
The popular decentralized exchange (DEX) Uniswap (UNI) has deeper liquidity in several important crypto trading pairs than even the largest centralized exchanges such as Binance and Coinbase, according to a new study, co-authored by a researcher at Uniswap.
On the popular trading pair ethereum (ETH) against US dollars (USD), Uniswap had 2 times more liquidity than both Binance and Coinbase, the study said. For ethereum against bitcoin (BTC), Uniswap’s liquidity was 3 times deeper than Binance and an impressive 4.5 times deeper than Coinbase.

“The Protocol’s greater market depth demonstrates that crypto-native [automatic market maker – AMM] market structure can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure,” the decentralized exchange wrote in a comment on Twitter.
The research was conducted by Dan Robinson, head of research at crypto investment firm Paradigm, as well as Gordon Liao who is a researcher at Uniswap.
In the report, the two researchers wrote that they have also found many stablecoin pairs – including USD coin (USDC) and tether (USDT) – to have deeper liquidity on Uniswap than on its centralized competitors. “For USDC/USDT, Uniswap v3 has about ~5.5x more liquidity than Binance,” the report said.