Position

Exchange Depth, ranked

Where the asset trades, and how much size the book absorbs before it moves.

One of the 25 variables in the framework. 251 tokens rated. Scoring pass 18 Sept 2026.

Median
5/10
mean 4.97
Scoring 9 or 10
4
of 251 rated
Composite link
0.45
correlation with total score
Market link
0.65
rank correlation with market cap, n=236
01

What this variable measures

Where the asset trades, and how much size the book absorbs before it moves.

A 10 means deep books on major venues. A 1 means one thin pair and a spread that punishes any real order.

Depth is the difference between a paper return and one you can realise. It is the variable that decides your exit.

02

What the universe says

Across 251 rated tokens the median score on Exchange Depth is 5 of 10 and the mean is 4.97. 4 tokens score 9 or 10, and 5 score 2 or below. Ethereum leads at 10 of 10.

Exchange Depth correlates 0.45 with the composite score across the universe, which makes it moderately tied to overall standing. It moves with quality without being a proxy for it.

Against live market capitalisation for the 236 tokens with a matched market row, Exchange Depth carries a rank correlation of 0.65. The market already pays up for this. A high score is priced in, and the interesting cases are the tokens that score well and are still small.

The closest variable to Exchange Depth is Social Mindshare at 0.66, which is strongly tied to it. Nothing else in the framework restates this one, so it earns its slot.

03

Distribution across the universe

0
1
5
2
27
3
63
4
84
5
36
6
25
7
7
8
2
9
2
10

Tokens at each score from 1 to 10. The shape matters: a variable where almost everything clusters at 3 is telling you the whole category fails it, not that one token is unusual.

04

All 251 tokens ranked

Sorted by score on this variable alone, so a token can lead here and rank poorly overall. That disagreement is the useful part: it is where a single-variable screen finds something the composite averages away.

251 crypto tokens ranked by Exchange Depth, scored 1 to 10
#TokenExchange DepthCompositeMarket capVerdict
1ETHEthereumInstitutional settlement layer. Commodity classification. Burn collapsed but moat intact.10/10187$313.17BHOLD CORE
2BTCBitcoinDigital gold with a large spot ETF complex and 94.5% supply mined. Store-of-value thesis intact, though ETF assets fell through 2026.10/10183$1.67THOLD CORE
3SOLSolanaHigh-throughput L1 with dominant DEX volume and meme coin launchpad traction. Network reliability improved significantly post-2023.9/10170$68.57BHOLD
4XRPXRPRipple's payment token with SEC case mostly resolved. Institutional cross-border payment rails narrative intact but XRPL DeFi negligible.9/10121$90.31BCAUTIOUS HOLD
5UNIUniswapFee switch live on 11+ chains. Protocol revenue $26-61M (P/S 57-73x). V4 on 18 chains, 2500+ hooks. 100M UNI burned but net inflationary (+1.43%/yr). BlackRock entered Feb 2026. a16z holds 41.5-55M UNI. $200M+ insider selling 2025. Unichain TVL $17.8-29.6M (not $532M). SEC safe harbor Apr 2026.8/10167$4.91BHOLD
6LINKChainlink70% oracle dominance. DTCC Q4 2026. SOC 2 Type 2. $500M/yr treasury sell pressure. 2 ETFs live.8/10165$10.01BHOLD
7AAVEAaveKelpDAO $190-230M bad debt, 3 core team departures (ACI/BGD/Chaos), buybacks paused. But $142M rev, 55-63% share, V4+Umbrella live, SEC cleared.8/10156$2.65BHOLD
8BNBBNBBinance exchange utility token with quarterly burns. Highly tied to Binance CEX health and regulatory outcome.8/10144$102.38BHOLD
9LTCLitecoinBitcoin's silver analog with third halving complete. No smart contracts, no DeFi, diminishing developer interest. Payments use case losing to stablecoins.8/10102$5.15BWATCH
10PEPEPepeEthereum's largest meme coin at $1.6B market cap with massive liquidity; culturally entrenched but zero revenue and purely narrative-driven valuation.8/1092$1.70BPASS
11DOGEDogecoin8/1089$13.83BPASS
12HYPEHyperliquid7/10193$19.71BHOLD CORE
13PENDLEPendle Finance7/10160$391.5MHOLD
14MORPHOMorpho7/10157$1.75BHOLD
15SUISui7/10146$4.63BHOLD
16LDOLido DAO7/10146$353.8MHOLD
17OKBOKB7/10145$2.75BHOLD
18GMXGMX7/10143$84.3MHOLD
19AVAXAvalanche7/10138$4.93BCAUTIOUS HOLD
20ARBArbitrum7/10134$1.25BCAUTIOUS HOLD
21TAOBittensor7/10128$3.29BCAUTIOUS HOLD
22TRXTRON7/10125$31.81BCAUTIOUS HOLD
23OPOptimism7/10123$273.9MCAUTIOUS HOLD
24POLPolygon system Token7/10123$1.08BCAUTIOUS HOLD
25ENAEthena7/10120$3.06BCAUTIOUS HOLD
26ADACardano7/10113$9.57BWATCH
27TONToncoin7/10110$4.02BWATCH
28DOTPolkadot7/10103$1.88BWATCH
29SCROLLScroll7/10102$4.7MWATCH
30ORDIORDI7/1096$88.5MPASS
31ZKZKsync7/1095$129.1MPASS
32STRKStarknet7/1093$366.4MPASS
33BONKBonk7/1093$300.8MPASS
34WLDWorldcoin7/1089$1.96BPASS
35BLASTBlast7/1087$4.9MPASS
36SHIBShiba Inu7/1071$3.17BPASS
37WSTETHWrapped Lido Staked ETH6/10185$11.76BHOLD CORE
38MKRMaker / Sky6/10177not publishedHOLD CORE
39VIRTUALVirtuals Protocol6/10151$502.6MCAUTIOUS HOLD
40LQTYLiquity6/10151$23.3MHOLD
41PAXGPAX Gold6/10141$1.79BHOLD
42CRVCurve Finance6/10140$552.7MHOLD
43ENSEthereum Name Service6/10137$269.1MCAUTIOUS HOLD
44BANANABanana Gun6/10135$15.5MCAUTIOUS HOLD
45LITLighter6/10125$876.5MWATCH
46CAKEPancakeSwap6/10123$698.0MCAUTIOUS HOLD
47GRTThe Graph6/10121$297.6MCAUTIOUS HOLD
48TIACelestia6/10120$432.0MCAUTIOUS HOLD
49CHZChiliz6/10120$165.6MCAUTIOUS HOLD
50COMPCompound6/10119$234.1MWATCH
51IMXImmutable X6/10117$156.3MWATCH
52APTAptos6/10116$652.3MWATCH
53HBARHedera6/10112$4.09BWATCH
54FTMFantom6/10111not publishedWATCH
55MATICPolygon (Legacy)6/10110$1.08BWATCH
56DYDXdYdX6/10109$113.2MWATCH
57XLMStellar6/10108$7.01BWATCH
58EIGENEigenLayer6/10107$226.1MWATCH
59PENGUPudgy Penguins6/10104$535.4MWATCH
60ICPInternet Computer6/10102$1.75BWATCH
61APEApeCoin6/10102$146.9MWATCH
62FILFilecoin6/10101$867.2MWATCH
63ZECZcash6/10101$22.59BWATCH
64VETVeChain6/10101$692.4MWATCH
65USUALUsual Protocol6/1099$23.6MPASS
66CFXConflux6/1098$265.8MPASS
67ALGOAlgorand6/1097$1.05BPASS
68ETCEthereum Classic6/1090$1.32BPASS
69FLOKIFLOKI6/1088$257.5MPASS
70WIFdogwifhat6/1088$227.9MPASS
71MANTAManta Network6/1076$31.1MPASS
72MOVEMovement6/1067$40.6MPASS
73GEODGEODNET5/10169$137.0MHOLD
74COWCoW Protocol5/10167$82.3MHOLD
75ETHFIEther.fi5/10162$680.1MHOLD
76CBETHCoinbase Wrapped Staked ETH5/10158$484.5MHOLD
77AEROAerodrome Finance5/10157$794.7MHOLD
78JUPJupiter5/10151$1.04BHOLD
79CETUSCetus Protocol5/10147$25.0MHOLD
80INJInjective5/10139$727.9MCAUTIOUS HOLD
81NEARNEAR Protocol5/10135$6.64BCAUTIOUS HOLD
82BGBBitget Token5/10135$1.37BCAUTIOUS HOLD
83JTOJito5/10134$263.0MCAUTIOUS HOLD
84RAYRaydium5/10129$670.5MCAUTIOUS HOLD
85OLASOlas (Autonolas)5/10129$13.4MCAUTIOUS HOLD
86GNOGnosis5/10128$316.6MCAUTIOUS HOLD
87RENDERRender Network5/10127$1.05BCAUTIOUS HOLD
88BERABerachain5/10127$76.8MCAUTIOUS HOLD
89LPTLivepeer5/10123$82.2MCAUTIOUS HOLD
90GTGateToken5/10123not publishedCAUTIOUS HOLD
91ORCAOrca5/10123$167.2MCAUTIOUS HOLD
92HNTHelium5/10122$97.6MCAUTIOUS HOLD
93MAVMaverick Protocol5/10121$13.1MCAUTIOUS HOLD
94PRIMEEchelon Prime5/10119$14.8MWATCH
95KCSKuCoin Token5/10119not publishedWATCH
96STXStacks5/10118$697.8MWATCH
97WOOWOO Network5/10118$23.6MWATCH
98STGStargate Finance5/10117$20.1MWATCH
99JOETrader Joe5/10117$17.4MWATCH
100QNTQuant5/10116$3.53BWATCH
101SSonic (prev. Fantom)5/10115$154.2MWATCH
102ONDOOndo Finance5/10115$2.27BWATCH
103KASKaspa5/10114$1.11BWATCH
104TNSRTensor5/10112$27.8MWATCH
105GRASSGrass5/10111$457.9MWATCH
106YFIYearn Finance5/10111$86.4MWATCH
107KNCKyber Network5/10110$28.1MWATCH
108FETFetch.ai (ASI Alliance)5/10109$522.8MWATCH
109BICOBiconomy5/10109$20.1MWATCH
110IOio.net5/10108$63.1MWATCH
111PERPPerpetual Protocol5/10108$2.8MWATCH
112STORJStorj5/10108$12.3MWATCH
113OMMANTRA5/10108$29.1MWATCH
114PYTHPyth Network5/10107$557.2MWATCH
115ZROLayerZero5/10106$850.4MWATCH
116THETATheta Network5/10105$214.2MWATCH
117FXSFrax Share5/10105$28.3MWATCH
118RDNTRadiant Capital5/10104$1.0MWATCH
119RONRonin5/10104$49.1MWATCH
120RSRReserve Rights5/10104$100.3MWATCH
121CVXConvex Finance5/10103$193.9MWATCH
122KLAYKlaytn5/10103not publishedWATCH
123KSMKusama5/10103$90.6MWATCH
124CROCronos5/10102$3.12BWATCH
125ILVIlluvium5/10101$31.5MWATCH
126DASHDash5/10101$683.9MWATCH
127GMTSTEPN5/10101$25.0MWATCH
128AUDIOAudius5/10101$22.7MWATCH
129SEISei5/10100$457.3MWATCH
130API3API35/1099$45.0MPASS
131FLRFlare5/1099$609.8MPASS
132MINAMina Protocol5/1098$121.4MPASS
133IOTXIoTeX5/1098$34.2MPASS
134SKLSKALE5/1097$26.6MPASS
135ACHAlchemy Pay5/1097not publishedPASS
136ANKRAnkr Network5/1096$46.1MPASS
137ATOMCosmos5/1096$899.5MPASS
138YGGYield Guild Games5/1095$22.5MPASS
139CELOCelo5/1094$57.3MPASS
1401INCH1inch Network5/1093$138.1MPASS
141WWormhole5/1092$93.6MPASS
142XTZTezos5/1088$336.3MPASS
143ROSEOasis Network5/1084$62.0MPASS
144BLURBlur5/1084$55.8MPASS
145MASKMask Network5/1082$45.8MPASS
146KAVAKava5/1080$71.7MPASS
147FLOWFlow5/1078$53.4MPASS
148IOTAIOTA5/1078$248.2MPASS
149AXSAxie Infinity5/1076$207.3MPASS
150BTTBitTorrent5/1076$357.4MPASS
151NOTNotcoin5/1073$45.0MPASS
152MODEMode Network5/1072$666.9KPASS
153NEONeo5/1068$166.5MPASS
154JASMYJasmyCoin5/1067$243.3MPASS
155ZILZilliqa5/1063$64.9MPASS
156MEMEMemecoin5/1057$36.6MPASS
157SYRUPMaple Finance4/10168$268.1MHOLD
158RETHRocket Pool ETH4/10159$946.8MHOLD
159FLUIDFluid (Instadapp)4/10145$158.2MCAUTIOUS HOLD
160SKYSky (formerly Maker)4/10141$1.86BCAUTIOUS HOLD
161ARArweave4/10140$274.9MHOLD
162KMNOKamino Finance4/10138$214.9MCAUTIOUS HOLD
163SAFESafe (formerly Gnosis Safe)4/10132$84.0MCAUTIOUS HOLD
164AKTAkash Network4/10129$210.6MCAUTIOUS HOLD
165LEOUNUS SED LEO4/10126$8.19BCAUTIOUS HOLD
166VELOVelodrome Finance4/10121$46.1MCAUTIOUS HOLD
167VRTXVertex Protocol4/10121not publishedCAUTIOUS HOLD
168MNDEMarinade4/10119$15.6MWATCH
169XMRMonero4/10117$10.41BWATCH
170CFGCentrifuge4/10115not publishedWATCH
171RUNETHORChain4/10106$234.5MPASS
172SSVSSV Network4/10106$42.1MWATCH
173GTCGitcoin4/10106$15.9MWATCH
174QUICKQuickSwap4/10105$7.0MWATCH
175RPLRocket Pool4/10104$40.8MWATCH
176TRUTrueFi4/10102$1.1MWATCH
177ATHAethir4/10101$132.9MWATCH
178MCMerit Circle (Beam)4/10101not publishedWATCH
179CORECore4/10100$29.2MWATCH
180BADGERBadgerDAO4/10100$6.4MWATCH
181NMRNumeraire4/1098$105.4MPASS
182HTHuobi Token4/1098$16.3MPASS
183COTICOTI4/1097$39.1MPASS
184REQRequest4/1097$42.8MPASS
185FLUXFlux4/1096$191.3KPASS
186CTSICartesi4/1096$27.7MPASS
187BALBalancer4/1095$9.1MPASS
188ALPACAAlpaca Finance4/1095$138.7KPASS
189GLMRMoonbeam4/1094$13.9MPASS
190RLCiExec4/1094$61.1MPASS
191MXMEXC Token4/1094not publishedPASS
192CKBNervos Network4/1093$61.4MPASS
193OSMOOsmosis4/1093$26.6MPASS
194FARMHarvest Finance4/1093$5.1MPASS
195MBOXMOBOX4/1092$298.5KPASS
196SNTStatus4/1092$38.1MPASS
197ALPHAAlpha Venture DAO4/1091$483.2KPASS
198PONDMarlin4/1091$14.2MPASS
199TRBTellor4/1090$56.4MPASS
200CELRCeler Network4/1090$22.9MPASS
201ALICEMy Neighbor Alice4/1089$16.9MPASS
202HIGHHighstreet4/1088not publishedPASS
203SXPSolar4/1088$2.5MPASS
204DENTDent4/1088$6.2MPASS
205LEVERLeverFi4/1087not publishedPASS
206AGLDAdventure Gold4/1086$18.0MPASS
207EGLDMultiversX (prev. Elrond)4/1085$123.2MPASS
208WAXPWAX4/1081$26.9MPASS
209SUSHISushiSwap4/1074$66.7MPASS
210RVNRavencoin4/1074$36.1MPASS
211BANDBand Protocol4/1073$40.8MPASS
212POPCATPopcat4/1073$46.9MPASS
213SUPERSuperVerse4/1067$144.5MPASS
214MANADecentraland4/1066$197.1MPASS
215DOGSDOGS4/1062$22.6MPASS
216QTUMQtum4/1061$97.7MPASS
217SANDThe Sandbox4/1058$219.2MPASS
218NEIRONEIRO4/1056$35.3MPASS
219GALAGala Games4/1053$114.2MPASS
220DRIFTDrift Protocol3/10142$14.3MHOLD
221ACXAcross Protocol3/10137$30.5MCAUTIOUS HOLD
222SNXSynthetix3/10130$137.5MCAUTIOUS HOLD
223GNSGains Network3/10116$9.5MWATCH
224ALCXAlchemix3/10108$6.6MWATCH
225VELAVela Exchange3/10107not publishedWATCH
226GELGelato3/10107$498.0KWATCH
227SLNDSolend3/10106not publishedWATCH
228MLNEnzyme (Melon)3/10104not publishedWATCH
229SHDWShadow Token3/10103$5.3MWATCH
230RADRadicle3/1097$19.5MPASS
231POOLPoolTogether3/1096$176.3KPASS
232INVInverse Finance3/1095$6.9MPASS
233POLYXPolymesh3/1095$52.9MPASS
234PROPPropy3/1093$35.2MPASS
235HOPRHOPR3/1092$8.7MPASS
236NANONano3/1090$46.6MPASS
237PEAQpeaq3/1088$102.2MPASS
238NOSNosana3/1086$52.5MPASS
239GOGGuild of Guardians3/1086$960.1KPASS
240CANTOCanto3/1086$2.0MPASS
241FORTHAmpleforth Governance3/1084$3.0MPASS
242BONDBarnBridge3/1082$93.5KPASS
243PRCLParcl3/1080$5.5MPASS
244LRCLoopring3/1078$13.2MPASS
245SPELLSpell Token3/1063$16.0MPASS
246ONEHarmony3/1048$32.9MPASS
247MOBILEHelium Mobile2/1092$6.0MPASS
248IDEXIDEX2/1077$838.1KPASS
249MCBMCDEX2/1076$8.9MPASS
250RBNRibbon Finance2/1068$1.7MPASS
251KDAKadena2/1050$3.0MPASS

Scores come from the research pass dated 18 Sept 2026 and do not move with price. Market capitalisation is from the live snapshot fetched 7 Oct 2026, so the two columns are stamped at different times on purpose.

05

Variables that move with this one

Correlations across all 251 rated tokens. A number near 1 means the two variables are close to the same measurement, which is worth knowing before treating a second high score as independent confirmation of the first.

06

Common questions

Which crypto tokens score highest on exchange depth?
Ethereum (ETH) at 10, Bitcoin (BTC) at 10, Solana (SOL) at 9, XRP (XRP) at 9, Uniswap (UNI) at 8 lead the 251 rated tokens on Exchange Depth, each scored 1 to 10 against the same definition.
What is a good exchange depth score?
The median across the universe is 5 of 10 and the mean is 4.97, so anything at 7 or above sits well inside the top of the distribution. Only 4 of 251 tokens reach 9 or 10.
Does exchange depth affect a token's market cap?
Rank correlation between Exchange Depth and market capitalisation is 0.65 across 236 tokens with live market data. That is a clear relationship, so most of a high score is already in the price.

Keep reading

Research and analysis, not investment advice. Correlations describe the rated universe at one point in time and are not predictions.