Entry cost

TER marketsRWA

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

Asset

Cheapest round trip on $10kBinance52.2 bp

You pay, in and out−$52

Second cheapest costs+$51 more

Venues that fill it7of 10

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 TERUSDT · live order book, 4 min agocheapest	376.47	0.050%/0.020%	8.90 bp	21.1 bp	31.1 bp	52.2 bp	−$52	$440K	$400 25x	41.4 bp	43.7 bp	27.2-73.0 bp
OKX TER-USDT-SWAP · live order book, 11 min ago	376.27	0.050%/0.020%	7.95 bp	22.5 bp	80.3 bp	102.8 bp	−$103	$29K	$500 20x	118.2 bp	139.3 bp	82.5-166.5 bp
Bitget TERUSDT · live order book, 11 min ago	376.47	0.060%/0.020%	20.01 bp	80.6 bp	75.3 bp	155.9 bp	−$156	$608K	$500 20x	67.4 bp	112.1 bp	66.6-168.4 bp
Paragon para:TER · live order book, 37 min ago	375.28	0.050%/—	79.01 bp	84.0 bp	84.0 bp	168.1 bp	−$168	$235K	$1,000 10x	49.2 bp	90.6 bp	52.3-137.4 bp
Bybit TERUSDT · live order book, 62 min ago	375.93	0.055%/0.020%	15.48 bp	139.7 bp	155.0 bp	294.7 bp	−$295	$152K	$400 25x	172.9 bp	161.6 bp	123.1-201.3 bp
Gate TER_USDT · live order book, 11 min ago	376.80	0.075%/0.020%	10.61 bp	213.1 bp	98.9 bp	312.0 bp	−$312	$14K	$500 20x	189.8 bp	210.8 bp	154.3-283.2 bp
KuCoin TERUSDTM · live order book, 13 min ago	375.99	0.060%/0.020%	14.85 bp	400.9 bp	292.2 bp	693.2 bp	−$693	$16K	$500 20x	579.3 bp	651.3 bp	595.8-677.2 bp
Variational Omni TER	376.35	0.000%/0.000%	—	below $100k OI and volume: not sampled
Extended TER_24_5-USD	375.50	0.025%/0.000%	—	below $100k OI and volume: not sampled
HTX TER-USDT	375.60	0.060%/0.020%	—	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.