Compare venues, then watch one live
Order Books & Liquidity
Spread, depth and execution cost compared across every venue, plus live spot and futures order books streamed straight from each exchange and the open positions behind them.
Order books
Compare the venues, then watch one work.
Start on the comparison to see where a trade is cheapest, then open that venue's book and watch the orders arrive. The comparison is a snapshot; the books are a live feed straight from the exchange.
Reading every order book…
Spreads are shown in basis points because that is the figure that compares meaningfully across venues. Round trip is what it would cost to buy a clip and sell it straight back, sweeping the book as it stands — the question depth is really a proxy for. Percentage-band depth is not used here: Binance returns a thousand price levels spanning two hundredths of a percent while Kraken's reach past a full percent, so "size within one percent" would measure how much book each venue chose to send rather than how deep it is. Note that USDT-quoted venues and USD-quoted venues are not strictly the same instrument, so a persistent gap between the two groups is normal and is measured on its own below.
The market as one book
- Best bid anywhere, dollar pairs
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- Best ask anywhere, dollar pairs
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- Best bid anywhere, tether pairs
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- Best ask anywhere, tether pairs
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Compared only within a quote currency. A tether-quoted bid and a dollar-quoted ask are prices in two different units; subtracting one from the other would report a tether depeg as though it were a spread between exchanges.
Tether against the dollar
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The average BTC/USDT mid across tether venues against the average BTC/USD mid across dollar venues. Most of this gap is the price of tether itself rather than anything about Bitcoin, and it widens in exactly the moments people most want to read it.
Press a venue to open its book over this page. Bids and asks sit side by side, best price at the top of each column, and the feed closes with the panel.
Press a venue to open its book over this page. Bids and asks sit side by side, best price at the top of each column, and the feed closes with the panel.
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Reading every perpetual venue…
Who is being liquidated
connectingForced closes as they happen, streamed from Binance USD-M and Bybit. The side shown is the side that was liquidated, not the side of the order the exchange placed to close it. Liquidations are sparse by nature — an empty tape means a quiet market, not a broken feed.
Listening…
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Reading a book
What a row actually is.
One order per row
Bitstamp. Every resting order arrives separately with its own identifier, so two orders at the same price stay two rows. This is the only venue here that still publishes its book that way.
Orders counted per price
OKX and Hyperliquid. Levels are aggregated by price, but the venue also publishes how many orders make up each one, so the Orders column is filled from the exchange's own count.
Size only
Binance, Bybit and Kraken. These publish price and total size per level and nothing about the orders behind it. The Orders column is left empty rather than filled with an estimate.
Resting orders can leave
An order book is a snapshot of intentions, not commitments. Market makers cancel and replace quotes continuously, and depth that looks solid in calm conditions frequently evaporates in the seconds when it would matter most. Treat every figure here as a description of the current moment.
Nothing here is stored
The live tabs open each exchange's own public feed from your browser. No serverless function is involved and no key exists to leak, which is what makes a genuinely live feed affordable. Close the tab and the book is gone — there is no database behind it, and every feed stops the moment the page stops being looked at.
A venue that fails is a venue you can still see failing: each connects on its own and says so in its own status line rather than taking the page down with it. Several exchanges restrict access by country, so a venue that refuses the connection is usually blocked where you are rather than down.