Bitcoin Order Book and Market Depth

A Bitcoin order book lists resting limit orders: bids (buy orders) below the current price and asks (sell orders) above it. Bitcoin market depth measures how much of that liquidity sits within a set distance of the mid price, showing how far a large market order could move the price before it fills.

Reading the combined book

The combined book merges BTC/USDT orders from several exchanges into shared price rows. Amount is the BTC resting at a level. Total is the running sum from the spread outward: how much BTC a market order would absorb by reaching that price. The spread is the gap between the best ask and best bid. The Futures and Spot views use different venue sets, so their figures are not interchangeable.

How the depth bands are calculated

Each band adds up the dollar value (price × size) of orders inside a range around the mid price:

• Bid depth at ±x% covers bids from mid × (1 − x%) up to mid
• Ask depth at ±x% covers asks from mid up to mid × (1 + x%)
• Delta = bid depth − ask depth; the percentages show each side’s share of the total

Hypothetical example: with a mid of 100,000, the ±1% band covers bids down to 99,000 and asks up to 101,000.

Coverage limits

Exchanges publish only part of their book through public APIs. Book reaches shows how far each venue’s published data extends, and Band shows the widest range it fully covers. A venue counts in a band only if its book reaches that far, so the venue count (“2 of 5 venues”) can shrink as the band widens and a wider band can show less money than a narrower one. Compare bands only when their venue counts match.

Resting orders can also be cancelled at any moment, hidden or iceberg orders may not appear, and a book records intentions, not executed trades, so a large wall matters only if it holds when price arrives. The data refreshes every 2 seconds.