Entry cost

PANW marketsRWA

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

Asset

Cheapest round trip on $10kBinance41.6 bp

You pay, in and out−$42

Second cheapest costs+$21 more

Venues that fill it4of 8

Margin at 25x$400

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 PANWUSDT · live order book, 22 min agocheapest	371.55	0.050%/0.020%	1.34 bp	18.6 bp	22.9 bp	41.6 bp	−$42	$426K	$400 25x	34.9 bp	34.1 bp	24.5-50.9 bp
Bybit PANWUSDT · live order book, 10 min ago	371.35	0.055%/0.020%	6.60 bp	42.7 bp	20.2 bp	62.9 bp	−$63	$195K	$400 25x	50.5 bp	68.0 bp	44.0-102.9 bp
Bitget PANWUSDT · live order book, 11 min ago	371.72	0.060%/0.020%	3.23 bp	34.4 bp	44.6 bp	79.0 bp	−$79	$632K	$500 20x	62.6 bp	70.3 bp	45.4-90.6 bp
QFEX PANW-USD · live order book, 8 min ago	371.44	0.050%/0.020%	77.15 bp	89.1 bp	89.1 bp	178.2 bp	−$178	$411K	$1,000 10x	20.6 bp	1302.4 bp	1287.4-1505.4 bp
Gate PANW_USDT	371.78	0.075%/0.020%	—	below $100k OI and volume: not sampled
Injective PANW/USDC PERP	375.79	0.000%/—	—	below $100k OI and volume: not sampled
HTX PANW-USDT	371.71	0.060%/0.020%	—	below $100k OI and volume: not sampled
SunX PANW-USDT	371.34	0.040%/0.020%	500.13 bp	the book does not hold this size (about $1k 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.