Entry cost

BTC markets

Type a position size; every exchange is repriced against its live order book.

Asset

Cheapest round trip on $10kLighter1.0 bp

You pay, in and out−$0.99

Second cheapest costs+$0.83 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, 12 min agocheapest	85,802.3	0.000%/0.000%	0.01 bp	0.0 bp	1.0 bp	1.0 bp	−$0.99	$27.1M	$200 50x	0.6 bp	0.6 bp	0.1-1.3 bp
Lighter RH BTC · live order book, 7 min ago	85,806	0.000%/0.000%	0.64 bp	0.6 bp	1.2 bp	1.8 bp	−$1.82	$6.7M	$200 50x	1.4 bp	1.3 bp	0.7-2.1 bp
MEXC BTC_USDT · live order book, 2 min ago	85,793	0.020%/0.010%	0.01 bp	2.2 bp	2.0 bp	4.2 bp	−$4.17	$220.1M	$20 500x	0.0 bp	0.0 bp	0.0-0.0 bp
Extended BTC-USD · live order book, 2 min ago	85,806.2	0.025%/0.000%	0.06 bp	2.6 bp	2.6 bp	5.1 bp	−$5.12	$10.6M	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Paradex BTC-USD-PERP · live order book, 2 min ago	85,820.1	0.020%/0.000%	0.59 bp	3.5 bp	2.6 bp	6.1 bp	−$6.12	$598K	$200 50x	1.8 bp	1.7 bp	0.7-2.6 bp
RISEx BTC/USDC · live order book, 2 min ago	85,822.1	0.030%/0.010%	0.01 bp	3.6 bp	3.0 bp	6.7 bp	−$6.66	$2.9M	$400 25x	0.8 bp	0.4 bp	0.0-2.8 bp
Arcus BTC-USD · live order book, 2 min ago	85,806.8	0.022%/0.000%	0.01 bp	4.4 bp	2.3 bp	6.7 bp	−$6.68	$1.6M	$250 40x	0.7 bp	0.7 bp	0.0-2.6 bp
Bulk BTC-USD · live order book, 2 min ago	85,888.3	0.035%/0.000%	0.01 bp	3.5 bp	3.5 bp	7.0 bp	−$7.02	$270.4M	$250 40x	0.0 bp	0.0 bp	0.0-0.1 bp
Deribit BTC-PERPETUAL · live order book, 2 min ago	85,815.4	0.035%/0.015%	0.03 bp	3.5 bp	3.5 bp	7.1 bp	−$7.06	$38.7M	$200 50x	0.1 bp	0.1 bp	0.1-1.0 bp
Nado BTC-PERP · live order book, 2 min ago	85,673.3	0.035%/0.010%	0.06 bp	3.6 bp	3.6 bp	7.1 bp	−$7.12	$11.6M	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
Phoenix BTC · live order book, 6 min ago	85,641	0.035%/0.005%	0.06 bp	3.6 bp	3.7 bp	7.3 bp	−$7.28	$4.3M	$250 40x	0.4 bp	0.4 bp	0.3-0.5 bp
Popdex BTCUSDT · live order book, 2 min ago	85,744	0.032%/0.010%	0.06 bp	4.1 bp	3.3 bp	7.3 bp	−$7.34	$10.3M	$100 100x	0.5 bp	0.5 bp	0.1-2.6 bp
Aster BTCUSDT · live order book, 2 min ago	85,786.9	0.040%/0.000%	0.01 bp	4.0 bp	4.0 bp	8.0 bp	−$8.02	$36.6M	$50 200x	0.0 bp	0.0 bp	0.0-0.9 bp
gTrade (Gains Network) BTC/USD · virtual book (oracle venue), 2 min ago	85,785.5	0.035%/0.035%	0.51 bp	4.0 bp	4.0 bp	8.0 bp	−$8.04	$50.0M	$50 200x	1.0 bp	1.0 bp	1.0-1.0 bp
SoDEX BTC-USD · live order book, 2 min ago	85,772	0.040%/0.012%	0.06 bp	4.1 bp	4.1 bp	8.1 bp	−$8.12	$9.7M	$250 40x	0.1 bp	0.1 bp	0.1-0.1 bp
Pacifica BTC · live order book, 2 min ago	85,821.6	0.040%/0.015%	0.06 bp	4.1 bp	4.1 bp	8.1 bp	−$8.12	$205K	$200 50x	0.1 bp	0.1 bp	0.1-0.9 bp
Hyperliquid BTC · live order book, 12 min ago	85,870	0.045%/0.015%	0.06 bp	4.6 bp	4.6 bp	9.1 bp	−$9.12	$554K	$250 40x	0.1 bp	0.1 bp	0.1-0.2 bp
edgeX BTCUSDC · live order book, 2 min ago	85,859.5	0.045%/0.040%	0.01 bp	4.7 bp	4.5 bp	9.2 bp	−$9.23	$59.9M	$100 100x	0.0 bp	0.0 bp	0.0-0.1 bp
GRVT BTC_USDT_Perp · live order book, 2 min ago	85,651.7	0.045%/0.000%	0.01 bp	4.8 bp	4.5 bp	9.3 bp	−$9.26	$8.2M	$200 50x	0.0 bp	0.0 bp	0.0-0.1 bp
Polymarket Perps BTC-USD · live order book, 2 min ago	85,758	0.040%/0.013%	0.06 bp	5.2 bp	4.3 bp	9.5 bp	−$9.46	$3.4M	$200 50x	0.3 bp	0.2 bp	0.1-1.1 bp
01 Exchange BTCUSD · live order book, 2 min ago	85,732.6	0.035%/0.010%	0.01 bp	4.2 bp	5.3 bp	9.5 bp	−$9.51	$534K	$200 50x	2.2 bp	2.1 bp	0.5-4.2 bp
Binance BTCUSDT · live order book, 7 min ago	85,800.1	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$14.5M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
OKX BTC-USDT-SWAP · live order book, 2 min ago	85,817.1	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$14.4M	$100 100x	0.0 bp	0.0 bp	0.0-0.0 bp
Coinbase International BTC-PERP-INTX · live order book, 2 min ago	85,824	0.050%/—	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$27.3M	$200 50x	0.0 bp	0.0 bp	0.0-0.0 bp
Backpack BTC_USDC_PERP · live order book, 2 min ago	85,813.6	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	0.0-0.2 bp
BingX BTC-USDC · live order book, 16 min ago	85,811.2	0.050%/0.020%	0.01 bp	5.0 bp	5.0 bp	10.0 bp	−$10	$161.8M	—	0.0 bp	0.0 bp	0.0-0.0 bp
Bullet BTC-USD · live order book, 2 min ago	85,784.2	0.040%/0.010%	0.29 bp	4.3 bp	5.8 bp	10.1 bp	−$10	$496K	$500 20x	1.6 bp	1.6 bp	0.6-2.4 bp
Hibachi BTC/USDT-P · live order book, 2 min ago	85,662.7	0.045%/0.000%	0.01 bp	5.2 bp	5.0 bp	10.2 bp	−$10	$1.3M	$333 30x	0.5 bp	0.3 bp	0.0-1.8 bp
Injective BTC/USDC PERP · live order book, 2 min ago	85,810	0.000%/—	4.49 bp	5.2 bp	5.1 bp	10.2 bp	−$10	$819K	$192 52x	6.8 bp	4.6 bp	3.2-6.8 bp
SunX BTC-USDT · live order book, 6 min ago	85,727.2	0.040%/0.020%	0.81 bp	5.8 bp	4.9 bp	10.7 bp	−$11	$5.8M	$100 100x	2.1 bp	2.0 bp	0.8-3.5 bp
Kraken Futures PF_XBTUSD · live order book, 2 min ago	85,799.4	0.050%/0.020%	0.06 bp	5.7 bp	5.1 bp	10.8 bp	−$11	$68.5M	$100 100x	0.4 bp	0.3 bp	0.1-1.2 bp
Kalshi KXBTCPERP · live order book, 2 min ago	85,763	0.050%/—	0.23 bp	5.4 bp	5.3 bp	10.8 bp	−$11	$10.6M	$1,566 6.4x	0.7 bp	0.6 bp	0.4-1.2 bp
Bybit BTCUSDT · live order book, 2 min ago	85,813	0.055%/0.020%	0.01 bp	5.5 bp	5.5 bp	11.0 bp	−$11	$28.9M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
ApeX Omni BTCUSDT · live order book, 2 min ago	85,878.6	0.050%/0.020%	0.50 bp	5.7 bp	5.5 bp	11.2 bp	−$11	$13.4M	$100 100x	0.9 bp	0.7 bp	0.2-1.8 bp
StandX BTC-USD · live order book, 2 min ago	85,697	0.040%/0.010%	1.28 bp	5.4 bp	6.4 bp	11.8 bp	−$12	$7.2M	$250 40x	2.7 bp	2.5 bp	0.9-5.2 bp
Bitget BTCUSDT · live order book, 2 min ago	85,800.9	0.060%/0.020%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$2.5M	$67 150x	0.0 bp	0.0 bp	0.0-0.0 bp
HTX BTC-USDT · live order book, 2 min ago	85,770.3	0.060%/0.020%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$11.7M	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
Phemex BTCUSDT · live order book, 7 min ago	85,796	0.060%/0.010%	0.01 bp	6.0 bp	6.0 bp	12.0 bp	−$12	$1.6M	$67 150x	0.0 bp	0.0 bp	0.0-0.1 bp
KuCoin XBTUSDTM · live order book, 12 min ago	85,785.1	0.060%/0.020%	0.01 bp	6.0 bp	6.2 bp	12.2 bp	−$12	$2.9M	$80 125x	0.0 bp	0.0 bp	0.0-0.6 bp
BloFin BTC-USDT · live order book, 12 min ago	85,768.6	0.060%/0.020%	0.54 bp	6.6 bp	6.5 bp	13.1 bp	−$13	$8.0M	$67 150x	0.0 bp	0.0 bp	0.0-0.4 bp
Bluefin BTC-PERP · live order book, 17 min ago	85,812.4	0.035%/0.010%	1.17 bp	7.7 bp	7.2 bp	14.9 bp	−$15	$158K	$250 40x	5.9 bp	5.4 bp	4.3-6.9 bp
Gate BTC_USDT · live order book, 2 min ago	85,825.9	0.075%/0.020%	0.01 bp	7.5 bp	7.5 bp	15.0 bp	−$15	$5.4M	$50 200x	0.0 bp	0.0 bp	0.0-0.0 bp
dYdX BTC-USD · live order book, 2 min ago	85,830	0.050%/0.010%	2.04 bp	7.0 bp	8.5 bp	15.5 bp	−$16	$13.9M	$200 50x	5.5 bp	4.8 bp	1.8-15.6 bp
Aevo BTC-PERP · live order book, 2 min ago	85,761.8	0.080%/0.050%	0.63 bp	9.9 bp	8.6 bp	18.5 bp	−$18	$1.3M	$500 20x	4.4 bp	3.7 bp	2.4-6.2 bp
Aftermath Perps BTCUSD · live order book, 17 min ago	85,827.2	0.045%/-0.005%	1.00 bp	9.7 bp	11.2 bp	20.8 bp	−$21	$96K	$500 20x	10.4 bp	8.9 bp	5.3-14.0 bp
Variational Omni BTC	85,711.3	0.000%/0.000%	0.50 bp	the book does not hold this size
Derive BTC-PERP	85,780	0.030%/0.010%	—	no order-book sample in the last 90 minutes
GMX BTC/USD [WBTC.b-USDC]	85,784.3	0.060%/0.040%	—	oracle execution: slippage not modeled, see the exchange's docs
Reya BTCRUSDPERP	85,760.9	0.030%/0.030%	—	no public order book; price impact follows the exchange's formula
Ondo Perps BTC-USD.P	85,809	0.025%/0.020%	—	no order-book sample in the last 90 minutes
Orderly PERP_BTC_USDC	85,773.5	0.030%/0.000%	—	no order-book sample in the last 90 minutes
Perpl BTC	85,721.2	0.069%/0.009%	—	no order-book sample in the last 90 minutes
Katana Perps BTC-USD	85,703	0.019%/0.005%	—	no order-book sample in the last 90 minutes
Hotstuff BTC-PERP	85,624	0.025%/-0.002%	—	below $100k OI and volume: not sampled
Vest BTC-PERP	85,787.3	0.010%/0.010%	—	no order-book sample in the last 90 minutes
Jupiter Perps WBTC-PERP	85,715.1	0.060%/0.060%	—	oracle execution: slippage not modeled, see the exchange's docs

Slippage is the average fill price of a market order walking the book against the mid; the half-spread is part of it. A size between two measured points is interpolated and marked ~. Fees are each exchange's base taker tier, before volume tiers and token discounts. Exchanges that fill at an oracle price (GMX, Avantis, Jupiter) charge price impact by formula and are not modeled. RFQ exchanges (Variational) quote only $1k, $100k and $1M. The calculator runs from $1k to $5M.