Entry cost

CYPH marketsRWA

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

Asset

Cheapest round trip on $10kBinance114.1 bp

You pay, in and out−$114

Second cheapest costs+$8.57 more

Venues that fill it5of 10

Margin at 20x$500

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
Binance CYPHUSDT · live order book, 8 min agocheapest	3.4281	0.050%/0.020%	8.74 bp	72.4 bp	41.7 bp	114.1 bp	−$114	$86K	$500 20x	96.9 bp	100.0 bp	70.4-156.9 bp
Phemex CYPHUSDT · live order book, 56 min ago	3.4260	0.060%/0.010%	14.49 bp	66.4 bp	56.2 bp	122.7 bp	−$123	$53K	$1,000 10x	102.2 bp	102.2 bp	80.8-154.0 bp
Bitget CYPHUSDT · live order book, 54 min ago	3.4349	0.060%/0.020%	18.67 bp	53.3 bp	100.0 bp	153.3 bp	−$153	$898K	$500 20x	140.7 bp	129.3 bp	58.0-193.8 bp
Bybit CYPHUSDT · live order book, 39 min ago	3.4360	0.055%/0.020%	18.90 bp	105.3 bp	132.6 bp	237.9 bp	−$238	$68K	$400 25x	322.9 bp	286.8 bp	237.7-340.0 bp
QFEX CYPH-USD · live order book, 6 min ago	3.3800	0.050%/0.020%	29.50 bp	243.2 bp	218.2 bp	461.3 bp	−$461	$799K	$1,000 10x	119.2 bp	1358.4 bp	1029.7-1506.6 bp
Gate CYPH_USDT	3.4370	0.075%/0.020%	—	below $100k OI and volume: not sampled
HTX CYPH-USDT	3.4300	0.060%/0.020%	59.12 bp	the book does not hold this size (about $3.2k a side)
Aftermath Perps CYPHUSD	3.5646	0.045%/-0.005%	—	below $100k OI and volume: not sampled
edgeX CYPHUSDC	3.4319	0.045%/0.040%	—	below $100k OI and volume: not sampled
SunX CYPH-USDT	3.4250	0.040%/0.020%	30.58 bp	the book does not hold this size (about $5.3k a side)

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.