Binance and Hyperliquid Show Significant Depth Divergence in Bitcoin Perpetual Contracts

The Bitcoin price has been experiencing significant fluctuations in recent times, and one indicator that's gained attention is the near-end depth divergence on exchanges like Binance. According to data from Liquid24/7.xyz, a platform that monitors market information, the current price of BTC is approximately $85,140.

Looking at the perpetual contracts on Binance, the sell side has a significantly larger depth than the buy side, with a net excess of around 1.2 million USD. In contrast, Hyperliquid's perpetual contract buy side has an extremely thin depth, with only about 5.7 million USD in buying power.

This disparity in depth could lead to a larger slippage for large orders on the Hyperliquid platform. Binance's perpetual contracts also show a net excess of sell orders over buy orders, with a significantly larger depth on the sell side.