Analysis Measures Bitcoin Slippage Disparities Across Major Euro Order Books
An empirical study across five crypto exchanges highlights how order book depth creates substantial cost variations for market orders.
A market analysis conducted by cryptoticker.io on September 14, 2026, measured execution slippage on Bitcoin-to-euro trading pairs across Kraken, Coinbase Exchange, Bitstamp, Bitvavo, and Bitfinex. The study simulated market purchases of 1,000, 5,000, 25,000, and 100,000 euros across three specific time windows between 15:51 and 15:53 UTC.
The findings revealed significant execution cost discrepancies driven by varying order book depths. For a 100,000 euro market order, execution price markups over the mid-price ranged from 10.50 euros on the deepest exchange book to 329.86 euros on the thinnest, representing a more than 31-fold difference for identical execution timing.
The piece notes that unlike visible trading fees, slippage costs are embedded directly into trade execution prices as orders absorb successive price tiers on the ask side of the book.
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