{"slug":"perp-cost-slope","title":"Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked","subtitle":"Ratio of all-in opening cost at $1,000,000 vs $1,000 notional, per venue per asset. A venue with flat cost at every size scores 1.00. A deeper book scores closer to 1.00 than a thin one. Oracle-priced venues (no orderbook to walk) always score 1.00 by construction.","category":"Trading","metric":"Cost slope ($1M / $1k)","unit":"x","status":"live","higherIsBetter":false,"filters":null,"value":1,"leader":{"name":"Gains","slug":"gains","value":1},"leaders":[{"name":"Gains","slug":"gains","value":1},{"name":"GMX","slug":"gmx","value":1}],"rankings":[{"name":"Gains","slug":"gains","value":1,"unit":"x","ms":{"p50":1,"p90":1,"p99":1,"mean":1},"successRate":100,"sampleSize":2880},{"name":"GMX","slug":"gmx","value":1,"unit":"x","ms":{"p50":1,"p90":1,"p99":1,"mean":1},"successRate":100,"sampleSize":2880},{"name":"edgeX","slug":"edgex","value":1.11759,"unit":"x","ms":{"p50":1.11759,"p90":1.0921,"p99":1.08275,"mean":1.11759},"successRate":100,"sampleSize":2880},{"name":"Aster","slug":"aster","value":1.14608,"unit":"x","ms":{"p50":1.14608,"p90":1.03469,"p99":1.00239,"mean":1.14608},"successRate":100,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","value":1.26347,"unit":"x","ms":{"p50":1.26347,"p90":1.03309,"p99":1.0029,"mean":1.26347},"successRate":100,"sampleSize":2880},{"name":"Extended","slug":"extended","value":1.79717,"unit":"x","ms":{"p50":1.79717,"p90":1.04853,"p99":1.00198,"mean":1.79717},"successRate":100,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","value":2.31491,"unit":"x","ms":{"p50":2.31491,"p90":1.66051,"p99":1.1324,"mean":2.31491},"successRate":100,"sampleSize":2880},{"name":"Lighter","slug":"lighter","value":7.55616,"unit":"x","ms":{"p50":7.55616,"p90":2.83535,"p99":1.25782,"mean":7.55616},"successRate":98.6111,"sampleSize":2880}],"sparkline":[4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4],"sampleSize":23040,"asOf":"2026-11-02T04:34:59.017Z","freshness":{"asOf":"2026-11-02T04:34:59.017Z","ageHours":0,"stale":false},"measured":8,"ranked":8,"headline":"Gains and GMX both post the lowest cost slope ($1M / $1k), tied at 1.000x (p50, 24h) across 8 ranked venues.","quote":"Gains and GMX both post the lowest cost slope ($1M / $1k), tied at 1.000x (p50, 24h) across 8 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-cost-slope).","cite":{"plain":"OpenChainBench. \"Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked\". Retrieved 2026-11-02. https://openchainbench.com/benchmarks/perp-cost-slope","bibtex":"@misc{ocb_perp_cost_slope,\n  author = {OpenChainBench},\n  title  = {Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-cost-slope},\n  note   = {Retrieved 2026-11-02}\n}","apa":"OpenChainBench. (2026). Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked. Retrieved November 2, 2026, from https://openchainbench.com/benchmarks/perp-cost-slope","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-cost-slope\r\nY2  - 2026-11-02\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-cost-slope","ogImage":"https://openchainbench.com/api/og/perp-cost-slope","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-fees","methodology":["Cadence: derived in PromQL from perp_fees_all_in_bps_tier, refreshed every 5 minutes by the perp-fees harness (bench 007).","Cost slope = avg_over_time(all_in_bps_tier{notional=1000000}[24h]) / ignoring(notional) avg_over_time(all_in_bps_tier{notional=1000}[24h]) per venue per asset. A ratio of 1.00 means flat cost across sizes.","Oracle-priced venues (Gains, GMX v2): the fee is a flat percentage of position size with no orderbook. The $1M all-in equals the $1k all-in in bps exactly, so slope = 1.00 always.","Orderbook venues (Hyperliquid, dYdX, Lighter, Extended, Aster, edgeX): the $1M tier walks deeper into the book than the $1k tier, so the spread component grows and slope > 1.00.","Missing $1M tier: when the visible book cannot absorb $1M the harness skips the tier and increments perp_fees_tier_skipped_total rather than extrapolating. The slope PromQL returns no data for that venue, shown as N/A in the leaderboard.","Fill-rate panel: count_over_time(tier{notional=1000000}[24h]) / ignoring(notional) count_over_time(tier{notional=1000}[24h]) per venue per asset. 1.00 = tier always filled; 0.50 = tier filled half the time; 0.00 = tier never filled.","Chain tabs: the board is scoped per asset (ETH, BTC, SOL) because book depth differs significantly across assets and cross-asset averaging obscures the signal.","Failures and stale data: inherited from the perp-fees harness. A venue that errors keeps its last gauge and its health drops to 0."],"license":"CC-BY-4.0"}