It's tenor dependent. Inside ninety days there are enough counterparties that you can usually get a price in a day or two. Past six months it's bespoke, one buyer at a time, and the price is a negotiation rather than a quote.

Spreads are wide. Single digit percentages wide, not basis points. Clip size is low single digit exahash, so you can't move a large fleet's production in one ticket. There's no order book, no clearing house, no screen. It's a chat market with a broker in the middle, and a lot of the time the broker is us.

So the useful way to think about it: liquid enough that a miner who needs funding can reliably get funded. Not liquid enough to treat as a hedge you can exit quickly. Put a position on expecting to hold it to maturity, because unwinding early means calling the same small number of people and telling them you need out, which is not a negotiating position.