Sourced directly from exchange APIs, unless otherwise noted.

Centralized Exchange: Spot Volume by Exchange

All instruments are combined at the token level regardless of quote currency, for instance:
- BTC/ETH
- BTC/USDT
- BTC/USDC
- BTC/SOL

All are counted as BTC volume, due to the underlying being BTC. Just as SOL/BTC would be counted as SOL volume.

All instruments are combined at the token level. Sourced directly from exchange APIs, unless otherwise noted.

Centralized Exchange: Spot Volume by Token

Centralized Exchange: Spot Volume by Exchange and Token

The amount of liquidity at a given markout from the midpoint price

A measure of liquidity depth on Binance, which is often referred to as the most liquid exchange. The bid and ask depth will show the amount of available liquidity above and below the current midpoint price.

Centralized Exchange: Spot Orderbook Depth (Binance)

By token

Centralized Exchange: Bid/Ask Spread

## ATM Liquidity

"At the money" (ATM) liquidity measures how much dollar value is
sitting at the best bid and best ask on an exchange's order book
at any given moment — i.e. how much you could instantly buy or
sell without moving the price.

Higher ATM liquidity = you can trade larger amounts with less
slippage. Lower ATM liquidity = even small trades can move the
price.

We also track the **spread** (gap between best bid and best ask).
Tighter spreads mean cheaper trading. Both metrics are aggregated
into daily avg, median, min, and max from snapshots throughout
the day.

The average size of the best bid and best ask for all exchanges, averaged from a lower time frame to a daily interval. Sourced directly from exchange APIs, unless otherwise noted.

Centralized Exchange: Spot Orderbook ATM Liquidity

Please note that this is a work in progress, will be constantly updating as RWAs evolve. New tickers appear daily, and are hard to keep track of. If you take issue with any of this data please contact us.

Tokenized stocks include xStocks and Ondo tokenized stocks along with legacy tokenized assets.

Centralized Exchange: Spot Tokenized Stock Volume

For DEX activity, we track volume on the following chains:
* Ethereum
* Solana
* Base
* Arbitrum
* BNB
* Avalanche
* Celo
* Unichain

For CEX activity, we track volume on the following exchanges:
* Binance
* Bitget
* Bybit
* Crypto.com
* Coinbase
* OKX
* Kraken

The percentage of DEX spot volume compared to various CEXs

DEX-to-CEX Spot Volume Ratio

Categories are as follows, for full transparency:

## Stablecoin
USDT, USDC, DAI, BUSD, TUSD, FUSD, FDUSD, PYUSD, GHO, LUSD, FRAX, USDP, GUSD, CUSD, USD0, USDD, USDE, RLUSD, USDS, XUSD, USDQ, EUROC, EURT, EURC, BFUSD, USDTB, SUSD, OUSD, HUSD, UST, USTC
## Forex
EUR, GBP, JPY, AUD, CAD, CHF, TRY, BRL, MXN, ZAR, EURUSD, GBPUSD, AEUR, EURI, EURQ
## Layer 1
BTC, ETH, SOL, ADA, XRP, AVAX, APT, DOT, ATOM, NEAR, SUI, SEI, FTM, SONIC, S, ALGO, EGLD, ICP, HBAR, TRX, TON, TONCOIN, BCH, LTC, ETC, XLM, VET, EOS, NEO, KAVA, MINA, CELO, KAS, INJ, FLOW, BERA, XTZ, WAVES, QTUM, ZIL, ONE, GLMR, CFX, CKB, CORE, IOTA, STX, XDC, PI, LUNA, LUNC, ONT, BSV, DCR, FLR, ASTR, KSM, KAIA, ICX, IOST, CSPR, MONAD, ALEO, NTRN, MOVR, RUNE, OSMO
## Layer 2
ARB, OP, POL, MATIC, STRK, ZK, MANTA, BLAST, MODE, METIS, IMX, SCROLL, TAIKO, SKL, CELR, CTSI, LINEA, MOVE, HEMI, AZTEC, DYM, BOBA, LRC, XION, B2, ZETA, SCR, MNT, LSK
## Data Availability
TIA, AVAIL, EIGEN
## DeFi
UNI, SUSHI, CRV, CAKE, DYDX, JUP, AERO, DRIFT, 1INCH, GMX, RAY, ORCA, AAVE, COMP, MKR, MORPHO, ENA, PENDLE, YFI, SNX, LDO, RPL, ETHFI, PUFFER, SWELL, ANKR, STG, LQTY, BAL, FXS, GNO, CVX, SPELL, PERP, VELO, THE, CETUS, EKUBO, USUAL, JTO, W, ZRO, AXL, KMNO, COW, LIT, RSR, BANANA, BADGER, ALPHA, LAYER, KERNEL, SKY, AEVO, SYRUP, LISTA, RDNT, ZRX, MAV, KNC, FLUID, SAFE, RESOLV, EUL, HAEDAL, DBR, ACX, DODO, SYN, WOO, APEX, BNT, VELODROME, GNS, HUMA, REZ, ORDER, DEXE, FORTH, QUICK, JST, SUN, XVS, ALCX, BENQI, SOLV
## Memecoin
DOGE, SHIB, PEPE, WIF, BONK, FLOKI, MEME, NEIRO, TURBO, BRETT, POPCAT, MOG, BOME, MYRO, FARTCOIN, TRUMP, MELANIA, SPX, GOAT, ACT, PNUT, PUMP, ZORA, FOGO, BABYDOGE, ELON, SNEK, TOSHI, GIGA, MOODENG, CHILLGUY, PENGU, DEGEN, PONKE, SLERF, SUNDOG, PEOPLE, DOGS, NOT, HMSTR, LUCE, PAWS, TST, VINE, BOOP, LAUNCHCOIN, MEW, NEIROCTO, JELLYJELLY, HIPPO, MUBARAK, BROCCOLI, CAT, RATS, BAN, CLANKER, DOOD, FWOG, CHEEMS, PENGUIN, 1000PEPE, 1000BONK, 1000SHIB, 1000FLOKI, 1MBABYDOGE, 1000000MOG, COQ, LADYS, MANEKI, TROLL, KEKIUS, MOODENGETH, PUMPFUN, PIRATE, DOGINME, TRUMPOFFICIAL, TRUMPSOL, 1000CHEEMS, PIPPIN, USELESS, BONE, ASR, SANTOS, JUV, PSG, CITY, LAZIO, BAR, PORTO, ATM, ACM, ALPINE, INTER, SPURS, AFC, ARG, MENGO, OG, CHZ, MANYU, TOTT
## AI
FET, RENDER, RNDR, AGIX, OCEAN, AKT, TAO, WLD, ARKM, AIOZ, AI16Z, VIRTUAL, GRASS, IO, NOS, ASI, COOKIE, AIXBT, ARC, KAITO, PHB, ELIZAOS, ZEREBRO, GRIFFAIN, SKYAI, BLUAI, COAI, ALCH, CGPT, PAAL, SWARMS, VANA, NMR
## DePIN
HNT, IOTX, DIMO, MOBILE, IOT, SKR, JASMY, WIFI, PEAQ, ROAM, NATIX, CHIRP
## Gaming
AXS, SAND, MANA, GALA, ENJ, CARDS, PIXEL, BEAM, YGG, SUPER, GODS, ILV, RON, MAGIC, GMT, ALICE, TLM, PYR, WEMIX, BIGTIME, PORTAL, XAI, PRIME, SAGA, NXPC, MAVIA, SLP, AGLD, CATI, MBOX, NAKA, MON, RONIN, VOXEL, BEAMX
## Infrastructure
LINK, BAND, API3, PYTH, TRB, GRT, FIL, AR, STORJ, SC, SSV, OBOL, ENS, ACH, MASK, QNT, THETA, LPT, BAT, GLM, FLUX, POWR, RLC, ARPA, RVN, TFUEL
## Privacy
XMR, ZEC, DASH, SCRT, ZEN, ROSE, DUSK, ZANO, FIRO, PIVX, ARRR
## Exchange Token
BNB, HYPE, KCS, CRO, OKB, GT, MX, LEO, FTT, HT, WET, WEX, BGB, HTX, WBT
## RWA
ONDO, CFG, MPL, CPOOL, POLYX, RIO, IP, OM, MANTRA, MET, PLUME, PROPC
## BTC Ecosystem
ORDI, SATS, DOG, 1000SATS, 10000SATS
## NFT/Social
APE, BLUR, LOOKS, RARE, LENS, ANIME, ID, HOOK, STEEM, HIVE, AUDIO, MOCA, EDU, RSS3
## Tokenized Stocks
XAU, XAG, XAUT, PAXG, SILVER, USOIL, UKOIL, XPT, XPD, XCU, XTI, XBR, XAL, XPB, NGAS, COPPER, TESLA, NVIDIA, COINBASE, ROBINHOOD, IAU, TLT, AGG, IEFA, SPX500, NAS100, US30, US2000, HK50, UK100, JPN225, AUS200, GER40, VIX, AAPL, ACN, AMZN, AVGO, BABA, COIN, CSCO, GOOGL, HOOD, IBM, INTC, JPM, LLY, MCD, MSFT, MSTR, NVDA, ORCL, PEP, PLTR, QQQ, SPY, TSLA, UNH
## Other
Everything else

If you disagree with any of the categorization of tokens, please reach out to us. Please note, these are subject to change at any time. If the token is NOT explicitly listed here, assume it is bucketed as an OTHER token.

Categories are assigned by token-utility. Sourced directly from exchange APIs, unless otherwise noted.

Centralized Exchange: Spot Volume by Category

Spot Activity

Futures Activity

Track daily spot trading volumes across leading centralized exchanges, broken down by asset, venue, and trading pair. Instantly surface liquidity trends and market share shifts to inform execution strategy and monitor capital flows.

CEXs

Financials

Applications

Overview

Onchain Activity

Staking

Blockchains

Bitcoin

Ethereum

Solana

Ripple

Crypto ETFs

Our Funding and M\&A dashboard puts every capital markets event at your fingertips in one searchable interface. Powered by [*RootData*](https://www.rootdata.com/) and enriched by Blockworks Research, the dashboard delivers real-time crypto fundraising data, M\&A deals, and debt financing activity for capital allocators to keep track of market deal flow. 

### Why Track Crypto Capital Activity?

Deal flow reveals where builders, strategic buyers, and lenders are actually deploying capital. Following venture capital or crypto M\&A deals helps founders and investors benchmark valuations and spot funding trends. This overview tab gives you a high-level view of all capital transactions across the industry. Click into the Fundraising, M\&A, or Debt Financing tabs for a more granular look into these subsectors. 


### Crypto Fundraising Data

This dataset is powered by [*RootData*](https://www.rootdata.com/) and enriched by Blockworks Research, enabling navigation of more than seven years of crypto fundraising data pre-seed SAFEs and token warrants to late-stage Series C rounds and public-market PIPEs. View venture capital deals by sector, investor, or funding stage to understand which narratives are attracting fresh capital today. We track deals across blockchain, DeFi, NFTs, gaming, infrastructure, and more.

### Key Insights

*   **Track Live Deal Flow**: Instantly see how much money is pouring into each sector and identify emerging narratives before they hit mainstream headlines.
*   **Filter by Stage, Investor, or Geography**: Slice the data by funding round (Seed, Series A, Series B…), top venture capital firms, strategic corporates, or regional hubs to uncover where smart money is moving.
*   **Gauge Momentum With Dynamic Charts**: Visualize week-over-week trends in average deal size, median valuation, and total capital deployed to spot cyclical peaks and troughs.

### Who gains an edge?

Whether you’re a venture capitalist vetting startups, a founder preparing your next round, or an institutional analyst tracking investment flows, this Crypto Fundraising Data dashboard delivers the timely insights you need to act with conviction.


 Fundraising

### Crypto M\&A Deals 

The Crypto M\&A Dashboard captures every disclosed merger, acquisition, asset purchase, and minority stake across the digital-asset economy—whether the buyer is a crypto-native exchange, a TradFi bank, or a cross-border fintech. Powered by [*RootData*](https://www.rootdata.com/) and enriched by Blockworks Research, the dataset spans 2017 to today, giving you an authoritative view of how consolidation is reshaping Web3.

### Key Insights at a Glance

*   **Monitor Deal Flow in Real Time**: Track headline-grabbing takeovers, distressed-asset auctions, and token-only buy-outs the moment they’re announced.
*   **Filter by Sector, Target, or Acquiror**: Drill into DeFi, NFT marketplaces, infrastructure, gaming, and CeFi, or isolate strategic purchases by leading exchanges or institutional asset managers.
*   **Analyze Valuation & Synergy Trends**: Compare deal size or pair the data with revenue multiples to determine token premiums over time to see how market cycles, regulatory shifts, and competitive pressures drive acquisition strategy.

### Who gains an edge?

*   Corporate development & strategy teams hunting for acquisition targets or pricing benchmarks.
*   Venture investors and sell-side analysts tracking exit multiples and sector roll-ups.
*   Founders and executives timing their next strategic sale or partnership.

### Debt Financing

Debt is no longer taboo in crypto. From convertible notes to asset-backed facilities, founders tap credit to extend runway without dilution. Debt financing, borrowing capital rather than raising equity, has become increasingly significant in the crypto industry. This trend is being driven by a combination of evolving market needs, new lending technologies, and the entry of both crypto-native and traditional financial institutions. Convertible debt has become especially popular as a financing tool in the crypto industry


### Crypto Debt Financing

Debt is no longer taboo in crypto. Founders now lean on convertible notes, token-backed loans, and asset-backed credit facilities to extend runway without giving up equity. Powered by [*RootData*](https://www.rootdata.com/) and enriched by Blockworks Research, this dashboard captures every disclosed crypto debt deal dating back to 2018.

### Key Insights

*   Real-time credit flow: Track fresh term sheets, closed facilities, and OTC note placements the moment they become public.
*   Convertible-debt intelligence: See which startups are raising on cap-table-friendly convertibles, what discount or valuation caps they command, and how token-conversion mechanics are structured.
*   Granular filters: Drill into deal size, interest rate, lender type (crypto-native vs. TradFi bank), collateral profile, or borrower sector—DeFi, infrastructure, gaming, staking, CeFi, and beyond.
*   Macro & liquidity overlays: Compare debt volumes against BTC/ETH price action, venture equity funding, and stablecoin market caps to understand when founders favor credit over dilution.
*   Risk-adjusted context: Analyze average coupon spreads, LTV ratios, and covenant trends to gauge where lenders perceive risk—and where founders gain leverage.

### Who Gains an Edge?

*   Founders & CFOs seeking non-dilutive runway extension strategies.
*   Credit funds, banks & lending desks pricing crypto collateral and spotting high-yield opportunities.
*   Equity investors & analysts assessing total capital structure and dilution risk before leading the next round.


Debt Financing

All-in-one capital activity dashboard tracking venture fundraising, M&A deals, and debt financing across the crypto industry. Analyze investor trends, strategic acquisitions, and non-dilutive funding with detailed data on deal size, participants, and valuation trends.

Fundraising and M&A

DePIN

Activity

DEXs

Tokens

Spot DEXs

DEX Aggregators

Infrastructure

Launchpads

Markets

Interest Rates

Lending Markets

Perps Platforms

Prediction Markets

Market Data

Crypto Holdings

Track trading volume, net asset value (NAV), financial metrics, and key risk measures for crypto treasury companies. 

Markets

Sectors

CEXs

Centralized Exchange: Spot Volume by Exchange

Centralized Exchange: Spot Volume by Token

Newsletter

Blockworks Research