Lowest fee crypto futures exchanges by measured cost
Lighter had the lowest measured cost for a $10,000 BTC perp market buy, and rank 1 on 7 of 7 assets.
- Lighter, $10K BTC
- 0.22 bps
- Rank 2, Paradex
- 1.17 bps
- Venues ranked
- 37
- Rank 1 at $1M, Lighter
- 0.90 bps
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 | 0.22 | 0.22 | $0.22 | $9.1M · high |
| 2 | Paradex | DEX | 0.00 | 1.17 | 1.17 | $1.17 | $474K · high |
| 3 | MEXC | CEX | 2.00 | <0.01 | 2.01 | $2.01 | $353.3M · high |
| 4 | Extended | DEX | 2.50 | 0.07 | 2.57 | $2.57 | $9.7M · high |
| 5 | Ondo | DEX | 2.50 | 0.61 | 3.11 | $3.11 | $2.9M · high |
| 6 | RISEx | DEX | 3.00 | 0.35 | 3.35 | $3.35 | $4.4M · high |
| 7 | Deribit | CEX | 3.50 | 0.03 | 3.53 | $3.53 | $33.5M · high |
| 8 | NADO | DEX | 3.50 | 0.07 | 3.57 | $3.57 | $10.5M · high |
| 9 | GMX | DEX, oracle | 4.00 | 0.00 | 4.00 | $4.00 | — |
| 10 | Aster | DEX | 4.00 | <0.01 | 4.01 | $4.01 | $42.9M · high |
| 10 | Crypto.com | CEX | 4.00 | <0.01 | 4.01 | $4.01 | $4.2M · high |
| 12 | Gains | DEX, oracle | 3.50 | 0.51 | 4.01 | $4.01 | — |
| 13 | Pacifica | DEX | 4.00 | 0.45 | 4.45 | $4.45 | $184K · high |
| 14 | Hyperliquid | DEX | 4.50 | 0.07 | 4.57 | $4.57 | $43.7M · high |
| 15 | edgeX | DEX | 4.50 | 0.07 | 4.57 | $4.57 | $36.4M · high |
| 16 | Hibachi | DEX | 4.50 | 0.08 | 4.58 | $4.58 | $961K · high |
| 17 | SunX | DEX | 4.00 | 0.99 | 4.99 | $4.99 | $6.4M · high |
| 18 | Binance | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $44.0M · high |
| 18 | Gate.io | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $13.2M · high |
| 18 | OKX | CEX | 5.00 | <0.01 | 5.01 | $5.01 | $80.4M · high |
Measured but not ranked (5): GMTrade, 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 | 0.22 | 0.22 | $2.24 | $9.1M · high |
| 2 | Paradex | DEX | 0.00 | 1.17 | 1.17 | $11.74 | $474K · high |
| 3 | MEXC | CEX | 2.00 | <0.01 | 2.01 | $20.07 | $353.3M · high |
| 4 | Extended | DEX | 2.50 | 0.53 | 3.03 | $30.26 | $9.7M · high |
| 5 | RISEx | DEX | 3.00 | 0.35 | 3.35 | $33.49 | $4.4M · high |
| 6 | Deribit | CEX | 3.50 | 0.05 | 3.55 | $35.50 | $33.5M · high |
| 7 | NADO | DEX | 3.50 | 0.07 | 3.57 | $35.66 | $10.5M · high |
| 8 | Ondo | DEX | 2.50 | 1.43 | 3.93 | $39.33 | $2.9M · high |
| 9 | GMX | DEX, oracle | 4.00 | 0.00 | 4.00 | $40.00 | — |
| 10 | Gains | DEX, oracle | 3.50 | 0.58 | 4.08 | $40.83 | — |
| 11 | Aster | DEX | 4.00 | 0.42 | 4.42 | $44.17 | $42.9M · high |
| 12 | Hyperliquid | DEX | 4.50 | 0.07 | 4.57 | $45.66 | $43.7M · high |
| 13 | edgeX | DEX | 4.50 | 0.07 | 4.57 | $45.66 | $36.4M · high |
| 14 | Crypto.com | CEX | 4.00 | 0.96 | 4.96 | $49.59 | $4.2M · high |
| 15 | Binance | CEX | 5.00 | <0.01 | 5.01 | $50.07 | $44.0M · high |
| 15 | OKX | CEX | 5.00 | <0.01 | 5.01 | $50.07 | $80.4M · high |
| 17 | Gate.io | CEX | 5.00 | 0.01 | 5.01 | $50.12 | $13.2M · high |
| 18 | Pacifica | DEX | 4.00 | 1.04 | 5.04 | $50.44 | $196K · high |
| 19 | GRVT | DEX | 4.50 | 0.63 | 5.13 | $51.26 | $4.9M · high |
| 20 | SunX | DEX | 4.00 | 1.16 | 5.16 | $51.56 | $6.4M · high |
Measured but not ranked (6): GMTrade, Ostium, 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 | 0.90 | 0.90 | $89.89 | $9.1M · high |
| 2 | MEXC | CEX | 2.00 | <0.01 | 2.01 | $200.66 | $353.3M · high |
| 3 | GMX | DEX, oracle | 4.00 | 0.00 | 4.00 | $400.00 | — |
| 4 | Extended | DEX | 2.50 | 1.64 | 4.14 | $414.40 | $9.7M · high |
| 5 | NADO | DEX | 3.50 | 1.20 | 4.70 | $470.13 | $7.9M · high |
| 6 | edgeX | DEX | 4.50 | 0.26 | 4.76 | $476.14 | $36.4M · high |
| 7 | Gains | DEX, oracle | 3.50 | 1.33 | 4.83 | $482.73 | — |
| 8 | Hyperliquid | DEX | 4.50 | 0.55 | 5.05 | $504.63 | $43.7M · high |
| 9 | OKX | CEX | 5.00 | 0.22 | 5.22 | $522.00 | $80.4M · high |
| 10 | Deribit | CEX | 3.50 | 1.82 | 5.32 | $532.03 | $33.5M · high |
| 11 | Binance | CEX | 5.00 | 0.51 | 5.51 | $550.62 | $44.0M · high |
| 12 | Aster | DEX | 4.00 | 1.54 | 5.54 | $553.57 | $42.9M · high |
| 13 | GRVT | DEX | 4.50 | 1.15 | 5.65 | $564.51 | $4.9M · high |
| 14 | Toobit | CEX | 6.00 | <0.01 | 6.01 | $600.66 | $198.4M · high |
| 15 | Bitunix | CEX | 6.00 | 0.04 | 6.04 | $603.92 | $40.8M · high |
| 16 | Bybit | CEX | 5.50 | 0.60 | 6.10 | $610.43 | $45.9M · high |
| 17 | Gate.io | CEX | 5.00 | 1.14 | 6.14 | $613.56 | $13.2M · high |
| 18 | Avantis | DEX, oracle | 4.50 | 1.74 | 6.24 | $623.98 | — |
| 19 | Kraken | CEX | 5.00 | 1.42 | 6.42 | $641.98 | $52.1M · high |
| 20 | BloFin | CEX | 6.00 | 0.43 | 6.43 | $643.06 | $2.2M · high |
Measured but not ranked (11): Aevo, Bluefin, GMTrade, Hibachi, 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 12:55 UTC on November 8, 2026. The live cost comparison reads the order books when you open it, so its costs can differ from this page.
All ranked venues for each asset: BTC, ETH, SOL, XRP, BNB, DOGE, HYPE.
How we measureCost methodology v9
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.
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 | 0.22 | $0.22 | Paradex | 1.17 | 37 |
| ETH | Lighter | 0.05 | $0.05 | Paradex | 1.25 | 39 |
| SOL | Lighter | 0.45 | $0.45 | Paradex | 1.90 | 37 |
| XRP | Lighter | 0.81 | $0.81 | MEXC | 2.43 | 36 |
| BNB | Lighter | 1.94 | $1.94 | Extended | 3.43 | 34 |
| DOGE | Lighter | 2.55 | $2.55 | MEXC | 2.70 | 35 |
| HYPE | Lighter | 1.14 | $1.14 | Paradex | 1.42 | 36 |
Across seven assets at $10,000, rank 1 went to Lighter on BTC, ETH, SOL, XRP, BNB, DOGE, HYPE.
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 |
| ETH | 28 | Lighter (27), Paradex (1) | Lighter, MEXC, Extended |
| SOL | 28 | Lighter (28) | Lighter, MEXC |
| XRP | 28 | Lighter (28) | Lighter, MEXC, Extended |
| BNB | 28 | Lighter (28) | Lighter, Extended |
| DOGE | 28 | MEXC (22), Lighter (6) | MEXC, Lighter |
| HYPE | 28 | Lighter (27), Paradex (1) | Lighter, 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 November 8, 2026.
| Venue | Maker | Taker | Taker fees, $10,000 round trip | Measured BTC rank |
|---|---|---|---|---|
| Lighter | 0.000% | 0.000% | $0.00 | 1 of 37 |
| Paradex | 0.000% | 0.000% | $0.00 | 2 of 37 |
| 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 37 |
| Ondo Perps | 0.010% | 0.025% | $5.00 | 5 of 37 |
| Hotstuff | -0.002% | 0.025% | $5.00 | — |
| Orderly Network | 0.000% | 0.030% | $6.00 | — |
| RISEx | 0.010% | 0.030% | $6.00 | 6 of 37 |
| 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.
Terms used on this page
- Total trading cost (all-in cost)
- Total trading cost (all-in cost) is the selected-side cost of one order at a given size: the fee plus half of the spread plus the price impact, in bps and USD.
- Bid-ask spread
- The spread is the gap between the best bid and the best ask, in basis points (bps) of the mid price. A market order pays half of the spread.
- Slippage (price impact)
- Slippage (price impact) is the extra cost of an order that fills through more than one price level, measured beyond the best quote. A larger order has more price impact.
Cite this data
Use the page address and the date of the data. Attribute the data as "Data: PerpFinder" with a link to the page.
PerpFinder. "Lowest fee crypto futures exchanges by measured cost." Stored sweep of November 8, 2026 at 12:55 UTC, cost methodology v9. https://perpfinder.com/cheapest-perp-exchange BTC 7-day cost series (CSV): https://perpfinder.com/api/data/cost-history?market=perp&asset=BTC&size=10000&days=7&format=csv Full cost history (JSON): https://perpfinder.com/api/data/cost-history?market=perp&asset=BTC&size=10000&days=7
Download: BTC 7-day cost series (CSV) · Full cost history (JSON)
Questions answered from the data
Which perp exchange is cheapest for a $100,000 BTC order?
In the sweep at 12:55 UTC on November 8, 2026, Lighter had rank 1 at 0.22 bps ($2.24).
Paradex had rank 2 at 1.17 bps ($11.74).
Is a zero-fee exchange always the cheapest?
No.
On a $10,000 BTC order, Lighter charged 0 bps in fees and had 0.22 bps of half-spread and impact. The MEXC book cost only <0.01 bps, but its 2.00 bps fee put it at rank 3. The rank depends on the fee and on the book together.
How often does the cheapest perp exchange change?
In the last 7 days (28 sweeps), rank 1 at $10,000 changed on three of seven assets: ETH, DOGE, HYPE.
It did not change on BTC, SOL, XRP, BNB.