Not only the volume, but also from the "asset turnover rate" to see through the real strength and flaws of the exchange.

In TradFi, the asset turnover ratio is generally used to measure the efficiency of asset utilization, thereby assessing sales, conversion rates, and so on; but what would happen if we applied the same metric to the Crypto Assets field?

You will discover a whole new perspective. This article is a sister piece to the analysis of NVIDIA's financial report (https://x.com/agintender/status/1991890344653570186?s=20), aimed at showcasing the diversity of data and the application of “financial techniques” in the Crypto Assets world.

This article is 4500 words long. If you're too lazy to read the main text, just look at the table below:

Disclaimer: This article is based on publicly available information and is derived from estimates made according to personal insights. The conclusions may have discrepancies and may even be incorrect; please do not use this as a basis for decision-making. This article is intended for academic exchange purposes only.

I. Theory

From the perspective of business supply, the scale of assets held by the exchange should have a positive correlation with its trading volume:

Liquidity Supply: Assets held in custody at the exchange (especially those held by market makers) are deployed to the order book to facilitate trading. More assets typically mean a deeper order book and higher trading volume capacity.

User Activity Level: The primary purpose for users to deposit funds into a CEX is trading. While some users use CEX as a wallet (HODLing), the velocity of money in active exchanges means that a portion of reserves will be turned over daily.

Trust Magnet Effect: High trading volume attracts liquidity, which in turn demands deposits. Conversely, a high deposit signal attracts active traders.

In addition, there is an urban legend circulating in the community that the exchange's current revenue = current entering assets x 20-30% (commonly known as asset accumulation).

2. Indicator: Define “Crypto Assets Turnover Rate” (CATR)

In order to make a horizontal comparison, the Crypto Exchange Asset Turnover Ratio (CATR) is as follows:

CATR = Monthly Trading Volume (Contracts + Spot) / User Assets (POR Value)

From a traditional accounting perspective, asset turnover is a measure of how quickly a company generates sales revenue from its total assets over a certain period, typically calculated by dividing “net sales revenue” by “average total assets.” A higher ratio indicates greater asset utilization efficiency, higher conversion ability, stronger sales capability, and a higher turnover rate.

However, when it comes to Crypto Assets exchanges, although it also represents the efficiency of asset utilization, the meaning is completely different. This money belongs to the users, and a higher turnover rate means a higher willingness of users to trade (and trading enthusiasm?), which leads to a higher unit benefit brought by the trades.

Generally speaking, market makers have higher requirements for the efficiency of capital usage (arbitrage, market making, etc.), while retail investors have lower efficiency requirements for capital usage.

Low turnover efficiency may indicate that the exchange is primarily used for custody, deposits, or very low user engagement.

High turnover efficiency indicates an extreme capital flow rate. This usually occurs on platforms primarily focused on contracts (high leverage), indicating that users have a strong trading willingness and market makers have a higher transaction efficiency.

However, if there is extreme turnover efficiency, there may be suspicions of wash trading and matched orders.

This article serves only as a brick to attract jade, hoping to inspire readers to explore more interesting and efficient indicators and data dimensions. It's not that the crypto market is too difficult, but rather that we haven't systematically approached this market.

Section 3, Data Description

Sample: Binance, OKX, Bybit, Bitget, Gate, MEXC and HTX

Data source:

Exchange October monthly trading volume source:

https://data.coindesk.com/reports/exchange-review-november

https://www.scribd.com/document/831768086/CCdata-crypto-exchange-review-12-24

Estimate the spot + contract trading volume of each exchange based on the above data sources.

Source of POR data: Disclosures from various exchanges,

https://www.binance.com/en/proof-of-reserves

https://www.okx.com/en-sg/proof-of-reserves

https://www.bybit.com/app/user/proof-of-reserve

https://www.mexc.com/proof-of-reserve

https://www.bitget.com/support/articles/12560603840435

https://www.gate.com/proof-of-reserves

https://www.htx.com/en-us/proof-of-reserve

Note: The core assets of POR users in this article include only BTC, ETH, USDT, and USDC, so there will be discrepancies with the total asset data actually disclosed by the exchange.

4. CATR data of various exchanges

4.1 Binance

4.1.1 Proof of Reserves (PoR) Analysis

Snapshot data as of October 2025:

BTC: 593,851

ETH: 4,095,663

USDT: 34.7 billion (collateral ratio of 107.45)

USDC: 7.8 billion (Collateralization rate up to 133.79%)

The user's core total asset is estimated at 115 billion US dollars.

4.1.2 Volume Analysis

In October 2025, activity on centralized exchanges surged. According to CCData, the total trading volume of global CEX spot and derivatives reached $10.3 trillion. Binance typically holds about 40%-50% of the market share.

Spot Trading: Data indicates that Binance's monthly trading volume in October was approximately $81.04 billion.

Contract Trading: Contracts are usually 3-4 times the spot volume. Combining data from TokenInsight and CryptoQuant, Binance's quarterly trading volume reached $8.39 trillion, which averages about $2.8 trillion per month.

Comprehensive estimate: The total trading volume of Binance in October (spot + futures) is conservatively estimated to be between $3.6 trillion.

4.1.3 Crypto Assets Turnover Rate (CATR) Calculation

36000 / 1150 = 31.304x

4.2 OKX

4.2.1 Proof of Reserves (PoR) Analysis

Snapshot data as of October 2025:

BTC: 133,087 (collateral rate is 105%)

ETH: 1,622,674

USDT: 10 billion (collateral rate is 106%)

USDC: 120 million

The user's total core asset is estimated at 30 billion US dollars.

4.2.2 Volume Analysis

The CCData report shows that OKX's spot trading volume in November was $163 billion (similar to the data from October). OKX's contract business has always been strong, usually 4-5 times that of the spot.

Comprehensive estimate: If the spot market is 163 billion USD, the contracts are about 700 billion to 800 billion USD. The total monthly trading volume is approximately 1 trillion USD.

4.2.3 Crypto Assets Turnover Rate (CATR) Calculation

10000 / 290 = 34.48x

4.3 Bybit

4.3.1 Proof of Reserve (PoR) Analysis

Data as of October 22, 2025:

USDT: User assets 5.8 billion, wallet balance 6.38 billion (110%).

USDC: User assets 600 million. Wallet balance 680 million (135%)

BTC: 61,976 BTC (approximately 5.6 billion USD).

ETH: 532,000 ETH (approximately $1.5 billion).

Total asset estimate: approximately $13.5 billion.

4.3.2 Trading Volume Analysis

Bybit's growth is extremely rapid, with CCData showing that its spot trading volume reached $208 billion in November. Considering that Bybit is a contract-first platform, its contract trading volume is usually 3-4 times that of spot.

Comprehensive estimate: Spot 200 billion + Contracts 800 billion ≈ 1 trillion USD.

In view of the fact that Bybit's buy-sell transactions count as one each, the trading volume should be divided by 2, which is 500 billion USD.

4.3.3 Crypto Assets Turnover Ratio (CATR) Calculation

5000 / 135 = 37.31x

4.4 Bitget

4.4.1 Proof of Reserve (PoR) Analysis

Data for October 2025:

BTC: Users hold 10,275 BTC, and the platform has 31,556 BTC (fun fact: Bitget's BTC reserve rate is as high as 307%, is this to show strong self-owned funds?!).

ETH: The platform has nearly 300,000 ETH, users hold 134,000 (the reserve rate of ETH has also reached a terrifying 224%)

USDT: 1.78 billion + USDC 110 million

Total estimated user assets: approximately $3.2 billion. (Estimated platform assets: $5.2 billion)

4.4.2 Trading Volume Analysis

Bitget reports that its US stock futures trading volume surpassed $200 million in October. Although the absolute value is not large, it demonstrates the diversification of its products. CCData shows its spot trading volume to be approximately $80.2 billion. In terms of contracts, Bitget previously reported a monthly futures trading volume of $92 billion, which could be higher in a bull market.

Comprehensive estimate: Spot 80 billion + Contract 320 billion ≈ 400 billion USD.

In view of the fact that Bitget's buy-sell transactions are counted once each, the trading volume should be divided by 2, which is 200 billion USD.

4.4.3 Crypto Assets Turnover Rate (CATR) Calculation

2000/ 32 = 62.5x

4.5 Gate:

4.5.1 Proof of Reserves (PoR) Analysis

As of October 28, Gate reported a total reserve value of $11.676 billion, with a reserve rate of 124%.

Interestingly, the collateralization rate of Gate's core assets is far above 100%, meaning the platform's asset content is greater than the user's assets.

The user's core asset situation is as follows:

BTC 18,536 (Collateral Rate 133.96%)

ETH 332,801

USDT 1.332 billion

USDC 0.67 million (collateralization rate close to 250%)

Total user core assets: about 4 billion USD, platform assets are at 6.3 billion USD.

4.5.2 Volume Analysis

Gate's spot trading volume surged by 39.1% in October, reaching a historic high of $163 billion. In terms of contracts, the data for May was $264 billion, with an estimated $400 billion in October. (https://www.globenewswire.com/news-release/2025/06/23/3103369/0/en/Gate-s-Nearly-70-MoM-Growth-in-Derivatives-Volume-Tops-Global-Charts-Featured-in-CoinDesk-s-Latest-Report.html)

Comprehensive estimate: Spot 163 billion + Contract 400 billion ≈ 560 billion USD.

In view of the fact that each buy-sell transaction on Gate counts as one, the trading volume should be divided by 2, which is 280 billion US dollars.

4.5.3 Crypto Assets Turnover Rate (CATR) Calculation

2800 / 40 = 70x

4.6 MEXC

4.6.1 User Core Asset Data

USDT: User assets of $1.723 billion ( platform assets of $2.245 billion, with a collateralization ratio of 130%.

BTC: User assets 3,555 BTC (approximately 300 million US dollars).

ETH: User Assets 54357 ETH ( approximately 160 million USD)

USDC: about 100 million

Total asset estimate: around 2.3 billion US dollars

4.6.2 Volume Analysis

According to Coingecko's spot data, the average daily trading volume for the past 30 days is 3.3 billion, with an estimated monthly trading volume of 100 billion; the daily trading volume for contracts is 45 billion, with an estimated monthly trading volume of 1.35 trillion. (I really can't find a reliable data source anymore, please bear with me.)

Considering that MEXC's buy-sell transactions are counted once each, the trading volume should be divided by 2, which is 675 billion USD.

Interestingly, TokenInsight reports that MEXC ranks second in global spot trading, with a market share of about 9% ( https://www.globenewswire.com/news-release/2025/10/30/3177141/0/en/TokenInsight-MEXC-Ranks-Second-in-Global-Spot-Trading-Capturing-11-of-Market-Share-in-Q3-2025.html )

4.6.3 Crypto Assets Turnover Rate (CATR) Calculation

6750 / 23 = 293.48x

4.7 HTX

4.7.1 User Core Asset Data

According to the disclosure from HTX in October, user assets are as follows:

BTC 19867 coins

ETH 115278 coins

USDT 1.35 billion

USDC 37 million

The estimated total user core assets are 3.5 billion USD.

4.7.2 Volume Analysis

According to data from coingecko, the average daily trading volume of HTX's contracts is 8.5 billion. Over 30 days, it amounts to 255 billion; the average daily trading volume for spot trading is around 4 billion, totaling 120 billion over 30 days.

Comprehensive estimate: Monthly trading volume is approximately $337.5 billion.

In view of the fact that HTX's buy-sell transactions are counted once each, the trading volume should be 3750/2, which is 1875 billion USD.

4.7.3 Asset Turnover Ratio (ATR) Calculation

1875 / 35 = 53.57x

This article serves only as a brick to attract jade, hoping to inspire readers to explore more interesting and efficient indicators and data dimensions. It's not that the crypto market is too difficult, but rather that we haven't systematically approached this market.