How do we say whether a futures contract is liquid or not? I want to do this to see if the commodity futures in MCX are liquid or no?

see the difference in price between Buy and Sell. if it is less mean more liquid. if difference is very high then it is less liquid.

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If I had to qunatitaively judge. Is it fair to take the bid ask spread as a % of the price. If this percentage is low then it is liquid. Would that be a good method ?