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Where stablecoins move between exchanges

In the 30 days 5 Oct to 3 Nov 2026, CryptoKeyhole's node counted $3.3B of stablecoins sent directly between the exchanges we label, in 1,178 transfers. The busiest route was Bitfinex to OKX: $2.7B, all in USDT.

Dollar stablecoins sent straight from one exchange to another on Ethereum, read from our own node, added up route by route and split by token.

Free view: 30 days, a week behind. Pro: refreshed every hour. Last update 11 November 2026, 07:53 UTC

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.

5 senders and 6 receivers. The largest route is Bitfinex to OKX, $2.7B of $3.3B.Sent byReceived byBitfinex to OKX: $2.7B in 679 transfersBitfinex to Binance: $4.9M in 12 transfersBinance to OKX: $30.4M in 258 transfersBinance to Bybit: $503M in 30 transfersBinance to Crypto.com: $10.0M in 2 transfersBinance to Bitfinex: $60 in 1 transferBybit to OKX: $3.0M in 79 transfersBybit to Binance: $64.6M in 95 transfersKuCoin to OKX: $704K in 18 transfersKuCoin to Binance: $1.3M in 1 transferOKX to Binance: $149 in 1 transferOKX to Crypto.com: $2.0M in 1 transferOKX to BitMEX: $10 in 1 transferBitfinex$2.7BBinance$543MBybit$67.5MKuCoin$2.0MOKX$2.0MOKX$2.7BBybit$503MBinance$70.8MCrypto.com$12.0MBitfinex$60BitMEX$10
Stablecoins sent directly between exchanges in the 30 days 5 Oct to 3 Nov 2026, read from our own node. The map is wider than the screen: swipe sideways.

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The busiest routes

  1. Bitfinex to OKX$2.7B679 transfers, 81.3% of the total · USDT 100%
  2. Binance to Bybit$503M30 transfers, 15.1% of the total · USDT 96%, USD1 4%
  3. Bybit to Binance$64.6M95 transfers, 1.9% of the total · USDC 94%, USDT 6%
  4. Binance to OKX$30.4M258 transfers, 0.9% of the total · USDT 99%, USD1 1%
  5. Binance to Crypto.com$10.0M2 transfers, 0.3% of the total · USDT 100%
  6. Bitfinex to Binance$4.9M12 transfers, 0.1% of the total · USDC 100%
  7. Bybit to OKX$3.0M79 transfers, 0.1% of the total · USDT 91%, USDC 9%
  8. OKX to Crypto.com$2.0M1 transfer, 0.1% of the total · USDT 100%
  9. KuCoin to Binance$1.3M1 transfer, under 0.1% of the total · USDC 100%
  10. KuCoin to OKX$704K18 transfers, under 0.1% of the total · USDC 100%
  11. OKX to Binance$1491 transfer, under 0.1% of the total · USDC 100%
  12. Binance to Bitfinex$601 transfer, under 0.1% of the total · USDT 100%

1 smaller route in the table below.

Which stablecoins move

  1. USDT$3.2B97.3% of the total
  2. USDC$69.5M2.1% of the total
  3. USD1$20.2M0.6% of the total
  4. USDe$158Kunder 0.1% 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.

  1. OKX+$2.7Breceived $2.7B, sent $2.0M
  2. Bybit+$435Mreceived $503M, sent $67.5M
  3. Crypto.com+$12.0Mreceived $12.0M, sent $0
  4. BitMEX+$10received $10, sent $0
  5. KuCoin−$2.0Mreceived $0, sent $2.0M
  6. Binance−$472Mreceived $70.8M, sent $543M
  7. Bitfinex−$2.7Breceived $60, sent $2.7B

Every route, sender by receiver

From / toOKXBybitBinanceCrypto.comBitfinexBitMEXSent
Bitfinex$2.7B$4.9M$2.7B
Binance$30.4M$503M$10.0M$60$543M
Bybit$3.0M$64.6M$67.5M
KuCoin$704K$1.3M$2.0M
OKX$149$2.0M$10$2.0M
Received$2.7B$503M$70.8M$12.0M$60$10$3.3B

Stablecoins 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=stablecoins). Compare plans.

How we count

Every transfer of the dollar stablecoins we follow on Ethereum (USDT, USDC, DAI, USDS, USDe, FDUSD, PYUSD and the others in our stablecoin data) is read from our own node. In each transaction, each exchange's balance change across all its published addresses is netted; what exchanges with a net gain received from exchanges with a net loss is split between them in proportion to what each lost and gained. Stablecoins count at face value, one dollar each. Only direct transfers count: coins that stop at an unlabelled address on the way are not followed. 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, so the totals understate all the stablecoins that move between exchanges.
  • Ethereum only: stablecoins sent between exchanges on other chains are not counted.
  • Routes are counted from 28 Dec 2017, 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=stablecoins. The free view is reusable under CC BY 4.0, crediting CryptoKeyhole with a link to this page.

Questions

Which exchange sends the most stablecoins to other exchanges?

In the 30 days 5 Oct to 3 Nov 2026, Bitfinex sent the most on a single route: $2.7B to OKX, in 679 transfers.

Which stablecoins are counted?

The dollar stablecoins in our stablecoin data on Ethereum, from USDT and USDC to DAI, USDS, USDe, FDUSD and PYUSD, each at one dollar. The split by token is on every route.

Why do exchanges send stablecoins to each other?

The chain shows the transfer, not the reason. Market makers and large clients move dollars between venues to trade where the price is, and exchanges rebalance between platforms they run. A sudden busy route is often money moving to where the trading is.

Why net each exchange's balance per transaction?

One transaction can move a token through several addresses of the same exchange. Netting each exchange's change first means a route counts what really left one exchange and arrived at another, not every internal hop.

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Figures are calculated by CryptoKeyhole from its own Ethereum node and the addresses exchanges publish as their own.