Kraken Leads MiCA Exchange Rankings in Liquidity and Market Coverage, DefiLlama Data Shows

Kraken recorded the highest liquidity levels among exchanges tracked in DefiLlama’s MiCA exchange data, leading both spot and perpetual liquidity rankings.

The platform reported $399.71 million in spot liquidity and $206.90 million in perpetual liquidity, placing it ahead of Coinbase, which ranked second with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity.

Beyond the top two exchanges, Crypto.com accounted for $130.84 million in spot market liquidity. Bitstamp came next at $54.62 million, with Bybit posting $50.19 million.

Other platforms analyzed in the dataset included OKX, Gate, and Backpack, which recorded spot liquidity levels of $11.92 million, $6.94 million, and $5.43 million, respectively. Backpack and OKX also reported perpetual liquidity of $41.19 million and $20.54 million, respectively.

Kraken also led exchanges by market coverage, supporting 1,704 markets. Coinbase ranked second with 1,074 markets, followed by Crypto.com with 883. Gate supported 303 markets, while Bitstamp, Bybit, Backpack, and OKX offered coverage across 298, 133, 125, and 65 markets, respectively.

Source: DefiLlama