According to CoinGecko Research’s 2026 Crypto Liquidity on CEXes Report, MEXC led the evaluated exchanges in order book liquidity at the market price for both SOL and DOGE. The findings highlight shifting dynamics across major cryptocurrency trading venues during a 60-day study period, offering new insights into how digital asset liquidity distributes across global centralized exchanges.
What Changed
CoinGecko Research published its 2026 Crypto Liquidity on CEXes Report, evaluating order book depth across eight centralized exchanges. The research tracked the top five non-stablecoin assets—Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE)—over a 60-day observation window spanning from July 6 to September 3, 2026.
Among the central findings, MEXC recorded the highest order book liquidity at the market price for both SOL and DOGE among all eight exchanges studied. Specifically, MEXC registered approximately $934,000 in SOL order book liquidity at the market price. For DOGE, MEXC recorded more than $443,000 in order book liquidity at the exact market price level. Only Binance, MEXC, and OKX exceeded $200,000 in DOGE liquidity at the market price level during the study.
The report also noted broader structural shifts in the market. While overall SOL liquidity declined from 2025 levels, the distribution of SOL liquidity across exchanges became more evenly dispersed in 2026.
Context and Background
Centralized exchange liquidity remains a critical metric for evaluating market quality, execution efficiency, and overall exchange competitiveness. CoinGecko Research’s evaluation covers multiple platforms to provide transparency into how deep order books are for high-capitalization digital assets.
MEXC, founded in 2018, operates as a multi-asset trading platform serving users across more than 170 markets. The platform provides access to cryptocurrencies, stocks, tokenized assets, derivatives, and TradFi-linked opportunities with zero trading fees. Beyond the CoinGecko findings, additional reports from September—such as a TokenInsight analysis—highlighted that MEXC posted deep BTC and ETH futures depth at $21.03 million alongside low silver slippage at 0.002%. Furthermore, MEXC added 1,000 BTC to its Guardian Fund.
Business and Technical Implications
For market participants, order book depth directly influences trading execution. Deeper liquidity can support more efficient execution by allowing orders to be absorbed with less impact on market prices. As stated in the industry commentary accompanying the data, “For retail traders, liquidity is fundamental to market quality. It determines execution efficiency, price stability and the ability to enter or exit positions with confidence.”
However, liquidity characteristics vary depending on how far an order is placed from the prevailing market price:
- Solana (SOL) Range Performance: While MEXC led at the exact market price for SOL with $934,000, looking past the ±$0.20 range showed Bitget and Coinbase overtaking MEXC in depth.
- Dogecoin (DOGE) Range Performance: For DOGE orders further from the market price, MEXC regained its lead past the ±$0.0006 (0.3%) range, surpassing Binance and Bitget. Beyond the ±1% interval, DOGE liquidity leveled off at roughly $2 million on each side of the order book.
- Market Depth Shifts: On August 21, amid DOGE market depth shifts alongside broader price movements, MEXC remained among the venues showing substantial depth across the order book, with traders placing larger block orders around key price levels during subsequent price movements.
Limitations and Considerations
While market-price liquidity metrics offer valuable snapshots of exchange capability, order book depth fluctuates constantly depending on macroeconomic conditions, asset volatility, and market maker participation. The CoinGecko Research findings reflect a specific 60-day window from July 6 to September 3, 2026. Metrics observed during this timeframe do not guarantee identical performance under future market states or during periods of extreme crypto market stress.
Additionally, variations in depth outside immediate market-price ranges—such as Bitget and Coinbase capturing greater depth past the ±$0.20 range for SOL—demonstrate that traders must evaluate liquidity profiles across multiple price intervals rather than relying on a single metric.
What to Watch Next
As the digital asset landscape evolves through 2026, market observers will monitor whether SOL liquidity continues its more even distribution pattern across exchanges or concentrates anew. Observers will also track how centralized exchanges adjust their fee structures, risk reserves (such as MEXC’s Guardian Fund additions), and market maker incentive programs to maintain competitive order book depth across both high-frequency retail assets and institutional derivatives.
Attribution for these findings rests on CoinGecko Research’s 2026 Crypto Liquidity on CEXes Report published in September 2026.