Kaiko Research's report shows that liquidity on South Korea’s crypto exchanges is more complex than raw volume suggests. The firm measures liquidity by how well an exchange lets traders execute sizable orders quickly and near prevailing prices without moving the market, and it applies multiple metrics rather than relying on a single headline. In practice this framework highlights material differences between platforms: throughout 2025 Upbit accounted for roughly 70% of total trading volume and displayed significantly deeper order books and lower execution friction than rivals such as Bithumb, Coinone, and Korbit.
Upbit's Dominance in South Korea's Crypto Market
Upbit’s concentration of trading activity shows up across major KRW pairs and trade counts, making it the primary liquidity hub in the market. Deeper displayed depth and lower measured slippage on Upbit imply better execution quality for larger orders compared with the other domestic exchanges mentioned in Kaiko’s analysis. For readers wanting background on capital movements that affect domestic liquidity, see the related discussion of capital outflows from South Korea.
Understanding Crypto Liquidity: Kaiko Research's Framework
Kaiko defines liquidity not as raw trading activity but as the ability to execute sizable orders quickly and close to prevailing prices without distorting the market, a view that requires multiple metrics to capture execution quality. The report combines several indicators to form an execution-centric picture rather than relying on volume alone, because turnover can increase precisely when execution conditions worsen.
- Trading volume — useful but incomplete when taken alone.
- Bid-ask spreads — show the implicit cost of immediacy.
- Market depth — measures volume near midprice and price resilience.
- Slippage — the realized difference between expected and executed prices.
Impact of Tick Sizes on Liquidity
Major KRW exchanges such as Upbit and Bithumb have historically used larger tick sizes, which prioritize price stability and readability over ultra-fine granularity. Larger ticks tend to mechanically widen minimum spreads, but they also concentrate liquidity at fewer price levels and can support more visible depth for retail-oriented flows. This trade-off means that execution costs and visible order book shape both depend on exchange design choices, not just headline volume figures.
The Kimchi Premium and Its Effects
The report highlights the recurring "Kimchi premium," where localized demand temporarily pushes Korean crypto prices above global benchmarks and draws arbitrage flows that eventually realign prices. These episodes illustrate how regulatory constraints and capital controls can fragment liquidity across jurisdictions, affecting how quickly and cheaply orders can be executed in KRW markets. For context on local listing dynamics related to Upbit, see Upbit 2025 listings.
Macroeconomic Shocks and Liquidity
Kaiko’s analysis shows that headline risk can materially degrade execution quality: South Korea’s brief December 2024 martial law declaration produced explosive volume alongside thinner depth and wider spreads. In other words, high turnover during stress events often coincides with worse real execution outcomes, underscoring why volume spikes should not be interpreted as improved liquidity without examining depth and slippage.
Почему это важно
Если вы майните в России и торгуете на международных или корейских площадках, важнее смотреть на глубину рынка и проскальзывание, а не только на объём. Upbit’s dominance means that price discovery and execution quality for KRW pairs concentrate on a single venue, which can affect arbitrage windows and the speed at which local prices realign with global markets. При этом события с заголовками, как в декабре 2024 года, могут резко ухудшать исполнение, даже если торговая активность растёт.
Что делать?
Практичные шаги майнера с 1–1000 устройств: перед крупными продажами тестируйте малые ордера, проверяйте спред и видимую глубину в момент сделки, и по возможности дробите исполнение на части. Избегайте рыночных ордеров в тонкие моменты, следите за новостями, которые могут вызвать «headline risk», и оценивайте реальные издержки через простые проверки проскальзывания на выбранной бирже.
