Entry cost

TSM marketsRWA

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

Asset

Cheapest round trip on $10kLighter RH5.0 bp

You pay, in and out−$5.04

Second cheapest costs+$10 more

Venues that fill it18of 28

Margin at 10x$1,000

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
Lighter RH TSM · live order book, 58 min agocheapest	441.83	0.000%/0.000%	1.81 bp	2.7 bp	2.4 bp	5.0 bp	−$5.04	$231K	$1,000 10x	4.8 bp	4.8 bp	2.9-6.6 bp
Polymarket Perps TSM-USD · live order book, 58 min ago	441.44	0.040%/0.013%	2.72 bp	7.6 bp	7.5 bp	15.1 bp	−$15	$765K	$1,000 10x	6.9 bp	6.5 bp	4.8-8.0 bp
Extended TSM-USD · live order book, 57 min ago	441.59	0.025%/0.000%	1.13 bp	9.9 bp	9.6 bp	19.5 bp	−$20	$479K	$1,000 10x	14.0 bp	13.9 bp	12.3-15.4 bp
edgeX TSMUSDC · live order book, 58 min ago	441.58	0.045%/0.040%	5.32 bp	10.0 bp	10.1 bp	20.0 bp	−$20	$144K	$1,000 10x	11.7 bp	85.7 bp	83.8-88.1 bp
BloFin TSM-USDT · live order book, 48 min ago	441.68	0.060%/0.020%	0.68 bp	9.7 bp	11.0 bp	20.7 bp	−$21	$312K	$500 20x	7.6 bp	7.6 bp	4.2-9.9 bp
Binance TSMUSDT · live order book, 1 min ago	441.75	0.050%/0.020%	1.13 bp	9.2 bp	11.5 bp	20.8 bp	−$21	$1.0M	$500 20x	8.2 bp	9.4 bp	6.4-12.1 bp
Coinbase International TSM-PERP-INTX · live order book, 59 min ago	440.89	0.050%/—	5.77 bp	10.8 bp	10.8 bp	21.5 bp	−$22	$355K	$1,000 10x	9.2 bp	12.6 bp	10.3-15.4 bp
OKX TSM-USDT-SWAP · live order book, 3 min ago	441.66	0.050%/0.020%	0.11 bp	9.9 bp	12.8 bp	22.7 bp	−$23	$282K	$500 20x	8.2 bp	9.5 bp	6.4-12.9 bp
Phoenix TSM · live order book, 53 min ago	441.76	0.035%/0.005%	3.62 bp	11.4 bp	11.4 bp	22.8 bp	−$23	$385K	$1,000 10x	12.5 bp	12.7 bp	11.7-15.0 bp
tradeXYZ xyz:TSM · live order book, 5 min ago	441.20	0.090%/0.030%	1.13 bp	12.4 bp	12.8 bp	25.3 bp	−$25	$39K	$1,000 10x	4.7 bp	7.8 bp	4.4-10.8 bp
Bybit TSMUSDT · live order book, 3 min ago	441.38	0.055%/0.020%	1.25 bp	14.5 bp	14.2 bp	28.7 bp	−$29	$405K	$200 50x	14.3 bp	16.6 bp	12.8-21.7 bp
Bitget TSMUSDT · live order book, 3 min ago	441.76	0.060%/0.020%	4.41 bp	12.8 bp	17.1 bp	29.9 bp	−$30	$1.1M	$500 20x	11.3 bp	10.2 bp	7.0-17.5 bp
Gate TSM_USDT · live order book, 4 min ago	441.53	0.075%/0.020%	4.07 bp	15.3 bp	17.4 bp	32.7 bp	−$33	$2.2M	$100 100x	17.9 bp	19.0 bp	14.3-27.9 bp
Lighter TSM · live order book, 51 min ago	441.74	0.000%/0.000%	10.40 bp	17.7 bp	22.4 bp	40.2 bp	−$40	$639K	$1,000 10x	32.9 bp	27.4 bp	21.5-47.1 bp
Phemex TSMUSDT · live order book, 4 min ago	441.24	0.060%/0.010%	15.98 bp	47.2 bp	47.2 bp	94.4 bp	−$94	$27K	$1,000 10x	52.7 bp	51.4 bp	44.9-62.3 bp
KuCoin TSMUSDTM · live order book, 48 min ago	441.31	0.060%/0.020%	8.04 bp	134.3 bp	46.1 bp	180.3 bp	−$180	$31K	$500 20x	161.6 bp	179.3 bp	124.4-236.0 bp
SunX TSM-USDT · live order book, 4 min ago	441.89	0.040%/0.020%	45.24 bp	123.5 bp	127.2 bp	250.7 bp	−$251	$15K	$1,000 10x	242.2 bp	242.1 bp	241.7-243.2 bp
GRVT TSM_USDT_Perp · live order book, 4 min ago	441.61	0.045%/0.000%	0.11 bp	23593.0 bp	22.5 bp	23615.5 bp	−$23.6K	$13K	$1,000 10x	14.6 bp	14.8 bp	8.9-24.7 bp
Variational Omni TSM	442.00	0.000%/0.000%	2.52 bp	the book does not hold this size
Ondo Perps TSM-USD.P	442.02	0.025%/0.020%	—	no order-book sample in the last 90 minutes
Aster TSMUSDT	441.77	0.040%/0.000%	—	below $100k OI and volume: not sampled
HTX TSM-USDT	441.68	0.060%/0.020%	—	below $100k OI and volume: not sampled
Injective TSM/USDC PERP	446.84	0.000%/—	—	below $100k OI and volume: not sampled
SoDEX TSM-USD	441.22	0.040%/0.012%	—	below $100k OI and volume: not sampled
Aevo TSM-PERP	441.44	0.080%/0.050%	—	below $100k OI and volume: not sampled
Deribit TSM_USDC-PERPETUAL	441.67	0.035%/0.015%	—	below $100k OI and volume: not sampled
Orderly PERP_TSM_USDC_mythos	441.61	0.030%/0.000%	—	below $100k OI and volume: not sampled
Vest TSM-USD-PERP	441.51	0.010%/0.010%	—	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.