Entry cost

Name: Execution cost of a perpetual position by exchange
License: https://creativecommons.org/licenses/by/4.0/

BTC markets

Asset

Cheapest in and out on $10kLighter0.6 bp

You pay, in and out−$0.64

Second cheapest costs+$0.48 more

Exchanges that fill it46of 55

Margin at 50x$200

Exchange	Price	Taker / maker	Entry cost	Exit cost	In and out	Margin at max lev	Median 24h	Median 7d	p10-p90 7d
Lighter BTCcheapest	76,105.5	0.000%/0.000%	−$0.18	−$0.46	−$0.64 0.6 bp	$200 50x	0.5 bp	0.5 bp	0.1-0.9 bp
Variational Omni BTC	75,883.5	0.000%/0.000%	−$0.56	−$0.56	−$1.12 1.1 bp	$200 50x	1.0 bp	1.0 bp	1.0-1.5 bp
Lighter RH BTC	76,090.3	0.000%/0.000%	−$0.14	−$1.11	−$1.25 1.3 bp	$200 50x	1.3 bp	1.3 bp	0.8-1.9 bp
MEXC BTC_USDT	75,983.8	0.020%/0.000%	−$2.02	−$2.10	−$4.12 4.1 bp	$20 500x	0.0 bp	0.0 bp	0.0-0.1 bp
Bullet BTC-USD	76,019.8	0.000%/0.000%	−$2.23	−$2.02	−$4.25 4.3 bp	$500 20x	2.2 bp	2.5 bp	1.7-3.6 bp
Extended BTC-USD	75,973.4	0.025%/0.000%	−$2.57	−$2.57	−$5.14 5.1 bp	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Arcus BTC-USD	75,973.7	0.022%/0.000%	−$4.24	−$2.26	−$6.50 6.5 bp	$250 40x	0.3 bp	0.3 bp	0.0-2.0 bp
Deribit BTC-PERPETUAL	75,955.7	0.035%/0.015%	−$3.53	−$3.53	−$7.06 7.1 bp	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Nado BTC-PERP	75,952.5	0.035%/0.010%	−$3.57	−$3.68	−$7.25 7.3 bp	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
gTrade (Gains Network) BTC/USD	75,928.7	0.035%/0.035%	−$4.02	−$4.02	−$8.04 8.0 bp	$50 200x	1.0 bp	1.0 bp	1.0-1.0 bp
SoDEX BTC-USD	75,998	0.040%/0.012%	−$4.07	−$4.07	−$8.14 8.1 bp	$250 40x	0.1 bp	0.1 bp	0.1-0.1 bp
Aster BTCUSDT	76,003.7	0.040%/0.000%	−$4.09	−$4.06	−$8.15 8.1 bp	$50 200x	0.0 bp	0.0 bp	0.0-0.4 bp
Phoenix BTC	76,025	0.035%/0.005%	−$4.23	−$3.95	−$8.18 8.2 bp	$250 40x	0.5 bp	0.5 bp	0.2-0.6 bp
RISEx BTC/USDC	75,923.3	0.030%/0.010%	−$3.01	−$5.34	−$8.35 8.3 bp	$200 50x	0.7 bp	0.4 bp	0.0-2.7 bp
Bulk BTC-USD	76,063.2	0.035%/0.000%	−$4.90	−$3.50	−$8.40 8.4 bp	$250 40x	0.0 bp	0.0 bp	0.0-0.6 bp
Pacifica BTC	75,993	0.040%/0.015%	−$4.40	−$4.15	−$8.55 8.6 bp	$200 50x	0.1 bp	0.1 bp	0.1-0.8 bp
TxFlow BTC-USDC	75,920.8	0.045%/0.015%	−$4.51	−$4.51	−$9.02 9.0 bp	$133 75x	0.0 bp	0.0 bp	0.0-0.1 bp
GRVT BTC_USDT_Perp	76,008.7	0.045%/0.000%	−$4.51	−$4.54	−$9.05 9.1 bp	$200 50x	0.0 bp	0.0 bp	0.0-0.3 bp
Hyperliquid BTC	76,096	0.045%/0.015%	−$4.57	−$4.57	−$9.14 9.1 bp	$250 40x	0.1 bp	0.1 bp	0.1-0.3 bp
edgeX BTCUSDC	75,920.6	0.045%/0.040%	−$4.57	−$4.57	−$9.14 9.1 bp	$100 100x	0.1 bp	0.1 bp	0.1-0.2 bp
Binance BTCUSDT	75,998.6	0.050%/0.020%	−$5.01	−$5.01	−$10 10.0 bp	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
OKX BTC-USDT-SWAP	75,976.3	0.050%/0.020%	−$5.01	−$5.01	−$10 10.0 bp	$100 100x	0.0 bp	0.0 bp	0.0-0.0 bp
Backpack BTC_USDC_PERP	75,902.1	0.050%/0.020%	−$5.01	−$5.01	−$10 10.0 bp	$133 75x	0.0 bp	0.0 bp	0.0-0.0 bp
BingX BTC-USDT	75,984.3	0.050%/0.020%	−$5.12	−$5.02	−$10 10.1 bp	$67 150x	0.1 bp	0.1 bp	0.0-0.1 bp
Polymarket Perps BTC-USD	75,947	0.040%/0.013%	−$5.38	−$5.38	−$11 10.8 bp	$200 50x	0.2 bp	0.2 bp	0.1-0.9 bp
Popdex BTCUSDT	75,986	0.032%/0.010%	−$5.31	−$5.62	−$11 10.9 bp	$100 100x	0.4 bp	0.3 bp	0.1-1.0 bp
Bybit BTCUSDT	75,986.3	0.055%/0.020%	−$5.51	−$5.51	−$11 11.0 bp	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
Kraken Futures PF_XBTUSD	75,960.5	0.050%/0.020%	−$5.62	−$5.86	−$11 11.5 bp	$100 100x	0.1 bp	0.2 bp	0.1-1.4 bp
Bitget BTCUSDT	76,011.1	0.060%/0.020%	−$6.01	−$6.01	−$12 12.0 bp	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
HTX BTC-USDT	76,024.5	0.060%/0.020%	−$6.01	−$6.01	−$12 12.0 bp	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
Phemex BTCUSDT	76,000.4	0.060%/0.010%	−$6.01	−$6.01	−$12 12.0 bp	$67 150x	0.0 bp	0.0 bp	0.0-0.1 bp
Paradex BTC-USD-PERP	75,884.6	0.020%/0.000%	−$8.09	−$4.00	−$12 12.1 bp	$200 50x	1.7 bp	1.8 bp	0.2-4.8 bp
ApeX Omni BTCUSDT	76,006.1	0.050%/0.020%	−$6.18	−$6.18	−$12 12.4 bp	$100 100x	0.7 bp	0.4 bp	0.1-1.4 bp
Kalshi KXBTCPERP	75,951	0.040%/0.020%	−$7.17	−$5.63	−$13 12.8 bp	$1,566 6.3x	2.0 bp	1.3 bp	0.6-3.3 bp
Hibachi BTC/USDT-P	75,980.7	0.045%/0.000%	−$4.51	−$8.76	−$13 13.3 bp	$333 30x	0.9 bp	0.7 bp	0.0-2.2 bp
KuCoin XBTUSDTM	76,047.8	0.060%/0.020%	−$7.33	−$6.01	−$13 13.3 bp	$80 125x	0.0 bp	0.0 bp	0.0-1.2 bp
Bluefin BTC-PERP	75,935.4	0.035%/0.010%	−$6.14	−$7.84	−$14 14.0 bp	$250 40x	4.9 bp	6.1 bp	4.4-6.9 bp
BloFin BTC-USDT	75,999.8	0.060%/0.020%	−$7.39	−$7.53	−$15 14.9 bp	$67 150x	0.0 bp	0.0 bp	0.0-0.5 bp
Gate BTC_USDT	75,994.1	0.075%/-0.010%	−$7.51	−$7.51	−$15 15.0 bp	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
N1 BTCUSD	75,944.9	0.035%/0.010%	−$7.09	−$10	−$18 17.6 bp	$200 50x	1.5 bp	2.1 bp	0.5-4.4 bp
dYdX BTC-USD	75,903.8	0.050%/0.010%	−$13	−$8.42	−$22 21.6 bp	$200 50x	4.2 bp	4.1 bp	2.4-8.1 bp
Ondo Perps BTC-USD.P	75,895	0.025%/0.010%	−$10	−$12	−$22 22.4 bp	$250 40x	2.0 bp	2.4 bp	0.9-4.2 bp
Aftermath Perps BTCUSD	75,954.9	0.045%/-0.005%	−$19	−$13	−$31 31.5 bp	$400 25x	8.2 bp	6.1 bp	3.1-12.2 bp
SunX BTC-USDT	76,074	0.040%/0.020%	−$23	−$16	−$38 38.2 bp	$100 100x	1.3 bp	1.7 bp	0.5-3.4 bp
Aevo BTC-PERP	75,942.8	0.080%/0.050%	−$33	−$35	−$67 67.5 bp	$500 20x	4.9 bp	8.6 bp	4.3-35.3 bp
StandX BTC-USD	76,029.4	0.040%/0.010%	−$104	−$104	−$209 208.8 bp	$250 40x	202.4 bp	202.3 bp	198.4-207.3 bp
GMX BTC/USD [WBTC.b-USDC]	75,918.1	0.060%/0.040%	oracle execution: slippage not modeled, see the exchange's docs
AZverse btc_usdt	75,977.9	0.060%/0.040%	no order-book sample
Orderly PERP_BTC_USDC	75,972.5	0.030%/0.000%	no order-book sample
Vest Markets BTC-PERP	76,015.9	0.010%/0.010%	no order-book sample
Avantis BTC/USD	75,942.9	0.045%/0.001%	oracle execution: slippage not modeled, see the exchange's docs
Perpl BTC	75,959.3	0.035%/0.005%	no order-book sample
Reya BTCRUSDPERP	75,936.6	0.030%/0.030%	no public order book; price impact follows the exchange's formula
Katana Perps BTC-USD	76,069	0.019%/0.005%	no order-book sample
Jupiter Perps WBTC-PERP	75,925.1	0.060%/0.060%	oracle execution: slippage not modeled, see the exchange's docs

A size between two measured points is interpolated and marked ~. Fees: each exchange's base taker tier. Oracle-priced exchanges (GMX, Avantis, Jupiter) are not modeled; RFQ exchanges (Variational) quote only $1k, $100k and $1M.