BTC: Spot Large-Print Markout by Venue (5 Minutes)
Shown as its 3 Oct – 1 Nov 2026 sample; the latest readings and full history are included with Pro.
What the BTC spot price did in the five minutes after large taker prints on each venue, in basis points in the direction of the print and weighted by size.
Why use it. Flow that keeps moving the price in its direction after the trade is informed flow: venues where large takers tend to be right see a positive markout, where they tend to be late a negative one. Market makers watch this to see where they are being picked off. How to read it. Above zero, large prints on that venue were followed by a move in their favour (a buy followed by a rise, a sell by a fall) on average; below zero, by a move against them. Read a venue against the others and against its own history; one hour with few prints can swing widely.
Calculation. For every taker print of $100,000 or more: 1 or -1 by side x (the market type's composite close of the minute five minutes after the print / the print's price - 1) x 10,000, weighted by the print's US dollars. Each period adds up the prints of its hours; the summary value is all venues together. A composite close is the minute close across all venues of the market type, so a single venue's own price noise is not counted. Published for Bitcoin, Ethereum and Chainlink. Source: our own trade-by-trade capture of the public spot trade feeds of Binance, Bybit, Bitget, Gate, KuCoin, HTX, Crypto.com, OKX, Coinbase and Kraken, for BTC's spot markets against USD, USDT, USDC and FDUSD; every trade is bucketed by its US-dollar size as it arrives. A print is one taker order's execution at one moment as the venue publishes it: the fills one aggressive order makes against several resting orders at once are merged into one print, using the venue's own order, match or transaction identifiers where it publishes them (KuCoin, Coinbase, Bybit, OKX, Deribit, Crypto.com, HTX, Hyperliquid) and otherwise the same millisecond and side (the same microsecond on Kraken spot). A print is a fill, not a parent order: a large order split into smaller pieces over time, by an algorithm or by hand, lands in the buckets of its pieces, so the large buckets show what was executed in one go and the small buckets include pieces of larger orders. Who traded is not known: sizes say nothing about the identity of a trader. Stablecoin quotes (USDT, USDC, FDUSD) count at face value as USD. Trades missed during a reconnect are not estimated, and venues we do not collect are not included, so totals understate the whole market. History starts when this collection began on 20 October 2026; no earlier values are reconstructed. OKX, Coinbase and Kraken are included from 23 October 2026, when this collection added them; no earlier values are reconstructed for them.