Kraken is now the top MiCA-regulated crypto exchange by spot liquidity, perpetual liquidity, and listed market count, according to DefiLlama’s MiCA dashboard. The figures came after the European Union’s Markets in Crypto-Assets framework took effect on July 1, placing Kraken ahead of Coinbase and other licensed venues across several trading metrics.
Kraken leads in both spot and perpetual liquidity
DefiLlama shows Kraken holding $399.71 million in spot liquidity, the highest among exchanges operating under MiCA. Its perpetual liquidity stands at $206.90 million, also the top reading on the dashboard. Coinbase follows with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity.
The difference between the two exchanges in spot liquidity is nearly $95 million. A later live reading on the same dashboard kept Kraken above $400 million in spot liquidity, indicating that its lead remained intact after the initial release of the data.
1,704 listed markets place Kraken ahead of rivals
Kraken also ranks first in market coverage with 1,704 listed markets. Coinbase is second with 1,074 markets, while Crypto.com follows with 883. That market count gives Kraken another edge in the competition among licensed exchanges in Europe.
The dashboard points to a market where depth and product breadth now matter side by side. While the report does not break down the exact structure of those listings, the figures show that exchange competition under MiCA is being measured through tradable products as much as through liquidity.
Liquidity drops sharply beyond the top group
Outside Kraken and Coinbase, spot liquidity falls off quickly. Crypto.com reports $130.84 million in spot liquidity, followed by Bitstamp at $54.62 million and Bybit at $50.19 million.
OKX, Gate, and Backpack record $11.92 million, $6.94 million, and $5.43 million in spot liquidity, respectively. In perpetual liquidity, Backpack posts $41.19 million and OKX reports $20.54 million. Gate, Bitstamp, and Bybit were not listed among the leading providers in that category.
MiCA is sharpening the comparison among licensed exchanges
According to DefiLlama, the dashboard lets users compare liquidity, compliance status, fees, and market coverage across licensed exchanges. The latest figures show how exchanges under the EU’s unified crypto rulebook are being separated by measurable trading conditions and product availability.
Earlier reports said Kraken received its MiCA license from the Central Bank of Ireland in June 2025, allowing it to offer regulated services across the European Economic Area. Coinbase set up its MiCA operations through Luxembourg before the rules took effect, while OKX expanded regulated services across 28 European Economic Area markets after approval in Malta.