Traders moving $500K ETH futures orders will slip just 0.006% on MEXC, the lowest among nine major exchanges tested. That's the core finding from TokenInsight's July liquidity report, which benchmarked execution quality across spot and derivatives markets.

Where the depth actually sits

MEXC's BTC and ETH futures order books go deepest. Combined near-touch depth at the 0.03% band reached $15.71 million, topping the sample. Push out to the wider 0.05% band and you hit $20.83 million, landing third overall but within 2.1% of the leader. That matters because large orders find price faster. For spot trading, MEXC's cumulative depth at 0.01% was $0.91 million, nearly matching the top exchange's $0.92 million.

The execution numbers back this up. BTC median slippage on $100K sells hit 0.003%, ranking second for the pair. ETH performs even tighter at 0.006% median slippage for the same $500K order size, beating every other exchange in the test. Even when you stress-test with $1 million ETH orders, MEXC's P90 slippage sits at 0.022%, still the lowest recorded.

Silver futures: where depth reaches extremes

MEXC dominates XAG futures by an unusual margin. Order book depth at the 0.01% band sits near $0.4 million, roughly double the next competitor. Widen to 0.03% and the exchange posts $1.0 million, about 43% deeper than second place. On a $300K XAG sell order, median slippage barely budges at 0.013%. Compare that to spot ETH, where MEXC's P90 slippage of 0.024% still ranks tied for lowest in the sample.

The broader context matters here. Liquidity depth and execution tightness separate exchanges that retain large traders from those that bleed them to competitors. MEXC's 0-fee model apparently attracts order flow, which compounds the liquidity advantage. Other exchanges in the report included major names across Asia and globally, making this top ranking significant for venues handling crypto derivative volume.

This report covers exchange liquidity metrics and execution quality only. It is not financial advice or a recommendation to trade on any specific platform.