Block Scholes Report Highlights Bitget Wallet's Performance in Large On-chain Trade Execution

Bitget Wallet has been featured in a newly published quantitative benchmark report from Block Scholes that explores how execution quality changes as trade sizes increase across decentralized finance markets.

The report arrives at a time when decentralized exchanges account for approximately 14% of global crypto spot trading volume, compared with less than 0.1% five years ago.

According to the research, the rapid growth of on-chain markets and a stablecoin sector now valued at roughly $300 billion are shifting attention away from liquidity access alone and toward the quality of trade execution.

Researchers argue that as liquidity becomes increasingly fragmented across multiple blockchains and trading venues, routing infrastructure is emerging as a key differentiator among platforms.

Liquidity fragmentation creates new challenges

Unlike traditional markets where liquidity is often concentrated in a limited number of venues, crypto trading activity is spread across numerous blockchain networks, decentralized exchanges and liquidity pools.

According to the report, the ability to identify and combine liquidity sources efficiently can have a direct impact on trading outcomes, particularly for larger transactions.

To measure these differences, Block Scholes compared thousands of live API quotes collected simultaneously from four platforms: Bitget Wallet, KyberSwap, 0x, and Jupiter. The analysis covered transactions ranging from less than $1,000 to $100,000 across Bitcoin, Ethereum, Solana and stablecoin trading pairs.

One example highlighted in the report involved a hypothetical $10 million stablecoin swap.

Researchers found that splitting the transaction across multiple liquidity pools rather than routing it through a single venue preserved roughly $8,000 in execution value. The study suggests that these differences become increasingly important as transaction sizes grow and institutional participants enter decentralized markets.

For larger traders, even relatively small improvements in execution quality can compound into significant savings over time.

The report places these findings within the broader evolution of crypto markets.

USD-pegged stablecoins have expanded from less than $1 billion in circulation in 2018 to more than $300 billion today. The research also notes projections from U.S. Treasury Secretary Scott Bessent suggesting the stablecoin market could reach $2 trillion by 2028.

Data cited from Bitget Wallet indicates that average swap sizes on the platform increased roughly fivefold during the first five months of 2026, reaching peaks above $1,200. According to the report, this trend may reflect growing participation from larger and more sophisticated market participants.

Benchmark results

The study found noticeable differences in performance among the platforms evaluated, particularly for larger Bitcoin and Ethereum transactions against the U.S. dollar.

According to Block Scholes, Bitget Wallet's routing engine incorporates gas costs directly into routing calculations while dynamically splitting orders across liquidity sources based on real-time market depth.

The report identified these design choices as important contributors to execution performance at larger trade sizes. In some large-trade comparisons involving major trading pairs, Bitget Wallet's quoted prices outperformed competing platforms in up to 78% of tests.

"As trade sizes grow and liquidity becomes more fragmented across blockchains and venues, the quality of the routing engine becomes a material cost consideration," said Alvin Kan, COO of Bitget Wallet. "Most platforms have solved the liquidity access problem. The next question is whether their engine is making the right decisions with that liquidity, and this research shows the difference is measurable."

Thahbib Rahman, Research Analyst at Block Scholes, said the trend toward decentralized trading is likely to continue.

The report concludes that as decentralized finance matures, execution infrastructure is becoming increasingly important.

With liquidity spread across hundreds of venues and multiple blockchain ecosystems, the ability to route orders efficiently may play a growing role in determining trading costs, particularly for larger participants operating at institutional scale.

As on-chain activity continues to expand, routing technology is emerging as a critical component of the user experience, transforming execution quality from a technical feature into a measurable competitive advantage.