{"slug":"perp-execution-quality","title":"Perp DEX execution quality: slippage on a $100k market order, live across orderbook venues","subtitle":"Half-spread plus price impact in basis points to fill a $100,000 market buy against each venue's live orderbook, fee excluded, on ETH, BTC and SOL. Lower means the venue fills the size closer to mid. Books walked every 30 seconds across 9 orderbook perp DEXs, including Hyperliquid, Lighter, Aster, Extended, dYdX v4, Paradex, Ondo Perps, Polymarket and edgeX.","category":"Trading","metric":"Slippage at $100k","unit":"bps","status":"live","higherIsBetter":false,"filters":null,"value":0.332456,"leader":{"name":"Hyperliquid","slug":"hyperliquid","value":0.332456},"leaders":[{"name":"Hyperliquid","slug":"hyperliquid","value":0.332456}],"rankings":[{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.332456,"p90":0.782677,"p99":1.78242,"mean":0.332456},"successRate":98.9931,"sampleSize":2880},{"name":"Extended","slug":"extended","ms":{"p50":0.377835,"p90":0.92764,"p99":1.76363,"mean":0.377835},"successRate":100,"sampleSize":2880},{"name":"Aster","slug":"aster","ms":{"p50":0.522531,"p90":1.06569,"p99":2.1308,"mean":0.522531},"successRate":100,"sampleSize":2880},{"name":"Lighter","slug":"lighter","ms":{"p50":0.687121,"p90":0.896833,"p99":1.20859,"mean":0.687121},"successRate":99.6875,"sampleSize":2880},{"name":"edgeX","slug":"edgex","ms":{"p50":0.691166,"p90":0.82875,"p99":2.66997,"mean":0.691166},"successRate":100,"sampleSize":2880},{"name":"Ondo Perps","slug":"ondo","ms":{"p50":3.62147,"p90":3.65361,"p99":4.9927,"mean":3.62147},"successRate":100,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","ms":{"p50":6.66985,"p90":9.31077,"p99":19.8282,"mean":6.66985},"successRate":99.6875,"sampleSize":2880},{"name":"Paradex","slug":"paradex","ms":{"p50":10.5418,"p90":15.2722,"p99":82.0281,"mean":10.5418},"successRate":100,"sampleSize":2880},{"name":"Polymarket","slug":"polymarket","ms":{"p50":26.7642,"p90":3.38088,"p99":1541.97,"mean":26.7642},"successRate":100,"sampleSize":2880}],"sparkline":[0.183328,0.184186,0.183746,0.183949,0.18403,0.773067,0.183881,1.25644,0.18439,0.18382,0.184118,0.498395,0.184104,0.184601,0.183976,1.75444,0.183786,0.344307,0.184111,0.184963,0.185017,0.184922,0.185147,0.185532,1.93483,0.349386,0.465682,0.185189,0.419811,0.184758,0.196146,0.184655,0.18471,0.184498,0.184539,0.18473,0.184383,0.184179,0.184356,0.380601,0.184111,0.183949,0.184071,0.474411,0.183996,0.184138,0.184403,0.18422,0.184267,0.974341,0.183922,0.184084,0.439621,0.925907,0.184771,0.18501,0.185127,0.185264,0.185305,0.185106,0.18499,0.185113,0.184874,0.185031,0.185113,0.220614,0.18567,0.185353,0.185498,0.185395,0.184669,0.184369,0.945631],"sampleSize":25920,"asOf":"2026-10-06T08:31:27.305Z","freshness":{"asOf":"2026-10-06T08:31:27.305Z","ageHours":0.1,"stale":false},"measured":9,"ranked":9,"headline":"Hyperliquid posts the lowest slippage at $100k at 0.0033% (24h avg) across 9 ranked venues.","quote":"Hyperliquid posts the lowest slippage at $100k at 0.0033% (24h avg) across 9 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-execution-quality).","cite":{"plain":"OpenChainBench. \"Perp DEX execution quality: slippage on a $100k market order, live across orderbook venues\". Retrieved 2026-10-06. https://openchainbench.com/benchmarks/perp-execution-quality","bibtex":"@misc{ocb_perp_execution_quality,\n  author = {OpenChainBench},\n  title  = {Perp DEX execution quality: slippage on a $100k market order, live across orderbook venues},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-execution-quality},\n  note   = {Retrieved 2026-10-06}\n}","apa":"OpenChainBench. (2026). Perp DEX execution quality: slippage on a $100k market order, live across orderbook venues. Retrieved October 6, 2026, from https://openchainbench.com/benchmarks/perp-execution-quality","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX execution quality: slippage on a $100k market order, live across orderbook venues\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-execution-quality\r\nY2  - 2026-10-06\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-execution-quality","ogImage":"https://openchainbench.com/api/og/perp-execution-quality","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-fees","methodology":["Cadence: every 30 seconds per venue and asset, 8 second timeout per fetch, from the perp-fees harness (bench 007). The metric is perp_fees_all_in_bps_tier{notional=\"100000\"} minus perp_fees_taker_fee_bps for the same venue and asset, averaged over 24 hours.","Mid price: (best_bid + best_ask) / 2 from the top of each book at tick time. Slippage: (size-weighted average ask price filled - mid) / mid x 10,000, so half the quoted spread is part of the number and a one-tick book reads above zero.","Walk: levels are consumed in price order, min(level_notional_usd, remaining_target_usd) at each, until $100,000 is filled. Books capped by the venue API (Paradex 100 levels, edgeX 200 levels) skip the tier when the visible depth cannot fill it (or, on Paradex, when the walk would eat more than 90 % of the visible side) rather than publish an inflated number.","Book endpoints, part 1: Hyperliquid POST /info l2Book; Lighter GET /api/v1/orderBookOrders (100 levels); Aster GET /fapi/v1/depth (100 levels); Extended GET /api/v1/info/markets/{market}/orderbook; dYdX v4 indexer GET /v4/orderbooks/perpetualMarket/{ticker}.","Book endpoints, part 2: Paradex GET /orderbook/{market}/interactive (the Retail book, RPI liquidity included, see perp-fees); Ondo Perps GET /v1/perps/depth (100 levels); Polymarket perps GET /v1/info/book (500 levels); edgeX GET /api/v2/public/quote/getDepth (200 levels).","Fee excluded on purpose: Lighter quotes 0 bps taker, Hyperliquid 4.5, Aster and dYdX 5, Extended and Ondo 2.5, Polymarket 4, edgeX 3.8, Paradex 0 on Retail orders. The all-in ranking with fees is the perp-fees bench; this page answers the depth question only.","Oracle-priced venues excluded: GMX v2 and Gains price against an oracle with a fixed spread and impact parameter, there is no book to walk, so their tiers are flat and would read as zero or constant slippage. They stay on perp-fees where the fee and the spread parameter are counted together.","Headline tier $100,000, tabs ETH, BTC, SOL. The $1,000, $10,000 and $1,000,000 tiers are available as raw series through perp_fees_all_in_bps_tier{notional} on the API and MCP surfaces.","Failures: a venue that errors or returns an empty book drops perp_fees_health to 0 for that asset and increments perp_fees_fetch_errors_total{error_type}; the leaderboard tags it as stale and the 24 h average excludes the missing ticks."],"license":"CC-BY-4.0"}