Kraken

Kraken is a centralised exchange that has been operating since 2011, registered in the United States. CoinGecko tracks 720 assets across 1,448 trading pairs here. Its trust score is 10 out of 10, ranking it 3rd of the exchanges CoinGecko scores. That score blends order book depth, bid-ask spreads, reported volume against web traffic, and whether the venue holds recognised licences — it is a liquidity and transparency measure, not an audit or a safety rating.

Across the 100 busiest pairs on this venue, 37.9% of the volume runs through just three of them — XRP/USD, XBT/USD and ETH/USD. Volume is spread across enough markets that the smaller pairs are still worth checking individually rather than assuming they inherit the exchange's overall liquidity.

The median bid-ask spread on these pairs is 0.041%. Spreads that tight are what a deep order book looks like: a market order of ordinary size will fill close to the quoted price.

By quote currency, 6.4% of this volume is priced in stablecoins and 93.0% in government currencies. A venue with that much fiat volume is generally usable as an on-ramp: you can move money in from a bank rather than arriving with crypto already in hand.

One caveat about the volume figures on this page: 18,938 BTC of 24-hour volume is what Kraken reports, not an independently measured number. Reported volume and real volume are not always the same thing across the industry, which is precisely why the trust score exists. Custody is a separate question again — where the exchange holds your coins, under which jurisdiction, and what happens if it fails are not captured by any of the figures above.