{"slug":"perp-execution-quality","title":"Best DEX for a $BOT market order, live slippage ranked","subtitle":"Effective slippage in basis points for a $5,000 market buy of $BOT perps, walked live on each DEX orderbook every 30 seconds. Lower means the venue fills the size closer to mid. Lighter native and Hyperliquid HIP-3 (xyz:BOT) are the two DEX venues currently listing $BOT.","category":"Trading","metric":"Effective slippage","unit":"bps","status":"live","higherIsBetter":false,"filters":null,"value":26.2116,"leader":{"name":"Hyperliquid","slug":"hyperliquid","value":26.2116},"rankings":[{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":26.2116,"p90":39.8547,"p99":47.9053,"mean":26.2116},"successRate":99.9305,"sampleSize":4514},{"name":"Lighter","slug":"lighter","ms":{"p50":242.134,"p90":738.325,"p99":814.42,"mean":242.134},"successRate":100,"sampleSize":5756}],"sparkline":[28.1266,8.07861,42.7691,28.8393,27.2274,17.7018,20.8037,25.0656,21.0317,23.9754,22.1695,23.669,23.82,22.8286,11.7888,24.0501,19.117,20.8408,11.4384,12.4914,3.85938,5.35147,8.74037,17.0983,19.2892,13.6271,25.6562,35.2092,33.071,43.3115,26.7509,22.7397,20.642,26.0516,23.0333,33.2601,38.5056,35.7124,36.063,35.4788,15.498,33.9414,23.5629,27.0917,16.2474,16.6473,42.4432,42.1772,36.997,41.7158,37.7138,36.1918,35.0119,36.9534,36.1011,28.2466,32.9206,27.4069],"sampleSize":10270,"asOf":"2026-08-08T13:27:53.313Z","headline":"Hyperliquid leads effective slippage at 0.26% (24h avg) on Best DEX for a $BOT market order, live slippage ranked.","quote":"Hyperliquid leads effective slippage at 0.26% (24h avg) on Best DEX for a $BOT market order, live slippage ranked. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-execution-quality).","cite":{"plain":"OpenChainBench. \"Best DEX for a $BOT market order, live slippage ranked\". Retrieved 2026-08-08. https://openchainbench.com/benchmarks/perp-execution-quality","bibtex":"@misc{ocb_perp_execution_quality,\n  author = {OpenChainBench},\n  title  = {Best DEX for a $BOT market order, live slippage ranked},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-execution-quality},\n  note   = {Retrieved 2026-08-08}\n}","apa":"OpenChainBench. (2026). Best DEX for a $BOT market order, live slippage ranked. Retrieved August 8, 2026, from https://openchainbench.com/benchmarks/perp-execution-quality","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Best DEX for a $BOT market order, live slippage ranked\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-execution-quality\r\nY2  - 2026-08-08\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-execution-scanner","methodology":["Cadence: every 30 seconds, in parallel across both venues, 10 second timeout per fetch.","Lighter: `GET https://mainnet.zklighter.elliot.ai/api/v1/orderBookOrders?market_id=185&limit=100` returns the top-100 asks and bids for the $BOT perp market.","Hyperliquid HIP-3: `POST https://api.hyperliquid.xyz/info {\"type\":\"l2Book\",\"coin\":\"xyz:BOT\"}` returns the L2 book for the xyz-deployed BOT perp under HIP-3 permissionless listings.","Mid price: (best_bid + best_ask) / 2 from the top of each book, per tick, per venue.","Walk: for each USD notional bucket, iterate the sorted side, consuming `min(level_notional_usd, remaining_target_usd)` until target is filled; size-weighted average execution price is target_usd / total_base_filled.","Slippage bps: (avg_execution_price - mid) / mid x 10000 on the buy side, mirrored on the sell side, sign-normalized so every published value represents cost to the trader.","Buckets published: $100, $1,000, $5,000, $10,000, $25,000, $50,000, $100,000, $500,000. Both sides (buy, sell).","Depth fallback: if the visible book does not cover 99% of the requested size, the slippage series for that (venue, side, size) is dropped for that tick and `perp_execution_max_fillable_usd{side}` reports the ceiling instead.","Headline. avg_over_time of `perp_execution_slippage_bps{asset=\"BOT\", side=\"buy\", size_usd=\"5000\"}` over 24h, per venue. A one-print spike does not move the ranking.","Failures. A venue that errors or times out drops its `perp_execution_health` to 0 and increments `perp_execution_fetch_errors_total{error_type}`; the leaderboard tags it as stale.","CEX venues are intentionally out of scope. Traders comparing against a Binance or Bybit fill should read DefiLlama for the CEX-side audit; the DEX bench does not aggregate what it cannot orderbook-walk from a public endpoint."],"license":"CC-BY-4.0"}