#Liquidity

DefiLlama compares spreads, order-book depth and simulated slippage for AAPL, TSLA, GOOGL and SPY across several venues. Volume measures trades already completed, while depth shows how much resting liquidity is available at a particular moment. A volume ranking therefore need not reflect execution quality for large orders.

The analysis uses a single snapshot from September 29, 2026 at 04:47 UTC, outside US equity trading hours. Slippage is simulated, not observed execution. Perpetual contracts and spot products have different rights, costs and risks, so these results should not be treated as lasting venue rankings.

DefiLlama examines trade counts, cash spent and price ranges separately for Kalshi single markets and combination contracts. Changes in spending per trade differ between the products, while low-price trades have become more common. Notional volume alone therefore does not describe traders' positions.

The dataset covers complete months from October 2025 through September 2026. Notional volume counts each contract at one dollar, whereas cash uses the price paid on the traded side. These measures are not interchangeable. Whether the platform increasingly favors extreme outcomes is the author's interpretation of the findings.