Entry cost

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

BTC markets

Asset

Cheapest round trip on $10kLighter0.2 bp

You pay, in and out−$0.23

Second cheapest costs+$1.50 more

Venues that fill it45of 56

Margin at 50x$200

Exchange	Price	Taker / maker	Half-spread	Buy (long)	Sell (short)	Round trip	In $	Measured up to	Margin at max lev	Median 24h	Median 7d	p10-p90 7d
Lighter BTC · live order book, 10 min agocheapest	83,522.5	0.000%/0.000%	0.01 bp	0.2 bp	0.0 bp	0.2 bp	−$0.23	$17.2M	$200 50x	0.6 bp	0.6 bp	0.1-1.3 bp
Lighter RH BTC · live order book, 5 min ago	83,523.8	0.000%/0.000%	0.32 bp	1.4 bp	0.3 bp	1.7 bp	−$1.73	$4.8M	$200 50x	1.3 bp	1.4 bp	0.7-2.4 bp
MEXC BTC_USDT · live order book, 1 min ago	83,512.3	0.020%/0.010%	0.01 bp	2.0 bp	2.0 bp	4.0 bp	−$4.03	$95.7M	$20 500x	0.0 bp	0.0 bp	0.0-0.0 bp
Arcus BTC-USD · live order book, 5 min ago	83,529	0.022%/0.000%	0.01 bp	2.3 bp	2.8 bp	5.1 bp	−$5.09	$2.4M	$250 40x	0.6 bp	0.6 bp	0.0-2.7 bp
Extended BTC-USD · live order book, 5 min ago	83,476.7	0.025%/0.000%	0.06 bp	2.6 bp	2.6 bp	5.1 bp	−$5.12	$7.3M	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Injective BTC/USDC PERP · live order book, 5 min ago	83,585	0.000%/—	2.34 bp	2.4 bp	2.8 bp	5.2 bp	−$5.22	$830K	$200 50x	4.3 bp	4.5 bp	2.8-8.5 bp
Paradex BTC-USD-PERP · live order book, 1 min ago	83,563.5	0.020%/0.000%	1.08 bp	3.1 bp	3.1 bp	6.2 bp	−$6.16	$647K	$200 50x	2.4 bp	2.1 bp	0.6-4.1 bp
Bulk BTC-USD · live order book, 1 min ago	83,517	0.035%/0.000%	0.00 bp	3.5 bp	3.5 bp	7.0 bp	−$7.00	$2.8M	$250 40x	0.0 bp	0.0 bp	0.0-0.7 bp
Deribit BTC-PERPETUAL · live order book, 1 min ago	83,590.4	0.035%/0.015%	0.03 bp	3.5 bp	3.6 bp	7.1 bp	−$7.10	$49.2M	$200 50x	0.1 bp	0.1 bp	0.1-1.1 bp
Nado BTC-PERP · live order book, 5 min ago	83,543.1	0.035%/0.010%	0.06 bp	3.6 bp	3.6 bp	7.1 bp	−$7.12	$11.7M	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Phoenix BTC · live order book, 5 min ago	83,570	0.035%/0.005%	0.06 bp	3.7 bp	3.7 bp	7.4 bp	−$7.44	$3.5M	$250 40x	0.4 bp	0.4 bp	0.2-0.5 bp
Popdex BTCUSDT · live order book, 5 min ago	83,546	0.032%/0.010%	0.06 bp	3.3 bp	4.5 bp	7.8 bp	−$7.78	$12.1M	$100 100x	0.5 bp	0.5 bp	0.1-2.5 bp
gTrade (Gains Network) BTC/USD · virtual book (oracle exchange), 1 min ago	83,563.6	0.035%/0.035%	0.51 bp	4.0 bp	4.0 bp	8.1 bp	−$8.05	$50.0M	$50 200x	1.0 bp	1.0 bp	1.0-1.0 bp
SoDEX BTC-USD · live order book, 1 min ago	83,542	0.040%/0.012%	0.06 bp	4.1 bp	4.1 bp	8.1 bp	−$8.12	$8.7M	$250 40x	0.1 bp	0.1 bp	0.1-0.1 bp
Pacifica BTC · live order book, 5 min ago	83,554	0.040%/0.015%	0.06 bp	4.1 bp	4.1 bp	8.1 bp	−$8.12	$137K	$200 50x	0.1 bp	0.1 bp	0.1-0.7 bp
Aster BTCUSDT · live order book, 5 min ago	83,525.4	0.040%/0.000%	0.01 bp	4.0 bp	4.1 bp	8.1 bp	−$8.12	$25.7M	$50 200x	0.0 bp	0.0 bp	0.0-1.0 bp
Polymarket Perps BTC-USD · live order book, 5 min ago	83,537	0.040%/0.013%	0.06 bp	4.2 bp	4.2 bp	8.4 bp	−$8.35	$4.0M	$200 50x	0.4 bp	0.3 bp	0.1-1.6 bp
RISEx BTC/USDC · live order book, 1 min ago	83,544.9	0.030%/0.010%	0.01 bp	5.4 bp	3.0 bp	8.4 bp	−$8.40	$2.8M	$400 25x	0.5 bp	0.5 bp	0.0-2.9 bp
SunX BTC-USDT · live order book, 10 min ago	83,517.6	0.040%/0.020%	0.11 bp	4.6 bp	4.1 bp	8.7 bp	−$8.73	$6.0M	$100 100x	1.8 bp	1.9 bp	0.4-3.9 bp
edgeX BTCUSDC · live order book, 5 min ago	83,508.9	0.045%/0.040%	0.01 bp	4.5 bp	4.6 bp	9.1 bp	−$9.08	$59.2M	$100 100x	0.0 bp	0.0 bp	0.0-0.2 bp
GRVT BTC_USDT_Perp · live order book, 5 min ago	83,535.8	0.045%/0.000%	0.01 bp	4.5 bp	4.6 bp	9.1 bp	−$9.08	$8.2M	$200 50x	0.0 bp	0.0 bp	0.0-0.1 bp
Hyperliquid BTC · live order book, 10 min ago	83,518	0.045%/0.015%	0.06 bp	4.6 bp	4.6 bp	9.1 bp	−$9.12	$1.6M	$250 40x	0.1 bp	0.1 bp	0.1-0.2 bp
Bullet BTC-USD · live order book, 1 min ago	83,546	0.040%/0.010%	0.24 bp	4.3 bp	5.5 bp	9.8 bp	−$9.77	$533K	$500 20x	1.2 bp	1.3 bp	0.5-2.5 bp
Binance BTCUSDT · live order book, 10 min ago	83,522.7	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$14.1M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
OKX BTC-USDT-SWAP · live order book, 1 min ago	83,501.8	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$13.4M	$100 100x	0.0 bp	0.0 bp	0.0-0.0 bp
Coinbase International BTC-PERP-INTX · live order book, 5 min ago	83,583.8	0.050%/—	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$27.0M	$200 50x	0.0 bp	0.0 bp	0.0-0.0 bp
Backpack BTC_USDC_PERP · live order book, 5 min ago	83,511.2	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$5.8M	$133 75x	0.0 bp	0.0 bp	0.0-0.0 bp
Hibachi BTC/USDT-P · live order book, 1 min ago	83,551.3	0.045%/0.000%	0.01 bp	5.5 bp	4.5 bp	10.0 bp	−$10	$1.3M	$333 30x	0.5 bp	0.5 bp	0.0-2.4 bp
BingX BTC-USDC · live order book, 9 min ago	83,489.9	0.050%/0.020%	0.02 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$138.3M	—	0.0 bp	0.0 bp	0.0-0.1 bp
StandX BTC-USD · live order book, 1 min ago	83,542	0.040%/0.010%	0.66 bp	4.8 bp	5.4 bp	10.3 bp	−$10	$7.4M	$250 40x	2.6 bp	2.6 bp	1.1-4.7 bp
Kraken Futures PF_XBTUSD · live order book, 5 min ago	83,556.6	0.050%/0.020%	0.06 bp	5.1 bp	5.5 bp	10.5 bp	−$11	$71.4M	$100 100x	0.3 bp	0.3 bp	0.1-1.3 bp
Kalshi KXBTCPERP · live order book, 1 min ago	83,553	0.050%/—	0.18 bp	5.3 bp	5.3 bp	10.6 bp	−$11	$13.9M	$1,566 6.3x	0.7 bp	0.7 bp	0.4-1.3 bp
ApeX Omni BTCUSDT · live order book, 5 min ago	83,513.8	0.050%/0.020%	0.49 bp	5.5 bp	5.5 bp	11.0 bp	−$11	$13.2M	$100 100x	0.6 bp	0.7 bp	0.2-1.7 bp
Bybit BTCUSDT · live order book, 1 min ago	83,522.3	0.055%/0.020%	0.01 bp	5.5 bp	5.5 bp	11.0 bp	−$11	$22.3M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
N1 BTCUSD · live order book, 1 min ago	83,547.3	0.035%/0.010%	0.01 bp	5.7 bp	6.0 bp	11.7 bp	−$12	$376K	$200 50x	0.8 bp	1.9 bp	0.4-4.1 bp
Bluefin BTC-PERP · live order book, 1 min ago	83,565.7	0.035%/0.010%	1.00 bp	6.2 bp	5.7 bp	11.9 bp	−$12	$152K	$250 40x	5.6 bp	5.6 bp	4.4-7.6 bp
Bitget BTCUSDT · live order book, 1 min ago	83,511.3	0.060%/0.020%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$3.8M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
HTX BTC-USDT · live order book, 5 min ago	83,538.4	0.060%/0.020%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$10.6M	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
Phemex BTCUSDT · live order book, 5 min ago	83,538.9	0.060%/0.010%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$2.2M	$67 150x	0.0 bp	0.0 bp	0.0-0.1 bp
BloFin BTC-USDT · live order book, 5 min ago	83,514.4	0.060%/0.020%	0.02 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$3.7M	$67 150x	0.0 bp	0.0 bp	0.0-0.6 bp
KuCoin XBTUSDTM · live order book, 10 min ago	83,506.3	0.060%/0.020%	0.01 bp	6.0 bp	6.3 bp	12.3 bp	−$12	$3.5M	$80 125x	0.0 bp	0.0 bp	0.0-0.7 bp
Aftermath Perps BTCUSD · live order book, 1 min ago	83,532	0.045%/-0.005%	0.00 bp	7.4 bp	7.4 bp	14.8 bp	−$15	$59K	$500 20x	7.6 bp	9.3 bp	5.1-13.8 bp
Gate BTC_USDT · live order book, 1 min ago	83,506.3	0.075%/0.020%	0.01 bp	7.5 bp	7.5 bp	15.0 bp	−$15	$8.3M	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
Aevo BTC-PERP · live order book, 1 min ago	83,526.8	0.080%/0.050%	0.01 bp	12.6 bp	10.3 bp	22.9 bp	−$23	$196K	$500 20x	4.6 bp	4.0 bp	2.6-6.4 bp
dYdX BTC-USD · live order book, 1 min ago	83,536.1	0.050%/0.010%	2.87 bp	12.7 bp	21.9 bp	34.5 bp	−$35	$59.2M	$200 50x	6.1 bp	5.6 bp	1.9-17.5 bp
Variational Omni BTC	83,536.5	0.000%/0.000%	0.51 bp	the book does not hold this size
Derive BTC-PERP	83,572.5	0.030%/0.010%	—	no order-book sample in the last 90 minutes
GMX BTC/USD [WBTC.b-USDC]	83,560.7	0.060%/0.040%	—	oracle execution: slippage not modeled, see the exchange's docs
Reya BTCRUSDPERP	83,534.2	0.030%/0.030%	—	no public order book; price impact follows the exchange's formula
Ondo Perps BTC-USD.P	83,463	0.025%/0.020%	—	no order-book sample in the last 90 minutes
Orderly PERP_BTC_USDC	83,547	0.030%/0.000%	—	no order-book sample in the last 90 minutes
Perpl BTC	83,520.3	0.069%/0.009%	—	no order-book sample in the last 90 minutes
Katana Perps BTC-USD	83,527	0.019%/0.005%	—	no order-book sample in the last 90 minutes
Hotstuff BTC-PERP	83,542	0.025%/-0.002%	—	below $100k OI and volume: not sampled
Vest Markets BTC-PERP	83,602.9	0.010%/0.010%	—	no order-book sample in the last 90 minutes
Jupiter Perps WBTC-PERP	83,555.9	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.