# Why two exchange rankings disagree about the same venue

URL: https://www.caijing188.com/volume-rankings-disagree/
Published: 2026-10-26T03:09:39+08:00 | Updated: 2026-10-27T22:09:47+08:00
Verified: 2026-10-27

## Quick answer
Two rankings can disagree about one venue because pair universe, wash filters, quote currencies and sampling windows differ. Our board ranks 24 venues on sampled 24h volume as of October 2026, with the top row near a third of the sample. Read the methodology before quoting a rank.

## Summary
A volume ranking is a methodology, and the methodology is four choices: which pairs count, how quote currencies convert, how long the window runs, and what gets filtered as non-economic. Wash filters remove real market making along with round-tripping, and perp inclusion can move a venue by an order of magnitude. Our board ranks 24 venues on sampled 24h volume as of October 2026, with the top row near a third of the sample. Compare methodologies before comparing ranks.

## Key takeaways
- Volume is an estimate produced by a filter, and the filter is part of the estimate
- Perp inclusion is the largest single source of gap between otherwise similar rankings
- Stablecoin supply reached $292.40B in October 2026 per RWA.xyz, so USD conversion touches nearly every pair
- The board ranks 24 venues on sampled 24h volume as of October 2026, and the top row carries about a third

## FAQ
Q: Does a ranking disagreement mean one source is fake?
A: Not usually. Most disagreements trace to a documented choice: whether perpetuals are summed with spot, whether both sides of a trade are counted, which conversion rate is applied to non-USD quotes, and how long the sampling window runs. Two honest methodologies will disagree on rank without either being wrong.
Q: Why do wash filters make volume uncertain?
A: Round-tripping between accounts under common control looks similar to legitimate market making: repeated trades, similar sizes, short holding periods. A tight filter deletes real flow, a loose one counts fake flow, and every published figure sits somewhere between the two.
Q: What should I check first when two rankings differ by a lot?
A: Check the pair universe before anything else. Whether perpetuals are included, and whether both sides of each contract are counted, moves a figure by more than most other methodological choices combined.