Liquidity
Liquidity is how much can be traded close to the current price without moving it. A liquid market has a deep order book; an illiquid one has a thin book that a single order can push.
On 10 October 2026, Binance’s SpaceX perpetual had about 22.9 million USDT of orders within 0.5% of the price, while Bybit’s Intel perpetual had about 265 thousand. A 250,000 USDT market buy would have moved the first by about 0.01% and the second by about 1.65%.
Learn more: what liquidity is and bid and ask explained.