Cheapest exchange to trade ETH perpetual futures

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

43 Ethereum 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. 8 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 an ETH perp order costs least

At 18:55 UTC on September 23, 2026, Lighter had the lowest measured cost for a $10,000 ETH market buy: 0.35 bps ($0.35). MEXC was second at 2.02 bps ($2.02), and Paradex was third at 2.15 bps ($2.15). The first centralized exchange (CEX) was MEXC at rank 2. The first decentralized exchange (DEX) was Lighter at rank 1. For a $1,000,000 ETH order, Lighter kept rank 1 at 1.43 bps ($143.35). The books of eight venues could not fill that order within 2% of the best price. The median of the 43 ranked venues was 5.67 bps, 16.2 times the rank-1 cost. The Lighter base-tier taker fee was 0 bps, so all 0.35 bps of its cost came from half-spread and price impact. 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.

ETH cost by venue at $10,000

Measured taker cost of a $10,000 ETH 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	0.35	0.35	$0.35	$22.3M · high
2	MEXC	CEX	2.00	0.02	2.02	$2.02	$304.7M · high
3	Paradex	DEX	0.00	2.15	2.15	$2.15	$460K · high
4	Extended	DEX	2.50	0.19	2.69	$2.69	$6.9M · high
5	RISEx	DEX	3.00	0.34	3.34	$3.34	$832K · high
6	NADO	DEX	3.50	0.19	3.69	$3.69	$8.5M · high
7	Deribit	CEX	3.50	0.37	3.87	$3.87	$6.2M · high
8	Reya	DEX, oracle	3.00	0.91	3.91	$3.91	—
9	Coinbase	CEX	4.00	0.02	4.02	$4.02	$5.9M · high
10	Gains	DEX, oracle	3.50	0.52	4.02	$4.02	—
11	Aster	DEX	4.00	0.34	4.34	$4.34	$64.4M · high
12	Ondo	DEX	2.50	1.89	4.39	$4.39	$868K · high
13	Pacifica	DEX	4.00	0.75	4.75	$4.75	$492K · high
14	Binance	CEX	5.00	0.02	5.02	$5.02	$64.6M · high
14	Gate.io	CEX	5.00	0.02	5.02	$5.02	$5.4M · high
14	OKX	CEX	5.00	0.02	5.02	$5.02	$97.1M · high
17	Hyperliquid	DEX	4.50	0.56	5.06	$5.06	$58.6M · high
18	edgeX	DEX	4.50	0.56	5.06	$5.06	$61.5M · high
19	GRVT	DEX	4.50	0.60	5.10	$5.10	$4.6M · high
20	StandX	DEX	4.00	1.31	5.31	$5.31	$5.8M · high
21	Avantis	DEX, oracle	4.50	1.10	5.60	$5.60	—
22	SunX	DEX	4.00	1.67	5.67	$5.67	$1.6M · high
23	Apex Omni	DEX	5.00	0.73	5.73	$5.73	$7.0M · high
24	Bitunix	CEX	6.00	0.02	6.02	$6.02	$34.4M · high
24	HTX	CEX	6.00	0.02	6.02	$6.02	$16.2M · high
24	Phemex	CEX	6.00	0.02	6.02	$6.02	$48.4M · high
24	XT.COM	CEX	6.00	0.02	6.02	$6.02	$20.2M · high
28	KuCoin	CEX	6.00	0.03	6.03	$6.03	$23.5M · high
29	Bybit	CEX	5.50	0.58	6.08	$6.08	$78.3M · high
30	Bitget	CEX	6.00	0.16	6.16	$6.16	$8.0M · high
31	Crypto.com	CEX	4.00	2.26	6.26	$6.26	$2.9M · high
32	BloFin	CEX	6.00	0.28	6.28	$6.28	$26.5M · high
33	Kraken	CEX	5.00	1.31	6.31	$6.31	$26.0M · high
34	Hibachi	DEX	4.50	1.95	6.45	$6.45	$527K · high
35	GMTrade	DEX, oracle	6.00	0.56	6.56	$6.56	—
36	Toobit	CEX	6.00	1.14	7.14	$7.14	$157.0M · high
37	Ostium	DEX, oracle	6.00	1.15	7.15	$7.15	—
38	GMX	DEX, oracle	6.00	1.66	7.66	$7.66	—
39	WhiteBIT	CEX	5.50	2.17	7.67	$7.67	$10.2M · high
40	WEEX	CEX	8.00	0.02	8.02	$8.02	$82.1M · high
41	Bluefin	DEX	3.50	6.66	10.16	$10.16	$110K · high
42	Aevo	DEX	8.00	8.27	16.27	$16.27	$1.5M · high
43	Orderly	DEX	3.00	29.60	32.60	$32.60	$425K · high

Measured but not ranked (5): Hotstuff, because the book could not fill the order within 2% of the best price; BingX, dYdX, 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

ETH cost profile and venue coverage

On a $10,000 ETH order, the median fee was 4.50 bps and the median half-spread plus impact was 0.56 bps. The book cost more than the fee on 5 of 43 venues. At $1,000,000, the book cost more than the fee on 11 of 36 venues, with a median book cost of 2.49 bps.

Ondo, Toobit rank on ETH and on no more than one other asset. The cheapest ETH order was number 2 of 7 assets. BTC was the lowest at 0.31 bps and DOGE the highest at 2.54 bps. Lighter had rank 1 on 5 of the 7 assets.

How ETH cost grows with order size

From $10,000 to $1,000,000, the median ETH venue added 1.94 bps. The Toobit cost did not change (7.14 bps at both sizes). Aevo added the most (16.27 to 50.00 bps). 7 of the 43 venues ranked at $10,000 had no rank at $1,000,000.

Total taker cost of a ETH 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	0.35	0.85	1.43	0.97	1
MEXC	2.02	2.02	2.41	0.39	2
Extended	2.69	2.71	5.01	2.33	3
edgeX	5.06	4.95	5.05	0.10	4
NADO	3.69	3.69	5.22	1.54	5
OKX	5.02	5.02	5.72	0.70	6
Hyperliquid	5.06	4.69	5.80	1.11	7
Gains	4.02	4.20	5.96	2.46	8
XT.COM	6.02	6.02	6.02	0.00	9
BloFin	6.28	6.04	6.04	0.00	10
Aster	4.34	4.84	6.27	1.94	11
Binance	5.02	5.02	6.42	1.40	12
Bitunix	6.02	6.03	6.46	0.44	13
Coinbase	4.02	4.02	6.47	2.45	14
Toobit	7.14	6.02	6.57	0.55	15
Avantis	5.60	6.23	7.03	2.53	16
StandX	5.31	6.16	7.18	1.87	17
Bybit	6.08	6.02	7.21	1.70	18
Bitget	6.16	6.80	7.47	1.45	19
Gate.io	5.02	5.02	7.55	2.54	20
SunX	5.67	5.67	8.03	2.37	21
GRVT	5.10	5.86	8.20	3.10	22
HTX	6.02	6.45	8.35	2.33	23
WEEX	8.02	8.02	8.35	0.33	24
Kraken	6.31	6.84	8.68	3.30	25
GMX	7.66	7.79	8.85	2.85	26
Phemex	6.02	6.23	9.41	3.39	27
Deribit	3.87	4.81	9.98	6.39	28
KuCoin	6.03	8.65	10.32	4.28	29
WhiteBIT	7.67	8.83	12.56	4.63	30
GMTrade	6.56	7.02	12.78	6.78	31
Apex Omni	5.73	5.54	15.50	10.09	32
Crypto.com	6.26	7.61	17.76	11.54	33
Ondo	4.39	5.25	21.16	17.35	34
Reya	3.91	6.02	27.15	24.15	35
Aevo	16.27	34.83	50.00	33.99	36
Paradex	2.15	2.15	—	—	—
RISEx	3.34	4.22	—	—	—
Pacifica	4.75	4.44	—	—	—
Hibachi	6.45	8.59	—	—	—
Ostium	7.15	7.31	—	—	—
Bluefin	10.16	12.74	—	—	—
Orderly	32.60	41.40	—	—	—

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

ETH top five over time

Number of stored sweeps in which each venue ranked in the top 5 for a $10,000 ETH market buy, methodology v8.
Venue	Top 5, 7 days	Rank 1, 7 days	Median total, 7 days (bps)
Lighter	28 of 28	28	0.50
MEXC	28 of 28	0	2.02
Extended	28 of 28	0	2.69
RISEx	20 of 28	0	3.47
Reya	17 of 28	0	3.57
NADO	11 of 28	0	3.69
Ondo	5 of 28	0	4.22
Deribit	2 of 28	0	4.41
Gains	1 of 28	0	4.02

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 an ETH 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 ETH series as CSV, or read the cost methodology. Compare BTC, SOL, XRP, BNB, DOGE and HYPE, or open the all-asset ranking.