CoinMarketCap ranks exchanges via the Liquidity Scores attributed to the trading pairs of the exchange.
The scores shown reflect the average of the Top 25 Trading Pairs listed on the exchange.
These Trading Pairs do not include stablecoin/stablecoin pairs.
An average of the Top 25 Trading Pairs is used as simply summing up the Liquidity Scores of all exchanges would unfairly favour exchanges that have a lot of trading pairs. We wanted to prioritize exchanges that have good liquidity amongst the top trading pairs as those exchanges would serve the needs of our users best.