PerpFinder Cost Index: September 2026 (Partial Month)

Name: PerpFinder Cost Index: September 2026 (Partial Month)
Published: 2026-09-23
License: https://perpfinder.com/terms

PerpFinder editorial · Published 2026-09-23

The PerpFinder Cost Index for September 2026 covers a partial month. It uses 43 stored 6-hour sweeps from 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC. For a $10,000 BTC market buy, Lighter had the lowest median all-in cost, 0.394 bps. Lighter also had the lowest $10,000 median for ETH (0.474 bps) and SOL (0.766 bps).

Period (UTC)2026-09-12 12:00 UTC → 2026-09-23 00:00 UTC

Published2026-09-23

Max samples/series43

Min completeness100.0%

Facts / suppressed13 / 1

DataDownload the dataset (CSV)

Partial month: the window runs from 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC. The index uses the base taker fee tier and a buy order. It does not include gas, funding or referral discounts. A stored measurement is not a promise of a future fill.

What this index measures

PerpFinder stores one execution-cost sweep every 6 hours. Each sweep walks the public order book of each venue for standard market buy orders. The all-in cost is the taker fee plus the half-spread plus the price impact. A basis point (bps) is one hundredth of one percent of the order value.

This index reads the stored sweeps of cost methodology v8 only. The first stored v8 sweep in this month is 2026-09-12 12:00 UTC. The last one is 2026-09-23 00:00 UTC. The window holds 43 of its 43 six-hour slots.

This issue is a partial month. The calendar month has 120 six-hour slots, and the window covers 43 of them. Read each median as a median of this window, not of the full month.

How a venue enters the index

In each sweep, a row takes a rank only when the venue is live, the book filled the whole order, the depth reading is confirmed and the quote was measured. This is the same rule as the cheapest perp exchange ranking.

A venue enters the index for one order when it had a rank in at least 75 percent of the sweeps. Its index value is the median of its ranked all-in costs. Equal medians share a rank. The tables show the lowest and the highest ranked cost next to each median.

The five cheapest venues for each order

The table gives the five lowest medians for each asset and order size. The full index for each order follows.

Five cheapest venues for each order, September 2026

Measured at 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC, cost methodology v8 · PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history

Each entry shows the venue and its median all-in cost in basis points over the window. Rank 1 is the lowest median. Download this table as CSV

Order	1st	2nd	3rd	4th	5th
BTC $10,000 buy	Lighter 0.394	MEXC 2.006	Extended 2.565	Reya 3.513	Deribit 3.561
BTC $100,000 buy	Lighter 0.500	MEXC 2.007	Extended 2.565	NADO 3.565	RISEx 3.658
ETH $10,000 buy	Lighter 0.474	MEXC 2.020	Extended 2.699	Reya 3.624	RISEx 3.678
ETH $100,000 buy	Lighter 0.832	MEXC 2.020	Extended 2.700	NADO 3.700	Coinbase 4.020
SOL $10,000 buy	Lighter 0.766	MEXC 2.488	Extended 2.992	Reya 3.274	RISEx 3.984
SOL $100,000 buy	Lighter 1.987	MEXC 2.492	Extended 3.007	NADO 4.716	Aster 4.989

Scroll the columns sideways to see every field. The CSV holds the same rows.

BTC $10,000 market buy

42 venues entered the index for the BTC $10,000 market buy. 7 venues were left out. Lighter had the lowest median all-in cost, 0.394 bps. On this order, that is $0.39. MEXC was second at 2.006 bps. No rank change is shown, because no comparable previous month exists.

Stored measurements · basis points

Median execution cost and observed range

Lowest to highestMedian

Lighter0.39

MEXC2.01

Extended2.56

Reya3.51

Deribit3.56

NADO3.56

RISEx3.68

Paradex3.75

Common scale: 0–68.25 bps · displayed value is the median

First 8 rows in the published table order; 42 venues in the full table. 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC, 43 sweeps, cost methodology v8. All-in cost is the taker fee plus the half-spread plus the price impact, at the base fee tier. The median uses only the sweeps in which the venue had a rank. A venue needs a rank in at least 75 percent of the sweeps. Source: PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history. The data table contains the plotted values.

Cost Index, BTC $10,000 market buy, September 2026

Measured at 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC, 43 sweeps, cost methodology v8 · PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history

All-in cost is the taker fee plus the half-spread plus the price impact, at the base fee tier. The median uses only the sweeps in which the venue had a rank. A venue needs a rank in at least 75 percent of the sweeps. Download this table as CSV

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	0.394	0.39	0.034	0.586	43
2	MEXC	CEX	2.006	2.01	2.006	2.474	43
3	Extended	DEX	2.565	2.56	2.558	3.118	43
4	Reya	DEX	3.513	3.51	3	4.884	43
5	Deribit	CEX	3.561	3.56	3.529	4.228	43
6	NADO	DEX	3.565	3.56	3.558	3.847	43
7	RISEx	DEX	3.68	3.68	3.012	8.446	43
8	Paradex	DEX	3.745	3.75	3.076	68.248	37
9	Coinbase	CEX	4.006	4.01	4.006	4.204	43
10	Aster	DEX	4.007	4.01	4.006	4.697	43
11	Gains	DEX	4.008	4.01	4.007	4.01	43
12	Ondo	DEX	4.04	4.04	2.816	6.084	43
13	Pacifica	DEX	4.066	4.07	4.058	4.843	43
14	Crypto.com	CEX	4.197	4.2	4.006	6.147	43
15	SunX	DEX	4.47	4.47	4.006	6.36	43
16	GRVT	DEX	4.507	4.51	4.506	4.997	43
17	edgeX	DEX	4.519	4.52	4.507	5.241	37
18	Hyperliquid	DEX	4.565	4.56	4.558	5.43	43
19	Hibachi	DEX	4.76	4.76	4.507	7.733	42
20	Binance	CEX	5.006	5.01	5.006	5.007	43
20	Gate.io	CEX	5.006	5.01	5.006	5.547	43
20	OKX	CEX	5.006	5.01	5.006	5.039	43
23	Apex Omni	DEX	5.166	5.17	5.019	6.316	43
24	Kraken	CEX	5.219	5.22	5.059	5.76	43
25	StandX	DEX	5.389	5.39	4.913	6.239	43
26	Avantis	DEX	5.5	5.5	5.5	6.841	43
27	Bybit	CEX	5.506	5.51	5.506	5.81	43
28	Bitget	CEX	6.006	6.01	6.006	6.255	43
28	Bitunix	CEX	6.006	6.01	6.006	6.007	43
28	HTX	CEX	6.006	6.01	6.006	6.007	43
31	KuCoin	CEX	6.007	6.01	6.006	6.639	43
31	Phemex	CEX	6.007	6.01	6.006	7.732	43
33	BloFin	CEX	6.039	6.04	6.006	6.754	43
34	GMTrade	DEX	6.081	6.08	4	6.33	43
35	Bluefin	DEX	6.139	6.14	5.369	18.237	42
36	WhiteBIT	CEX	6.819	6.82	5.811	8.91	43
37	Ostium	DEX	6.849	6.85	6.801	7.109	43
38	GMX	DEX	7.018	7.02	4	11.04	42
39	WEEX	CEX	8.006	8.01	8.006	8.007	43
40	dYdX	DEX	8.716	8.72	5.522	33.987	38
41	Aevo	DEX	9.907	9.91	9.028	13.58	43
42	Orderly	DEX	35.274	35.27	19.61	44.306	43

Scroll the columns sideways to see every field. The CSV holds the same rows.

BTC $100,000 market buy

41 venues entered the index for the BTC $100,000 market buy. 8 venues were left out. Lighter had the lowest median all-in cost, 0.500 bps. On this order, that is $5.00. MEXC was second at 2.007 bps. No rank change is shown, because no comparable previous month exists.

Cost Index, BTC $100,000 market buy, September 2026

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	0.5	5	0.26	0.948	43
2	MEXC	CEX	2.007	20.07	2.006	2.316	43
3	Extended	DEX	2.565	25.65	2.558	3.982	43
4	NADO	DEX	3.565	35.65	3.558	4.727	43
5	RISEx	DEX	3.658	36.58	3.021	9.397	43
6	Coinbase	CEX	4.007	40.07	4.006	4.313	43
7	Gains	DEX	4.081	40.81	4.073	4.102	43
8	Aster	DEX	4.272	42.72	4.006	5.388	43
9	Deribit	CEX	4.288	42.88	3.529	5.29	43
10	Pacifica	DEX	4.29	42.9	4.058	5.347	39
11	GRVT	DEX	4.512	45.12	4.506	5.641	43
12	edgeX	DEX	4.522	45.22	4.516	5.241	37
13	Hyperliquid	DEX	4.565	45.65	4.558	5.566	43
14	Binance	CEX	5.006	50.06	5.006	5.054	43
15	Gate.io	CEX	5.007	50.07	5.006	6.213	43
15	OKX	CEX	5.007	50.07	5.006	5.698	43
17	Hibachi	DEX	5.019	50.19	4.513	12.603	42
18	Apex Omni	DEX	5.191	51.91	5.039	6.316	43
19	Crypto.com	CEX	5.232	52.32	4.125	7.202	43
20	Avantis	DEX	5.5	55	5.5	6.969	43
21	Bybit	CEX	5.507	55.07	5.506	6.187	43
22	Reya	DEX	5.528	55.28	3.546	6.947	43
23	Ondo	DEX	5.597	55.97	4.404	11.6	43
24	SunX	DEX	5.679	56.79	4.879	21.276	43
25	Bitget	CEX	6.007	60.07	6.006	6.649	43
25	Bitunix	CEX	6.007	60.07	6.006	6.013	43
25	HTX	CEX	6.007	60.07	6.006	6.934	43
28	Kraken	CEX	6.077	60.77	5.117	6.73	43
29	BloFin	CEX	6.092	60.92	6.006	7.214	43
30	StandX	DEX	6.198	61.98	5.368	7.532	43
31	Phemex	CEX	6.375	63.75	6.006	7.732	43
32	KuCoin	CEX	6.527	65.27	6.006	7.726	43
33	GMTrade	DEX	6.745	67.45	4	14.639	37
34	Ostium	DEX	6.826	68.26	6.801	7.258	40
35	GMX	DEX	7.116	71.16	4	11.085	42
36	WEEX	CEX	8.006	80.06	8.006	8.007	43
37	WhiteBIT	CEX	8.372	83.72	7.517	9.143	43
38	Bluefin	DEX	10.807	108.07	9.009	15.619	42
39	Aevo	DEX	11.439	114.39	9.678	30.069	43
40	dYdX	DEX	11.921	119.21	8.596	31.909	38
41	Orderly	DEX	38.117	381.17	30.367	74.734	43

Scroll the columns sideways to see every field. The CSV holds the same rows.

ETH $10,000 market buy

42 venues entered the index for the ETH $10,000 market buy. 7 venues were left out. Lighter had the lowest median all-in cost, 0.474 bps. On this order, that is $0.47. MEXC was second at 2.020 bps. No rank change is shown, because no comparable previous month exists.

Cost Index, ETH $10,000 market buy, September 2026

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	0.474	0.47	0.114	0.728	43
2	MEXC	CEX	2.02	2.02	2.018	2.199	43
3	Extended	DEX	2.699	2.7	2.681	2.914	43
4	Reya	DEX	3.624	3.62	3	7.384	43
5	RISEx	DEX	3.678	3.68	3.057	7.025	43
6	NADO	DEX	3.698	3.7	3.681	4.11	43
7	Gains	DEX	4.017	4.02	4.016	4.019	43
8	Coinbase	CEX	4.02	4.02	4.018	4.712	43
9	Deribit	CEX	4.125	4.13	3.599	5.694	43
10	Pacifica	DEX	4.199	4.2	4.181	5.019	43
11	Aster	DEX	4.209	4.21	4.019	4.977	43
12	Ondo	DEX	4.273	4.27	2.879	8.079	43
13	GRVT	DEX	4.58	4.58	4.518	5.705	43
14	Hyperliquid	DEX	4.699	4.7	4.681	5.106	43
15	edgeX	DEX	4.95	4.95	4.597	6.164	37
16	Binance	CEX	5.02	5.02	5.018	5.262	43
16	Gate.io	CEX	5.02	5.02	5.018	5.021	43
16	OKX	CEX	5.02	5.02	5.018	5.367	43
19	StandX	DEX	5.444	5.44	4.947	6.089	42
20	Avantis	DEX	5.5	5.5	5.5	6.156	43
21	Bybit	CEX	5.52	5.52	5.518	5.99	43
22	Apex Omni	DEX	5.56	5.56	5.057	7.801	43
23	SunX	DEX	5.667	5.67	4.664	7.435	43
24	Kraken	CEX	5.805	5.81	5.183	7.09	43
25	Crypto.com	CEX	5.982	5.98	4.381	7.218	43
26	Bitunix	CEX	6.02	6.02	6.018	6.021	43
26	HTX	CEX	6.02	6.02	6.018	6.418	43
26	XT.COM	CEX	6.02	6.02	6.018	6.021	43
29	Bitget	CEX	6.02	6.02	6.018	6.854	43
29	Toobit	CEX	6.02	6.02	6.018	7.089	42
31	Phemex	CEX	6.02	6.02	6.018	9.345	43
32	BloFin	CEX	6.082	6.08	6.018	9.528	42
33	Hibachi	DEX	6.099	6.1	4.52	18.544	41
34	KuCoin	CEX	6.22	6.22	6.019	7.194	43
35	GMTrade	DEX	6.37	6.37	4	10.21	43
36	GMX	DEX	6.462	6.46	4	11.051	42
37	WhiteBIT	CEX	6.995	6.99	5.518	8.755	43
38	Ostium	DEX	7.152	7.15	7.114	7.648	43
39	WEEX	CEX	8.02	8.02	8.018	8.021	41
40	Bluefin	DEX	10.185	10.18	8.609	15.18	41
41	Aevo	DEX	13.079	13.08	10.806	44.273	42
42	Orderly	DEX	36.73	36.73	25.234	43.853	41

Scroll the columns sideways to see every field. The CSV holds the same rows.

ETH $100,000 market buy

42 venues entered the index for the ETH $100,000 market buy. 7 venues were left out. Lighter had the lowest median all-in cost, 0.832 bps. On this order, that is $8.32. MEXC was second at 2.020 bps. No rank change is shown, because no comparable previous month exists.

Cost Index, ETH $100,000 market buy, September 2026

Measured at 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC, 42 sweeps, cost methodology v8 · PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	0.832	8.32	0.114	1.746	42
2	MEXC	CEX	2.02	20.2	2.018	2.154	42
3	Extended	DEX	2.7	27	2.681	3.541	42
4	NADO	DEX	3.7	36.99	3.681	5.593	42
5	Coinbase	CEX	4.02	40.2	4.018	6.147	42
6	Gains	DEX	4.173	41.73	4.158	4.189	42
7	Pacifica	DEX	4.474	44.74	4.194	7.589	42
8	RISEx	DEX	4.587	45.87	3.573	7.469	42
9	Aster	DEX	4.675	46.75	4.019	6.33	42
10	Hyperliquid	DEX	4.7	47	4.681	6.607	42
11	edgeX	DEX	5.014	50.14	4.597	6.004	36
12	OKX	CEX	5.02	50.2	5.018	5.746	42
13	Binance	CEX	5.02	50.2	5.018	6.179	42
14	Gate.io	CEX	5.021	50.21	5.018	6.288	42
15	GRVT	DEX	5.111	51.11	4.519	9.112	42
16	Deribit	CEX	5.332	53.32	4.187	8.619	42
17	Bybit	CEX	5.684	56.84	5.518	6.709	42
18	Reya	DEX	5.715	57.15	3.065	8.045	42
19	Ondo	DEX	5.82	58.2	4.522	15.402	42
20	Toobit	CEX	6.02	60.2	6.018	6.76	41
20	XT.COM	CEX	6.02	60.2	6.018	6.021	42
22	HTX	CEX	6.02	60.2	6.018	7.718	42
23	Bitunix	CEX	6.053	60.53	6.018	6.12	42
24	Bitget	CEX	6.134	61.34	6.018	7.377	42
25	Avantis	DEX	6.19	61.9	5.5	7.357	42
26	BloFin	CEX	6.212	62.12	6.019	8.265	42
27	Phemex	CEX	6.314	63.14	6.061	8.369	42
28	StandX	DEX	6.433	64.33	5.582	9.399	42
29	SunX	DEX	6.494	64.94	4.958	34.745	42
30	GMTrade	DEX	6.532	65.32	4	10.787	38
31	GMX	DEX	6.79	67.9	4	11.127	41
32	Apex Omni	DEX	6.857	68.57	5.109	20.867	42
33	Kraken	CEX	6.936	69.36	5.901	8.518	42
34	Ostium	DEX	7.128	71.28	7.114	7.41	41
35	KuCoin	CEX	7.407	74.07	6.349	8.408	42
36	WEEX	CEX	8.02	80.2	8.018	8.022	40
37	Hibachi	DEX	8.131	81.31	5.738	31.322	40
38	WhiteBIT	CEX	8.218	82.18	6.267	10.179	42
39	Crypto.com	CEX	8.88	88.8	7.059	12.059	42
40	Bluefin	DEX	12.046	120.46	8.787	18.988	40
41	Aevo	DEX	18.735	187.35	14.441	57.395	42
42	Orderly	DEX	38.978	389.78	26.786	82.006	36

Scroll the columns sideways to see every field. The CSV holds the same rows.

SOL $10,000 market buy

36 venues entered the index for the SOL $10,000 market buy. 9 venues were left out. Lighter had the lowest median all-in cost, 0.766 bps. On this order, that is $0.77. MEXC was second at 2.488 bps. No rank change is shown, because no comparable previous month exists.

Cost Index, SOL $10,000 market buy, September 2026

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	0.766	0.77	0.248	2.801	43
2	MEXC	CEX	2.488	2.49	2.42	2.516	43
3	Extended	DEX	2.992	2.99	2.92	4.193	43
4	Reya	DEX	3.274	3.27	3	5.602	43
5	RISEx	DEX	3.984	3.98	3.255	5.605	43
6	NADO	DEX	3.992	3.99	3.92	4.527	43
7	Coinbase	CEX	4.304	4.3	4.067	5.924	43
8	GMX	DEX	4.346	4.35	4	13.384	42
9	GMTrade	DEX	4.549	4.55	4	6.952	43
10	Aster	DEX	4.79	4.79	4.421	5.54	43
11	Pacifica	DEX	4.949	4.95	4.447	7.056	43
12	Hyperliquid	DEX	4.975	4.97	4.55	6.279	43
13	GRVT	DEX	4.997	5	4.923	6.304	43
14	Gains	DEX	5.082	5.08	5.073	5.104	41
15	Deribit	CEX	5.329	5.33	3.977	6.543	43
16	Binance	CEX	5.491	5.49	5.42	5.89	43
17	OKX	CEX	5.492	5.49	5.42	6.019	43
18	Gate.io	CEX	5.513	5.51	5.421	6.519	43
19	Hibachi	DEX	5.519	5.52	4.725	9.644	42
20	Bybit	CEX	5.994	5.99	5.921	6.853	43
21	HTX	CEX	6.37	6.37	6.004	9.835	43
22	Apex Omni	DEX	6.4	6.4	5.462	10.3	43
23	Bitunix	CEX	6.488	6.49	6.42	7.478	43
24	BloFin	CEX	6.492	6.49	6.421	7.682	43
25	Bitget	CEX	6.593	6.59	6.129	7.842	43
26	edgeX	DEX	6.808	6.81	6.508	8.458	37
27	Kraken	CEX	7.462	7.46	5.929	8.646	43
28	Crypto.com	CEX	7.475	7.47	6.223	9.093	43
29	Avantis	DEX	7.5	7.5	7.5	7.644	43
30	KuCoin	CEX	7.728	7.73	6.53	9.578	43
31	WhiteBIT	CEX	8.102	8.1	7.449	12.607	43
32	Phemex	CEX	8.509	8.51	6.488	14.038	43
33	Ostium	DEX	8.81	8.81	8.465	9.256	43
34	Bluefin	DEX	9.915	9.91	7.877	12.169	42
35	Aevo	DEX	13.656	13.66	11.598	51.603	43
36	SunX	DEX	23.154	23.15	11.42	48.695	42

Scroll the columns sideways to see every field. The CSV holds the same rows.

SOL $100,000 market buy

36 venues entered the index for the SOL $100,000 market buy. 9 venues were left out. Lighter had the lowest median all-in cost, 1.987 bps. On this order, that is $19.87. MEXC was second at 2.492 bps. No rank change is shown, because no comparable previous month exists.

Cost Index, SOL $100,000 market buy, September 2026

Rank	Venue	Type	Median (bps)	Median (USD)	Lowest (bps)	Highest (bps)	Sweeps ranked
1	Lighter	DEX	1.987	19.87	0.695	5.143	43
2	MEXC	CEX	2.492	24.92	2.421	3.54	43
3	Extended	DEX	3.007	30.07	2.92	4.923	43
4	NADO	DEX	4.716	47.16	3.994	5.722	43
5	Aster	DEX	4.989	49.89	4.425	6.516	43
6	GRVT	DEX	5.385	53.85	4.926	6.535	43
7	Binance	CEX	5.612	56.12	5.421	7.406	43
8	Hyperliquid	DEX	5.668	56.68	4.55	7.345	43
9	Gains	DEX	5.814	58.14	5.732	5.853	42
10	OKX	CEX	5.862	58.62	5.423	7.75	43
11	Reya	DEX	5.898	58.98	3.232	9.173	43
12	Deribit	CEX	6.072	60.72	4.613	7.654	43
13	Bitunix	CEX	6.488	64.88	6.42	7.478	43
14	BloFin	CEX	6.666	66.66	6.423	7.464	43
15	Bybit	CEX	6.728	67.28	5.929	8.047	43
16	edgeX	DEX	6.788	67.88	6.478	7.616	37
17	GMTrade	DEX	6.847	68.47	4	7.274	43
18	Pacifica	DEX	6.917	69.17	5.504	9.588	43
19	RISEx	DEX	6.921	69.21	5.615	9.27	43
20	Coinbase	CEX	7.008	70.08	5.092	9.054	43
21	Gate.io	CEX	7.892	78.92	6.318	10.038	43
22	Avantis	DEX	8.213	82.13	7.5	16.518	43
23	Bitget	CEX	8.259	82.59	7.143	9.422	43
24	Ostium	DEX	8.81	88.1	8.468	9.209	43
25	Kraken	CEX	9.161	91.61	7.037	11.463	43
26	Phemex	CEX	9.337	93.37	6.72	21.574	43
27	GMX	DEX	9.344	93.44	4	13.79	42
28	HTX	CEX	9.405	94.05	6.792	12.504	43
29	Apex Omni	DEX	9.754	97.54	7.654	28.403	43
30	KuCoin	CEX	10.36	103.6	8.444	12.578	43
31	Bluefin	DEX	10.621	106.21	8.896	14.768	42
32	WhiteBIT	CEX	12.071	120.71	9.58	15.979	43
33	Crypto.com	CEX	13.062	130.62	9.137	17.401	43
34	Aevo	DEX	17.001	170.01	13.696	56.296	43
35	Hibachi	DEX	17.012	170.12	13.106	37.431	42
36	SunX	DEX	31.811	318.11	22.091	59.324	42

Scroll the columns sideways to see every field. The CSV holds the same rows.

Largest changes inside the window

No previous month has sweeps of methodology v8, so this issue shows no rank change against a previous month. The table compares the first and the second half of this window instead.

Largest changes inside the window, September 2026

Measured at First half 2026-09-12 12:00 UTC to 2026-09-17 18:00 UTC, second half from 2026-09-17 18:00 UTC to 2026-09-23 00:00 UTC · PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history

The change is the median of the second half minus the median of the first half. A venue needs a rank in at least 4 sweeps in each half. A negative change means the order became cheaper. Download this table as CSV

Order	Venue	First half (bps)	Second half (bps)	Change (bps)
SOL $10,000 buy	GMX	4.304	9.893	5.589
BTC $10,000 buy	GMX	4	7.909	3.909
ETH $10,000 buy	GMX	6.652	4	-2.652
SOL $100,000 buy	SunX	30.275	32.488	2.213
SOL $100,000 buy	GMX	8.468	10.656	2.189
BTC $100,000 buy	GMX	6.062	7.974	1.912
ETH $100,000 buy	Ondo	7.258	5.357	-1.9
ETH $10,000 buy	Orderly	36.984	35.165	-1.818
SOL $10,000 buy	Aevo	12.873	14.438	1.565
SOL $100,000 buy	Hibachi	16.121	17.683	1.562

Venues left out and why

A venue left out of one order can be in the index for another order. A small book can fill a $10,000 order and fail at $100,000.

Venues left out of the index, September 2026

A venue is left out of the index for one order when it had a rank in fewer than 75 percent of the sweeps. The reason is the most frequent cause in the sweeps without a rank. Download this table as CSV

Order	Venue	Sweeps ranked	Sweeps	Main reason
BTC $10,000 buy	Toobit	30	43	The depth reading was not confirmed
BTC $10,000 buy	XT.COM	8	43	The depth reading was not confirmed
BTC $10,000 buy	BingX	0	43	The depth reading was not confirmed
BTC $10,000 buy	Bitmart	0	43	The venue had no row in the sweep
BTC $10,000 buy	Hotstuff	0	43	The book could not fill the order
BTC $10,000 buy	Jupiter	0	43	The quote was documented or estimated, not measured
BTC $10,000 buy	MYX	0	43	The quote was documented or estimated, not measured
BTC $100,000 buy	Paradex	32	43	The venue had no row in the sweep
BTC $100,000 buy	Toobit	30	43	The depth reading was not confirmed
BTC $100,000 buy	XT.COM	8	43	The depth reading was not confirmed
BTC $100,000 buy	BingX	0	43	The depth reading was not confirmed
BTC $100,000 buy	Bitmart	0	43	The venue had no row in the sweep
BTC $100,000 buy	Hotstuff	0	43	The book could not fill the order
BTC $100,000 buy	Jupiter	0	43	The quote was documented or estimated, not measured
BTC $100,000 buy	MYX	0	43	The quote was documented or estimated, not measured
ETH $10,000 buy	dYdX	21	43	The depth reading was not confirmed
ETH $10,000 buy	Paradex	20	43	The venue had no row in the sweep
ETH $10,000 buy	BingX	0	43	The depth reading was not confirmed
ETH $10,000 buy	Bitmart	0	43	The venue had no row in the sweep
ETH $10,000 buy	Hotstuff	0	43	The book could not fill the order
ETH $10,000 buy	Jupiter	0	43	The quote was documented or estimated, not measured
ETH $10,000 buy	MYX	0	43	The quote was documented or estimated, not measured
ETH $100,000 buy	dYdX	20	42	The depth reading was not confirmed
ETH $100,000 buy	Paradex	17	42	The venue had no row in the sweep
ETH $100,000 buy	BingX	0	42	The depth reading was not confirmed
ETH $100,000 buy	Bitmart	0	42	The venue had no row in the sweep
ETH $100,000 buy	Hotstuff	0	42	The book could not fill the order
ETH $100,000 buy	Jupiter	0	42	The quote was documented or estimated, not measured
ETH $100,000 buy	MYX	0	42	The quote was documented or estimated, not measured
SOL $10,000 buy	BingX	30	43	The depth reading was not confirmed
SOL $10,000 buy	dYdX	26	43	The depth reading was not confirmed
SOL $10,000 buy	Bitmart	0	43	The venue had no row in the sweep
SOL $10,000 buy	Hotstuff	0	43	The book could not fill the order
SOL $10,000 buy	Jupiter	0	43	The quote was documented or estimated, not measured
SOL $10,000 buy	MYX	0	43	The quote was documented or estimated, not measured
SOL $10,000 buy	Toobit	0	43	The depth reading was not confirmed
SOL $10,000 buy	WEEX	0	43	The depth reading was not confirmed
SOL $10,000 buy	XT.COM	0	43	The depth reading was not confirmed
SOL $100,000 buy	BingX	30	43	The depth reading was not confirmed
SOL $100,000 buy	dYdX	26	43	The depth reading was not confirmed
SOL $100,000 buy	Bitmart	0	43	The venue had no row in the sweep
SOL $100,000 buy	Hotstuff	0	43	The book could not fill the order
SOL $100,000 buy	Jupiter	0	43	The quote was documented or estimated, not measured
SOL $100,000 buy	MYX	0	43	The quote was documented or estimated, not measured
SOL $100,000 buy	Toobit	0	43	The depth reading was not confirmed
SOL $100,000 buy	WEEX	0	43	The depth reading was not confirmed
SOL $100,000 buy	XT.COM	0	43	The depth reading was not confirmed

Data and reuse

Each table has a CSV file with the same rows. The full dataset is also available as one CSV file with one row for each venue and order. The stored sweeps are available from the public cost-history API.

You can republish these numbers. Credit the source as "Data: PerpFinder Cost Index" and link to this page.

The numbers

Metric	Value	Samples	Complete
Stored cost sweeps in the window (2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC)PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	43	43	100.0%
Venues in the index, BTC $10,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	42	43	100.0%
Lowest median all-in cost, BTC $10,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	0.394	43	100.0%
Venues in the index, BTC $100,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	41	43	100.0%
Lowest median all-in cost, BTC $100,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	0.5	43	100.0%
Venues in the index, ETH $10,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	42	43	100.0%
Lowest median all-in cost, ETH $10,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	0.474	43	100.0%
Venues in the index, ETH $100,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	42	42	100.0%
Lowest median all-in cost, ETH $100,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	0.832	42	100.0%
Venues in the index, SOL $10,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	36	43	100.0%
Lowest median all-in cost, SOL $10,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	0.766	43	100.0%
Venues in the index, SOL $100,000 market buyPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	36	43	100.0%
Lowest median all-in cost, SOL $100,000 market buy (Lighter), bpsPerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history	1.987	43	100.0%

1 metrics suppressed (below sample thresholds — we publish gaps, not guesses)

cost_index.rank_change_vs_previous_month — No previous month has sweeps of cost methodology v8.

Author: PerpFinder editorial — the PerpFinder data desk. Published research carries the desk byline. Send a correction through the corrections page.

Sources: PerpFinder execution-cost sweeps, methodology-versioned immutable aggregates (6-hour cadence) — /api/data/cost-history · Rank rule: PerpFinder measured cost ranking — /cheapest-perp-exchange

Facts are generated deterministically from PerpFinder’s self-collected datasets (frozen methodology, versioned for each reported series) and are never edited by hand — only the narrative around them is editorial. Republishing the numbers is welcome with attribution: data license.