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 1 hour 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.

Verified How we verify

Where USDT trades tightest

ExchangePairSpread24h medianBid depth 1%Ask depth 1%$500 buy$5,000 buy$50,000 buySampled
Binance USUSDT/USD<$0.010.100 bps0.100 bps$745,469$598,6360.050 bps0.051 bps1.12 bps1 hour ago
Bitstamp by RobinhoodUSDT/USD<$0.010.100 bps0.100 bps$2.8M$2.5M0.050 bps0.050 bps0.182 bps1 hour ago
Coinbase ExchangeUSDT/USD<$0.010.100 bps0.100 bps$3.0M$2.1M0.108 bps0.466 bps0.541 bps1 hour ago
Crypto.com ExchangeUSDT/USD<$0.010.100 bps0.100 bps$5.2M$5.1M0.050 bps0.050 bps0.050 bps1 hour ago
GeminiUSDT/USD<$0.010.100 bps0.100 bps$393,617$407,7350.050 bps0.050 bps0.099 bps1 hour ago
KrakenUSDT/USD<$0.010.100 bps0.100 bps$7.0M$6.1M0.050 bps0.050 bps0.050 bps1 hour ago
KuCoinUSDT/USDC<$0.011.000 bps1.000 bps$1.6M$449,7390.500 bps0.500 bps0.500 bps1 hour ago
OKXUSDT/USD<$0.011.000 bps1.00 bps$2.7M$2.3M0.500 bps0.500 bps0.500 bps1 hour ago
BitgetUSDT/USD<$0.012.00 bps2.00 bps$588,464$512,1161.46 bps2.54 bps3.76 bps1 hour ago
BinanceUSDT/USDnot measured——————1 hour ago
BybitUSDT/USDnot measured——————1 hour 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

USDT 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.

  • Binance US

    USDT/USD · 0.100 bps–0.400 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.400 bpsSep 4: 0.200 bpsSep 4: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.100 bpsSep 5: 0.200 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • Bitstamp by Robinhood

    USDT/USD · 0.100 bps–0.500 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.200 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.400 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.500 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • Coinbase Exchange

    USDT/USD · 0.100 bps–0.400 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.400 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.300 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • Crypto.com Exchange

    USDT/USD · 0.100 bps–0.900 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.400 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.400 bpsSep 3: 0.900 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.300 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.500 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • Gemini

    USDT/USD · 0.100 bps–0.500 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.500 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.300 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • Kraken

    USDT/USD · 0.100 bps–0.200 bps

    Sep 20.100 bpsSep 2: 0.100 bpsSep 2: 0.200 bpsSep 2: 0.100 bpsSep 2: 0.200 bpsSep 2: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.100 bpsSep 3: 0.200 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.200 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 4: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bpsSep 5: 0.100 bps

  • KuCoin

    USDT/USDC · 1.000 bps–1.00 bps

    Sep 21.000 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: 1.000 bpsSep 3: 1.000 bpsSep 4: 1.000 bpsSep 4: 1.000 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 1.000 bpsSep 4: 1.000 bpsSep 4: 1.000 bpsSep 4: 1.000 bpsSep 4: 1.000 bpsSep 5: 1.000 bpsSep 5: 1.000 bpsSep 5: 1.000 bpsSep 5: 1.000 bps

  • OKX

    USDT/USD · 1.000 bps–1.00 bps

    Sep 21.000 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: 1.000 bpsSep 5: 1.000 bpsSep 5: 1.000 bps

  • Bitget

    USDT/USD · 1.00 bps–4.00 bps

    Sep 22.00 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: 3.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 2.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 1.00 bpsSep 3: 2.00 bpsSep 3: 4.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 4: 1.00 bpsSep 4: 1.00 bpsSep 4: 2.00 bpsSep 5: 4.00 bpsSep 5: 2.00 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 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 1 hour 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.

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