Kraken rising: #2 in Kaiko’s Q2 2025 Exchange Ranking

This advance reflects what our global community already knows: We aren’t just one of the world’s leading crypto exchanges, we’re a platform that’s constantly improving, evolving and pushing the industry forward.

Kaiko’s exchange ranking is among the most rigorous in the space, offering a data-driven assessment across multiple core dimensions, including market quality, legal and regulatory compliance, security practices and transparency standards.

Kraken performed well across all of these categories, with especially strong marks in market depth, order book consistency, regulatory footprint and data openness. This report highlights not just where we stand today, but how our long-term strategy continues to deliver for traders, institutions, and crypto-native builders alike.

First off, who is Kaiko?

Kaiko is a leading provider of cryptocurrency market data, analytics and indices, offering businesses institutional-grade, regulatory-compliant solutions. These solutions are used by Kaiko Indices to conduct its independent quarterly assessment of spot cryptocurrency exchanges, ranking them based on various factors, including liquidity.

Here’s a breakdown of why Kraken was ranked the #2 global exchange by Kaiko.

Consistently excellent and only getting better

From day one, Kraken has been built with a clear purpose: To accelerate the global adoption of cryptocurrency while raising the bar for trust, reliability and service in the industry. Being recognized as Kaiko’s #2 global exchange is a validation of that mission.

But this isn’t a victory lap. It’s a milestone on a much longer journey.

What distinguishes Kraken isn’t just one strength, it’s many, including our product performance, risk management and client-first culture.

Let’s take a closer look at how our values align with the criteria Kaiko evaluates:

Market quality: Deep liquidity, tight spreads, real volume

In the category of market quality, Kaiko assesses how exchanges support price discovery, reduce slippage and maintain liquid books across pairs and time zones.

At Kraken, we’ve built one of the deepest and most stable liquidity pools in crypto. Our professional-grade infrastructure handles billions of dollars in daily volume, with ultra-fast execution and minimal downtime. We support advanced order types and provide deep books across spot, margin and derivatives markets – all while maintaining consistently tight spreads and low latency.

Clients, from retail traders to institutions, rely on Kraken because we provide true market depth (not inflated metrics). Our volume is real, our spreads are competitive and our uptime is world-class.

Security and compliance: Always ahead of the curve

We have long set the benchmark for security and compliance in crypto, in large part because of our multiple, global-market licenses and registrations, our strong operational track record and our continued investment in compliance and client protection.

Kaiko’s ranking incorporates both regulatory posture and security controls. We treat regulation as a path to legitimacy, not a burden. We’re registered in multiple major jurisdictions, including the U.S., U.K., EU, Canada, Australia and beyond.

Our client fund safeguards, storage protocols and regular penetration testing ensure we meet (and often exceed) institutional security expectations. This is why Kraken is trusted by governments, hedge funds, asset managers and high-volume traders worldwide.

Transparency: Clear data, real metrics, honest communication

Kaiko also weighs data openness and transparency – values that are woven into Kraken’s DNA. We publish real-time market data, historical feeds, proof of reserves attestations, and clear API access across all products.

Where others may obscure volume, mislead with synthetic metrics, or delay disclosures, Kraken believes in openness by default. We back our claims with verifiable facts – and in crypto, that’s everything.

We’re also one of the first major exchanges to support regular third-party audits, enabling clients to independently verify that their assets are backed 1:1. Transparency isn’t just a feature. It’s a responsibility we’ve embraced from day one.

Momentum that matters

While we’re honored to hold the #2 position globally, what excites us most is the direction we’re heading. In Q4 of 2024, Kraken was in the top five. In Q1 2025, we moved up to #3. Now, in Q2, we’ve risen again –  and we’re not slowing down.

That kind of sustained momentum is only possible because of the Kraken team’s unwavering focus on:

• Client-first innovation, from intuitive UX to advanced trading features

• Resilience and security at every layer of the stack

• Global expansion with regulatory alignment

• Open and honest engagement with our users and the broader ecosystem

We’re proud to be building a platform that supports the future of finance – the next billion people coming into crypto.

Built for the long run

Kraken’s rise in Kaiko’s ranking is the result of years of focused effort, values-driven decisions and community trust. But our work isn’t finished. We will continue to innovate, listen and lead with integrity.

Whether you’re a new trader or an experienced institution, we’re committed to giving you the tools, security, and transparency you need to thrive in crypto. Thank you to our clients, our partners, and the Kraken team for helping us reach this milestone. We’re proud to be #2 — and more driven than ever to build what comes next.

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