Ethena USDe spreads and order-book depth
MEXC has the tightest measured spread on Ethena USDe right now, at <$0.01 per USDE (0.999 bps) on USDE/USDT, 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
| Exchange | Pair | Spread | 24h median | Bid depth 1% | Ask depth 1% | $500 buy | $5,000 buy | $50,000 buy | Sampled |
|---|---|---|---|---|---|---|---|---|---|
| MEXC | USDE/USDT | <$0.010.999 bps | 0.999 bps | $2.5M | $709,076 | 0.500 bps | 0.500 bps | 1.23 bps | 1 hour ago |
| Bitget | USDE/USDT | <$0.011.000 bps | 1.000 bps | $985,312 | $664,978 | 0.500 bps | 0.500 bps | 0.500 bps | 1 hour ago |
| Kraken | USDE/USD | <$0.013.00 bps | 4.50 bps | $48,975 | $39,302 | 1.50 bps | 2.29 bps | 2,487 bps | 1 hour ago |
| Gate | USDE/USDT | <$0.013.00 bps | 3.00 bps | $88,903 | $434,685 | 1.50 bps | 1.90 bps | 6.56 bps | 1 hour ago |
| Binance | USDE/USDT | not measured | — | — | — | — | — | — | 1 hour ago |
| Bybit | USDE/USDT | not 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
MEXC
USDE/USDT · 0.999 bps–1.00 bps
Bitget
USDE/USDT · 1.000 bps–1.00 bps
Kraken
USDE/USD · 1.00 bps–6.00 bps
Gate
USDE/USDT · 2.00 bps–15.0 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?
- MEXC, at <$0.01 per USDE (0.999 bps) on USDE/USDT 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.