Tether spreads and order-book depth
Binance US has the tightest measured spread on Tether right now, at <$0.01 per USDT (0.100 bps) on USDT/USD, sampled 59 minutes ago. RampAtlas reads 11 venues' public order books for USDT 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.
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Where USDT trades tightest
| Exchange | Pair | Spread | 24h median | Bid depth 1% | Ask depth 1% | $500 buy | $5,000 buy | $50,000 buy | Sampled |
|---|---|---|---|---|---|---|---|---|---|
| Binance US | USDT/USD | <$0.010.100 bps | 0.100 bps | $668,064 | $1.2M | 0.050 bps | 0.050 bps | 0.662 bps | 59 minutes ago |
| Bitstamp by Robinhood | USDT/USD | <$0.010.100 bps | 0.100 bps | $1.4M | $1.6M | 0.050 bps | 0.050 bps | 0.050 bps | 59 minutes ago |
| Coinbase Exchange | USDT/USD | <$0.010.100 bps | 0.100 bps | $1.1M | $4.1M | 0.050 bps | 0.050 bps | 0.270 bps | 59 minutes ago |
| Crypto.com Exchange | USDT/USD | <$0.010.100 bps | 0.100 bps | $5.0M | $4.5M | 0.050 bps | 0.050 bps | 0.050 bps | 59 minutes ago |
| Gemini | USDT/USD | <$0.010.100 bps | 0.100 bps | $262,525 | $567,948 | 0.050 bps | 0.050 bps | 0.050 bps | 59 minutes ago |
| Kraken | USDT/USD | <$0.010.100 bps | 0.100 bps | $5.1M | $8.0M | 0.050 bps | 0.050 bps | 0.177 bps | 59 minutes ago |
| OKX | USDT/USD | <$0.010.100 bps | 0.100 bps | $1.9M | $1.7M | 0.050 bps | 0.050 bps | 0.050 bps | 59 minutes ago |
| Bitget | USDT/USD | <$0.010.801 bps | 1.35 bps | $431,682 | $448,890 | 0.401 bps | 0.571 bps | 2.55 bps | 59 minutes ago |
| KuCoin | USDT/USDC | <$0.011.00 bps | 1.00 bps | $1.2M | $902,328 | 0.501 bps | 0.501 bps | 0.501 bps | 59 minutes ago |
| Binance | USDT/USD | not measured | — | — | — | — | — | — | 59 minutes ago |
| Bybit | USDT/USD | not measured | — | — | — | — | — | — | 59 minutes ago |
Spread is the latest reading, shown as what crossing it costs on one USDT 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.
- KuCoin (USDT/USDC): Quoted in USDC, 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
Binance US
USDT/USD · 0.100 bps–0.501 bps
Bitstamp by Robinhood
USDT/USD · 0.100 bps–0.400 bps
Coinbase Exchange
USDT/USD · 0.100 bps–0.300 bps
Crypto.com Exchange
USDT/USD · 0.100 bps–0.200 bps
Gemini
USDT/USD · 0.100 bps–2.30 bps
Kraken
USDT/USD · 0.100 bps–0.401 bps
OKX
USDT/USD · 0.100 bps–0.100 bps
Bitget
USDT/USD · 0.100 bps–2.90 bps
KuCoin
USDT/USDC · 1.00 bps–1.00 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 USDT's snapshot US dollar price.
Frequently Asked Questions
- Which exchange has the tightest USDT spread?
- Binance US, at <$0.01 per USDT (0.100 bps) on USDT/USD as of the sample taken 59 minutes ago. Spreads move, so this page is re-measured every two hours.
- Does a tighter spread mean USDT 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.