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Bitget ranked second among major exchanges for Ethereum order-book depth in the first half of 2026, according to a new CoinGlass report, recording $81.37 million in ETH liquidity, a 21.4% share, trailing only Binance.
Released as overall derivatives trading volumes declined across the industry, the report highlights how crypto derivatives liquidity has become increasingly important for traders seeking efficient order execution during periods of subdued market activity.
The findings show that Bitget strengthened its position in both Bitcoin and Ethereum derivatives markets, while also recording growing institutional participation and expanding its presence in traditional finance (TradFi) perpetual contracts. As trading activity cooled across the broader crypto sector, the exchange’s deep crypto derivatives liquidity stood out as a key competitive advantage.
CoinGlass ranked Bitget second for Ethereum order-book depth within a ±1% price range, placing the exchange behind only Binance among the platforms evaluated.
According to the report, Bitget recorded $81.37 million in Ethereum order-book liquidity, representing 21.4% of the total liquidity measured across participating exchanges. The ranking underscores the growing importance of crypto derivatives liquidity as traders increasingly prioritize execution quality over raw trading volumes.
Bitget also performed strongly in Bitcoin derivatives. The exchange ranked fourth in Bitcoin order-book depth within a ±1% range from the mid-market price, with $71.70 million in liquidity, accounting for 13.4% of the combined liquidity across the exchanges studied.
The CoinGlass report noted that although overall derivatives activity weakened during the first half of the year, exchanges offering deeper crypto derivatives liquidity were better positioned to support traders navigating volatile market conditions.
CoinGlass reported that the cryptocurrency derivatives market experienced a broad slowdown during the first six months of 2026.
Average daily derivatives trading volume fell 15.7% year over year, while average open interest declined 10% over the same period. Although both indicators weakened, the smaller decline in open interest suggests that traders continued maintaining positions despite reduced trading activity.
The report indicated that these conditions increased the importance of crypto derivatives liquidity, allowing participants to execute larger trades with reduced market impact even during slower trading periods.
“The derivatives markets remain sensitive to volatility even when overall trading activity moderates,” — Gracy Chen, CEO, Bitget
“In this environment, liquidity depth has become a core measure of exchange’s trust and performance.” — Gracy Chen, CEO, Bitget
As volatility persists across digital asset markets, the report suggests that exchanges with stronger crypto derivatives liquidity may enjoy a competitive advantage by providing more stable execution for institutional and retail participants alike.
Bitget said internal data also pointed to rising institutional participation on its platform.
According to the company, 82% of its spot trading volume came from institutional investors by December 2025, reflecting growing interest from professional market participants.
Earlier this month, the exchange announced upgrades to its PRO Program and Liquidity Incentive Program, introducing revised trading fees, enhanced market-making incentives and expanded liquidity support across both digital asset and traditional financial products.
These initiatives are intended to further improve crypto derivatives liquidity while attracting additional institutional traders seeking deeper markets and competitive execution.
The exchange’s investment in liquidity infrastructure aligns with broader industry efforts to improve market efficiency as trading volumes fluctuate.
Beyond cryptocurrency derivatives, CoinGlass highlighted Bitget’s continued expansion into traditional financial products.
During the first half of 2026, the exchange generated $66.41 billion in TradFi perpetual contract trading volume, representing 5.5% of the combined trading volume recorded across the five exchanges evaluated in the category.
The report said the figures reflect increasing demand for traditional market exposure through crypto-native trading infrastructure. This growth supports Bitget’s broader Universal Exchange strategy, which combines cryptocurrencies, tokenized assets and traditional financial markets within a single platform.
As competition intensifies among digital asset exchanges, maintaining strong crypto derivatives liquidity is likely to remain a critical differentiator. The latest CoinGlass rankings suggest that exchanges capable of providing consistently deep liquidity even during periods of softer trading activity are better positioned to attract institutional participation and sustain long-term market confidence.
With trading volumes moderating across the industry, crypto derivatives liquidity has evolved from a technical performance metric into a key indicator of exchange resilience, execution quality and overall market competitiveness.
Primary source: CoinGlass H1 2026 Crypto Derivatives Market Performance Report.
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