Bitget Stock Perps Liquidity Ranking · 2026

Stock perps liquidity refers to the size of available liquidity in the order book near the current price. It is typically measured by the best bid/ask spread and the depth of resting orders across different price ranges. The deeper the liquidity, the smaller the price impact of an order of the same size, and the lower the slippage for large stock perps orders.

When an order exceeds the quantity available at the best bid or ask, the system must successively take liquidity at deeper price levels to fill it completely, causing the actual average execution price to deviate from the price displayed when the order was placed. This is slippage. Slippage is typically measured in basis points (bps): Slippage (bps) = |actual average execution price − reference price| ÷ reference price × 10,000. The thinner the order book, the greater the slippage caused by an order of the same size.

Trading volume reflects the amount of trading that has already occurred over a given period, while order book depth reflects how many buy and sell orders are currently available for immediate execution near the current price. A perp may have high 24-hour trading volume but a thin order book; what truly determines whether a large order can be executed smoothly with low slippage is depth, not historical trading volume.

A common approach is to use the mid-price (the average of the best bid and ask) as a benchmark and calculate the cumulative order volume within a certain number of basis points above and below the price, such as mid-price ±0.05%, ±0.10%, ±0.30%, and ±0.50%. The wider the range, the greater the depth typically measured. This page uses three tiers—5bps, 10bps, and 50bps—to measure stock perps liquidity.

No. The spread measures the distance between the best bid and ask, reflecting how close the best prices are. It is calculated as: Spread (%) = (best ask − best bid) ÷ mid-price × 100. Depth, on the other hand, measures how much order volume is available beyond the spread to support larger trades. A narrow spread does not necessarily mean deep liquidity; both should be considered together.

Order book imbalance reflects the relative strength between bid order volume and ask order volume. It is calculated as: Order book imbalance = (bid-side depth − ask-side depth) ÷ (bid-side depth + ask-side depth). The closer the value is to 0, the more balanced the bid and ask sides are; a clear bias toward either the bid or ask side often means that short-term prices are more likely to move toward the side with fewer resting orders.

Before placing an order, it is recommended that you check the following in sequence: ① the current best bid/best ask prices and bid-ask spread; ② whether the cumulative depth corresponding to your target trade size is sufficient; ③ the deviation between the estimated volume-weighted average price (VWAP) and the reference price; ④ whether the order book is significantly imbalanced; ⑤ whether recent trading volume and open interest are aligned; ⑥ whether the last price, index price, and mark price have diverged; ⑦ the funding rate and settlement time; ⑧ recent changes in volatility; and ⑨ Bitget's real-time order book directly or the latest depth data via API, rather than relying solely on historical statistics.

You can choose the most suitable execution method based on order size: Small orders can typically be filled near the best bid/ask using market orders or limit orders; medium-sized orders can be placed in the order book as limit orders or submitted in scaled batches; for large orders, limit orders are recommended over market orders. Use scaled orders, iceberg orders, or TWAP (time-weighted average price) algorithms to split the order into multiple smaller orders and gradually take liquidity, avoiding significant market impact from sweeping through multiple levels of the order book at once.

The last price is the price of the most recent actual trade; the index price is typically derived from multiple data sources and reflects the true market price of the underlying asset; and the mark price is primarily used to calculate unrealized PnL and trigger liquidation, helping prevent temporary price spikes on a single exchange from affecting position safety. Significant divergence among these three prices often indicates a temporary change in order book liquidity and is worth noting before trading.

This is because trading volume can only show how much trading has occurred historically; it cannot guarantee that a new large order can be executed at a reasonable price at the current moment. What truly determines execution quality is the volume available at each price level in the order book when the order is placed—in other words, order book depth. This is why this page measures Bitget stock perps liquidity using tiered depth at 5 bps/10 bps/50 bps rather than trading volume alone.