About this desk

A venue's sign-up flow is marketing; its terms of use are a contract. We read both, in that order, and where they disagree the tables quote the contract and say that the two disagree. The same goes for custody language, the fee schedule, the market list and the countries a venue writes itself out of. Every one of those is recorded with the day it was read, because a door that took a wallet signature in September may take an email in November and the page has to say which September it means. That is also why the register is a standing list and not a verdict: a venue that opens a second door drops off it the next time its onboarding pages are read, and one that closes a door can be entered.

Nobody publishes order-book depth in a form worth quoting, so the desk collects it. A sampler opens the public BTC perpetual book on 28 venues at ten-minute intervals across a single window on 19 September 2026, counts what is resting on both sides inside 10 basis points of the mid, and hands over the middle reading. The pages print that reading next to the number of samples standing behind it, so a thin sample is visible rather than smoothed away. Depth on this site is never borrowed from a third party, and a venue that runs no order book gets no depth figure at all instead of a zero that would read like one.

Two things on these pages were neither read from a document nor measured here. Open interest and the previous day's turnover is the venue's own return, as CoinMarketCap listed it on 22 September 2026. Audit history comes from CertiK Skynet. Both are named in the cell that carries the number, not in a footnote, and neither feeds the onboarding criterion this site is built around.

Publication here is paid for. A venue written up on this domain may be the party that paid for the page writing it up, and Wallet First makes no claim to be a disinterested observer of the market it covers. That belongs at the top of the page rather than under somebody else's table.

What the arrangement does not reach is the arithmetic, or the boundary. The five weights were written down on 21 September 2026, before a venue had been marked against them, and they live in one place — how we rate — where anyone can recompute a row by hand. The register test is published in the same place and applied to documents anyone can open; a page condition such as "markets beyond crypto" then narrows the entries further. Neither has ever moved a weight, and no venue has ever been admitted or excluded for paying. Every venue on a comparison here, the one at the top of the table included, carries at least two shortcomings drawn from its own documents, and no row is set apart with a colour, a badge or a border.

A mark describes what a venue has published and what its book looked like while we were watching it. It is not a verdict on whether the venue will still be there next year, whether support answers, or whether a withdrawal clears on a bad day. None of that can be read off a terms page, and none of it is claimed here.

Nothing on this site is investment advice, and no venue named here is a recommendation. We do not help anyone work around a venue's restrictions or a country's rules: a venue that asks for no documents still enforces its own exclusions, and this site reports them. Leverage is the part worth reading twice — the margin sitting under a perpetual position is the entire size of what it can cost.

Until 2025 this address served Cafrodytes, an NFT game with its own token and a staking programme. That project has ended. This desk has no tie to it, to the people who built it or to anyone who held its assets, and nothing published here speaks on their behalf.

desk@cafrodytes.com reaches the desk. A correction travels fastest with two things in it: the address of the page carrying the wrong figure, and a link to whatever shows the right one. Once the page changes, its visible date, the date inside its structured data and the date in the sitemap all move together — and a date here never moves without something behind it moving first.