Kraken Leads MiCA Exchanges With $400M in Spot Liquidity

Kraken holds roughly $400 million in spot liquidity across MiCA-licensed exchanges, according to DefiLlama's new compliance dashboard. That puts the exchange ahead of every other compliant competitor in Europe.

The dashboard went live on July 1, 2026, the same date the EU's Markets in Crypto-Assets Regulation took full effect for crypto asset service providers. Kraken's $399.71 million in spot liquidity leaves Coinbase in second place with about $305 million. The gap in perpetual liquidity is narrower but still favors Kraken: $207 million versus Coinbase's $167 million.

From there the drop-off accelerates. Crypto.com reports roughly $131 million in spot liquidity. Bitstamp, one of Europe's older exchanges, sits at about $55 million. OKX brings up the rear with roughly $12 million in spot liquidity and little to no perpetual volume.

Kraken supports trading across 1,704 markets covering spot and perpetual products. The exchange secured its MiCA authorization from the Central Bank of Ireland in June 2025, a full year before the compliance deadline. That head start let Kraken build out European spot, futures and derivatives offerings while competitors were still working through licensing.

DefiLlama's dashboard lets users compare exchanges on liquidity, compliance status and transaction fees in one place. For smaller MiCA-licensed platforms like OKX, the liquidity gap raises a practical question: can they grow fast enough to stay viable, or will larger players pick them up to expand their European footprint?