{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,10]],"date-time":"2026-01-10T02:04:48Z","timestamp":1768010688356,"version":"3.49.0"},"reference-count":71,"publisher":"MDPI AG","issue":"3","license":[{"start":{"date-parts":[[2025,2,27]],"date-time":"2025-02-27T00:00:00Z","timestamp":1740614400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>We analyze intraday liquidity for a range of cryptocurrencies across different exchanges. Among the liquidity measures used, order book variation is most interesting for crypto traders, as it directly impacts their profit\/loss. We find evidence that order book variation can be explained by liquidity measures indicating that trades are timed. We report various liquidity patterns that allow traders to increase their profits by minimizing liquidity-dependent trading costs. We further find indications that crypto exchanges can control liquidity by the number of offered currency pairs.<\/jats:p>","DOI":"10.3390\/jrfm18030124","type":"journal-article","created":{"date-parts":[[2025,2,27]],"date-time":"2025-02-27T08:04:44Z","timestamp":1740643484000},"page":"124","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Order Book Liquidity on Crypto Exchanges"],"prefix":"10.3390","volume":"18","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3727-9215","authenticated-orcid":false,"given":"Martin","family":"Angerer","sequence":"first","affiliation":[{"name":"Department Finance & Economics, University of Liechtenstein, F\u00fcrst-Franz-Josef-Strasse, 9490 Vaduz, Liechtenstein"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8689-5754","authenticated-orcid":false,"given":"Marius","family":"Gramlich","sequence":"additional","affiliation":[{"name":"Department Finance & Economics, University of Liechtenstein, F\u00fcrst-Franz-Josef-Strasse, 9490 Vaduz, Liechtenstein"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1089-9729","authenticated-orcid":false,"given":"Michael","family":"Hanke","sequence":"additional","affiliation":[{"name":"Department Finance & Economics, University of Liechtenstein, F\u00fcrst-Franz-Josef-Strasse, 9490 Vaduz, Liechtenstein"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2025,2,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"488","DOI":"10.2307\/1879431","article-title":"The market for \u201clemons\u201d: Quality uncertainty and the market mechanism","volume":"84","author":"Akerlof","year":"1970","journal-title":"The Quarterly Journal of Economics"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"101168","DOI":"10.1016\/j.najef.2020.101168","article-title":"Why cryptocurrency markets are inefficient: The impact of liquidity and volatility","volume":"52","author":"Mensi","year":"2020","journal-title":"The North American Journal of Economics and Finance"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"16","DOI":"10.1016\/j.jbankfin.2018.06.009","article-title":"Distilling liquidity costs from limit order books","volume":"94","author":"Amaya","year":"2018","journal-title":"Journal of Banking & Finance"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"223","DOI":"10.1016\/0304-405X(86)90065-6","article-title":"Asset pricing and the bid-ask spread","volume":"17","author":"Amihud","year":"1986","journal-title":"Journal of Financial Economics"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1016\/j.finmar.2005.03.001","article-title":"Empirical evidence on the evolution of liquidity: Choice of market versus limit orders by informed and uninformed traders","volume":"8","author":"Anand","year":"2005","journal-title":"Journal of Financial Markets"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"327","DOI":"10.1016\/j.jfineco.2016.03.006","article-title":"Market conditions, fragility, and the economics of market making","volume":"121","author":"Anand","year":"2016","journal-title":"Journal of Financial Economics"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"1589","DOI":"10.1111\/j.1540-6261.2007.01252.x","article-title":"Working orders in limit order markets and floor exchanges","volume":"62","author":"Back","year":"2007","journal-title":"The Journal of Finance"},{"key":"ref_8","doi-asserted-by":"crossref","unstructured":"Barbon, A., and Ranaldo, A. 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