market structureResearch report
Liquidity and Spread Landscape Across Centralized Markets
How spreads, depth and venue concentration vary by asset size — and how to read them without over-trusting any single metric.
By Nina Petrov · 2026-08-16 00:00 UTC
Centralized venue data varies widely in quality. This report measures spreads, depth proxies and volume concentration for the top assets across a dozen demo exchanges.
Key finding: spread is strongly inverse to volume rank, but liquidity scores diverge sharply between venues with similar volumes, suggesting venue-level structural differences. A single "liquidity" number is insufficient; context matters.
Spreads are quoted mid-market at snapshot time on demo data.
Methodology and calculations are available in the ZEVO analytics library. Demo dataset — not financial advice.