The routes on one map
The 30 days 5 Oct to 3 Nov 2026. This free view runs a week behind; the last 24 hours, 7 days and 30 days to the latest hour are part of Pro. Compare plans.
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The busiest routes
- Binance to OKX279,942 ETH787 transactions, 56.8% of the total
- OKX to Binance89,307 ETH105 transactions, 18.1% of the total
- Bybit to Binance51,794 ETH162 transactions, 10.5% of the total
- Bitfinex to Binance30,514 ETH44 transactions, 6.2% of the total
- KuCoin to Binance21,874 ETH123 transactions, 4.4% of the total
- Binance to Bybit6,000 ETH1 transaction, 1.2% of the total
- Binance to Crypto.com6,000 ETH2 transactions, 1.2% of the total
- Bitfinex to OKX4,154 ETH83 transactions, 0.8% of the total
- KuCoin to OKX1,557 ETH25 transactions, 0.3% of the total
- Bybit to OKX1,543 ETH84 transactions, 0.3% of the total
Who gains from the other exchanges
Received from the other exchanges we label, less what each sent them. A gain means the others were net senders to it in this window.
- OKX+197,889 ETHreceived 287,196 ETH, sent 89,307 ETH
- Crypto.com+6,000 ETHreceived 6,000 ETH, sent 0 ETH
- KuCoin−23,431 ETHreceived 0 ETH, sent 23,431 ETH
- Bitfinex−34,668 ETHreceived 0 ETH, sent 34,668 ETH
- Bybit−47,337 ETHreceived 6,000 ETH, sent 53,337 ETH
- Binance−98,453 ETHreceived 193,489 ETH, sent 291,942 ETH
Every route, sender by receiver
| From / to | OKX | Binance | Bybit | Crypto.com | Sent |
|---|---|---|---|---|---|
| Binance | 279,942 | 6,000 | 6,000 | 291,942 | |
| OKX | 89,307 | 89,307 | |||
| Bybit | 1,543 | 51,794 | 53,337 | ||
| Bitfinex | 4,154 | 30,514 | 34,668 | ||
| KuCoin | 1,557 | 21,874 | 23,431 | ||
| Received | 287,196 | 193,489 | 6,000 | 6,000 | 492,685 |
Ether sent from each exchange (rows) to each other (columns), 30 days 5 Oct to 3 Nov 2026.
Routes over time
Each route's daily history, from its first day, is part of Pro, with the live windows above and the routes in the API (/api/v1/exchanges?view=pairs&asset=eth). Compare plans.
How we count
Every Ethereum transaction is read from our own node. A transaction counts when its sender is an address one exchange publishes as its own, its recipient is an address another exchange publishes, it carries ether and it succeeded; the ether it carries flows from the first exchange to the second. Only direct transfers count: ether sent through a contract or an unlabelled address on the way is not followed, and a transfer between two addresses of the same exchange is that exchange's own. Hours are by block time, and the hour still open is left out.
- Only exchanges are labelled, from the addresses they publish themselves, and only totals are published: no address appears here.
- The exchanges we can label on Ethereum: Binance, BitMEX, Bitfinex, Bybit, Crypto.com, HTX, KuCoin, OKX. Exchanges that publish no Ethereum addresses are missing, and an exchange that publishes more of its addresses shows more of its routes, so the totals understate all the ether that moves between exchanges.
- Ether moved by a contract inside a transaction (a batch payout, a smart-contract wallet) is not counted: only the ether a transaction itself carries, from one exchange address to another.
- Routes are counted from 30 Jul 2015, every block of our own Ethereum node since, and refreshed every hour, once the hour's blocks are final.
The routes as data: /api/v1/exchanges?view=pairs&asset=eth. The free view is reusable under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
Which exchange sends the most ether to other exchanges?
What counts as an exchange-to-exchange transfer of ether?
A transaction sent from an address one exchange publishes as its own, straight to an address another exchange publishes, carrying ether, that succeeded. Moves between two addresses of the same exchange are that exchange's own business and are left out.
Why do exchanges send ether to each other?
The chain shows the transfer, not the reason. Exchanges settle with other venues, move coins for large clients and rebalance between platforms they run. A route that is busy every day is usually one of those.
Are tokens and stablecoins included?
No, this view is ether only. Dollar stablecoins moving between exchanges have their own view, linked above.
Open the ether between exchanges chartCompare plansAll free tools
Figures are calculated by CryptoKeyhole from its own Ethereum node and the addresses exchanges publish as their own.