Click any node to trace its pathsharpmidwide/noisy
all lines solid · fainter = routing / partner-declared, not independently on-chain-proven (see evidence table)click a node for detail
Community LPs — top 10 SPCXb providers
gross SPCXb added across V3 pools (~14d, ×$180) · all Arkham-unlabeled
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LP address
Pool (pair)
Size added
Active window
Adds
Profile
Size = gross adds (flow, not standing TVL) · V3 Mint senders, no MM among them.
Click any node to trace its pathRFQ / sharpmidAMM LPs
all lines solid · fainter = operator attribution / routing, not on-chain flow (dex.trades)$ on each node = 7d routed volume · click a node to trace its path
Executed on-chain bStock secondary volume each week, split by trade size — small (under $1k), medium ($1k–$10k), large ($10k+). Every dollar is a real trade that settled on-chain (Dune), not a quote. This is the week-over-week history behind the trailing-7d grid below; volume & trade counts reach back further than the spread (they don't need the Binance oracle).
Weekly order-volume distribution
small / medium / large · stacked by ISO week
Web3 Wallet demand — order sizes
What order sizes actually flow through Binance Web3 Wallet, our biggest distribution channel — the demand side to pair against Venue quality by order size below (which shows how well venues serve each size). We can't tag Web3-Wallet trades directly, so we proxy them by the Binance DEX Router (0xb300000b…, BscScan-labelled "Binance: DEX Router" — the on-chain swap router behind Web3 Wallet + Binance Alpha), which carries ~90% of all bStock secondary volume (it routes down into PancakeSwap etc under the hood). Every bar is real on-chain trades (Dune), not quotes. Proxy caveat: this is a superset of wallets on that router and a subset of Web3 Wallet's full routing, but it captures the dominant Alpha-farming flow.
Order-size distribution — Web3 Wallet vs whole market
share of Web3 Wallet flow by trade size · vs all bStock secondary
Who provides the price
Share of trading = each venue's cut of all bStock secondary volume on BSC (every asset, incl. QQQ). Usual spread per venue is now shown by order size in Venue quality by order size below.
Share of trading — 7d
each venue's % of all bStock secondary volume (every asset)
Venue quality by order size
Real trades that actually happened on-chain over the last 7 days, grouped by trade size. Trades = the venue's full count of real trades (every secondary trade, including QQQ farming).
How we match the Binance price: for every on-chain trade, we are getting the Binance price at the exact second so the spread is correct. The spread is how far the trade's price sat from that Binance fair price — greener = tighter.
We can only do this for trades where we have a Binance price saved for that exact second, so the spread is measured on those matched trades. That means a venue can show a big trade count with a spread measured on fewer trades (hover any cell to see both numbers). Pick an asset below — the top 10 bStocks ranked by official 7-day volume (BNB Chain dashboard) — or see all combined.
Why do we trust that the Binance price we compare against is correct?
1. It's real Binance data, not an estimate. We read the price straight from Binance's own live order book (the data-stream.binance.vision feed) — the exact same order book that powers the binance.com website, not a third-party proxy. We verified this directly: the price our system saved matched Binance's own official API to the cent (checked 2026-07-16 — e.g. NVDAB was 211.81 / 211.96 and QQQB was 717.35 / 718.31, identical on binance.com and in our data).
2. We compare at the exact moment of each trade. We save the Binance price every second, and for every on-chain trade we use the Binance price from the exact second that trade happened — never an average or an old price. A trade is only scored when we observed a real Binance price at its own second.
3. Only prices we actually saw count. If we didn't observe a real Binance price at a trade's exact second, that trade is left out of the spread rather than guessed — so every spread number shown is backed by a real Binance price at the right moment. The current day is kept fresh by uploading the saved Binance prices to Dune every hour (not once a day), so recent trades match right away instead of waiting. Anyone can re-run the full check on the Dune query linked below.
Venue quality by order size — week by week
The grid above is the trailing 7 days. This is the full week-by-week history of the same thing — how tight execution was, by trade size, for every week since the flagship bStocks (NVDA, CRCL, SPCX, TSLA, MU, SNDK, QQQ) listed on Binance in mid-June. Greener = tighter to the Binance price. You can watch the market mature: spreads ran tens of bps in the first thin weeks and compressed to a few bps once real market-makers arrived. Pick a venue below, or see all combined.
Which Binance price each week is measured against — and why it changes mid-July
Every week in this grid is labelled with the Binance price it was scored against, and there are two eras. The rule for matching is the same in both: each on-chain trade is compared to the Binance price at that trade's own second — at or before the block second, never after, never more than 1 second stale, with a 10% sanity band. Only the price series differs.
Weeks from 2026-07-20 — Binance mid. These use the exact bid/ask midpoint we record ourselves every second, which is the identical series the live 7-day grid above uses. Because a resting order book has a price in every second, nearly every executed trade gets scored: 97–98% coverage (the current in-progress week sits lower until its last day is published).
Weeks before 2026-07-20 — Binance last-trade. Our recording only starts 2026-07-08, and Binance publishes no historical archive of its bid/ask — we checked, that data does not exist for past dates, not even for BTC. What Binance does keep is every actual trade print, back to each stock's listing, so that is all the earlier weeks can use. The catch is that a thin mirror only prints in roughly 10–24% of seconds, so most trades never find a price and go unscored.
Why we switched (2026-08-04). The sparse last-trade reference left about 85% of trades unscored, and the trades that survived were not a random sample: 62% of on-chain bStock volume happens 00:00–08:00 UTC, exactly when the Binance mirror prints least, so the sample over-weighted US hours by ~1.4× — and execution measures about 2× wider in the busy seconds when Binance is actively printing. The published number was therefore biased wide. On the trades where both references exist, their medians agree within about 0.5 bps, so this fixes the sample, not the price we compare to. Concretely: the week of 07-20 went from 8.9% to 97.7% of trades scored and from 3.46 to 2.69 bps; the week of 07-27 from 20.6% to 98.3% and from 4.59 to 3.10 bps.
Do not compare across the divider. The horizontal line in the grid marks where the reference changes. Earlier weeks keep the thin last-trade basis and read wider for that reason, not because execution was worse. A week or size bucket with fewer than 5 matched trades shows — rather than a number, and anything under 20 is faded to signal a thin sample. Every number is a real executed on-chain trade (Dune) matched to a real Binance price — nothing is estimated. Full query linked below.
Blue-chip cross-chain quality by order size
The same measurement as the bStocks grids above, applied to the crypto majors — and the question here is which chain executes closest to Binance. Pick an asset, and the grid compares BTC on BSC vs Ethereum vs Base vs Solana (same for ETH); click a chain to break it down by the venues inside it. BNB and SOL have no liquid cross-chain wrapper, so they go straight to a venue comparison on their home chain.
Every trade is matched to the Binance price at the exact second it executed. Greener = tighter. Trades = the full count in that cell; the spread is measured on the subset that matched a Binance price at its own second (hover any cell for both).
Why USDC-quoted chains aren't credited with free "price improvement"
Binance prices the majors against USDT, but most pools outside BSC price them against USDC — and USDC is not worth exactly one USDT. On 2026-08-03 it traded at 1.00110, i.e. 11 bps rich. Scored naively, every Base trade looked like it beat Binance by ~11 bps, which would have made the whole cross-chain ranking wrong: it was stablecoin basis, not execution quality. So we also record Binance's USDCUSDT price every second and convert the fair price into whatever currency the trade was actually quoted in. A USDC-quoted trade is compared to a USDC fair price, a USDT-quoted trade to a USDT one.
Only trades quoted in USDT or USDC are included, so the price is the real on-chain stable leg rather than a derived USD estimate — and a SOL-for-memecoin swap is never mistaken for a SOL price.
Blue-chip cross-chain quality — week by week
The grid above is the trailing 7 days. This is the last 8 weeks of the same measurement for whichever asset, chain and venue you have selected above — so you can see whether a chain's execution is improving or drifting. Greener = tighter. The first and current weeks are partial (marked *), and the current week fills in a day behind, since the reference prices are backfilled once a day.
Why is the history measured against Binance last-trade, not the mid?
Same reason as the bStocks history above: Binance publishes no historical archive of its bid/ask, so the mid cannot be reconstructed for past dates — and we only began recording the majors' mid on 2026-08-03. What Binance does keep is every trade print. So for the history each on-chain trade is compared to the Binance last-traded price at that same exact second. Last-trade sits about half the bid/ask spread from the mid and is unbiased across many trades, so the weekly medians are honest and slightly conservative. The quote-currency correction described above is applied here too.