Crypto slippage comparison: BTC and ETH perpetuals
The half-spread plus the price impact of one market buy on each venue, at three order sizes. Fees are not included. One basis point (bps) is 0.01%.
BTC perpetual slippage by venue
In the sweep of September 23, 2026, the median BTC slippage for a $10,000 market buy was 0.207 bps across 37 order-book venues. At $1,000,000, the median rose to 1.41 bps, and 6 venues could not fill the order. Toobit had the lowest $1,000,000 value at 0.006 bps, with $296.4M of book depth read. On 13 of 36 order-book venues, a $100,000 buy had zero price impact, so the half-spread was its whole slippage.
| Venue | Type | $10,000 (bps) | $100,000 (bps) | $1,000,000 (bps) | Depth read | Depth check |
|---|---|---|---|---|---|---|
| Binance | CEX | 0.006 | 0.006 | 0.219 | $52.0M | high |
| Bitunix | CEX | 0.006 | 0.006 | 0.044 | $34.9M | high |
| HTX | CEX | 0.006 | 0.006 | 1.41 | $12.8M | high |
| Toobit | CEX | 0.006 | 0.006 | 0.006 | $296.4M | high |
| WEEX | CEX | 0.006 | 0.006 | 0.219 | $56.9M | high |
| MEXC | CEX | 0.267 | 0.006 | 0.057 | $227.1M | high |
| BloFin | CEX | 0.012 | 0.014 | 0.155 | $9.9M | high |
| OKX | CEX | 0.006 | 0.036 | 1.01 | $97.6M | high |
| Extended | DEX | 0.059 | 0.059 | 0.625 | $9.2M | high |
| NADO | DEX | 0.059 | 0.059 | 1.34 | $11.9M | high |
| GRVT | DEX | 0.083 | 0.083 | 21.10 | $1.3M | high |
| Bybit | CEX | 0.124 | 0.135 | 0.978 | $54.8M | high |
| edgeX | DEX | 0.207 | 0.213 | 0.435 | $50.7M | high |
| Coinbase | CEX | 0.326 | 0.326 | 1.09 | $17.6M | high |
| Lighter | DEX | 0.314 | 0.376 | 1.17 | $26.4M | high |
| Phemex | CEX | 0.095 | 0.555 | 2.84 | $15.9M | high |
| Hyperliquid | DEX | 0.178 | 0.595 | 1.27 | $55.6M | high |
| Bitget | CEX | 0.006 | 0.684 | 1.21 | $13.9M | high |
| RISEx | DEX | 0.693 | 0.693 | 6.68 | $2.9M | high |
| Deribit | CEX | 0.178 | 0.732 | 2.82 | $33.0M | high |
| Aster | DEX | 0.593 | 0.775 | 1.03 | $58.4M | high |
| Apex Omni | DEX | 0.261 | 0.882 | 6.17 | $12.9M | high |
| KuCoin | CEX | 0.006 | 1.08 | 1.47 | $41.2M | high |
| Kraken | CEX | 0.593 | 1.09 | 2.49 | $50.9M | high |
| Hibachi | DEX | 1.18 | 1.24 | 35.11 | $1.3M | high |
| Gate.io | CEX | 0.006 | 1.27 | 2.15 | $7.3M | high |
| Paradex | DEX | 1.32 | 1.32 | No fill | $567K | high |
| WhiteBIT | CEX | 0.700 | 1.60 | 5.12 | $3.2M | high |
| Crypto.com | CEX | 0.058 | 1.82 | 6.05 | $9.9M | high |
| StandX | DEX | 1.72 | 1.98 | 3.72 | $11.5M | high |
| SunX | DEX | 1.48 | 2.06 | 4.55 | $3.9M | high |
| Ondo | DEX | 1.48 | 2.44 | 14.82 | $1.0M | high |
| Aevo | DEX | 2.63 | 3.98 | 6.08 | $1.5M | high |
| Bluefin | DEX | 2.50 | 7.04 | No fill | $149K | high |
| dYdX | DEX | 13.46 | 13.46 | 30.84 | $2.3M | high |
| Orderly | DEX | 31.25 | 35.52 | No fill | $426K | high |
| Pacifica | DEX | 0.592 | No fill | No fill | $152K | high |
| Oracle-priced venues: no order book, so the value comes from the venue price-impact model | ||||||
| Gains | DEX | 0.510 | 0.604 | 1.54 | — | high |
| Ostium | DEX | 0.868 | 0.868 | No fill | — | high |
| Avantis | DEX | 1.00 | 1.30 | 2.64 | — | high |
| GMTrade | DEX | 0.071 | 1.82 | 6.32 | — | high |
| Reya | DEX | 0.298 | 2.19 | 22.72 | — | high |
| GMX | DEX | 2.25 | 2.32 | 2.94 | — | high |
- BingX ($10,000, $100,000, $1,000,000): The depth reading did not pass the plausibility check.
- Bluefin ($1,000,000): The book could not fill the order within 2% of the best price.
- Hotstuff ($10,000, $100,000, $1,000,000): The book could not fill the order within 2% of the best price.
- Jupiter ($10,000, $100,000, $1,000,000): The quote is documented or estimated, not measured.
- MYX ($10,000, $100,000, $1,000,000): The quote is documented or estimated, not measured.
- Orderly ($1,000,000): The book could not fill the order within 2% of the best price.
- Ostium ($1,000,000): The book could not fill the order within 2% of the best price.
- Pacifica ($100,000, $1,000,000): The book could not fill the order within 2% of the best price.
- Paradex ($1,000,000): The book could not fill the order within 2% of the best price.
- XT.COM ($10,000, $100,000, $1,000,000): The depth reading did not pass the plausibility check.
ETH perpetual slippage by venue
In the sweep of September 23, 2026, the median ETH slippage for a $10,000 market buy was 0.374 bps across 37 order-book venues. At $1,000,000, the median rose to 2.35 bps, and 8 venues could not fill the order. XT.COM had the lowest $1,000,000 value at 0.019 bps, with $20.4M of book depth read. On 14 of 37 order-book venues, a $100,000 buy had zero price impact, so the half-spread was its whole slippage.
| Venue | Type | $10,000 (bps) | $100,000 (bps) | $1,000,000 (bps) | Depth read | Depth check |
|---|---|---|---|---|---|---|
| Binance | CEX | 0.019 | 0.019 | 1.42 | $67.2M | high |
| Coinbase | CEX | 0.019 | 0.019 | 2.47 | $6.2M | high |
| Gate.io | CEX | 0.019 | 0.019 | 2.55 | $4.9M | high |
| MEXC | CEX | 0.019 | 0.019 | 0.407 | $315.3M | high |
| OKX | CEX | 0.019 | 0.019 | 0.720 | $91.6M | high |
| WEEX | CEX | 0.019 | 0.019 | 0.351 | $89.2M | high |
| XT.COM | CEX | 0.019 | 0.019 | 0.019 | $20.4M | high |
| Toobit | CEX | 1.14 | 0.019 | 0.571 | $154.8M | high |
| Bitunix | CEX | 0.019 | 0.031 | 0.463 | $35.7M | high |
| BloFin | CEX | 0.281 | 0.037 | 0.037 | $25.9M | high |
| Hyperliquid | DEX | 0.561 | 0.187 | 1.30 | $62.0M | high |
| NADO | DEX | 0.187 | 0.187 | 1.72 | $9.3M | high |
| Extended | DEX | 0.187 | 0.213 | 2.51 | $6.9M | high |
| Phemex | CEX | 0.019 | 0.226 | 3.41 | $48.7M | high |
| Pacifica | DEX | 0.748 | 0.438 | No fill | $476K | high |
| HTX | CEX | 0.019 | 0.446 | 2.35 | $16.9M | high |
| edgeX | DEX | 0.562 | 0.449 | 0.545 | $62.0M | high |
| Bybit | CEX | 0.580 | 0.519 | 1.71 | $77.5M | high |
| Apex Omni | DEX | 0.730 | 0.539 | 10.50 | $7.6M | high |
| Bitget | CEX | 0.159 | 0.795 | 1.47 | $9.7M | high |
| Aster | DEX | 0.337 | 0.844 | 2.27 | $65.2M | high |
| Lighter | DEX | 0.349 | 0.848 | 1.43 | $22.5M | high |
| RISEx | DEX | 0.337 | 1.22 | No fill | $832K | high |
| Deribit | CEX | 0.374 | 1.31 | 6.48 | $6.9M | high |
| GRVT | DEX | 0.599 | 1.36 | 3.70 | $4.4M | high |
| SunX | DEX | 1.67 | 1.67 | 4.03 | $8.6M | high |
| Kraken | CEX | 1.31 | 1.84 | 3.68 | $29.9M | high |
| Paradex | DEX | 2.15 | 2.15 | No fill | $460K | high |
| StandX | DEX | 1.31 | 2.16 | 3.18 | $6.1M | high |
| KuCoin | CEX | 0.031 | 2.65 | 4.32 | $31.9M | high |
| Ondo | DEX | 1.89 | 2.75 | 18.66 | $999K | high |
| WhiteBIT | CEX | 2.17 | 3.33 | 7.06 | $10.2M | high |
| Crypto.com | CEX | 2.26 | 3.61 | 13.76 | $2.9M | high |
| Hibachi | DEX | 1.95 | 4.09 | No fill | $528K | high |
| Bluefin | DEX | 6.66 | 9.24 | No fill | $110K | high |
| Aevo | DEX | 8.27 | 26.83 | 42.00 | $1.5M | high |
| Orderly | DEX | 29.60 | 38.40 | No fill | $424K | high |
| Oracle-priced venues: no order book, so the value comes from the venue price-impact model | ||||||
| Gains | DEX | 0.520 | 0.696 | 2.46 | — | high |
| GMTrade | DEX | 0.563 | 1.02 | 6.78 | — | high |
| Ostium | DEX | 1.15 | 1.31 | No fill | — | high |
| Avantis | DEX | 1.10 | 1.73 | 2.53 | — | high |
| GMX | DEX | 1.66 | 1.79 | 2.85 | — | high |
| Reya | DEX | 0.912 | 3.02 | 24.15 | — | high |
- BingX ($10,000, $100,000, $1,000,000): The depth reading did not pass the plausibility check.
- Bluefin ($1,000,000): The book could not fill the order within 2% of the best price.
- Hibachi ($1,000,000): The book could not fill the order within 2% of the best price.
- Hotstuff ($10,000, $100,000, $1,000,000): The book could not fill the order within 2% of the best price.
- Jupiter ($10,000, $100,000, $1,000,000): The quote is documented or estimated, not measured.
- MYX ($10,000, $100,000, $1,000,000): The quote is documented or estimated, not measured.
- Orderly ($1,000,000): The book could not fill the order within 2% of the best price.
- Ostium ($1,000,000): The book could not fill the order within 2% of the best price.
- Pacifica ($1,000,000): The book could not fill the order within 2% of the best price.
- Paradex ($1,000,000): The book could not fill the order within 2% of the best price.
- RISEx ($1,000,000): The book could not fill the order within 2% of the best price.
- dYdX ($10,000, $100,000, $1,000,000): The depth reading did not pass the plausibility check.
Slippage, spread and fees
The spread is the gap between the best bid and the best ask. A market buy pays half of it, because it fills at the ask and not at the mid price. This page starts the half-spread at the first price level with $5,000 of depth, so a very small order at the top of the book does not set it.
Price impact is the extra cost when an order uses more than one price level. A small order often has zero impact. A large order moves through the book, and each level fills at a worse price.
Slippage on this page is the half-spread plus the price impact, both against the mid price. It does not include the price move between the time you send an order and the time it fills.
The fee is a separate charge that the venue publishes before the trade. A venue with low slippage can still cost more in total if its taker fee is high. The measured cost ranking adds the fee and ranks the total.
Depth, checks and data
The depth column shows the book depth that the engine read for the largest size at which the venue filled. “High” means that the reading passed the plausibility check. “No fill” means that the book could not fill the order within 2% of the best price.
This page shows the stored sweep that started at September 23, 2026, 18:00 UTC, cost methodology version 9. The series for this version starts on September 23, 2026 and has 2 sweeps.
Read the cost methodology for the venue models. Download the BTC series as CSV, or measure your own size with the live cost comparison.