Scope
The terminal compares public spot order books for BRL-quoted pairs across eight exchanges: Mercado Bitcoin, Foxbit, Bitso, Binance, Bybit, OKX, Bitget and BrasilBitcoin. Pairs monitored: BTC/BRL, ETH/BRL, USDT/BRL, USDC/BRL.
What we measure
- Spread in BRL and basis points (bps) —
(ask − bid) / mid × 10 000. - Depth within ±10/25/50/100/200 bps from mid, expressed in BRL notional.
- Execution VWAP for standard ticket sizes (R$ 10k → R$ 1M), walking the book level by level.
- Slippage vs mid-price in bps:
(VWAP − mid)/mid × 10 000for buys (sign flipped for sells). - Liquidity score (0–100) = 30% spread + 30% depth ±50 bps + 30% 100k slippage + 10% freshness.
Data sources
Each exchange has a dedicated adapter that calls the venue's public REST orderbook endpoint and normalizes the response into a common format
{ bids, asks, status, timestamp } . Adapters run server-side (no CORS issues, no browser geolocation effects).What we deliberately exclude
- OTC desks, RFQ flows, P2P books, convert/aggregator products and internal retail pricing.
- Last-trade / 24h volume — these say nothing about executable liquidity right now.
- Off-book private liquidity that cannot be verified from public APIs.
Transparency rules
- If a pair is not listed on a venue, it shows
MISSING. - If an API call fails, it shows
API ERRORwith the raw error message. - If the latest snapshot is older than the configured threshold, it shows
STALE. - Results are only as fresh as the last successful refresh. The "Last update" indicator reflects this.
Disclaimer
This is a market-intelligence and research tool. It is not financial advice. Live trading conditions can differ from any snapshot due to latency, fees, withdrawal/deposit constraints and order routing behavior.