Reserve-Volume Gap Widens at MEXC and Gate: Ratios Reach Up to 3.73x

According to Wu Blockchain’s analysis of eight major centralized cryptocurrency exchanges for the second quarter of 2026, MEXC and Gate stood out in terms of Vol/PoR (trading volume to reserves) and OI/PoR (open interest to reserves) metrics; ratios reached 3.73x and 3.06x at MEXC, and 3.25x and 2.33x at Gate.

The analysis shared by Wu Blockchain used Hyperliquid as a benchmark to compare the extent to which market activity reported by exchanges aligns with their held reserves. Data showed that while reserves decreased throughout the quarter, trading volume and open interest on some platforms did not decline at the same rate. However, this divergence is not considered evidence of manipulation or wash trading on its own.

According to the report, MEXC’s Vol/PoR ratio in derivatives markets rose to 3.73x, the highest among the examined exchanges. Gate’s total Vol/PoR ratio across all markets was recorded at 3.25x. On the open interest side, MEXC stood out with 3.06x and Gate with 2.33x. These ratios revealed that reported activity at the respective exchanges reached a higher scale compared to their reserves.

Reserve-volume gap widens at MEXC and Gate

The picture differed at other exchanges. The main reason for the high Vol/PoR ratio at Bybit was a decline in reserves rather than an increase in trading activity. Trading volume at KuCoin, which had previously been high, normalized after the reduction of incentive programs. Binance and OKX remained within normal ranges for these ratios.

The analysis also noted that the ratio of open interest to trading volume was unusually high for KuCoin and HTX. The overall picture showed that the decline in reserves was not proportionally reflected in the reported volume and open interest data on some exchanges.