TLDR
- Kraken ranks first among MiCA-regulated exchanges for spot liquidity, perpetual liquidity and total market coverage.
- DefiLlama data lists Kraken at $399.71 million spot liquidity and $206.90 million perpetual liquidity overall.
- Coinbase follows Kraken with $305.23 million in spot liquidity and 1,074 reported MiCA-covered markets overall.
- Crypto.com records $130.84 million in spot liquidity while covering 883 markets under MiCA data tracked.
- Backpack and OKX show higher perpetual liquidity than spot liquidity within the available MiCA figures.
DefiLlama’s MiCA exchange data shows Kraken leading regulated crypto exchanges in Europe across spot liquidity, perpetual liquidity, and market coverage. The dataset lists Kraken with $399.71 million in spot liquidity and $206.90 million in perpetual liquidity, placing it first in both categories. Coinbase ranks next with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity, while other platforms trail by wider margins.
Kraken Holds the Largest Liquidity Position
The data positions Kraken at the top of the MiCA-regulated exchange group for liquidity depth across both major trading categories. Its $399.71 million spot liquidity is about $94.48 million higher than Coinbase’s comparable figure, based on the reported totals. That lead gives Kraken the largest recorded pool for spot trading among the exchanges included in the DefiLlama dataset.
Kraken also holds first place in perpetual liquidity, where its $206.90 million total exceeds Coinbase’s $167.39 million. Perpetual liquidity is relevant for traders using derivatives markets because order-book depth can affect execution quality during larger trades. The figures show that Kraken’s position extends beyond spot markets into regulated derivatives-related activity tracked under the MiCA category.
The exchange also records the widest market coverage, with 1,704 markets listed in the dataset. Market coverage measures the number of trading markets available through the regulated exchange framework, rather than liquidity alone. Kraken’s combination of top liquidity totals and the largest market count forms the central ranking pattern in the DefiLlama figures.
Coinbase Remains Closest Across Core Measures
Coinbase holds the second position across the main measures and remains the nearest competitor to Kraken within the reported MiCA-regulated group. Its $305.23 million spot liquidity places it well above Crypto.com, which records $130.84 million in the same category. Coinbase also lists 1,074 markets, giving it the second-largest market count after Kraken in the DefiLlama data.
Crypto.com ranks below Coinbase in spot liquidity but remains ahead of Bitstamp, Bybit, OKX, Gate, and Backpack in that category. Its 883 markets place it third for coverage, showing a broader regulated product range than most listed competitors. The exchange does not have a perpetual liquidity figure included in the supplied figures, so comparison is limited to spot liquidity and market count.
Bitstamp and Bybit form the next group by spot liquidity, with $54.62 million and $50.19 million, respectively. Their market coverage differs, as Bitstamp lists 298 markets while Bybit lists 133 markets in the same dataset. The figures place both exchanges below the three largest spot-liquidity platforms, while still ahead of OKX, Gate, and Backpack in spot depth.
Market Coverage Separates the Exchange Rankings
At the lower end of the spot-liquidity table, OKX reports $11.92 million, Gate reports $6.94 million, and Backpack reports $5.43 million. These totals are limited to the MiCA exchange data cited and do not represent each company’s global exchange activity. Gate’s 303 markets place it above Bitstamp in market count, despite its lower reported spot liquidity in this category.
Backpack and OKX differ from the broader pattern because their perpetual liquidity is higher than their spot liquidity. Backpack records $41.19 million in perpetual liquidity against $5.43 million in spot liquidity. OKX lists $20.54 million in perpetual liquidity compared with $11.92 million in spot liquidity, placing both platforms closer to derivatives activity within the recorded MiCA data.
The market coverage ranking shows Kraken first with 1,704 markets, followed by Coinbase with 1,074 and Crypto.com with 883. Gate, Bitstamp, Bybit, Backpack, and OKX follow with 303, 298, 133, 125, and 65 markets, respectively. Across the supplied DefiLlama data, Kraken leads MiCA-regulated exchanges in spot liquidity, perpetual liquidity, and market coverage.
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