Liquidity
Market depth · spreads · venue distribution
$132.0M
vs 5-day average
1.09 pips
Against the session average
0.13 pips
On a 1M clip
13:00–16:00
London / New York overlap
Intraday Liquidity Profile
Top-of-book depth by hour, indexed to the daily peak · UTC
Depth Ladder
EUR/USD · size in millions
Liquidity by Pair
Book depth, spread and expected slippage across 14 pairs
| Pair | Tier | Top of Book | Depth @ 1 pip | Avg Spread | Slippage | Liquidity Score |
|---|---|---|---|---|---|---|
| EUR/USD | Deep | $24.5M | $118.4M | 0.6 | 0.08 | 98 |
| USD/JPY | Deep | $21.2M | $102.6M | 0.8 | 0.09 | 95 |
| GBP/USD | Deep | $16.8M | $79.3M | 1.1 | 0.12 | 91 |
| USD/CHF | Deep | $12.4M | $58.1M | 1.2 | 0.14 | 86 |
| AUD/USD | Deep | $11.9M | $54.7M | 0.9 | 0.13 | 85 |
| USD/CAD | Deep | $10.6M | $48.9M | 1.4 | 0.16 | 82 |
| EUR/JPY | Moderate | $8.4M | $36.2M | 1.5 | 0.19 | 76 |
| EUR/GBP | Moderate | $7.8M | $33.6M | 1.0 | 0.18 | 74 |
| NZD/USD | Moderate | $6.2M | $27.4M | 1.6 | 0.21 | 71 |
| GBP/JPY | Moderate | $5.1M | $21.8M | 2.4 | 0.28 | 66 |
| USD/MXN | Thin | $2.4M | $9.6M | 3.4 | 0.62 | 44 |
| USD/SEK | Thin | $2.0M | $7.8M | 4.0 | 0.71 | 39 |
| USD/ZAR | Thin | $1.6M | $6.1M | 5.1 | 0.94 | 35 |
| USD/TRY | Thin | $1.1M | $4.2M | 6.2 | 1.24 | 28 |
Venue Share
Share of aggregate quoted volume
Liquidity Conditions
Windows worth sizing around
London / NY overlap · 13:00 – 16:00 UTC
Depth running 2.4× the Asia session average, spreads at daily lows.
12:30 – 13:00 UTC · Friday
Expect 60–80% top-of-book withdrawal across majors through the NFP print.
15:00 UTC · Month-end
London fix brings elevated volume with a wider, less stable top-of-book.
21:00 – 23:00 UTC · Daily
Rollover window — thinnest book of the day, slippage roughly triples.
Understanding Forex Liquidity
Liquidity is the market's capacity to absorb an order without moving the price against you. It comes from the banks, non-bank market makers and ECNs quoting two-sided prices: the more size resting near the top of the book and the tighter the spread, the more liquid the pair. It is never constant — liquidity follows the clock, thins ahead of scheduled data, and differs by an order of magnitude between EUR/USD and an exotic cross.
Reading the intraday profile. Each bar is that hour's top-of-book depth expressed as a percentage of the day's deepest hour, so 100% marks the daily peak rather than an absolute dollar figure. Bars are coloured by the session that dominates the hour, which is why the London/New York overlap stands out. Other providers index against a rolling 24-hour average instead, where readings above 100% mean better-than-usual conditions.
Top of Book
The size quoted at the best bid and best offer. This is what your order consumes first, and it is the only depth you are ever guaranteed to see.
Depth @ 1 pip
Cumulative size resting within one pip of mid. It tells you how large you can go before the price starts walking away from you.
Avg Spread
The gap between best bid and best offer, in pips. Your round-trip cost of immediacy — it widens as depth thins.
Slippage
The gap between the price you expected and the price you were filled at. It grows as your order size approaches the available depth.
Frequently asked
Liquidity is the market's capacity to absorb an order without moving the price against you. A liquid pair has size resting close to the mid on both sides, so you can get in and out quickly at a price near the one you saw. FX is the deepest market in the world — the BIS Triennial Survey put global turnover at $9.6 trillion a day in April 2025, of which roughly $3 trillion was spot — but that depth is concentrated in a handful of pairs and a few hours of the day.