Do you trade with a large portfolio? Then you know liquidity and execution quality matter. The bigger the order, the more important things like order-book depth, spreads, slippage, and consistency of execution become. TokenInsight’s latest report compares BTC & ETH spot liquidity across major exchanges, and the results are interesting. Binance stands out for consistency, especially on ETH. But I was positively surprised by MEXC. It performs strongly across both assets and records the lowest median BTC slippage at the $500K order size. The bigger takeaway: Trading volume alone doesn’t tell you how good an exchange’s liquidity really is. For larger trades, what matters is how much depth is available, how tight the spread is, and how much price impact you actually get when executing size.