IOSG: From Coinbase to Upbit: How a Token Completes a 28-Day Journey of Taking Over

Author｜Xinyang & Ethan @ IOSG

Every bear market quietly reshapes the listing logic of CEX. When liquidity tightens and retail enthusiasm wanes, every listing decision made by exchanges becomes more cautious and thus more signal-worthy. We systematically tracked new listing data from six major exchanges — Coinbase, Binance Spot, ByBit, OKX, Bithumb, and Upbit — as well as Binance Perpetual from the beginning of 2026 to mid-May, totaling 207 listing records covering 92 independent tokens. The data clearly reveals a core fact: listing is a highly structured path of validation and liquidity transmission.

Who discovers and prices projects first? Who takes on and amplifies liquidity in the middle? Who completes market coverage at the end? Different exchanges play distinctly differentiated roles along this chain. A token often undergoes multiple rounds of validation by exchanges from its initial listing to its eventual inclusion in Binance Spot. This report will break down this listing path from three core dimensions:

• Patterns and Paths: The differentiated roles of exchanges in listings and the circulation patterns of tokens among different exchanges.

• Selection Logic of Binance Perps: What kind of tokens are more likely to enter Binance Perp.

  
  

• Price Impact: How the timing of listings determines investors' entry positions and the actual return differences after listings on different exchanges.

For project teams, understanding this path means more precise and efficient listing strategies; for investors, identifying positional differences along the path may be one of the most important sources of Alpha in 2026.

2026 CEX Listing Patterns and Paths

Overview of Listings by Exchange

▲ Total Listings by Exchange

Since 2026, we have tracked new listing data from Coinbase, Binance Spot, ByBit, OKX, Bithumb, and Upbit, as well as Binance Perp, totaling 207 listing records covering 92 independent tokens.

The number of listings by each exchange shows a clear stratification. Coinbase leads with 45 new listings; followed by Binance Perps (33) and ByBit (31). Bithumb (30) and Upbit (27) are in the second tier, while OKX has 22 listings, and Binance Spot has only 19, the least among all observed exchanges.

From a monthly rhythm perspective, January is the peak listing month of the year. In that month, Binance Perps listed 15 tokens, and ByBit listed 14. Starting from February, the overall pace significantly slowed, with the average monthly listings across exchanges dropping to 5 - 8, entering a more cautious and stable selection phase. Coinbase exhibited a listing rhythm that diverged from other exchanges, with two concentrated peaks in February and April (each with 13 listings), demonstrating its independent and rapid listing decision-making characteristics.

▲ Monthly Listings by Exchange

The mere difference in quantity can only reflect surface activity; more importantly, there is a profound differentiation in the timing and roles of different exchanges in the listing process, which will be further dissected in the following sections.

Differentiation of Listing Roles: Discoverers, Selectors, and Confirmers

Among tokens listed on multiple exchanges, there is a significant order of precedence. We define the earliest listing exchange in our tracking scope as "first launch," while the others are defined as "followers."

Coinbase is the most prominent first launch venue in 2026, with 67% of tokens being first launches among the tracked exchanges, fulfilling the function of the first round of price discovery in the market. ByBit (first launch rate of 39%) and Binance Perps (first launch rate of 48%) also maintain high activity levels, often launching the same token within the same week, forming the first tier of new project listings.

Korean exchanges (Bithumb and Upbit) systematically occupy the end of the listing path. Bithumb has a follower proportion as high as 85%, and Upbit has an average position of 4.44, with a high probability of being the last to list among all exchanges, averaging a delay of about 28 days from the first launch exchange. This is closely related to the longer regulatory review process in Korea and the local exchanges' preference to introduce projects only after they gain widespread consensus.

Binance has formed a clear funnel-like division of labor internally: Binance Perps actively launches first in half of the cases, while in the other half, it follows up at an extremely fast pace after the spot listing (averaging only 4.9 days), making it the most responsive among all exchanges. Its main role is to quickly test liquidity and market demand through the contract market. In contrast, Binance Spot has the fewest listings (only 19), with a first launch rate of only 28%, clearly tending to wait for the market to be fully validated before choosing to list.

OKX demonstrates strong independent token selection capabilities, with a first launch rate of 55%, but the overall number of listings is relatively restrained (22), with an average position of 3.58, indicating that its selection criteria are high and its strategy more cautious.

Listing Path Paradigm

From the sample of tokens covering 3 or more exchanges, the order of listings shows a highly stable tiered characteristic: early discoverers represented by Coinbase and ByBit launch first, Binance Perps quickly follows up for verification within a few days, then Binance Spot selectively lists to complete confirmation, while OKX, Bithumb, and Upbit mainly provide supplementary coverage in the latter part of the path.

Typical Case: ROBO (Fabric Protocol)

On February 27, the DePIN project Fabric Protocol (ROBO) was first launched on Binance Perp, with Coinbase and ByBit subsequently following on the same day, opening at $0.022, with a first-day increase of over 80%, and the next day's opening price rising to $0.0405, nearly doubling from the launch price. The project was led by Pantera Capital with a $20 million investment, focusing on the combination of blockchain and the robotics economy, while also leveraging the popularity of the Kaito public sale and the "AI + robotics" narrative, quickly gaining market attention.

On March 15, Binance Spot officially listed ROBO, with a price of $0.0493 on that day. This also became the highest price point for ROBO throughout its cycle. When OKX entered, the opening price was already below the Binance Spot price. On March 18, Bithumb listed it at $0.0303, which briefly triggered a spike, but the token price subsequently fell back, currently below the launch opening price.

From the first launch to the listing on Bithumb, ROBO took only about 20 days to complete a typical 2026 listing path:

Binance Perps, Coinbase, and ByBit first launch → OKX and Binance Spot confirm at the peak → Korean exchanges take over at the end.

ROBO is not an isolated case. In the first five months of 2026, a total of 28 tokens completed listings on 3 or more exchanges. The positional distribution of these cross-exchange cases shows a highly consistent tiered pattern with ROBO. Although the specific order may vary slightly due to project attributes, the overall path structure is stable and predictable.

This path clearly reflects the differences in risk preferences among exchanges: Coinbase, ByBit, and Binance Perps tend to actively seize early windows, Binance Spot focuses on post-validation security, while Korean exchanges and OKX prefer to enter only after the market has formed sufficient consensus.

Binance Perps Listing Conditions

As an important entry point into the derivatives market, the listing decisions of Binance Perps directly influence the direction of substantial leveraged capital inflows. Through the analysis of 33 cases of listings on Perps, we can clearly distill the core logic of Binance in selecting tokens under bear market conditions.

Pre-Signal: Listings on Coinbase and ByBit

▲ Exchanges Listed Before Perps

Among the 33 tokens entering Binance Perps, 17 were first listed on other spot exchanges before being included in Perps. Tracking this portion of tokens shows that Coinbase and ByBit are the primary pre-signals for Perps.

▲ Days from First Spot to Perps

In 71% of the cases, ByBit launched before Perps, while Coinbase reached 59%. More importantly, the response speed: among the 17 follow-up listing cases, 10 were launched on Perps within 0 - 2 days after the spot listing, with an average delay of only 4.9 days. This extremely fast follow-up speed indicates that Binance Perps pays close attention to the listing dynamics of Coinbase and ByBit, using them as important decision-making references.

From a larger sample perspective, 75% of the tokens listed on Coinbase ultimately entered Binance Perps, while 70% for ByBit. When a token receives support from both Coinbase and ByBit, and its price performance is relatively stable, it is highly likely to land on Binance Perps within a week. This is currently one of the strongest and directly observable pre-signals in the market.

Price Performance is the Key Criterion for Core Selection

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

Tokens listed on Coinbase and ByBit generally have an opening FDV of over $100M, and FDV itself does not constitute a distinguishing factor. What truly determines whether a token can enter Perps is its price performance after listing.

For tokens that were listed on Coinbase and ByBit but did not enter Perps, there are mainly three types of characteristics:

• First, projects whose prices continue to weaken after listing, lacking market enthusiasm;

• Second, overly speculative meme coins (such as WHITEWHALE, ELON), with Binance showing significantly stricter screening for these tokens compared to ByBit;

• Third, tokens that have not gone through Binance Alpha. Alpha, as a pre-screening channel within the Binance system, is an important prerequisite for entering Perps.

The impact of price performance is not only reflected in "whether it can go on Perps," but also extends to the subsequent "Perps to Spot" transition. Data shows that tokens that successfully convert to Binance Spot (the Converted group) have a 7 day return of -4.6% and a 14 day return of -6.6%; while tokens that did not convert to Spot (the Perp Only group) have a 7 day return of -9.4% and a significant drop to -21.0% after 14 days. Although both groups are affected by the bear market and show negative returns, the Converted group's price maintenance ability is significantly stronger, indicating that Binance has already considered "sustainability" as an important factor at the Perps stage.

Impact of Listing Prices

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

Price Discovery Concentrated in the First Launch Window, but Significant Entry Price Differences Among Exchanges

▲ Price Position at Listing

Price discovery mainly occurs in the first launch window. When ByBit and Coinbase act as followers, the entry price is generally on par with or slightly lower than the launch price, showing a rapid convergence of prices among the first-tier exchanges.

When Binance Perps acts as a follower, the average price is already 11.5% higher than the launch price, but thanks to the extremely fast follow-up speed (only 4.9 days), it still occupies a relatively early position. Binance Spot has a Price Position of -10%, indicating its tendency to list only after a price correction, allowing users to obtain a relatively better entry price.

Korean exchanges face the most unfavorable entry positions: Bithumb is on average 19.4% higher, while Upbit reaches as high as 27.4%. Due to an average delay of over three weeks, users often enter at significantly high prices.

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

▲ Mean Return by Exchange 7d/14d/30d

Under the bear market environment of 2026, the price performance after new listings is generally weak, with none of the exchanges showing a positive average return over 30 days.

From 7d to 30d, the decline deepens, indicating that the price decline after listing is not a short-term fluctuation but a sustained downward trend. In the current market environment, new listings play more of a role in liquidity release — providing an exit window for early holders (including project teams, investment institutions, and early traders) rather than attracting new capital for continuous inflow.

The performance of the two Korean exchanges is particularly noteworthy: Upbit has a 7d return of -13.5% and a 30d return of -25.7%. Combined with its +27.4% price position, it means Upbit users not only entered at the highest price but also endured the deepest declines.

Price Peak Performance Along the Listing Path

Although the final returns after 30 days are generally negative, the rebound peaks in the early listing phase (Peak Return) show a distinctly different distribution structure. Analyzing the price data performance of tokens, we find that the timing of listings directly determines the upper limit of short-term speculative space.

▲ Peak Return by Exchange (14d High)

• First Launch Holds Absolute Advantage: ByBit has an average peak return of +86%, while the median for Binance Perps reaches the highest at +49%. The first-tier exchanges (ByBit, Coinbase, Binance Perps) occupy the highest price elasticity, providing early holders with a very high liquidity premium, allowing ample time to exit at high points even if the price subsequently drops to zero.

• Late Followers Have Limited Space: The peaks for Bithumb and Upbit are capped around +35%, while OKX is only +25%. Due to the delayed entry timing, the buying pressure on these platforms is more about absorbing profit-taking rather than initiating a rally.

This difference confirms the transmission path of liquidity: first launch exchanges bear the primary price discovery function, providing the best exit liquidity for early holders; as time passes, the buying pressure from subsequent exchanges is more about absorbing already realized gains, leading to diminishing marginal utility. For traders, this means that the later they enter the listing cycle, the lower the probability of capturing excess returns.

Exchange Selection Determines Risk-Return Structure

By combining Price Position (entry position), Peak Return (peak space), and Mean Return (final return), users of different exchanges face completely different risk-return structures.

Users of first launch exchanges (Coinbase/ByBit) may also face negative returns, but they have the best risk buffer. With the lowest entry prices (-10% ~ -5.9%) and the highest peak space in the entire market (average +70% or more), even if they fail to exit at the peak, the absolute loss from the launch price is relatively controllable, and there is even an opportunity to realize profits during the rally.

In contrast, users of Korean exchanges face a typical "high-price entry + deep retracement." They enter at a premium of nearly 20% to 27%, but the peak space has already been exhausted by the first launch exchanges, capped around +35%. This means that the upward space is limited while the downward channel is open, ultimately leading to the deepest 30 day decline in the market.

Binance Spot presents a unique situation. Its 30d Return is as low as -24.6%, but due to its tendency to list only after a 10% price correction, the actual capital loss is smaller than the surface data suggests. This is a strategy of exchanging time for space, avoiding the violent fluctuations of the first launch phase, but consequently bearing a longer period of decline.

This differentiation is particularly intuitive in quantitative terms. The return gap between first launch and follower exchanges after 14 days is most significant: first launch exchanges average -12.2%, while follower exchanges average -16.7%, resulting in a 4.5 percentage point difference solely due to the choice of exchange. In the market environment of 2026, listing events have evolved from "universal bullish dividends" to a game of existing stock. For traders, "where to list" is more decisive for investment outcomes than "what to list."

Conclusion

In the bear market environment of 2026, the listing logic of CEX is shifting from "traffic-driven" to "validation-driven." Exchanges are no longer simply chasing hot topics but have constructed a structured path for selection and liquidity release through clear role differentiation: Coinbase and ByBit act as early discoverers, Binance Perps undertake rapid validation and liquidity testing functions, Binance Spot serves as the final confirmation checkpoint, while Korean exchanges provide exit liquidity at the end of the path. This path is not random but the result of rational games among all parties. It provides quality projects with a ladder from early exposure to mainstream recognition and offers early investors and institutions a window for phased exits. At the same time, it clearly reveals the differing circumstances of various participants:

• Project Teams: Should regard the order of exchange listings as an important Alpha signal. Focus on projects that are listed on both Coinbase and ByBit with stable prices as precursors to Binance Perps, seeking better entry prices during the first launch window or the Binance Spot pullback phase, avoiding high-price entries at the end with exchanges like Korean ones.

• Exchanges: They have also achieved ecological balance through differentiated positioning — aggressors seize opportunities, conservatives control risks, ultimately maintaining orderly liquidity in the entire listing market.

However, in the current context of overall tightening liquidity, listing events play more of a role in reallocating existing funds rather than serving as catalysts for incremental growth. In the future, as the macro environment improves, this path may gradually shift from "defensive selection" to "offensive expansion," with higher premiums in the first launch window and shorter validation cycles expected. Understanding and aligning with this path cannot guarantee success for every listing but can significantly enhance decision-making certainty. In the crypto market, information asymmetry always exists, and a structured understanding of the listing chain is one of the few sources of Alpha that can translate into long-term advantages.