According to Kaiko's research, Binance ranked first in liquidity among 43 exchanges in the second quarter, with Bybit and Coinbase ranking second and third respectively. Kaiko's evaluation criteria include trading volume, trading volume contribution, market depth, coefficient of variation, and market quality score.

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According to Kaiko research, among the 43 exchanges surveyed, Binance still leads in liquidity in the second quarter, with Bybit ranking second, Coinbase third, and UpBit and HTX tied for fourth place. Kaiko scores exchange liquidity based on five dimensions: trading volume, trading volume contribution, +/-1 market depth, coefficient of variation (CV) dispersion score, and market quality score.

Kaiko Report: Binance Leads in Exchange Liquidity Rankings for the Second Quarter