In March, in the market environment of "extreme panic" in the "Panic Greed Index", the executable liquidity of the exchange became the decisive factor in distinguishing high-quality and general platforms. TokenInsight analyzed the liquidity snapshots of 7 mainstream CEX in BTC, ETH spot/futures, etc. from three perspectives: order book depth, slippage, and bid ask spread. The following observations can be made: 1. Spot liquidity From the depth of spot prices in the 0.03% and 0.05% price range, as well as the slippage of $500K and $1M sell orders, both data show that Binance performs the best, with Bitget ranking second, followed by OKX and KuCoin. 2. Futures liquidity In futures, Bitget ranks first with cumulative depth of 0.05% and 0.1% respectively; Quickly catching up with Binance/OKX/Bybit at the 0.1% price range. A sell order of $1M has the lowest slippage on Bitget; At the level of $5M, the top five rankings converge to the range of 0.055% -0.060%. 3. Liquidity of precious metal futures In terms of depth, Binance is also far ahead, with Bitget/OKX/Gate forming the second tier, while Bybit/KuCoin/HTX is noticeably weaker. Meanwhile, the price difference between XAU is the tighter on Binance and Bitget. Overall, it can be summarized as follows: The current market liquidity is highly concentrated on top platforms. Binance dominates in spot and precious metal futures, while Bitget has strong competitiveness in the futures field, with some platforms experiencing significant deterioration under high orders. This report by TokenInsight has an objective and neutral viewpoint, using API snapshot data to speak, which is in line with its consistent professional rating and research positioning. Especially reminding us to be vigilant about the disconnect between "surface depth" and "real executable depth" provides effective decision-making references for traders and large investors. Note: The data is sampled from March 8-10, 2026 (UTC+8), every 30 minutes. A snapshot of the order book with a granularity of 10 seconds and 100ms is captured each time, and the average value of the entire window is calculated. The sample is a short-term snapshot and may be affected by specific events. The original image was created by tokenlight, and the attached image was generated and translated by AI, which may contain errors. ---------------------------------- This article is supported and sponsored by Bitget