As crypto markets remain volatile and liquidity continues to scatter across dozens of platforms, large traders are increasingly turning to over-the-counter (OTC) desks to get deals done smoothly — and quietly.
Anyone who has tried to place a large order on a public exchange knows the risk. Big trades often chew through available liquidity at multiple price levels, causing slippage — where the final execution price ends up far from what the trader initially expected. This not only raises costs but can also send unwanted signals to the market. OTC desks solve this problem by matching buyers and sellers off-exchange, allowing large transactions to take place without disturbing public order books.
In simple terms, OTC trading lets traders move size without moving the market. The best OTC desks pool deep and reliable liquidity, offer firm quotes, ensure fast and secure settlement, and provide dedicated client support — features that are increasingly in demand as markets fragment.
The shift toward OTC trading is backed by clear numbers. An analysis covering Q1 to Q3 2025 of more than 7.1 million crypto trades on Finery Markets’ platform shows that OTC trading volumes grew 138% year over year. In comparison, the top 20 centralized exchanges managed just 22% growth over the same period.
Meanwhile, CoinGecko data highlights how uneven exchange activity has been. Spot trading volume on major centralized exchanges fell to $3.9 trillion in Q2 2025, down from $5.4 trillion in Q1 — a sharp 27.7% drop. Decentralized exchanges performed slightly better, with volume rising 25.3% quarter over quarter to $876.3 billion. Still, that growth lagged far behind the pace seen in OTC markets.
Crypto trading in 2025 has been anything but stable. Sharp volume swings exposed how unpredictable exchange-based trading can be. OTC desks counter this by working with multiple liquidity providers and offering direct access without waiting in platform queues. On-Demand Trading (ODT), for example, has adopted this model to reduce volatility risks for its clients.
OTC trading is especially attractive for transactions that often exceed $1 million. Competitive fees, secure execution, and personalized service make it popular with high-net-worth individuals, hedge funds, and institutional investors. Because terms and prices are negotiated privately, OTC trades help limit speculation and reduce the chance of market disruption.
Large orders placed on public exchanges can even trigger flash crashes. OTC desks help prevent this by distributing trades across several liquidity sources. Privacy is another key benefit — OTC deals stay off public records, protecting traders from front-running and unnecessary attention. In many cases, direct negotiation also results in lower fees and better pricing by cutting out intermediaries.
Well-known players like Coinbase Prime and Kraken OTC dominate the institutional space, but smaller desks are gaining traction too. ODT, while less widely recognized, has proven capable of handling large block trades with minimal slippage through efficient liquidity sourcing and firm quoting.
The platform has completed same-day settlements, executed single-day trades exceeding $10 million, and crossed $240 million in monthly trading volume. Unlike many competitors, it also allows trades starting from as little as $500. Strong security measures have helped ODT block more than $10 million in attempted scam payments.
ODT’s fee model is straightforward: transparent pricing with no hidden spreads. Clients pay per transaction, and higher volumes can unlock discounts. At large trade sizes, fees become negotiable, giving clients the chance to improve pricing based on size, timing, or settlement preferences — another reason OTC desks are fast becoming essential for serious crypto traders.
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