TokenInsight's Q2 2026 report, which had already placed MEXC second globally in commodity perpetuals amid what the firm described as rising TradFi-linked trading momentum.
On spot markets, MEXC's cumulative BTC depth at the 0.01% band reached $0.91 million, nearly matching the top exchange in the sample at $0.92 million, while its median slippage for $100K BTC sell orders came in at 0.004% — among the tightest of any venue tested — with a P90 slippage of 0.013%, the lowest recorded across the entire sample.
Context within a crowded field
The near-touch depth and slippage metrics TokenInsight highlighted are narrower measures than the exchange industry's more commonly cited rankings by overall trading volume, where Binance, Coinbase, Kraken, Bybit and OKX have typically occupied the top five spots in 2026. MEXC's results point to a specific strength in execution quality for large single-sided orders in BTC, ETH and precious-metals futures rather than a claim to the broadest liquidity across all products, but for high-frequency and institutional traders who care primarily about minimizing slippage on large orders, that distinction is often the more operationally relevant one.
