What spread and depth does each volume tier have?
Find your token's 24-hour volume tier. The median is what a typical book looks like. The top quartile is a reasonable contract target.
| 24-hour volume tier | Median spread | Top-quartile spread | Median 2% depth | Top-quartile 2% depth | Books thin on one side |
|---|---|---|---|---|---|
| $5k to $100k a day | 30.8 bps | 14.9 bps | $3.1k | $14.3k | 82% |
| $100k to $1M a day | 15.3 bps | 8.1 bps | $16.3k | $66.3k | 58% |
| $1M to $10M a day | 5.8 bps | 3.2 bps | $117.0k | $298.1k | 24% |
| Over $10M a day | 1.5 bps | 0.8 bps | $844.2k | $3.56M | 0% |
How does spread fall as volume rises?
Median bid-ask spread by 24-hour volume tier
How many books are thin?
Share of order books thin on at least one side, by volume tier
How much of the depth is close to the price?
The 2% depth figure shown on price-tracking sites can hide a thin book. This table shows the share of that depth sitting within 0.5% of the mid price, where most trades execute.
| 24-hour volume tier | Median share within 0.5% | Reading |
|---|---|---|
| $5k to $100k a day | 11.6% | Depth sits far from the price |
| $100k to $1M a day | 21.6% | Still below an even spread of 25% |
| $1M to $10M a day | 33.4% | Above an even spread |
| Over $10M a day | 52.3% | Most depth is near the price |
How does order book quality change with age?
| Measure | 0 to 30 days old | 1 to 2 years old | Over 2 years old |
|---|---|---|---|
| Median spread | 52.3 bps | 18.0 bps | |
| Median bid depth within 1% | $823 | $1,219 | |
| Share unable to absorb a $50,000 sell | 76.2% | 81.2% | |
| Cost to sell $50,000 | 629 bps | 78 bps |
What happens to price and volume after listing?
| Day | Price against first close | Daily volume against day one |
|---|---|---|
| 7 | 0.88x | 0.64x |
| 30 | 0.74x | 0.23x |
| 90 | 0.46x | 0.09x |
| 365 | 0.15x | 0.03x |
What else does this edition show?
Volume is a weak guide to depth
Volume explains 23% of the variation in depth. Among books trading $1M to $10M a day, 2% depth ranged from $5,300 to $608,000.
Launch day is extreme
The median day-one price range was 94.8% of the close, with 41.2% in the first hour.
New tokens stay volatile
Median annualised volatility from day 8 to day 98 was 166%.
Venues disagree
Across 45 tokens on four exchanges, the median gap between venue mid prices was 15.5 basis points and the widest spread was 3.0 times the tightest.
How was the data collected?
| Item | Detail |
|---|---|
| Spread and depth snapshot | 2,121 USDT spot order books: 881 on Gate and 1,240 on MEXC |
| Snapshot time | 5 October 2026, 15:00 to 15:06 UTC |
| Inclusion rule | Every pair with more than $5,000 of 24-hour volume; stablecoins, leveraged tokens and tokenised stocks removed |
| Depth | Sum of bids and asks within 0.5%, 1% and 2% of the mid price |
| Thin book | Under $10,000 within 2% on at least one side |
| Post-listing study | 753 Gate USDT listings, daily and hourly candles, published 25 September 2026 |
| Limits | Two exchanges; one moment in time; resting orders can be withdrawn; medians hide wide ranges |
How can you use and cite this data?
The benchmark is published under the Creative Commons Attribution 4.0 licence. You may copy, chart and republish it, including commercially, with credit to TDMM and a link to this page.
Suggested citation: TDMM Liquidity Benchmark, Q4 2026, tdmm.io/resources/liquidity-benchmark. Token teams can use the top-quartile figures for their volume tier as contract targets with any market maker.
Frequently asked questions
What is a good bid-ask spread for a crypto token?
It depends on volume. In TDMM's Q4 2026 benchmark the median spread was 30.8 basis points for tokens trading $5,000 to $100,000 a day, 15.3 for $100,000 to $1 million, 5.8 for $1 million to $10 million and 1.5 above $10 million. Top-quartile books were about half those figures.
How much order book depth should a token have?
As a reference, median two-sided depth within 2% was $3,100, $16,300, $117,000 and $844,200 across the four volume tiers. Top-quartile books held $14,300, $66,300, $298,100 and $3.56 million.
What is a thin order book?
In this benchmark, a book with less than $10,000 of orders within 2% of the price on at least one side. 72.9% of the 2,121 books measured were thin.
Does higher trading volume mean deeper liquidity?
Only loosely. Volume explained 23% of the variation in depth. Among books trading $1 million to $10 million a day, 2% depth ranged from $5,300 to $608,000.
Can I use TDMM's benchmark data?
Yes. It is published under the Creative Commons Attribution 4.0 licence. Credit TDMM and link to tdmm.io/resources/liquidity-benchmark.
How often is the benchmark updated?
Quarterly. This is the Q4 2026 edition, based on data from September and October 2026. The next edition is planned for Q1 2027.
Related TDMM offerings and guides
Offerings
TDMM publishes this benchmark from public exchange data and is itself a market maker. Figures describe two exchanges at stated dates and are not a forecast or a guarantee of any outcome. Data is licensed under CC BY 4.0. This is not investment, legal or tax advice.