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77%+ of people got this wrong. Actual answer: none of the above. Don’t feel bad though, even professional investors writing 9-figure checks don’t get it. For the record, one guy with 2 accounts and 0 fees can generate infinite volume. Vol share is as useful as office space share.

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Jesse Powell

@jespow

· Dec 3, 2021

If you know an exchange's share of volume, you know an exchange's share of...

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@thatzenboi

Dec 4, 2021

Wait so trading volume does not mean the total amount of market orders filled? And kraken definitely has fees, so I don't understand this argument still? Mind you explain?

Jesse Powell

@jespow

Replying to

@thatzenboi

Volume means the quantity of the asset traded, not the number of orders filled (which is equally meaningless). Since we don't know the fees/rebates/incentives of each trader at each venue, it's comparing apples and oranges. Not all volume is equal.

10:03 PM · Dec 4, 2021Twitter Web App

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Thanks but I meant total traded amount which is essentially the same as the amount of market orders filled. Relative volume traded on the high volume liquid exchanges actually makes for great indicator of trading activity.