BYDFi Rises as a Contender in the CEX Market with Superior Execution Quality

The crypto market has been experiencing intense competition among centralized exchanges (CEXs) since 2026. Retail traders have dwindled in numbers, and exchanges now compete harder to retain existing users and attract new ones.

BYDFi is an emerging CEX that has been making a name for itself in the industry. The exchange was launched in 2020 and rebranded to BYDFi in January 2023. It now serves over a million registered users across 190 countries, offering a wide range of products including algo trading and copy trading.

A recent study examined BYDFi's trading quality from a technical standpoint. The analysis measured liquidity depth on spot and futures markets, execution cost on BTC orders, and estimated order fill time. Each metric was benchmarked against a set of larger competitors to provide an accurate representation of BYDFi's standing.

The study found that BYDFi's futures market books ranked the deepest in the cohort on major contracts. Its BTC depth reached almost $600M, surpassing established venues like Binance and OKX. The exchange also carried deep liquidity on ETH, SOL, and XRP, placing it consistently in the upper tier of the group.

In terms of execution quality, BYDFi's measured impact stayed among the lowest when compared to its competitors. On spot markets, the exchange held the deepest book in the group on most assets, including BTC, ETH, SOL, and XRP. Its spot depth on the majors sat level with venues many times its size.