From Coinbase to Upbit: How a Token Completes Its 28-Day Journey of Passing the Buck

Original Author: Xinyang & Ethan @ IOSG

Every bear market quietly reshapes the listing logic of centralized exchanges. As liquidity tightens and retail enthusiasm wanes, each listing decision by exchanges becomes more cautious and, therefore, carries more significant signal value. We systematically tracked the new listing data from six major exchanges – Coinbase, Binance Spot, ByBit, OKX, Bithumb, and Upbit for spot, along with Binance Perpetual – from the beginning of 2026 to mid-May. This totaled 207 listing records, covering 92 distinct tokens. The data clearly reveals a core fact: listings follow a highly structured path of validation and liquidity transfer.

Who first discovers and prices a project? Who bridges and amplifies liquidity in the middle phase? Who completes the market coverage at the end? Different exchanges play distinctly differentiated roles along this chain. By the time a token is finally listed on Binance Spot, it has often undergone multiple rounds of validation from various exchanges. This report will deconstruct this listing path from three core dimensions:

• Landscape & Path: The role differentiation among exchanges in listings, and the flow pattern of tokens across different exchanges
• Binance Perps' Screening Logic: What types of tokens are more likely to be listed on Binance Perp
• Price Impact: How listing timing determines investors' entry points, and the actual return differences after listings on different exchanges

For projects, understanding this path means a more precise and efficient exchange listing strategy; for investors, identifying the positional differences within the path could be one of the most important Alpha sources in 2026.

2026 CEX Listing Landscape & Path

Exchange Listing Overview

▲ Total Listings by Exchange

From the start of 2026 until now, we tracked new listing data from the spot markets of six major exchanges – Coinbase, Binance Spot, ByBit, OKX, Bithumb, and Upbit – along with Binance Perp. This covered 207 listing records and 92 distinct tokens.

The number of listings per exchange shows clear stratification. Coinbase leads steadily with 45 new listings; closely followed by Binance Perps (33) and ByBit (31). Bithumb (30) and Upbit (27) form the second tier. OKX listed 22 tokens, while Binance Spot listed only 19, the fewest among all observed exchanges.

Looking at the monthly cadence, January was the peak period for listings. Binance Perps listed 15 tokens in a single month, and ByBit listed 14. From February onwards, the overall pace slowed significantly, with monthly listings per exchange dropping to 5-8, entering a more cautious and stable screening phase. Coinbase showed a distinct cadence compared to other exchanges, with two concentrated listing peaks in February and April (13 tokens per month), demonstrating its independent and rapid listing decision characteristics.

▲ Monthly Listings by Exchange

Quantitative differences alone only reflect surface-level activity. More important is the profound differentiation in listing timing and roles among exchanges, which will be further analyzed in the following sections.

Role Differentiation: Discoverers, Screeners, and Confirmers

For tokens listed on multiple exchanges, a significant chronological order exists. We define the earliest listing exchange within our tracking scope as the "Pioneer," and the rest as "Followers."

Coinbase is the most prominent pioneer listing venue in 2026, with 67% of its tokens being the first among tracked exchanges, shouldering the market's initial price discovery function. ByBit (39% pioneer rate) and Binance Perps (48% pioneer rate) also maintain high activity levels. These three often list the same token intensively within the same week, collectively forming the first tier for new project listings.

Korean exchanges (Bithumb and Upbit) are systematically positioned at the tail end of the listing path. Bithumb's Follower ratio is as high as 85%, and Upbit's average ranking is 4.44, with a high probability of being the last exchange to list, averaging approximately 28 days behind the pioneer exchange. This is closely related to the longer review process by Korean regulators and the tendency of local exchanges to introduce projects only after they have gained widespread consensus.

Binance internally forms a clear funnel-like division of labor: Binance Perps pioneers listings half the time, and in the other half, it follows up very quickly after a spot listing (average of just 4.9 days), making it the most responsive among all exchanges. Its primary role is to quickly test liquidity and market demand through the derivatives market. Meanwhile, Binance Spot lists the fewest tokens (only 19), with a pioneer rate of only 28%, clearly preferring to wait for sufficient market validation before choosing its listing opportunity.

OKX, on the other hand, demonstrates a strong independent coin selection ability with a 55% pioneer rate, but its overall number of listings is relatively restrained (22), with an average ranking of 3.58, indicating its high screening threshold and more cautious strategy.

Listing Path Paradigm

From the sample of tokens covered by 3 or more exchanges, the listing order shows a highly stable tiered characteristic: early discoverers represented by Coinbase and ByBit pioneer the listing, Binance Perps quickly validates within days, then Binance Spot selectively lists to complete the confirmation, while OKX, Bithumb, and Upbit primarily provide supplementary coverage in the later stages of the path.

Typical Case: ROBO (Fabric Protocol)

On February 27, the DePIN project Fabric Protocol (ROBO) was first listed on Binance Perp. Coinbase and ByBit followed up on the same day. The opening price was $0.022, and it surged over 80% on the first day. By the next day, the opening price had risen to $0.0405, nearly doubling from the initial listing price. Led by a $20 million investment from Pantera Capital, the project focuses on the intersection of blockchain and the robot economy. Combined with the hype from the Kaito public sale and the "AI + Robotics" narrative, it quickly gained market attention.

On March 5, Binance Spot officially listed ROBO at a quoted price of $0.0493, which also became the all-time high price for ROBO during this cycle. When OKX entered later, the opening price was already lower than the Binance Spot price. When Bithumb listed on March 18, the price was $0.0303. Although it briefly triggered a rally, the token price subsequently declined and is now below its initial opening price.

From its initial listing to the Bithumb listing, ROBO took only about 20 days to complete a typical 2026 listing path:

Binance Perps, Coinbase & ByBit Pioneer → OKX & Binance Spot Confirm at Peak → Korean Exchanges Catch the Falling Knife.

ROBO is not an isolated case. Among the sample from the first five months of 2026, 28 tokens completed listings on 3 or more exchanges. The position distribution of these cross-exchange cases consistently follows the same tiered pattern as ROBO. Although the exact order may vary slightly depending on project specifics, the overall path structure is stable and predictable.

This path clearly reflects the differing risk appetites of each exchange: Coinbase, ByBit, and Binance Perps tend to proactively seize early windows. Binance Spot focuses on safety after validation. Korean exchanges and OKX prefer to enter only after sufficient market consensus has formed.

Binance Perps Listing Prerequisites

As a key entry point for the derivatives market, Binance Perps' listing decisions directly influence the flow direction of significant leveraged capital. By analyzing 33 Perps listing cases, we can clearly distill Binance's core logic for screening tokens in a bear market environment.

Leading Indicators: Listings on Coinbase and ByBit

▲ Exchanges Listed Before Perps

Among the 33 tokens added to Binance Perps, 17 were listed on other spot exchanges before being included in Perps. Tracking these tokens reveals that Coinbase and ByBit are the primary leading indicators for Perps.

▲ Days from First Spot to Perps

Among these, ByBit was listed before Perps in 71% of the cases, and Coinbase in 59% of cases. More importantly, considering the response speed: in 10 out of the 17 following cases, Perps were listed within 0-2 days after the spot listing, with an average delay of only 4.9 days. This extremely fast follow-up indicates that Binance Perps highly monitors the listing activities of Coinbase and ByBit, using them as important decision-making references.

Looking at the broader sample, 75% of tokens listed on Coinbase eventually entered Binance Perps, compared to 70% for ByBit. When a token receives support from both Coinbase and ByBit and maintains relatively stable price performance, it is highly probable that it will land on Binance Perps within a week. This is currently one of the strongest and most directly observable leading signals in the market.

Price Performance is the Most Critical Screening Criterion

▲ Post-Listing Mean Return (Converted vs Perp Only)

Projects listed on Coinbase and ByBit generally have an opening FDV above $100M; FDV itself is not a differentiating factor. What truly determines entry into Perps is the post-listing price performance.

From tokens listed on Coinbase and ByBit that did *not* enter Perps, three main characteristics emerge:

• Projects whose price continued to weaken post-listing, lacking market heat;
• Meme coins with excessive speculative nature (e.g., WHITEWHALE, ELON), where Binance's screening is notably stricter than ByBit's;
• Tokens that did not go through Binance Alpha. Alpha, as a pre-screening channel in the Binance system, is an important prerequisite step for entering Perps.

The impact of price performance extends beyond "whether Perps is achieved" to the subsequent "Perps to Spot" conversion. Data shows that tokens that successfully converted to Binance Spot (Converted group) had a 7-day return of -4.6% and a 14-day return of -6.6% after the Perps listing. In contrast, tokens that did not convert to Spot (Perp Only group) had a 7-day return of -9.4% and a 14-day return that dropped significantly to -21.0%. Although both groups show negative returns due to the bear market, the Converted group's price maintenance ability is significantly stronger, indicating that Binance considers "sustainability" an important factor during the Perps phase.

Price Impact of Listings

The actual impact of listing events on token prices is the most concerning topic for projects, institutions, and traders. We analyze this from two core dimensions: Price Position (relative price level at listing) and Post-Listing Return (7-day, 14-day, 30-day returns after listing).

Price Discovery Concentrated in the Pioneer Window, but Entry Prices Vary Significantly Across Exchanges

▲ Price Position at Listing

Price discovery occurs primarily during the pioneer window. When ByBit and Coinbase act as followers, their entry prices are roughly flat or slightly lower than the pioneer price, indicating rapid price convergence among first-tier exchanges.

When Binance Perps acts as a follower, its average price is already 11.5% higher than the pioneer. However, thanks to its extremely fast follow-up speed (only 4.9 days), it remains in a relatively early position. Binance Spot's Price Position is -10%, indicating that it tends to list after a price correction, potentially offering users a relatively better entry price.

Korean exchanges face the most disadvantageous entry positions: Bithumb averages 19.4% higher, and Upbit averages a substantial 27.4% higher. Due to an average delay of over three weeks, users often buy at significantly inflated peak prices.

Overall Pressure on Listings in 2026: Liquidity Unlocking Rather Than Growth Catalyst

▲ Mean Return by Exchange 7d/14d/30d

In the 2026 bear market environment, the price performance of newly listed tokens is generally weak overall. No exchange achieved a positive 30-day average return.

From 7d to 30d, the decline gradually deepens, suggesting that the post-listing price drop is not a short-term fluctuation but a persistent downward trend. In the current market environment, new listings primarily serve as a vehicle for liquidity unlocking – providing an exit window for early holders (including projects, investment institutions, and early traders) – rather than attracting sustained new capital inflows.

The performance of the two Korean exchanges is particularly noteworthy: Upbit's 7d return is already -13.5%, reaching -25.7% by 30d. Combined with its +27.4% price position, this means Upbit users not only entered at the highest price but also suffered the deepest decline.

Peak Price Performance under the Listing Path

Although final returns after 30 days are generally negative, the rebound highs (Peak Return) in the early post-listing period show a distinctly different distribution structure. Analyzing the token price data reveals that the listing sequence directly determines the upper limit of short-term speculative gains.

▲ Peak Return by Exchange (14d High)

Pioneer exchanges hold an absolute advantage: ByBit's average peak return reaches as high as +86%, and Binance Perps' median is the highest (+49%). The first tier of lists (ByBit, Coinbase, Binance Perps) captures the highest price elasticity, providing significant liquidity premiums for early positions. Even if the price subsequently returns to zero, there is ample time to exit at a high point.

Late followers face limited upside: Bithumb and Upbit's peaks are suppressed to around +35%, while OKX only manages +25%. Due to their delayed entry timing, the buying pressure on these platforms is more about absorbing profit-taking from earlier players rather than initiating a market move.

This difference confirms the transmission path of liquidity: Pioneer exchanges bear the primary price discovery function, offering the best exit liquidity for early holders; over time, the buying pressure on subsequent exchanges is more about absorbing already realized gains, leading to diminishing marginal utility. For traders, this means that the later one enters the listing cycle, the lower the probability of capturing excess returns.

Exchange Choice Determines Risk-Return Profile

Combining the three metrics – Price Position (entry level), Peak Return (upside potential), and Mean Return (final outcome) – users on different exchanges face entirely different risk-return profiles.

Users on pioneer exchanges (Coinbase/ByBit), while also facing negative returns, have the best risk buffer. By virtue of having the lowest entry prices (-10% to -5.9%) and the highest peak potential across the market (average above +70%), even if they fail to perfectly time the top, their absolute losses calculated from the pioneer price are relatively manageable. They even have the opportunity to lock in profits during the surge.

In contrast, users on Korean exchanges face a classic scenario of "buying at the top and suffering deep drawdowns." They enter at a premium of