Entry cost

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

AssetTypeSize15 of 25 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
MEXC S_USDT · live order book, 3 min agocheapest	2.52 bp	5.4 bp	5.1 bp	2.00 bp	10.5 bp	−$10	$1.7M	200x	5.5 bp	5.3 bp	3.2–9.6 bp
Lighter S · live order book, 36 min ago	5.15 bp	14.8 bp	6.9 bp	0.00 bp	21.8 bp	−$22	$181K	5x	25.4 bp	24.9 bp	17.5–34.2 bp
BloFin S-USDT · live order book, 38 min ago	2.57 bp	17.9 bp	20.2 bp	6.00 bp	38.1 bp	−$38	$710K	75x	27.2 bp	30.9 bp	17.9–42.9 bp
Binance SUSDT · live order book, 3 min ago	1.26 bp	22.0 bp	16.4 bp	5.00 bp	38.4 bp	−$38	$906K	75x	29.5 bp	33.0 bp	26.9–42.0 bp
Hyperliquid S · live order book, 1 min ago	1.76 bp	17.8 bp	21.8 bp	4.50 bp	39.6 bp	−$40	$21K	5x	27.3 bp	28.1 bp	20.1–38.2 bp
BingX S-USDT · live order book, 4 min ago	5.06 bp	25.8 bp	18.0 bp	5.00 bp	43.8 bp	−$44	$15.8M	—	29.5 bp	31.9 bp	25.0–39.1 bp
Bitget SUSDT · live order book, 4 min ago	6.34 bp	23.5 bp	21.5 bp	6.00 bp	45.0 bp	−$45	$383K	50x	31.8 bp	32.5 bp	21.9–43.8 bp
Bybit SUSDT · live order book, 4 min ago	3.81 bp	28.2 bp	23.8 bp	5.50 bp	52.0 bp	−$52	$312K	50x	41.3 bp	51.0 bp	38.3–61.8 bp
Backpack S_USDC_PERP · live order book, 44 min ago	12.84 bp	24.6 bp	28.9 bp	5.00 bp	53.5 bp	−$54	$62K	5x	42.5 bp	45.2 bp	29.7–65.7 bp
OKX S-USDT-SWAP · live order book, 4 min ago	2.54 bp	36.2 bp	35.7 bp	5.00 bp	71.9 bp	−$72	$45K	20x	46.3 bp	54.5 bp	41.8–69.3 bp
Extended S-USD · live order book, 44 min ago	3.86 bp	45.9 bp	30.2 bp	2.50 bp	76.1 bp	−$76	$141K	10x	69.3 bp	72.0 bp	57.8–86.0 bp
Gate S_USDT · live order book, 41 min ago	9.05 bp	64.7 bp	80.9 bp	7.50 bp	145.6 bp	−$146	$114K	50x	137.8 bp	131.5 bp	110.7–150.6 bp
ApeX Omni SUSDT · live order book, 43 min ago	25.84 bp	94.6 bp	77.5 bp	5.00 bp	172.1 bp	−$172	$60K	50x	124.9 bp	134.1 bp	109.7–166.5 bp
KuCoin SUSDTM · live order book, 3 min ago	2.52 bp	98.4 bp	111.3 bp	6.00 bp	209.6 bp	−$210	$232K	50x	176.6 bp	186.0 bp	154.7–210.1 bp
Aster SUSDT · live order book, 43 min ago	16.86 bp	194.7 bp	43.7 bp	4.00 bp	238.4 bp	−$238	$30K	10x	61.2 bp	65.5 bp	55.0–146.7 bp
Variational Omni S	7.70 bp	the book does not hold this size
Orderly PERP_S_USDC	—	no order-book sample in the last 90 minutes
Deribit S_USDC-PERPETUAL	—	below $100k OI and volume: not sampled
Coinbase International S-PERP-INTX	—	below $100k OI and volume: not sampled
Kraken Futures PF_SUSD	—	below $100k OI and volume: not sampled
01 Exchange SUSD	—	below $100k OI and volume: not sampled
Injective S/USDC PERP	—	no order-book sample in the last 90 minutes
GMX S/USD [WBTC.b-USDC]	—	oracle execution: slippage not modeled, see the exchange's docs
gTrade (Gains Network) S/USD	—	no public order book; price impact follows the exchange's formula
Reya SRUSDPERP	—	no public order book; price impact follows the exchange's formula

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.