Every exchange likes to talk about volume. It is a big number, and it looks like proof of liquidity. It is not. Volume tells you what already traded. Order book depth tells you what you can tradeEvery exchange likes to talk about volume. It is a big number, and it looks like proof of liquidity. It is not. Volume tells you what already traded. Order book depth tells you what you can trade
Is Volume the Same as Liquidity? Order Book Depth Explained, From 0.01% to 0.10% Bands
Every exchange likes to talk about volume. It is a big number, and it looks like proof of liquidity. It is not. Volume tells you what already traded. Order book depth tells you what you can trade right now, and at what price. This guide covers market depth, how to read a depth chart, and what the 0.01%, 0.05% and 0.10% bands in liquidity reports measure.
Key Takeaways
- Order book depth is the value of buy and sell orders resting at each price level, and it is what a market order actually fills against.
- Trading volume counts trades that already happened, so a pair can post heavy volume on a thin book.
- Depth is measured in bands around the mid price: the near-touch 0.01% band shapes how a small order fills, the 0.10% band how a large one fills, and a venue can lead one and trail the other.
- In TokenInsight's August 2026 report on five equity perpetuals, MEXC ranked first at the 0.01% band with $0.52M summed across the five pairs, and second at the 0.05% and 0.10% bands.
- Liquidity reports use different band sets, so read the band before you read the rank.
- Before you trade, compare your order size with the depth at the touch, and use a limit order or split the order if the book is thinner.
What is order book depth?
Order book depth is the total value of buy and sell orders resting in an exchange's order book at each price level around the current price. Bids sit below the price and asks sit above it. Depth is the liquidity a market order consumes when it fills, which makes it a different measure from trading volume.
Buyers have posted limit orders naming the most they will pay. Sellers have posted the least they will accept. The gap between the best bid and the best ask is the spread. Depth is how much is waiting at each price. A deep book has size stacked close to the current price, so a market order fills near the quote. A thin book has gaps, so the same order reaches further out to find enough size, and that reach is slippage.
Is trading volume the same as liquidity?
No. Trading volume is the total value traded over a period, usually 24 hours. Liquidity is the ability to trade now without moving the price, and order book depth is the part of liquidity you can see. Volume looks back at fills that already happened, while depth shows the orders available this second.
The two can disagree. A pair can print heavy volume in a burst of trading and still have a thin book an hour later, because the orders behind those trades are gone. Another pair can carry modest volume all day on a thick book. The first looks liquid on a rankings page and fills badly; the second looks quiet and fills cleanly. That is why liquidity reports measure depth in bands around the mid price rather than relying on volume alone.
Volume is a record of trades already done; depth is the orders waiting in the book right now. Illustration by MEXC Learn, not live data.
What do the 0.01%, 0.05% and 0.10% depth bands measure?
A depth band measures the cumulative value of resting orders within a set distance of the mid price, on both sides of the book. The 0.01% band counts orders within 0.01% above and below the mid. The 0.05% band reaches five times further out, and the 0.10% band ten times further.
The narrow band is the near-touch depth, and it decides how a small order fills. The wide band is what a large order eats through, and it sets the tail risk. The two can rank venues differently, because one venue can pack more orders at the touch while another spreads more size across the wider range. TokenInsight's Equity Perpetuals Market Report found that pattern in its August 2026 sample: the leader changed with how close to the traded price the liquidity sat. Reports also use different band sets, so read the band before you read the rank.
The three bands nest inside each other: 0.01% is the sliver at the touch, 0.10% is the full range a large order can reach. Illustration by MEXC Learn using a $100 example price.
How do you read a depth chart on MEXC?
A depth chart on MEXC draws the order book as two curves. Price runs along the horizontal axis and cumulative order size runs up the vertical axis. The green curve on the left is resting bids, the red curve on the right is resting asks, and the point where they meet is the current market price.
Take the SpaceX (SPCX) stock perpetual as the example. SPCX is one of the stock perpetual futures on MEXC's list, which how many stocks you can trade as perpetual futures sets out. Find the meeting point first, not the biggest wall. Then look at how tall the curves get inside a thin sliver on either side of that point: that sliver is the 0.01% band, and it is the size a small market order fills against. A curve that climbs steeply right away means size stacked close to the price; one that stays flat and then jumps means gaps a market order skips across.
How to read the curves: price left to right, cumulative size bottom to top, the 0.01% band shaded at the center. Schematic by MEXC Learn, not a live order book.
What do buy walls and sell walls mean?
A wall is a vertical jump in the curve, one large order or a cluster sitting at a single price. It can be pulled before the price gets there, so read the chart as the book right now, not a forecast. A bigger green area means more resting bids than asks near the price: more size for sellers to fill against, not a direction call.
How deep are MEXC's books at each band?
MEXC's order book depth shows up strongest near the touch in TokenInsight's recent reports. In TokenInsight's May, July and August 2026 reports it ranked first at the 0.01% band for equity perpetuals and at the 0.03% band for BTC and ETH futures, and second or third at most wider bands. In TokenInsight's August 2026 report on five equity perpetuals, MEXC's 0.01% depth, summed across the five pairs, was $0.52M (the median over the sample period).
The August 2026 figures come from TokenInsight's Equity Perpetuals Market Report, which sampled five stock perpetuals (SOXL, SPCX, INTC, SNDK and SK hynix) across five centralized exchanges every 30 minutes on weekdays from July 29 to August 6, 2026, reporting the median dollar depth within each band. Summed the same way, MEXC's depth was $2.81M at the 0.05% band and $5.99M at the 0.10% band, second in both. TokenInsight's own reading: MEXC concentrates more resting liquidity close to the touch, while another venue in the sample holds more at the wider bands.
MEXC median cumulative depth across five stock perpetuals, ranked among the five centralized exchanges in the sample. Source: TokenInsight Equity Perpetuals Market Report, data July 29 to August 6, 2026, weekdays.
MEXC's July 2026 liquidity release, covering nine exchanges, put combined BTC and ETH futures depth at $15.71M at the 0.03% band, the highest in the sample, and at $20.83M at the 0.05% band, third and within 2.1% of the top venue. BTC and ETH spot depth was $0.91M at 0.01%, virtually tied with the leading venue at the top, and $1.76M at 0.03%, third. Silver futures depth ranked first at both bands, about $0.4M within 0.01% and about $1.0M within 0.03%. MEXC's May 2026 liquidity release, covering eight exchanges, put precious-metals futures depth at $4.3M within 0.1% and $8.9M within 0.3%, third. The MEXC liquidity hub tracks each new report.
MEXC depth across three TokenInsight reports, each figure with its band, rank and data window. Sources: TokenInsight Equity Perpetuals Market Report (August 26, 2026); MEXC's July 2026 and May 2026 liquidity releases.
How do you use depth before you place an order?
Before placing an order, compare its size with the depth resting inside the 0.01% band around the current price. If the order is smaller than that near-touch depth, a market order will fill close to the quote. If it is larger, use a limit order, split the order, or wait for a deeper book.
Your leverage tier caps that size as well, which stock futures leverage tiers and position limits explains.
A market order takes whatever is resting, level by level; once it clears the near-touch band, every extra dollar fills further from the quote, and that gap is slippage, which the slippage on stock futures guide measures with simulated $10K and $100K orders. A limit order does the opposite: it rests in the book at your price and adds depth instead of eating it, at the cost of no guaranteed fill. Splitting a large order lets each piece fill inside the band. Timing matters too: MEXC's stock futures guide says slippage may increase during its Low-Liquidity Period and suggests smaller or split orders, so check the pair's trading hours and what happens to liquidity when Wall Street is closed before you size an order.
FAQ: What Else Do Traders Ask About Order Book Depth?
What is market depth?
Market depth is the total value of buy and sell orders resting at each price level around the current price.
What is a depth chart?
A depth chart is the order book drawn as two cumulative curves, green bids on the left and red asks on the right, meeting at the current price.
Is high volume the same as deep liquidity?
No, volume counts trades that already happened while depth counts orders waiting now, so heavy volume can sit on a thin book.
What is near-touch depth, and what does 0.01% depth mean?
Near-touch depth is the resting size within a tiny distance of the best bid and ask; 0.01% depth counts orders within 0.01% of the mid price, so a contract at $100 covers $99.99 to $100.01.
How do I check depth on MEXC?
Open the pair's trading page, find the depth chart beside the order book, and compare the size near the mid price with your order size.
Why does depth matter for large orders?
A large market order fills through several price levels at once, so deeper wide-band depth keeps the average fill price closer to the quote.
Is exchange depth the same as on-chain liquidity?
No, exchange depth is resting orders in a centralized order book, while on-chain liquidity sits in pools and wallets, which the guide to on-chain liquidity trends covers.
So, Is Volume the Same as Liquidity?
No, and the difference shows up in your fill price. Volume tells you the market was busy. Depth tells you whether it can take your order, and at what price. Read the band before you read the rank, check the size near the touch, and match your order type to what the book can absorb. For how depth turns into a dollar cost beside the fee and funding lines, see the total trading cost guide; for the wider case, see why choose MEXC futures, then open a stock future and watch its depth chart before trading.
Disclaimer: This material does not constitute advice on investments, taxes, legal matters, finance, accounting, consulting, or any other related services, nor is it a recommendation to buy, sell, or hold any assets. MEXC Learn provides information for reference only and does not constitute investment advice. Please ensure you fully understand the risks involved and invest cautiously. All investment decisions and outcomes are the sole responsibility of the user.
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This article is provided by Emma Williams for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets involve significant risk. Please conduct independent research or consult a qualified professional before making any investment decisions. The views expressed do not necessarily represent those of MEXC or its affiliates.
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