Entry cost

SPY marketsRWA

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

Asset

Cheapest round trip on $10kMEXC0.1 bp

You pay, in and out−$0.12

Second cheapest costs+$0.81 more

Venues that fill it21of 27

Margin at 100x$100

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
MEXC SPY_USDT · live order book, 1 min agocheapest	774.45	0.000%/0.010%	0.06 bp	0.1 bp	0.1 bp	0.1 bp	−$0.12	$10.9M	$100 100x	0.1 bp	0.1 bp	0.1-0.1 bp
Lighter RH SPY · live order book, 7 min ago	774.66	0.000%/0.000%	0.19 bp	0.4 bp	0.6 bp	0.9 bp	−$0.93	$4.5M	$200 50x	0.7 bp	0.7 bp	0.2-1.5 bp
Lighter SPY · live order book, 6 min ago	774.29	0.000%/0.000%	0.39 bp	1.0 bp	0.8 bp	1.8 bp	−$1.84	$15.2M	$200 50x	1.7 bp	1.8 bp	1.0-2.4 bp
Arcus SPY-USD · live order book, 1 min ago	773.71	0.022%/0.000%	0.26 bp	3.9 bp	2.9 bp	6.8 bp	−$6.76	$792K	$200 50x	4.4 bp	5.3 bp	2.7-7.8 bp
RISEx SPY/USDC · live order book, 2 min ago	774.63	0.030%/0.010%	0.06 bp	3.1 bp	4.0 bp	7.0 bp	−$7.01	$642K	$400 25x	1.4 bp	1.2 bp	0.1-2.8 bp
Binance SPYUSDT · live order book, 10 min ago	774.45	0.050%/0.020%	0.06 bp	5.1 bp	5.1 bp	10.1 bp	−$10	$5.9M	$200 50x	0.1 bp	0.1 bp	0.1-0.1 bp
OKX SPY-USDT-SWAP · live order book, 5 min ago	774.54	0.050%/0.020%	0.06 bp	5.9 bp	5.4 bp	11.3 bp	−$11	$1.7M	$200 50x	0.9 bp	1.5 bp	0.4-2.6 bp
BloFin SPY-USDT · live order book, 4 min ago	774.50	0.060%/0.020%	0.06 bp	6.1 bp	6.1 bp	12.1 bp	−$12	$6.4M	$200 50x	0.2 bp	0.2 bp	0.1-0.6 bp
Coinbase International SPY-PERP-INTX · live order book, 6 min ago	774.00	0.050%/—	0.06 bp	5.4 bp	6.9 bp	12.3 bp	−$12	$490K	$500 20x	0.9 bp	1.5 bp	0.3-4.1 bp
GRVT SPY_USDT_Perp · live order book, 5 min ago	774.53	0.045%/0.000%	1.74 bp	6.4 bp	6.2 bp	12.6 bp	−$13	$816K	$1,000 10x	3.9 bp	3.8 bp	3.0-5.0 bp
Nado SPY-PERP · live order book, 1 min ago	774.01	0.035%/0.010%	0.06 bp	6.0 bp	7.1 bp	13.0 bp	−$13	$1.1M	$500 20x	5.4 bp	5.4 bp	2.3-8.3 bp
Aster SPYUSDT · live order book, 5 min ago	774.62	0.040%/0.000%	0.45 bp	7.1 bp	6.5 bp	13.7 bp	−$14	$574K	$500 20x	1.9 bp	2.3 bp	0.8-3.2 bp
Bitget SPYUSDT · live order book, 1 min ago	774.62	0.060%/0.020%	0.06 bp	6.8 bp	6.9 bp	13.7 bp	−$14	$1.4M	$200 50x	1.9 bp	2.3 bp	1.1-3.7 bp
Bybit SPYUSDT · live order book, 5 min ago	774.59	0.055%/0.020%	0.19 bp	7.3 bp	6.8 bp	14.1 bp	−$14	$1.8M	$100 100x	2.5 bp	3.2 bp	2.0-4.2 bp
Phoenix SPY · live order book, 3 min ago	774.04	0.035%/0.005%	0.13 bp	7.9 bp	7.9 bp	15.8 bp	−$16	$544K	$500 20x	10.0 bp	10.0 bp	8.5-12.1 bp
edgeX SPYUSDC · live order book, 6 min ago	774.39	0.045%/0.040%	5.10 bp	9.6 bp	9.6 bp	19.3 bp	−$19	$301K	$500 20x	10.3 bp	104.8 bp	98.0-112.0 bp
Gate SPY_USDT · live order book, 5 min ago	774.01	0.075%/0.020%	2.45 bp	10.4 bp	10.5 bp	20.9 bp	−$21	$1.1M	$133 75x	8.4 bp	8.9 bp	8.0-12.0 bp
HTX SPY-USDT · live order book, 5 min ago	774.82	0.060%/0.020%	2.45 bp	8.4 bp	12.6 bp	21.0 bp	−$21	$354K	$200 50x	9.0 bp	7.5 bp	7.0-8.2 bp
KuCoin SPYUSDTM · live order book, 4 min ago	773.83	0.060%/0.020%	3.10 bp	13.5 bp	10.7 bp	24.1 bp	−$24	$225K	$500 20x	12.6 bp	11.8 bp	8.1-14.1 bp
ApeX Omni SPYUSDT · live order book, 3 min ago	774.00	0.050%/0.020%	1.16 bp	13.8 bp	19.2 bp	32.9 bp	−$33	$264K	$200 50x	28.2 bp	27.3 bp	17.9-41.5 bp
SunX SPY-USDT · live order book, 2 min ago	775.61	0.040%/0.020%	29.07 bp	107.5 bp	128.7 bp	236.2 bp	−$236	$16K	$1,000 10x	228.3 bp	228.4 bp	228.2-228.9 bp
Ondo Perps SPY-USD.P	773.51	0.025%/0.020%	—	no order-book sample in the last 90 minutes
Aevo SPY-PERP	773.86	0.080%/0.050%	—	below $100k OI and volume: not sampled
Deribit SPY_USDC-PERPETUAL	774.07	0.035%/0.015%	—	below $100k OI and volume: not sampled
GMX SPY/USD [ETH-USDC]	774.47	0.060%/0.040%	—	oracle execution: slippage not modeled, see the exchange's docs
Orderly PERP_SPY_USDC_mythos	774.46	0.030%/0.000%	—	below $100k OI and volume: not sampled
Vest SPY-USD-PERP	773.20	0.010%/0.010%	—	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. 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.