Kraken led the MiCA-regulated exchange table with $399.71 million in spot liquidity and $206.90 million in perpetual liquidity, ranking first in both categories among listed platforms.
Coinbase followed with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity. Crypto.com had $130.84 million in spot liquidity, while Bitstamp and Bybit stood at $54.62 million and $50.19 million, respectively.
The lower end of the table showed a sharper liquidity gap. OKX had $11.92 million in spot liquidity, Gate had $6.94 million and Backpack had $5.43 million. Perpetual liquidity was recorded for fewer platforms, with Backpack at $41.19 million and OKX at $20.54 million behind Kraken and Coinbase.
Market Coverage Favors Larger Platforms
Kraken also led market coverage with 1,704 markets, giving it the broadest listed venue set across spot and derivatives under the MiCA-regulated exchange screen. Coinbase ranked second with 1,074 markets, followed by Crypto.com with 883.
Gate covered 303 markets, Bitstamp had 298, Bybit had 133, Backpack had 125 and OKX had 65. The spread highlights the difference between regulatory access and practical market depth. A licensed or related EU platform can remain available to users, but liquidity and market count still determine whether traders can move size, access altcoins and use derivatives without heavy slippage.
Kraken’s standing fits its broader push into regulated trading infrastructure. The exchange recently added select xStocks as collateral for leveraged positions, giving eligible traders another way to use tokenized equities inside futures and margin accounts.
MiCA Deadline Reshapes Exchange Competition
The liquidity split comes after the July 1 MiCA deadline hardened the divide between licensed platforms and exchanges still adjusting EU access. Binance restricted new sign-ups, deposits and Earn products in six EU markets while keeping withdrawals and transfers open for affected users.
Kraken has been marketing its regulated EU position around MiCA authorization through Ireland, MiFID permissions for derivatives and broader product continuity after the deadline. Coinbase has also been expanding its regulated-market profile, adding UK investment services authorization for derivatives and equities while maintaining a major EU crypto footprint.
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MiCA gives authorized exchanges a single regulatory framework across the European Economic Area, but the DefiLlama liquidity table shows that market quality remains concentrated. Kraken and Coinbase held the two largest spot and perpetual liquidity pools, while Crypto.com, Bitstamp, Bybit, OKX, Gate and Backpack trailed by a wide margin across one or both categories.
