Entry cost

IBM marketsRWA

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

Asset

Cheapest round trip on $10kQFEX16.3 bp

You pay, in and out−$16

Second cheapest costs+$7.02 more

Venues that fill it10of 18

Margin at 10x$1,000

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
QFEX IBM-USD · live order book, 4 min agocheapest	232.16	0.050%/0.020%	2.58 bp	7.6 bp	8.7 bp	16.3 bp	−$16	$262K	$1,000 10x	4.3 bp	4.9 bp	4.1-7.8 bp
Binance IBMUSDT · live order book, 9 min ago	232.25	0.050%/0.020%	0.22 bp	10.0 bp	13.4 bp	23.3 bp	−$23	$917K	$500 20x	12.7 bp	12.9 bp	8.7-17.4 bp
tradeXYZ xyz:IBM · live order book, 9 min ago	232.00	0.090%/0.030%	1.08 bp	12.9 bp	10.7 bp	23.6 bp	−$24	$86K	$1,000 10x	8.1 bp	10.8 bp	4.8-17.9 bp
Bitget IBMUSDT · live order book, 12 min ago	232.20	0.060%/0.020%	1.72 bp	14.3 bp	11.7 bp	26.0 bp	−$26	$340K	$500 20x	20.0 bp	17.5 bp	11.7-30.9 bp
OKX IBM-USDT-SWAP · live order book, 3 min ago	232.17	0.050%/0.020%	1.94 bp	16.6 bp	11.0 bp	27.6 bp	−$28	$70K	$500 20x	17.3 bp	19.7 bp	11.8-30.9 bp
Extended IBM-USD · live order book, 13 min ago	232.20	0.025%/0.000%	1.08 bp	14.6 bp	15.1 bp	29.7 bp	−$30	$470K	$1,000 10x	25.4 bp	25.5 bp	24.4-27.0 bp
Bybit IBMUSDT · live order book, 7 min ago	232.13	0.055%/0.020%	4.95 bp	15.7 bp	14.2 bp	29.8 bp	−$30	$201K	$200 50x	17.3 bp	19.8 bp	15.0-28.3 bp
Gate IBM_USDT · live order book, 4 min ago	232.24	0.075%/0.020%	3.01 bp	14.0 bp	16.0 bp	30.0 bp	−$30	$56K	$200 50x	19.4 bp	22.8 bp	15.1-35.1 bp
GRVT IBM_USDT_Perp · live order book, 9 min ago	232.29	0.045%/0.000%	1.72 bp	15.0 bp	17.9 bp	32.9 bp	−$33	$54K	$1,000 10x	21.9 bp	23.3 bp	15.8-36.6 bp
KuCoin IBMUSDTM · live order book, 13 min ago	232.14	0.060%/0.020%	6.24 bp	766.2 bp	467.7 bp	1233.9 bp	−$1,234	$29K	$500 20x	938.6 bp	715.1 bp	218.3-1446.0 bp
Variational Omni IBM	232.20	0.000%/0.000%	5.49 bp	the book does not hold this size
BloFin IBM-USDT	232.29	0.060%/0.020%	—	below $100k OI and volume: not sampled
Lighter IBM	232.38	0.000%/0.000%	—	below $100k OI and volume: not sampled
Aster IBMUSDT	232.07	0.040%/0.000%	22.83 bp	the book does not hold this size (about $7.6k a side)
HTX IBM-USDT	232.03	0.060%/0.020%	—	below $100k OI and volume: not sampled
SunX IBM-USDT	232.05	0.040%/0.020%	500.27 bp	the book does not hold this size (about $1k a side)
Vest IBM-USD-PERP	232.09	0.010%/0.010%	—	below $100k OI and volume: not sampled
Injective IBM/USDC PERP	201.05	0.000%/—	—	below $100k OI and volume: not sampled

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.