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 the four most liquid and regulated exchange venues: Coinbase, Kraken, FTX US, and Coinbase Prime (the aggregate of Coinbase + LMAX + Bitstamp).