RootData is positioning its live exchange rankings as a broader reference point for tokenized equities and stock perpetual contracts, moving beyond headline trading volume toward metrics such as open interest, spreads, depth, trading costs and data availability. The platform argues that volume alone can obscure important differences in execution conditions, since a high-volume market may still have wide spreads or a shallow order book.
The ranking methodology distinguishes between stock derivatives and stock spot markets. Stock derivatives rankings evaluate trading volume, open interest, spreads, depth, trading costs and data availability, while stock spot rankings consider trading activity, liquidity, active products and stock and broker-channel coverage. RootData describes its spread metric as a 24-hour volume-weighted measure, with wider spreads generally indicating higher trading costs.
Recent data highlighted volatility among venues. In one July snapshot, Binance, Hyperliquid and OKX held the top three positions in the composite ranking, while earlier data showed significant shifts among Bybit, Bitget, MEXC and other exchanges. On Aug. 18, RootData data showed the widest 24-hour volume-weighted spreads among ranked venues at HTX at 0.589%, BingX at 0.327% and OrangeX at 0.278%, illustrating how trading volume alone may not fully describe execution costs.
RootData says its broader data infrastructure supports more than 220 institutional clients, with stock perpetual data covering trading pairs, market conditions and liquidity. Reported users include Binance, OKX, Bitget and Gate, along with market makers and research firms such as Amber Group and Presto Research. The company also describes an ecosystem of more than 220 data partners, including Binance, OKX, Gate, Bybit, Bitget Wallet, TokenPocket, CertiK and the Ethereum Foundation, though their presence should not be interpreted as endorsement of any particular ranking.
The rankings are increasingly cited in regional crypto coverage and market discussions. RootData notes that several APAC media outlets have reported ranking updates, and Binance has cited RootData data showing that among 3,244 crypto projects with financing histories of no more than four years and verifiable amounts, 1,617 had raised no more than $5 million in total, accounting for 49.8% of the sample. RootData emphasizes that its rankings are informational snapshots, not investment advice, and that tokenized stock products and stock derivatives may differ materially in legal rights, custody arrangements, liquidity and jurisdictional availability.
