How the exchanges are ranked

The scoreboards

Exchanges, in the header, or Rank the exchanges over each index’s table, opens them: one for spot, one for perpetuals, and the futures and options section’s own. Every exchange of the kind is on while one is open, whichever you have on, since a ranking of a few wouldn’t be one. Switch on Only exchanges I use to rank only yours.

Spot: how often, and how far behind

On each coin, every exchange with a price is measured against the best there, for your side: its ask when Buying, its bid when Selling. Then, over every coin it shares with another exchange:

• Best price on: how often it has the best price. Within 0.5 basis points of it counts as the best.
• Behind the best: how far behind the best it usually is, in basis points: the median, and the middle half of its markets as a band.
• Spread, 24h volume and Taker fee: its usual spread, the day’s volume, and its published taker fee.

Choose After fees and each price has its exchange’s taker fee in it, at the tier you’ve set where you have (fee tiers), so a cheap price on a dear exchange slips down.

Exchange against exchange

Under the ranking, every pair of exchanges side by side: the median difference between their prices at the middle of the book, on the markets both price. Read across: above zero, the row’s exchange is dearer than the column’s.

Perpetuals: positions and funding

The perpetuals scoreboard ranks each exchange’s open interest and volume, and its funding against the others’ on the same coins: Lowest funding on with Long chosen, the cheapest places to hold a long; Highest funding on with Short, where a short is paid most; and Against the rest, how far its rate usually sits from the rest. Funding explains the rates.

Each exchange’s page

An exchange’s name leads to its own page: where it has the best price and where it trails, how it compares with each other exchange, its markets, its fee schedule as the site uses it, and how the site reads it.