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Really you should look at this taker-fee-adjusted. So widening out the BitMEX quotes by 7.5bps on both sides.

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Aug 11, 2020

#Freealpha When evaluating exchanges on the basis of their XBTUSD liquidity, don't just look at their 24 hour volumes. Rather, look at the XBTUSD bid/ask spreads for $1 mil, $5 mil, $10 mil on @skewdotcom. Conclusion: @BitMEX and @binance still lead the pack!

8:12 AM · Aug 11, 2020Twitter Web App

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and

Shouldn't they be adjusted by maker fees instead of taker?

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Er it depends on what you're trying to measure -- liquidity provided or liquidity available

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and

Nothing came close to FTX when trading perps at volume (say 50-200 BTC positions) with market/taker orders when I last looked back at the start of the year. You had to do market orders back then to get fills, it’s a bit better now with limit orders as the volume is growing.

Nate (in it for the memes) dogg

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and

Oh please,try trading their Dragon Perp,have a look at that volume,incredibly illiquid.

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and

Having a tight spread when the market is idle isn't very useful. If you watch the spreads when market is actually tradeable, you'll see most liquidity is stacked up on the side nobody even wants, and liquidity on the side you do want has been pulled. This is where FTX shines IMO.

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Yup