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According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,566.47. Binance's perpetual near-end buy orders are about $60.93 million, and sell orders are about $58.87 million, with a net buy of approximately $2.05 million; Binance's spot buy orders are about $24.75 million, and sell orders are about $6.32 million, with a net buy of approximately $18.43 million; Coinbase's spot buy orders are about $12.22 million, and sell orders are about $8.44 million.OKX's perpetual buy orders are about $21.33 million, and sell orders are about $21.11 million, while Hyperliquid's perpetual buy orders are about $11.43 million, and sell orders are about $8.53 million. The thickness of buy orders on Binance's perpetual and spot markets is significantly higher than other venues, especially the spot buy orders on Binance are notably thicker compared to sell orders. If large market orders occur, slippage on thinner exchanges like Hyperliquid may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $82,643. The Binance perpetual near-end sell orders amount to about $43.795 million, and buy orders are about $43.4685 million, with a net sell order surplus of approximately $326,500; Coinbase's spot sell orders are about $22.2235 million, and buy orders are about $16.7834 million; OKX's perpetual sell orders are about $19.5759 million, and buy orders are about $13.6366 million.Hyperliquid's perpetual buy orders are about $9.5485 million, and sell orders are about $2.8662 million, with a net buy order surplus of approximately $6.6823 million. Binance's spot sell orders are about $14.4525 million, and buy orders are about $10.7293 million. Overall, Binance's perpetual sell orders are relatively more concentrated compared to buy orders, while Hyperliquid shows a dominance of buy orders.

According to the market intelligence platform Liquid247.xyz, the current price of Bitcoin is approximately $84,340. The near-term buy depth for BTC on Binance is about $16.1618 million, with sell orders around $10.3911 million, resulting in a net buy of approximately $5.7707 million; the perpetual buy orders on Binance are about $44.2172 million, with sell orders around $45.5145 million, resulting in a net sell of approximately $1.2973 million; the spot buy orders on Coinbase are about $26.6829 million, with sell orders around $23.6883 million, resulting in a net buy of approximately $2.9946 million.The perpetual buy orders on OKX are about $15.989 million, with sell orders around $20.2283 million, resulting in a net sell of approximately $4.2393 million; Hyperliquid has perpetual buy orders of only about $1.8911 million, with sell orders around $12.1844 million, resulting in a net sell of approximately $10.2933 million. The near-term sell orders on Hyperliquid are significantly thicker compared to buy orders, and if a large market order occurs, the slippage on the Hyperliquid side may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,610.05. Binance's perpetual near-end buy orders are about $71.1371 million, sell orders are about $61.4986 million, with a net buy of approximately $9.6385 million; Binance's spot buy orders are about $8.554 million, sell orders are about $7.2989 million, with a net buy of approximately $1.2551 million; Coinbase's spot buy orders are about $14.0431 million, sell orders are about $12.8971 million, with a net buy of approximately $1.146 million.OKX's perpetual buy orders are about $21.095 million, sell orders are about $19.0131 million, Hyperliquid's perpetual buy orders are about $12.6591 million, sell orders are about $11.94 million. Overall, Binance's perpetual buy order thickness is significantly higher than other venues, and buy orders are generally thicker than sell orders. If there is a pullback in the short term, the order volume on the Binance perpetual side is relatively more concentrated.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $85,580. Binance's perpetual near-end buy orders are about $49.7076 million, and sell orders are about $45.7305 million, with a net buy of approximately $3.9771 million; Binance's spot buy orders are about $14.042 million, and sell orders are about $11.7821 million, with a net buy of approximately $2.2599 million; Coinbase's spot buy orders are about $24.4913 million, and sell orders are about $25.8692 million, with a net sell of approximately $1.3779 million.OKX's perpetual buy orders are about $15.1735 million, and sell orders are about $15.8917 million, with a net sell of approximately $0.7182 million; Hyperliquid's perpetual buy orders are about $11.7525 million, and sell orders are about $2.8715 million, with a net buy of approximately $8.881 million. Binance's perpetual buy order thickness is the most significant among all venues, while Hyperliquid has an advantage in net buy ratio.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,694.94. Binance's perpetual near-end buy orders are about $122 million, and sell orders are about $66.487 million, with a net buy of approximately $55.8507 million; Binance's spot buy orders are about $8.7332 million, and sell orders are about $7.2001 million, with a net buy of approximately $1.5331 million; Coinbase's spot buy orders are about $13.3816 million, and sell orders are about $22.5378 million, with a net sell of approximately $9.1561 million.OKX's perpetual buy orders are about $23.9956 million, and sell orders are about $24.891 million, with a net sell of approximately $895,400; Hyperliquid's perpetual buy orders are about $10.795 million, and sell orders are about $11.258 million, with a net sell of approximately $463,000. Binance's perpetual buy orders are significantly thicker than other venues, and if a large market order occurs, Hyperliquid's slippage may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $85,852. The near-term buy depth on Binance is about $14.63 million, and the sell depth is about $11.39 million, with a net buy of approximately $3.25 million; the perpetual buy depth on Binance is about $36.94 million, and the sell depth is about $39.37 million, with a net sell of approximately $2.43 million; the spot buy depth on Coinbase is about $20.63 million, and the sell depth is about $22.66 million.The perpetual buy depth on OKX is about $12.54 million, and the sell depth is about $14.04 million, while Hyperliquid has a perpetual buy depth of only about $6.46 million and a sell depth of about $4.85 million. The buy and sell depth on Binance is the most significant among all venues, while Hyperliquid's buy depth is relatively the thinnest. If a large market order occurs, the slippage on the Hyperliquid side may be more pronounced.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,715.53. Binance's perpetual near-end buy orders are about $59.33 million, and sell orders are about $58.18 million, with a net buy of approximately $1.15 million; Binance's spot buy orders are about $7.63 million, and sell orders are about $7.48 million, with a net buy of approximately $0.15 million; Coinbase's spot buy orders are about $8.66 million, and sell orders are about $9.02 million, with a net sell of approximately $0.35 million.OKX's perpetual buy orders are about $15.85 million, and sell orders are about $24.32 million, with a net sell of approximately $8.47 million; Hyperliquid's buy orders are about $7.10 million, and sell orders are about $7.58 million, with a net sell of approximately $0.48 million. The buy order thickness on Binance's perpetual market is the most significant among all venues, while Coinbase and OKX's perpetual markets show a structure with thicker sell orders.

According to the market information platform Liquid247.xyz, the current price of BTC is approximately $85,140. The near-term sell orders on Binance are about $49.0816 million, and the buy orders are about $47.8814 million, with a net sell order surplus of about $1.2003 million; the spot buy orders on Binance are about $13.0787 million, and the sell orders are about $10.6611 million, with a net buy order surplus of about $2.4176 million; the spot buy orders on Coinbase are about $23.7652 million, and the sell orders are about $20.8471 million, with a net buy order surplus of about $2.9181 million.The perpetual sell orders on OKX are about $28.837 million, and the buy orders are about $13.9123 million, with a net sell order surplus of about $14.9247 million; the perpetual buy orders on Hyperliquid are only about $5.7107 million, and the sell orders are about $3.7363 million, with a net buy order surplus of about $1.9744 million. Overall, the perpetual sell orders on Binance are relatively heavier compared to the buy orders, while the buy orders on Hyperliquid are relatively thin. If a large market order occurs, the slippage on the Hyperliquid side may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,694.05. Binance's perpetual near-end sell orders are about $93.3586 million, buy orders are about $59.6945 million, with a net sell order surplus of approximately $33.6641 million; Binance's spot sell orders are about $9.0692 million, buy orders are about $7.269 million, with a net sell order surplus of approximately $1.8001 million; Coinbase's spot buy orders are about $9.677 million, sell orders are about $9.0918 million, with a net buy order surplus of approximately $0.5851 million.OKX's perpetual buy orders are about $23.2709 million, sell orders are about $20.2652 million, with a net buy order surplus of approximately $3.0057 million; Hyperliquid's perpetual buy orders are about $13.2093 million, sell orders are about $10.839 million, with a net buy order surplus of approximately $2.3703 million. Binance's perpetual sell orders are significantly thicker than other venues, and if a large market order occurs, the slippage on the thin exchange side may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of Bitcoin is approximately $84,576. The near-term buy depth for Binance spot BTC is about $13,951,700, with sell orders around $9,896,100, resulting in a net buy of approximately $4,055,600; the perpetual buy orders on Binance are about $32,654,800, with sell orders around $42,534,600, leading to a net sell of approximately $9,879,800; the spot buy orders on Coinbase are about $27,359,400, with sell orders around $21,024,500, resulting in a net buy of approximately $6,334,900.The perpetual buy orders on OKX are about $15,515,700, with sell orders around $14,498,400, resulting in a net buy of approximately $101,300; the perpetual buy orders on Hyperliquid are about $3,601,100, with sell orders around $4,947,000, leading to a net sell of approximately $1,345,900. The perpetual sell orders on Binance are significantly thicker compared to buy orders, while the near-term buy orders on Hyperliquid are the thinnest. If a large market order occurs, the slippage on the Hyperliquid side may be greater.

According to the market information platform Liquid247.xyz, the current price of ETH is approximately $2,676.65. Binance's perpetual near-end buy orders are about $64.7688 million, sell orders about $49.385 million, with a net buy of approximately $15.3838 million; Binance's spot buy orders are about $8.2804 million, sell orders about $6.6202 million, with a net buy of approximately $1.6602 million; Coinbase's spot buy orders are about $10.572 million, sell orders about $6.621 million, with a net buy of approximately $3.9511 million.OKX's perpetual buy orders are about $24.4708 million, sell orders about $21.4952 million, with a net buy of approximately $2.9756 million; Hyperliquid's perpetual buy orders are about $9.4229 million, sell orders about $10.1917 million, with a net sell of approximately $0.7689 million. Overall, Binance's perpetual buy order thickness is the most significant among all venues, while Hyperliquid's buy orders are relatively thin. If a large market order occurs, the slippage on the Hyperliquid side may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $86,199. The Binance perpetual near-end sell orders are about $62.71 million, and buy orders are about $40.03 million, with a net sell order surplus of about $22.67 million; Binance spot sell orders are about $11.80 million, and buy orders are about $8.18 million, with a net sell order surplus of about $3.62 million; Coinbase spot buy orders are about $10.98 million, and sell orders are about $9.28 million, with a net buy order surplus of about $1.71 million.OKX perpetual buy orders are about $15.84 million, and sell orders are about $9.94 million, with a net buy order surplus of about $5.90 million; Hyperliquid perpetual sell orders are about $10.98 million, and buy orders are only about $0.58 million, with a net sell order surplus of about $10.41 million. The near-end buy orders on Hyperliquid are noticeably thin, and if a large market order occurs, slippage may significantly increase.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $83,549. The Binance perpetual near-end sell orders are about $36.7 million, buy orders about $32.26 million, with a net sell order surplus of approximately $4.44 million; Coinbase spot buy orders are about $19.41 million, sell orders about $17.23 million, with a net buy order surplus of approximately $2.17 million; Binance spot buy orders are about $12.15 million, sell orders about $12.03 million, with a net buy order surplus of approximately $116,000.Hyperliquid perpetual buy orders are about $3.75 million, sell orders about $2.53 million, with a net buy order surplus of approximately $1.22 million; OKX perpetual buy orders are about $10.78 million, sell orders about $11.22 million, with a net sell order surplus of approximately $435,400. Binance's perpetual sell orders are significantly thicker than buy orders, while Coinbase's spot market shows a slight advantage for buy orders.

The decentralized interest rate protocol Boros announced that it has launched the open-source tool "Arbitrage with CrossEx" in collaboration with the Pendle team. Boros stated that cross-exchange funding rate arbitrage has always been one of the better trading strategies in the cryptocurrency field, historically achieving fixed returns independent of delta values, with annualized returns of over 40%. However, the execution and maintenance of this strategy have previously been challenging, setting a high barrier for users.The new tool "Arbitrage with CrossEx" aims to reduce operational complexity.

Gate CrossEx, launched by Gate in 2025, is attempting to address the long-standing issue of institutional capital fragmentation in an "exchange-native" manner. This product achieves instant collateral scheduling and cross-platform profit and loss hedging between multiple exchanges through a unified margin pool and internal credit settlement mechanism, reducing the capital occupation and clearing risks caused by on-chain transfer delays.The core significance of Gate CrossEx is not limited to a single functional innovation, but rather it further aligns with the traditional financial Prime Brokerage model at the level of cryptocurrency trading infrastructure. Currently, CrossEx has covered multiple mainstream trading platforms and supports over 5,000 assets as collateral or trading targets. Since the launch of its Beta version, both its asset scale and trading volume index have shown rapid growth. In the context of industry competition shifting from "traffic-driven" to "capital efficiency and institutional capability-driven," Gate is continuously strengthening its layout in the institutional-level trading infrastructure field through CrossEx, further consolidating its competitive advantage in the global cryptocurrency market.

According to on-chain analyst Axel Adler Jr (@AxelAdlerJr), the Bitcoin inter-exchange flow pulse has increased by 136% since the March low. The 7-day moving average has crossed above the 30-day moving average for the first time in months, indicating that the flow mechanism is shifting back to a risk-on mode, but there is still one indicator that has not yet issued a confirmation signal.

According to Lookonchain, a whale who previously bought 163,405 ETH (approximately $440 million) and 4,000 cbBTC (approximately $296 million) in the over-the-counter market sold 899,999 RAVE three weeks ago at nearly break-even prices, cashing out about $229,000.The latest data shows that the price of RAVE has since increased by approximately 226%. If they still held that amount of RAVE, the current paper profit would be about $870,000.

The cryptocurrency trading platform Gate announced a partnership with institutional-grade digital asset custodian Komainu to integrate their services. By connecting to Komainu Connect, Gate further expands its Over-the-Counter Settlement (OES) infrastructure.This collaboration allows institutional clients to directly access Gate's trading and liquidity system, under the premise that assets are held in isolation by a regulated, independent custodian, achieving an institutional trading model of "separation of custody and trade execution." This move aligns with the current trend of evolution in the cryptocurrency market structure, helping to reduce counterparty risk while enhancing the efficiency and security of trading operations.From an infrastructure perspective, this integration further strengthens Gate's service capabilities in the institutional market and expands its SuperLink ecosystem, integrating custody, liquidity, and financial services. In terms of liquidity and trading depth, Gate has long been at the forefront of the industry, and with the addition of several mainstream custodian networks, it is gradually building a trading system that meets diverse institutional needs. As institutional funds continue to flow in and the demand for asset security and efficient execution in the cryptocurrency market increases, infrastructure models like OES will become a key pathway to drive the industry toward greater transparency and scalable development.