Exchange Race

Compare volume and price action across multiple exchanges in real time to see which venue is leading the move.

What is Exchange Race?

Exchange Race displays volume and price action from multiple cryptocurrency exchanges side by side in real time, letting you see which exchange is leading price moves and where the most activity is concentrated. When exchanges move at different speeds or show different levels of conviction, it reveals important information about the nature of the move.

In crypto markets, price discovery does not always happen on the same exchange. Sometimes Binance leads, sometimes Bybit or Hyperliquid takes the lead. By watching all venues simultaneously, you can identify where the initiative is coming from. An exchange that consistently leads price moves is seeing the most informed flow, while exchanges that lag are following rather than driving.

The tool also highlights discrepancies between exchanges. When the same asset trades at slightly different prices or with significantly different volume across venues, it suggests potential inefficiencies. These discrepancies, while often short-lived, provide insight into where the strongest buying or selling pressure is concentrated.

Key Concepts

• Price Leadership: The exchange where price moves first before other exchanges follow — indicates where the most informed traders are active
• Volume Divergence: When trading volume on one exchange spikes significantly higher than on others, suggesting concentrated activity on that venue
• Cross-Exchange Spread: The price difference between the same asset on different exchanges — wider spreads indicate faster-moving markets or concentrated flow
• Exchange-Specific Momentum: When one exchange shows significantly stronger directional movement than others for the same asset

How to Use Exchange Race

1. Open Exchange Race from the sidebar under Trading Tools
2. Select the symbol you want to monitor across exchanges
3. The display shows real-time price and volume data from each exchange side by side
4. Watch for which exchange moves first on price changes — this is the leader
5. Compare volume bars across exchanges to see where the most activity is concentrated

What to Look For

• Bullish signals: One exchange showing significantly higher buy volume than others, combined with price leading upward on that exchange. When the leading exchange has a premium (trades slightly higher) over others, buying pressure is strong.
• Bearish signals: Heavy sell volume concentrated on one exchange pushing its price below others. If the largest exchange by volume starts leading price lower while smaller exchanges have not yet reacted, the move has conviction.
• Key patterns: Exchange leadership shifts can signal trend changes — if Bybit leads a rally but Binance starts leading the reversal, it suggests a new group of participants is taking control. Sudden volume spikes on one exchange without corresponding moves on others often indicate exchange-specific events.
• Combine with: Orderflow Screener for detailed flow analysis on the leading exchange, CVD Chart to compare volume delta across venues, Flow Chart for trade-by-trade analysis on the exchange showing the most activity

Supported Exchanges

Tips

• The exchange leading price discovery often has the most informed participants — pay extra attention to orderflow data from that venue
• Short-lived price discrepancies between exchanges usually resolve within seconds, so they are more useful as directional signals than as trading opportunities themselves
• Volume distribution across exchanges can shift throughout the day based on regional trading sessions — Asian hours may favor different exchanges than European or US hours