How to read exchange volume
Volume is useful — and frequently noisy. Here is a practical checklist.
5 min · Original LiquidityFlow guide
Reported 24h volume is the notional value of trades an exchange (or aggregator) attributes to a venue. Higher volume usually means tighter spreads and easier execution for retail size — but the metric can be inflated by wash trading or self-reported figures.
Prefer relative comparisons: how does volume on BTC/USDT compare across venues you trust? Does volume persist across quiet periods, or spike only during promotions?
LiquidityFlow surfaces CoinGecko trust scores and BTC-denominated volume when available. Treat partner highlights as distribution, not as a guarantee of quality — read the methodology and affiliate disclosure pages.
For DEX venues, on-chain volume can be more inspectable but still needs context (routing, incentives, and double-counting across aggregators).