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 <li>Kraken ranks first among MiCA-regulated exchanges with over $399 million in spot liquidity and $206 million in perpetual liquidity.</li>
 <li>DefiLlama data shows Kraken leads market coverage with 1,704 listed markets, ahead of Coinbase and Crypto.com.</li>
 <li>The MiCA framework is reshaping competition as licensed exchanges compete on liquidity, compliance, and trading products.</li>
</ul>
<p>Kraken has <a href="https://defillama.com/mica" rel="noopener noreferrer nofollow">emerged</a> as the leading MiCA-regulated cryptocurrency exchange by spot liquidity, perpetual liquidity, and market coverage, according to DefiLlama's MiCA dashboard. The data, released after the European Union's Markets in Crypto-Assets framework took effect on July 1, shows Kraken ahead of Coinbase and other licensed trading platforms across key trading metrics.</p>
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<h2 class="wp-block-heading" id="strong-kraken-leads-across-trading-metrics-strong"><strong>Kraken Leads Across Trading Metrics</strong></h2>
<p>According to DefiLlama, Kraken holds $399.71 million in spot liquidity, the highest among MiCA-regulated exchanges. The exchange also leads perpetual liquidity with $206.90 million. Coinbase follows with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity.</p>
<p>The gap between the two exchanges reaches nearly $95 million in spot liquidity. Meanwhile, DefiLlama's live dashboard later showed <a href="https://cryptofrontnews.com/kraken-parent-payward-grows-revenue-amid-market-dip/" rel="noopener noreferrer nofollow">Kraken</a> remaining above $400 million in spot liquidity. The platform also leads market coverage with 1,704 listed markets. Coinbase ranks second with 1,074 markets, while Crypto.com follows with 883.</p>
<h2 class="wp-block-heading" id="strong-other-exchanges-show-lower-liquidity-strong"><strong>Other Exchanges Show Lower Liquidity</strong></h2>
<p>Beyond the two largest exchanges, liquidity falls sharply across other regulated platforms. According to DefiLlama, Crypto.com reports $130.84 million in spot liquidity. Bitstamp follows with $54.62 million, while <a href="https://cryptofrontnews.com/bybit-opens-spacex-ipo-access-through-tokenized-shares/" rel="noopener noreferrer nofollow">Bybit</a> records $50.19 million.</p>
<p>OKX, Gate, and Backpack report $11.92 million, $6.94 million, and $5.43 million in spot liquidity, respectively. For perpetual liquidity, Backpack holds $41.19 million, while OKX reports $20.54 million. Gate, Bitstamp, and Bybit were not listed among the leading perpetual liquidity providers.</p>
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<h2 class="wp-block-heading" id="strong-mica-creates-new-competitive-landscape-strong"><strong>MiCA Creates New Competitive Landscape</strong></h2>
<p>According to DefiLlama, the dashboard allows users to compare liquidity, compliance status, fees, and market coverage across licensed exchanges.</p>
<p>Earlier reports noted that Kraken secured its <a href="https://cryptofrontnews.com/ripple-wins-full-eu-mica-license-across-30-nations/" rel="noopener noreferrer nofollow">MiCA</a> license from the Central Bank of Ireland in June 2025. The authorization allows the exchange to provide regulated services across the European Economic Area.</p>
<p>Coinbase also established its MiCA operations through Luxembourg before the framework took effect. According to earlier reports, OKX expanded regulated services across 28 European Economic Area markets after receiving approval in Malta.</p>
<p>The latest DefiLlama figures show liquidity, trading products, and market coverage now distinguish licensed exchanges operating under the European Union's unified crypto regulatory framework.</p>
<p>The post <a href="https://cryptofrontnews.com/kraken-tops-mica-exchanges-in-liquidity-and-markets-defillama-data-shows/" rel="noopener noreferrer nofollow">Kraken Tops MiCA Exchanges in Liquidity and Markets, DefiLlama Data Shows</a> appears on <a href="https://cryptofrontnews.com" rel="noopener noreferrer nofollow">Crypto Front News</a>. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.</p>

Kraken Tops MiCA Exchanges in Liquidity and Markets, DefiLlama Data Shows

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