Cheapest perp exchanges: measured trading cost
Perp venues ranked by the measured cost of one market buy. The cost is the taker fee plus half-spread plus price impact, in basis points (bps). One bps is 0.01%.
Cheapest perp venues in the latest sweep
At 18:55 UTC on September 23, 2026, Lighter had the lowest measured cost for a $10,000 BTC market buy: 0.31 bps ($0.31). Paradex was second at 1.32 bps ($1.32), and MEXC was third at 2.27 bps ($2.27). Across seven assets at $10,000, rank 1 went to Lighter on BTC, ETH, SOL, BNB, HYPE; MEXC on XRP, DOGE.
BTC perpetual: cost of one market buy
| # | Venue | Type | Taker fee (bps) | Spread + impact (bps) | Total (bps) | Total on $10,000 | Depth read |
|---|---|---|---|---|---|---|---|
| 1 | Lighter | DEX | 0.00 | 0.31 | 0.31 | $0.31 | $26.4M · high |
| 2 | Paradex | DEX | 0.00 | 1.32 | 1.32 | $1.32 | $567K · high |
| 3 | MEXC | CEX | 2.00 | 0.27 | 2.27 | $2.27 | $222.7M · high |
| 4 | Extended | DEX | 2.50 | 0.06 | 2.56 | $2.56 | $9.2M · high |
| 5 | Reya | DEX, oracle | 3.00 | 0.30 | 3.30 | $3.30 | — |
| 6 | NADO | DEX | 3.50 | 0.06 | 3.56 | $3.56 | $11.9M · high |
| 7 | Deribit | CEX | 3.50 | 0.18 | 3.68 | $3.68 | $33.0M · high |
| 8 | RISEx | DEX | 3.00 | 0.69 | 3.69 | $3.69 | $2.9M · high |
| 9 | Ondo | DEX | 2.50 | 1.48 | 3.98 | $3.98 | $1.0M · high |
| 10 | Gains | DEX, oracle | 3.50 | 0.51 | 4.01 | $4.01 | — |
| 11 | Crypto.com | CEX | 4.00 | 0.06 | 4.06 | $4.06 | $9.7M · high |
| 12 | Coinbase | CEX | 4.00 | 0.33 | 4.33 | $4.33 | $17.6M · high |
| 13 | GRVT | DEX | 4.50 | 0.08 | 4.58 | $4.58 | $1.3M · high |
| 14 | Pacifica | DEX | 4.00 | 0.59 | 4.59 | $4.59 | $152K · high |
| 15 | Aster | DEX | 4.00 | 0.59 | 4.59 | $4.59 | $59.1M · high |
| 16 | Hyperliquid | DEX | 4.50 | 0.18 | 4.68 | $4.68 | $53.0M · high |
| 17 | edgeX | DEX | 4.50 | 0.21 | 4.71 | $4.71 | $50.7M · high |
| 18 | Binance | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $52.0M · high |
| 18 | Gate.io | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $7.1M · high |
| 18 | OKX | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $97.6M · high |
Measured but not ranked (5): Hotstuff, because the book could not fill the order within 2% of the best price; BingX, XT.COM, because the displayed depth did not pass the plausibility check; Jupiter, MYX, because the pool quote is documented or estimated, not measured.
| # | Venue | Type | Taker fee (bps) | Spread + impact (bps) | Total (bps) | Total on $100,000 | Depth read |
|---|---|---|---|---|---|---|---|
| 1 | Lighter | DEX | 0.00 | 0.38 | 0.38 | $3.76 | $26.4M · high |
| 2 | Paradex | DEX | 0.00 | 1.32 | 1.32 | $13.21 | $567K · high |
| 3 | MEXC | CEX | 2.00 | <0.01 | 2.01 | $20.06 | $227.1M · high |
| 4 | Extended | DEX | 2.50 | 0.06 | 2.56 | $25.59 | $9.2M · high |
| 5 | NADO | DEX | 3.50 | 0.06 | 3.56 | $35.59 | $11.9M · high |
| 6 | RISEx | DEX | 3.00 | 0.69 | 3.69 | $36.93 | $2.9M · high |
| 7 | Gains | DEX, oracle | 3.50 | 0.60 | 4.10 | $41.04 | — |
| 8 | Deribit | CEX | 3.50 | 0.73 | 4.23 | $42.32 | $34.1M · high |
| 9 | Coinbase | CEX | 4.00 | 0.33 | 4.33 | $43.26 | $17.6M · high |
| 10 | GRVT | DEX | 4.50 | 0.08 | 4.58 | $45.83 | $1.3M · high |
| 11 | edgeX | DEX | 4.50 | 0.21 | 4.71 | $47.13 | $50.7M · high |
| 12 | Aster | DEX | 4.00 | 0.77 | 4.77 | $47.75 | $59.0M · high |
| 13 | Ondo | DEX | 2.50 | 2.44 | 4.94 | $49.44 | $1.0M · high |
| 14 | Binance | CEX | 5.00 | <0.01 | 5.01 | $50.06 | $52.0M · high |
| 15 | OKX | CEX | 5.00 | 0.04 | 5.04 | $50.36 | $97.6M · high |
| 16 | Hyperliquid | DEX | 4.50 | 0.60 | 5.10 | $50.95 | $53.0M · high |
| 17 | Reya | DEX, oracle | 3.00 | 2.19 | 5.19 | $51.88 | — |
| 18 | Bybit | CEX | 5.50 | 0.14 | 5.63 | $56.35 | $54.8M · high |
| 19 | Hibachi | DEX | 4.50 | 1.24 | 5.74 | $57.44 | $1.3M · high |
| 20 | Avantis | DEX, oracle | 4.50 | 1.30 | 5.80 | $57.97 | — |
Measured but not ranked (6): Hotstuff, Pacifica, because the book could not fill the order within 2% of the best price; BingX, XT.COM, because the displayed depth did not pass the plausibility check; Jupiter, MYX, because the pool quote is documented or estimated, not measured.
| # | Venue | Type | Taker fee (bps) | Spread + impact (bps) | Total (bps) | Total on $1,000,000 | Depth read |
|---|---|---|---|---|---|---|---|
| 1 | Lighter | DEX | 0.00 | 1.17 | 1.17 | $116.83 | $26.4M · high |
| 2 | MEXC | CEX | 2.00 | 0.06 | 2.06 | $205.68 | $227.1M · high |
| 3 | Extended | DEX | 2.50 | 0.63 | 3.13 | $312.52 | $9.2M · high |
| 4 | NADO | DEX | 3.50 | 1.34 | 4.84 | $483.71 | $11.9M · high |
| 5 | edgeX | DEX | 4.50 | 0.43 | 4.93 | $493.45 | $50.7M · high |
| 6 | Aster | DEX | 4.00 | 1.03 | 5.03 | $502.63 | $58.4M · high |
| 7 | Gains | DEX, oracle | 3.50 | 1.54 | 5.04 | $504.35 | — |
| 8 | Coinbase | CEX | 4.00 | 1.09 | 5.09 | $509.19 | $17.6M · high |
| 9 | Binance | CEX | 5.00 | 0.22 | 5.22 | $521.86 | $52.0M · high |
| 10 | Hyperliquid | DEX | 4.50 | 1.27 | 5.77 | $577.42 | $55.6M · high |
| 11 | Toobit | CEX | 6.00 | <0.01 | 6.01 | $600.59 | $296.4M · high |
| 12 | OKX | CEX | 5.00 | 1.01 | 6.01 | $601.36 | $97.6M · high |
| 13 | Bitunix | CEX | 6.00 | 0.04 | 6.04 | $604.44 | $34.9M · high |
| 14 | BloFin | CEX | 6.00 | 0.16 | 6.16 | $615.51 | $9.9M · high |
| 15 | Deribit | CEX | 3.50 | 2.82 | 6.32 | $631.89 | $33.0M · high |
| 16 | Bybit | CEX | 5.50 | 0.98 | 6.48 | $647.77 | $54.8M · high |
| 17 | Avantis | DEX, oracle | 4.50 | 2.64 | 7.14 | $713.62 | — |
| 18 | Gate.io | CEX | 5.00 | 2.15 | 7.15 | $715.33 | $7.3M · high |
| 19 | Bitget | CEX | 6.00 | 1.21 | 7.21 | $721.14 | $13.9M · high |
| 20 | HTX | CEX | 6.00 | 1.41 | 7.41 | $741.23 | $12.8M · high |
Measured but not ranked (10): Bluefin, Hotstuff, Orderly, Ostium, Pacifica, Paradex, because the book could not fill the order within 2% of the best price; BingX, XT.COM, because the displayed depth did not pass the plausibility check; Jupiter, MYX, because the pool quote is documented or estimated, not measured.
These costs come from the stored sweep measured at 18:55 UTC on September 23, 2026. The live cost comparison reads the order books when you open it, so its costs can differ from this page. See all ranked venues for each asset: BTC, ETH, SOL, XRP, BNB, DOGE, HYPE.
Rank 1 for each asset at $10,000
| Asset | Rank 1 | Total (bps) | Total on $10,000 | Rank 2 | Rank 2 total (bps) | Ranked venues |
|---|---|---|---|---|---|---|
| BTC | Lighter | 0.31 | $0.31 | Paradex | 1.32 | 43 |
| ETH | Lighter | 0.35 | $0.35 | MEXC | 2.02 | 43 |
| SOL | Lighter | 0.61 | $0.61 | Paradex | 1.53 | 39 |
| XRP | MEXC | 2.33 | $2.33 | Extended | 2.83 | 39 |
| BNB | Lighter | 1.59 | $1.59 | MEXC | 3.30 | 35 |
| DOGE | MEXC | 2.54 | $2.54 | Lighter | 2.69 | 34 |
| HYPE | Lighter | 1.05 | $1.05 | Paradex | 1.60 | 38 |
How often rank 1 changed in the last 7 days
| Asset | Sweeps | Rank 1 (sweeps) | Top 5 in every sweep |
|---|---|---|---|
| BTC | 28 | Lighter (28) | Lighter, MEXC, Extended |
| ETH | 28 | Lighter (28) | Lighter, MEXC, Extended |
| SOL | 28 | Lighter (28) | Lighter, MEXC |
| XRP | 28 | MEXC (26), Extended (2) | Extended |
| BNB | 28 | Lighter (28) | Lighter |
| DOGE | 28 | MEXC (27), Lighter (1) | MEXC |
| HYPE | 28 | Lighter (26), MEXC (2) | MEXC, Extended |
Recorded taker fees and the measured rank
A fee schedule sets only one part of the cost. This table lists perp DEXes that publish maker and taker rates, lowest recorded taker fee first. The last column gives the rank of each venue in the measured $10,000 BTC sweep of September 23, 2026.
| Venue | Maker | Taker | Taker fees, $10,000 round trip | Measured BTC rank |
|---|---|---|---|---|
| Lighter | 0.000% | 0.000% | $0.00 | 1 of 43 |
| Paradex | 0.000% | 0.000% | $0.00 | 2 of 43 |
| Variational | 0.000% | 0.000% | $0.00 | — |
| Vest Markets | 0.010% | 0.010% | $2.00 | — |
| DESK | -0.010% | 0.017% | $3.50 | — |
| SynFutures | 0.010% | 0.020% | $4.00 | — |
| Extended | 0.000% | 0.025% | $5.00 | 4 of 43 |
| Ondo Perps | 0.010% | 0.025% | $5.00 | 9 of 43 |
| Hotstuff | -0.002% | 0.025% | $5.00 | — |
| Orderly Network | 0.000% | 0.030% | $6.00 | 43 of 43 |
| RISEx | 0.010% | 0.030% | $6.00 | 8 of 43 |
| Decibel | 0.011% | 0.034% | $6.80 | — |
How fees add up on a round trip
A round trip has an entry and an exit. Each side pays a fee on its executed value. In this hypothetical example, a $10,000 position opens and closes with no price change, at an assumed 0.01% maker rate and 0.04% taker rate.
| Hypothetical execution | Entry fee | Exit fee | Total fee |
|---|---|---|---|
| Maker entry, maker exit | $1 | $1 | $2 |
| Maker entry, taker exit | $1 | $4 | $5 |
| Taker entry, taker exit | $4 | $4 | $8 |
A limit order does not guarantee the maker rate. A buy limit above the best ask executes at once and pays the taker rate. A post-only setting prevents that fill, but the venue can then reject or cancel the order.
A zero fee does not make a trade free. Lighter's fee page lists zero maker and taker fees for Standard Accounts, but the spread and the price impact still apply. Hyperliquid's fee schedule lists 0.015% maker and 0.045% taker at the base tier. We reviewed both sources on September 13, 2026.
Pool venues charge a position fee instead of maker and taker fees. GMX documents a rate that depends on whether the trade improves or worsens the open-interest balance. Funding, borrowing and network costs are separate.
Funding can cost more than the fees. In a hypothetical example, a $100,000 long pays 0.02% every 8 hours. Five payments cost $100, which is more than the $90 of taker fees at 0.045% on entry and exit. Use the funding rate calculator with your own rate.
A referral discount lowers only the eligible trading fee. A 4% discount on a $10 fee saves $0.40, and funding, spread and price impact do not change. Current offers are on the deals page.
How the cost is measured
Every 6 hours, the cost engine reads each venue order book and walks a market buy of $10,000, $100,000 and $1,000,000. The total is the base-tier taker fee plus the half-spread plus the price impact of the fill. The half-spread starts at the first price level with $5,000 of depth, so a small dust order does not set it.
A venue ranks only when its book filled the full order, its depth passed the plausibility check, and its quote was measured. Pool and oracle venues with a documented or estimated quote stay in the not-ranked list. The total excludes funding, network fees, the closing trade, VIP tiers and referral discounts.
Read the cost methodology for each model. Download the stored series as CSV. For your own size, VIP tier or maker order, use the live cost comparison. The slippage comparison shows the half-spread and price impact without the fee.
Questions answered from the data
Which perp exchange is cheapest for a $100,000 BTC order?
In the sweep at 18:55 UTC on September 23, 2026, Lighter had rank 1 at 0.38 bps ($3.76). Paradex had rank 2 at 1.32 bps ($13.21).
Is a zero-fee exchange always the cheapest?
No. On a $10,000 BTC order, Lighter charged 0 bps in fees and had 0.31 bps of half-spread and impact. The Binance book cost only <0.01 bps, but its 5.00 bps fee put it at rank 18. The rank depends on the fee and on the book together.