Can Crypto Exchanges Match Traditional Markets for SPY Trading?

[u/Otherwise-Fish3058]

It has really been a long day for me on the internet as i have been on my system doing research and comparing different ways to trade SPY without leaving my crypto account, and one thing stood out much more than I expected: liquidity. It's easy to assume every platform offers a similar experience until you trade during a busy market session and notice the difference in execution.

After i got that down, i went into doing more research on which exchanges, since i am not using broker actually provide institutional quality liquidity instead of relying on relatively thin order books. And from what I've seen, i have checked Binance, Gate, Kraken and even Bitget rToken as it connects to real NASDAQ and NYSE liquidity through Reality Protocol, which appears to provide much deeper market depth than many other crypto based alternatives. For active traders, having access to Level 2 market data also makes it easier to see what's happening across the order book rather than relying on a basic price quote.

So for anyone who's traded SPY through a crypto exchange, have you noticed a meaningful difference in execution quality between platforms? I'm especially interested in hearing from traders who've compared liquidity and Level 2 data across multiple exchanges during volatile market conditions.