Based on 24h trading volume:

• #1 Recommended: $4.3B — good but lower than Binance
• Bybit: $4.9B — good but lower than Binance
• OKX: $5.2B — good but lower than Binance
• Binance: $12.8B — best liquidity by far

What this means for you:

• Higher liquidity = lower slippage (price doesn't move as much when you buy/sell)
• Binance has the deepest order books — best for large trades
• For small trades ($1k-$10k), any of these are fine

If you're trading big size, stick with Binance or OKX. If you're a small trader, it doesn't matter much.