WuBlockchain
DefiLlama's MiCA exchange dashboard puts Kraken at the top of every major liquidity and coverage metric among EU-licensed venues. Kraken carries $399.71M in spot liquidity and $206.90M in perpetual liquidity, both ranked first in the dataset, and covers 1,704 markets, more than any other MiCA-regulated platform.
Coinbase sits second on both sides, with $305.23M in spot liquidity, $167.39M in perps, and 1,074 markets covered. Crypto.com is third on spot liquidity at $130.84M and on coverage at 883 markets. Bitstamp and Bybit round out the spot mid-tier at $54.62M and $50.19M, while OKX, Gate, and Backpack report single-digit-to-low-double-digit spot liquidity figures.
The split between spot and perps is worth noting: Backpack and OKX, both thin on spot, hold meaningful perpetual liquidity at $41.19M and $20.54M respectively, suggesting perps is where their MiCA-licensed order books concentrate. Gate, Bybit, Bitstamp and OKX all cover fewer than 310 markets, leaving Kraken, Coinbase, and Crypto.com as the depth venues for EU traders under MiCA.
Why it matters
MiCA, the EU's Markets in Crypto-Assets regulation, requires exchanges serving European clients to hold a license from a national regulator, with full compliance phasing in through 2024 and 2025. DefiLlama's MiCA dashboard filters the global exchange universe down to those venues, giving traders and institutions a comparable read on where EU-licensed liquidity actually sits.
Market impact
Kraken's lead across spot, perps, and market count is not marginal: it carries roughly 31% more spot liquidity than Coinbase and covers 59% more markets than its nearest competitor.
Source: [MiCA-regulated exchanges - DefiLlama](https://defillama.com/mica)
Frequently asked questions
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What is DefiLlama's MiCA exchange dashboard?
It is a DefiLlama tracker that filters the global exchange universe to venues holding a MiCA license from an EU national regulator, ranked by spot liquidity, perpetual liquidity, fees, market coverage, and KYC requirements.
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Which MiCA-regulated exchange has the most spot liquidity?
Kraken leads with $399.71M in spot liquidity, followed by Coinbase at $305.23M and Crypto.com at $130.84M, according to DefiLlama.
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Which MiCA-regulated exchange has the most perpetual liquidity?
Kraken again tops the ranking at $206.90M in perpetual liquidity, with Coinbase second at $167.39M and Backpack third at $41.19M.
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Which exchange covers the most markets under MiCA?
Kraken covers 1,704 markets, more than any other MiCA-regulated venue, with Coinbase at 1,074 and Crypto.com at 883 markets.
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Why does MiCA compliance matter for EU crypto traders?
MiCA, the EU's Markets in Crypto-Assets regulation, requires exchanges serving European clients to hold a license from a national regulator, with compliance phasing in through 2024 and 2025. Trading on a MiCA-licensed venue is what gives EU users a regulated route under the new framework.
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