Entry cost

Cost to open and close $10k of MSTR, by exchange.

AssetTypeSize22 of 31 venues priced · CSV

Exchange	Half-spread	Buy	Sell	Taker fee	Round trip	In $	Measured up to	Max lev	Median 24h	Median 7d	p10–p90 7d
Lighter MSTR · live order book, 5 min agocheapest	1.21 bp	3.0 bp	2.6 bp	0.00 bp	5.6 bp	−$6	$2.0M	10x	6.0 bp	5.7 bp	4.0–8.8 bp
RISEx MSTR/USDC · live order book, 31 min ago	1.51 bp	4.5 bp	4.5 bp	3.00 bp	9.0 bp	−$9	$398K	10x	3.8 bp	3.8 bp	2.5–5.4 bp
Binance MSTRUSDT · live order book, 16 min ago	0.30 bp	5.7 bp	6.2 bp	5.00 bp	11.9 bp	−$12	$6.5M	50x	2.1 bp	2.2 bp	1.1–3.4 bp
QFEX MSTR-USD · live order book, 6 min ago	2.11 bp	7.1 bp	7.1 bp	5.00 bp	14.2 bp	−$14	$2.2M	10x	3.2 bp	4.0 bp	2.5–5.6 bp
OKX MSTR-USDT-SWAP · live order book, 1 min ago	0.30 bp	6.6 bp	7.7 bp	5.00 bp	14.3 bp	−$14	$1.6M	50x	3.2 bp	4.9 bp	2.5–7.5 bp
Polymarket Perps MSTR-USD · live order book, 1 min ago	3.01 bp	8.5 bp	7.0 bp	4.00 bp	15.5 bp	−$16	$1.0M	10x	7.9 bp	7.1 bp	4.4–10.3 bp
BloFin MSTR-USDT · live order book, 5 min ago	0.30 bp	7.5 bp	8.0 bp	6.00 bp	15.5 bp	−$16	$6.1M	20x	3.3 bp	3.5 bp	1.1–6.4 bp
Extended MSTR_24_5-USD · live order book, 6 min ago	2.41 bp	7.2 bp	8.4 bp	2.50 bp	15.6 bp	−$16	$165K	10x	8.4 bp	7.9 bp	4.0–13.3 bp
Bybit MSTRUSDT · live order book, 1 min ago	0.60 bp	8.6 bp	8.3 bp	5.50 bp	16.9 bp	−$17	$1.7M	50x	7.1 bp	7.3 bp	5.6–9.9 bp
Bitget MSTRUSDT · live order book, 1 min ago	0.30 bp	9.1 bp	8.9 bp	6.00 bp	18.0 bp	−$18	$2.0M	25x	5.5 bp	5.7 bp	3.9–8.2 bp
Coinbase International MSTR-PERP-INTX · live order book, 1 min ago	4.80 bp	9.8 bp	9.8 bp	5.00 bp	19.6 bp	−$20	$217K	10x	10.3 bp	9.9 bp	6.1–17.1 bp
Phoenix MSTR · live order book, 29 min ago	3.01 bp	10.0 bp	10.0 bp	3.50 bp	20.1 bp	−$20	$576K	10x	16.9 bp	15.7 bp	11.7–17.0 bp
tradeXYZ xyz:MSTR · live order book, 7 min ago	0.30 bp	10.1 bp	10.2 bp	9.00 bp	20.3 bp	−$20	$401K	10x	2.7 bp	2.6 bp	0.6–4.7 bp
edgeX MSTRUSDC · live order book, 1 min ago	5.41 bp	10.4 bp	10.3 bp	4.50 bp	20.7 bp	−$21	$183K	10x	12.7 bp	163.1 bp	148.5–172.1 bp
Deribit MSTR_USDC-PERPETUAL · live order book, 31 min ago	6.93 bp	10.4 bp	10.4 bp	3.50 bp	20.9 bp	−$21	$266K	10x	13.9 bp	14.8 bp	12.0–18.9 bp
Arcus MSTR-USD · live order book, 1 min ago	6.61 bp	12.9 bp	8.9 bp	2.25 bp	21.8 bp	−$22	$106K	10x	18.7 bp	112.9 bp	110.8–186.3 bp
Pacifica MSTR · live order book, 30 min ago	1.92 bp	6.3 bp	18.5 bp	4.00 bp	24.7 bp	−$25	$30K	10x	15.8 bp	24.6 bp	12.4–37.9 bp
Aster MSTRUSDT · live order book, 6 min ago	2.72 bp	13.1 bp	12.6 bp	4.00 bp	25.7 bp	−$26	$360K	50x	6.1 bp	7.4 bp	3.7–19.5 bp
Gate MSTR_USDT · live order book, 1 min ago	2.10 bp	15.1 bp	15.4 bp	7.50 bp	30.4 bp	−$30	$1.0M	50x	12.6 bp	13.1 bp	8.3–19.5 bp
KuCoin MSTRUSDTM · live order book, 9 min ago	1.81 bp	20.5 bp	19.8 bp	6.00 bp	40.3 bp	−$40	$46K	20x	31.8 bp	30.3 bp	25.4–38.5 bp
Nado MSTR-PERP · live order book, 30 min ago	7.22 bp	22.1 bp	27.1 bp	3.50 bp	49.2 bp	−$49	$130K	3x	34.7 bp	32.9 bp	15.3–53.2 bp
ApeX Omni MSTRUSDT · live order book, 1 min ago	9.31 bp	57.0 bp	73.9 bp	5.00 bp	130.9 bp	−$131	$48K	50x	99.4 bp	89.5 bp	65.5–117.7 bp
Phemex MSTRUSDT	4.23 bp	the book does not hold this size (about $2.7k a side)
Variational Omni MSTR	2.97 bp	the book does not hold this size
Ondo Perps MSTR-USD.P	—	no order-book sample in the last 90 minutes
SoDEX MSTR-USD	—	below $100k OI and volume: not sampled
Injective MSTR/USDC PERP	—	below $100k OI and volume: not sampled
Orderly PERP_MSTR_USDC_mythos	—	below $100k OI and volume: not sampled
Aevo MSTR-PERP	—	below $100k OI and volume: not sampled
Paradex MSTR-USD-PERP	—	below $100k OI and volume: not sampled
Vest MSTR-USD-PERP	—	no order-book sample in the last 90 minutes

Slippage is the average fill price of a market order walking the book against the mid; the half-spread is part of it. Fees are each exchange's base taker tier. 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.