Crypto liquidity is scattered across exchanges and pairs, creating a structural “liquidity tax” of slippage, spread drag, and inconsistent execution that hits traders, tokens, and venues.

Crypto trading activity is spread across hundreds of exchanges, liquidity venues, market makers, and trading platforms. On the surface, that level of competition looks healthy. In practice, it has created one of the biggest structural problems in digital asset markets: fragmented liquidity.

Instead of liquidity being concentrated in a handful of deep and efficient markets, it is dispersed across disconnected exchanges with different order books, inconsistent spreads, uneven depth profiles, and varying execution quality. The result is a market in…