Introduction
As institutional activity in digital assets increases, we revisit our previous work (Crypto Liquidity: What trading speed is right for you?) to explore slippage costs for larger notional order sizes (in USD terms). In this study, we focus on three of the regulated exchange venues (which we refer to anonymously below as Exchanges A, B and C), and compare them against Coinbase Prime (the aggregate of Coinbase + LMAX + Bitstamp).