You can try 4-nitrophenol cellobioside as a substrate and measure the release of 4-nitrophenol (PNP) at 405nm (this works best if the enzyme is stopped by raising the pH as the absorbance increases, but can also be used in a continuous assay). Alternatively you could try soluble cellooligosaccharides and monitoring release of cellobiose.
Thank you very much for the answer, will surely apply it.
But i think the 4-nitrophenol cellobioside is not a cost effective. Since i am trying for cost effective substrate for exoglucanase activity. Can anyone suggest for it?