Ethena USDe spreads and order-book depth

Kraken has the tightest measured spread on Ethena USDe right now, at <$0.01 per USDE (1.00 bps) on USDE/USD, sampled 1 hour ago. RampAtlas reads 6 venues' public order books for USDE every two hours and reports the spread, the resting depth within 1% of the mid, and what a market buy of $500, $5,000 or $50,000 would pay above the mid.

Verified How we verify

Where USDE trades tightest

ExchangePairSpread24h medianBid depth 1%Ask depth 1%$500 buy$5,000 buy$50,000 buySampled
KrakenUSDE/USD<$0.011.00 bps1.00 bps$84,393$75,7021.26 bps1.48 bps5.32 bps1 hour ago
MEXCUSDE/USDT<$0.011.00 bps1.00 bps$2.0M$1.1M0.500 bps0.500 bps1.21 bps1 hour ago
BitgetUSDE/USDT<$0.011.00 bps1.00 bps$990,093$808,4590.500 bps0.500 bps1.46 bps1 hour ago
GateUSDE/USDT<$0.012.00 bps1.00 bps$134,600$675,0671.00 bps1.00 bps1.00 bps1 hour ago
BinanceUSDE/USDTnot measured——————1 hour ago
BybitUSDE/USDTnot measured——————1 hour ago

Spread is the latest reading, shown as what crossing it costs on one USDE and as a share of the mid in basis points; the median column is over the last 24 hours. Depth is the notional value of resting orders within 1% of the mid on each side, converted to US dollars. Slippage is what a market buy of that size would pay above the mid on the book we read, and is blank where the visible book could not fill it.

  • MEXC (USDE/USDT): Quoted in USDT, counted at one US dollar.
  • Bitget (USDE/USDT): Quoted in USDT, counted at one US dollar.
  • Gate (USDE/USDT): Quoted in USDT, counted at one US dollar.
  • Binance: not measured on the last run — blocked: The venue refused the request (HTTP 451); it does not serve RampAtlas's servers.
  • Bybit: not measured on the last run — blocked: The venue refused the request (HTTP 403); it does not serve RampAtlas's servers.

Spread history

USDE spread over the last 7 daysOne panel per venue. Each point is a single order-book read; the vertical scale is that venue's own range, so panels show shape rather than comparing venues to one another. Compare levels in the table above.

  • Kraken

    USDE/USD · 1.00 bps–2.00 bps

    Sep 21.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 3: 2.00 bpsSep 3: 2.00 bpsSep 3: 2.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 2.00 bpsSep 3: 2.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 2.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bps

  • MEXC

    USDE/USDT · 1.00 bps–1.00 bps

    Sep 21.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bps

  • Bitget

    USDE/USDT · 1.00 bps–1.00 bps

    Sep 21.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 2: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bps

  • Gate

    USDE/USDT · 1.00 bps–4.00 bps

    Sep 22.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 2: 2.00 bpsSep 3: 2.00 bpsSep 3: 3.00 bpsSep 3: 2.00 bpsSep 3: 2.00 bpsSep 3: 2.00 bpsSep 3: 3.00 bpsSep 3: 3.00 bpsSep 3: 3.00 bpsSep 3: 4.00 bpsSep 3: 3.00 bpsSep 3: 3.00 bpsSep 3: 3.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 2.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 3.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 5: 1.00 bpsSep 5: 1.00 bpsSep 5: 2.00 bpsSep 5: 2.00 bps

Method

Pairs are fixed per venue so each series measures the same book over time: the quote currency is chosen once, preferring US dollars, then dollar stablecoins, then euros or the venue's home currency. A non-dollar book's depth is converted using that book's own mid against USDE's snapshot US dollar price.

Frequently Asked Questions

Which exchange has the tightest USDE spread?
Kraken, at <$0.01 per USDE (1.00 bps) on USDE/USD as of the sample taken 1 hour ago. Spreads move, so this page is re-measured every two hours.
Does a tighter spread mean USDE is cheaper to buy there?
Only in part. The spread is one of three costs: the trading fee, the spread you cross, and the deposit or card fee that got your money onto the venue. The fee pages put all three together for a given purchase size, and use the measured spread on this page wherever we have one.
What does 1% depth tell me?
It is the dollar value of orders resting within 1% of the mid price on one side of the book. A venue with a tight spread but shallow depth will still move against a large order — which is why the table also shows what $500, $5,000 and $50,000 market buys would pay.

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