Cheapest exchange to trade BTC perpetual futures

Name: Measured BTC perpetual futures trading cost by venue
Creator: PerpFinder
License: https://perpfinder.com/terms

43 Bitcoin perp venues ranked by the measured cost of one market buy. Lighter was cheapest at $10,000. It was also cheapest at $1,000,000. 6 books could not fill $1,000,000.

43 venues ranked in the latest cost sweepStored sweep, every 6 hoursas of September 23, 2026, 18:55 UTCSource: Cost methodology

Where a BTC perp order costs least

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). The Lighter base-tier taker fee was 0 bps, so all 0.31 bps of its cost came from half-spread and price impact. The first centralized exchange (CEX) was MEXC at rank 3. The first decentralized exchange (DEX) was Lighter at rank 1. For a $1,000,000 BTC order, Lighter kept rank 1 at 1.17 bps ($116.83). The books of six venues could not fill that order within 2% of the best price. The median of the 43 ranked venues was 5.48 bps, 17.5 times the rank-1 cost. In the last 7 days of methodology v8, before the change to v9 (28 sweeps), Lighter had rank 1 in every sweep, and three venues stayed in the top five each time.

BTC cost by venue at $10,000

Measured taker cost of a $10,000 BTC perpetual market buy by venue, ranked by total cost, at 18:55 UTC.
#	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
21	Apex Omni	DEX	5.00	0.26	5.26	$5.26	$13.5M · high
22	SunX	DEX	4.00	1.48	5.48	$5.48	$3.9M · high
23	Avantis	DEX, oracle	4.50	1.00	5.50	$5.50	—
24	Kraken	CEX	5.00	0.59	5.59	$5.59	$48.5M · high
25	Bybit	CEX	5.50	0.12	5.62	$5.62	$54.8M · high
26	Hibachi	DEX	4.50	1.18	5.68	$5.68	$1.3M · high
27	StandX	DEX	4.00	1.72	5.72	$5.72	$11.5M · high
28	Bluefin	DEX	3.50	2.50	6.00	$6.00	$149K · high
29	Bitget	CEX	6.00	<0.01	6.01	$6.01	$14.1M · high
29	Bitunix	CEX	6.00	<0.01	6.01	$6.01	$35.4M · high
29	HTX	CEX	6.00	<0.01	6.01	$6.01	$13.0M · high
29	KuCoin	CEX	6.00	<0.01	6.01	$6.01	$41.6M · high
29	Toobit	CEX	6.00	<0.01	6.01	$6.01	$305.2M · high
34	BloFin	CEX	6.00	0.01	6.01	$6.01	$9.9M · high
35	GMTrade	DEX, oracle	6.00	0.07	6.07	$6.07	—
36	Phemex	CEX	6.00	0.09	6.09	$6.09	$15.9M · high
37	WhiteBIT	CEX	5.50	0.70	6.20	$6.20	$3.2M · high
38	Ostium	DEX, oracle	6.00	0.87	6.87	$6.87	—
39	WEEX	CEX	8.00	<0.01	8.01	$8.01	$63.7M · high
40	GMX	DEX, oracle	6.00	2.25	8.25	$8.25	—
41	Aevo	DEX	8.00	2.63	10.63	$10.63	$1.5M · high
42	dYdX	DEX	5.00	13.46	18.46	$18.46	$2.3M · high
43	Orderly	DEX	3.00	31.25	34.25	$34.25	$426K · 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.

43 ranked venues47 of 48 integrated venues returned a bookSources: PerpFinder cost engine, venue order books

How BTC cost grows with order size

From $10,000 to $1,000,000, the median BTC venue added 1.44 bps. The MEXC cost did not change (2.27 bps at both sizes). Hibachi added the most (5.68 to 39.61 bps). 5 of the 43 venues ranked at $10,000 had no rank at $1,000,000.

Total taker cost of a BTC perpetual market buy at each stored order size, per venue, sorted by the $1,000,000 cost.
Venue	$10,000 (bps)	$100,000 (bps)	$1,000,000 (bps)	Impact at $1,000,000 (bps)	Rank at $1,000,000
Lighter	0.31	0.38	1.17	0.85	1
MEXC	2.27	2.01	2.06	0.05	2
Extended	2.56	2.56	3.13	0.57	3
NADO	3.56	3.56	4.84	1.28	4
edgeX	4.71	4.71	4.93	0.23	5
Aster	4.59	4.77	5.03	0.48	6
Gains	4.01	4.10	5.04	1.54	7
Coinbase	4.33	4.33	5.09	0.77	8
Binance	5.01	5.01	5.22	0.21	9
Hyperliquid	4.68	5.10	5.77	1.21	10
Toobit	6.01	6.01	6.01	0.00	11
OKX	5.01	5.04	6.01	1.01	12
Bitunix	6.01	6.01	6.04	0.04	13
BloFin	6.01	6.01	6.16	0.14	14
Deribit	3.68	4.23	6.32	2.64	15
Bybit	5.62	5.63	6.48	0.85	16
Avantis	5.50	5.80	7.14	2.64	17
Gate.io	5.01	6.27	7.15	2.15	18
Bitget	6.01	6.68	7.21	1.21	19
HTX	6.01	6.01	7.41	1.41	20
KuCoin	6.01	7.08	7.47	0.98	21
Kraken	5.59	6.09	7.49	2.31	22
StandX	5.72	5.98	7.72	2.00	23
WEEX	8.01	8.01	8.22	0.21	24
SunX	5.48	6.06	8.55	3.07	25
Phemex	6.09	6.56	8.84	2.75	26
GMX	8.25	8.32	8.94	2.94	27
RISEx	3.69	3.69	9.69	5.99	28
Crypto.com	4.06	5.82	10.05	6.01	29
WhiteBIT	6.20	7.10	10.62	4.42	30
Apex Omni	5.26	5.88	11.16	5.41	31
GMTrade	6.07	7.82	12.32	6.32	32
Aevo	10.63	11.98	14.08	3.44	33
Ondo	3.98	4.94	17.32	13.34	34
GRVT	4.58	4.58	25.60	21.02	35
Reya	3.30	5.19	25.72	22.72	36
dYdX	18.46	18.46	35.84	17.39	37
Hibachi	5.68	5.74	39.61	33.93	38
Paradex	1.32	1.32	—	—	—
Pacifica	4.59	—	—	—	—
Bluefin	6.00	10.54	—	—	—
Ostium	6.87	6.87	—	—	—
Orderly	34.25	38.52	—	—	—

43 venues ranked at $10,000A dash means the venue had no rank at that size: the book could not fill it or its depth was not confirmed.Sources: Stored sweep September 23, 2026, 18:55 UTC

BTC cost profile and venue coverage

On a $10,000 BTC order, the median fee was 4.50 bps and the median half-spread plus impact was 0.27 bps. The book cost more than the fee on 4 of 43 venues. At $1,000,000, the book cost more than the fee on 11 of 38 venues, with a median book cost of 1.85 bps.

Ondo, Toobit rank on BTC and on no more than one other asset. The cheapest BTC order cost less than the cheapest order on any other stored asset. Lighter had rank 1 on 5 of the 7 assets.

BTC top five over time

Number of stored sweeps in which each venue ranked in the top 5 for a $10,000 BTC market buy, methodology v8.
Venue	Top 5, 7 days	Rank 1, 7 days	Median total, 7 days (bps)
Lighter	28 of 28	28	0.40
MEXC	28 of 28	0	2.01
Extended	28 of 28	0	2.56
RISEx	18 of 28	0	3.45
Reya	15 of 28	0	3.41
NADO	8 of 28	0	3.56
Paradex	8 of 28	0	3.58
Deribit	7 of 28	0	3.53
Ondo	1 of 28	0	4.01

9 venues in the top five at least onceThese counts use methodology v8, the version before v9. They cover the sweeps up to September 23, 2026, 12:00 UTC. The methodology v9 7- and 30-day counts start on September 30, 2026 and October 23, 2026.Sources: Stored 6-hour sweeps, methodology v8

Data and related rankings

47 of 48 integrated venues returned a BTC book in this sweep. 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. Download the BTC series as CSV, or read the cost methodology. Compare ETH, SOL, XRP, BNB, DOGE and HYPE, or open the all-asset ranking.