{"slug":"perp-fees","title":"Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL","subtitle":"All-in cost in basis points to open a long, measured on ETH, BTC and SOL at three order sizes: $1k where fees decide, $100k where impact appears, $1M where book depth takes over. Taker fee plus half-spread plus impact, read live from public APIs across 11 venues including Lighter, Hyperliquid, Polymarket, Paradex, Extended, Aster and edgex.","category":"Trading","metric":"All-in cost","unit":"bps","status":"live","higherIsBetter":false,"filters":null,"value":0.32369,"leader":{"name":"Lighter","slug":"lighter","value":0.32369},"leaders":[{"name":"Lighter","slug":"lighter","value":0.32369}],"rankings":[{"name":"Lighter","slug":"lighter","value":0.32369,"unit":"bps","ms":{"p50":0.32369,"p90":0.472153,"p99":1.51757,"mean":0.32369},"successRate":99.6528,"sampleSize":2880},{"name":"Paradex","slug":"paradex","value":1.41064,"unit":"bps","ms":{"p50":1.41064,"p90":1.51413,"p99":4.80046,"mean":1.41064},"successRate":100,"sampleSize":2880},{"name":"Extended","slug":"extended","value":2.76338,"unit":"bps","ms":{"p50":2.76338,"p90":2.72532,"p99":3.95592,"mean":2.76338},"successRate":100,"sampleSize":2880},{"name":"Ondo Perps","slug":"ondo","value":3.92078,"unit":"bps","ms":{"p50":3.92078,"p90":4.64849,"p99":10.4386,"mean":3.92078},"successRate":100,"sampleSize":2880},{"name":"Gains","slug":"gains","value":4,"unit":"bps","ms":{"p50":4,"p90":4,"p99":4,"mean":4},"successRate":100,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","value":4.77806,"unit":"bps","ms":{"p50":4.77806,"p90":4.72542,"p99":6.02267,"mean":4.77806},"successRate":100,"sampleSize":2880},{"name":"edgeX","slug":"edgex","value":4.81084,"unit":"bps","ms":{"p50":4.81084,"p90":4.96034,"p99":5.26292,"mean":4.81084},"successRate":100,"sampleSize":2880},{"name":"Aster","slug":"aster","value":5.10966,"unit":"bps","ms":{"p50":5.10966,"p90":5.30156,"p99":6.16672,"mean":5.10966},"successRate":100,"sampleSize":2880},{"name":"GMX","slug":"gmx","value":6,"unit":"bps","ms":{"p50":6,"p90":6,"p99":6,"mean":6},"successRate":99.3403,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","value":8.18425,"unit":"bps","ms":{"p50":8.18425,"p90":10.3407,"p99":13.0841,"mean":8.18425},"successRate":100,"sampleSize":2880},{"name":"Polymarket","slug":"polymarket","value":10.394,"unit":"bps","ms":{"p50":10.394,"p90":6.24165,"p99":425.867,"mean":10.394},"successRate":100,"sampleSize":2880}],"sparkline":[0.314004,0.466461,0.223441,0.378767,0.513403,0.379051,0.3358,0.495579,0.134652,0.38094,0.403437,0.0224322,0.247531,0.247382,0.247518,0.55777,0.022424,0.337741,0.292987,0.35873,0.202088,0.0448445,0.157048,0.358356,0.156039,0.0223317,0.393376,0.469644,0.334765,0.548148,0.401967,0.200472,0.289779,0.333558,0.312099,0.357489,0.446628,0.380397,0.0224536,0.3358,0.696142,0.0225838,0.0224915,1.51757,0.687545,0.0224379,0.269457,0.179564,0.268874,0.35996,0.292221,0.17975,0.156941,0.403839,0.426421,0.448171,0.246108,0.0897453,0.223926,0.201877,0.157026,0.246621,0.178305,0.271103,0.334603,0.0223564,0.29051,0.0892833,0.156345,0.336689,0.379519,0.022316,0.289923],"sampleSize":31680,"asOf":"2026-11-07T01:29:59.016Z","freshness":{"asOf":"2026-11-07T01:29:59.016Z","ageHours":0.1,"stale":false},"measured":11,"ranked":11,"headline":"Lighter posts the lowest all-in cost at 0.0032% (24h avg) across 11 ranked venues.","quote":"Lighter posts the lowest all-in cost at 0.0032% (24h avg) across 11 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-fees).","cite":{"plain":"OpenChainBench. \"Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL\". Retrieved 2026-11-07. https://openchainbench.com/benchmarks/perp-fees","bibtex":"@misc{ocb_perp_fees,\n  author = {OpenChainBench},\n  title  = {Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-fees},\n  note   = {Retrieved 2026-11-07}\n}","apa":"OpenChainBench. (2026). Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL. Retrieved November 7, 2026, from https://openchainbench.com/benchmarks/perp-fees","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-fees\r\nY2  - 2026-11-07\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-fees","ogImage":"https://openchainbench.com/api/og/perp-fees","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-fees","methodology":["Cadence: every 5 minutes, in parallel across all venues.","Trade simulated: a long at 10x, measured independently on ETH, BTC and SOL (the chain tabs scope the board; the unfiltered view averages the three). Headline notional $1,000 with $10k, $100k and $1M tiers rewalked on the same book.","Hyperliquid: `POST /info {type: l2Book}` for asks + `{type: userFees, user: 0x000...000}` for taker fee + `{type: metaAndAssetCtxs}` for funding.","dYdX v4: indexer `/orderbooks/perpetualMarket/ETH-USD` + `/perpetualMarkets` (funding) + Cosmos REST `/dydxprotocol/v4/feetiers/perpetual_fee_params` for tier-0 default fee.","GMX v2 (Arbitrum): Subsquid GraphQL on the synthetics-arbitrum subgraph for `positionFeeFactorForNegativeImpact` (worst-case open) on the ETH/USD, BTC/USD and SOL/USD markets + gmxinfra REST for funding. Oracle priced, no orderbook: the spread term is zero.","Lighter: `/orderBookDetails` (taker fee per market) + `/orderBookOrders` (orderbook walk).","Gains (Gains v8 on Base): fees read directly on-chain. `eth_call pairs(N)` gives `spreadP` and `feeIndex`, then `eth_call fees(feeIndex)` gives the open fee (`totalPositionSizeFeeP`). The taker crosses one side of the book, so we charge half of `spreadP`. SOL has `spreadP` 0 on-chain (Gains prices that pair's spread dynamically), so its figure is the open fee alone. Values in 1e10 precision per Gains v8 convention. Fee tier cached 1h, pair config 6h.","Paradex: `/markets` fee config for the interactive (Retail) taker rate, 0 bps as of 2026-09, + `/orderbook/{market}/interactive?depth=100` walk. Paradex runs two books: the interactive one includes RPI (Retail Price Improvement) maker liquidity and is what UI and interactive-token orders cross; the plain `/orderbook` is the API book, RPI excluded, crossed by Pro (plain API) orders at the 2 bps api-tier fee.","Paradex, continued: the two books diverge on thin pairs (SOL on 2026-09-22: 0.03 % spread on the interactive book against 1.4 % on the API book), so the bench reads the interactive book as the cost of opening a position; an algorithmic taker should add 2 bps and expect the wider API book. The endpoint caps at 100 levels, so the $1M tier can be skipped when the visible book thins.","Extended: full public book from `/info/markets/<m>/orderbook` + `/stats` funding (1h native). Its taker fee is not exposed by any public endpoint; the documented base rate of 2.5 bps is used and this is the one venue where the fee is not read live.","All-in formula: `all_in_bps = taker_fee_bps + spread_bps`. Both components emitted as separate metrics for transparency.","Notional tiers: the same measurement runs at $1,000, $10,000, $100,000 and $1,000,000 by rewalking the already fetched book, published to `perp_fees_all_in_bps_tier{venue, chain, notional}`. The headline `perp_fees_all_in_bps` stays defined at $1,000. A tier the book cannot fill is skipped and counted in `perp_fees_tier_skipped_total`, never extrapolated. Oracle priced venues (GMX v2, Gains) charge a flat percentage of size, so their figure repeats across tiers.","Book depth for the $1M tier: Lighter is walked on its top 100 levels, dYdX on the full indexer book, Polymarket on up to 500 levels. Hyperliquid returns its 20 best raw levels; when those cannot absorb the tier the harness refetches with nSigFigs=5, the finest price aggregation the API offers, which extends coverage with negligible price rounding.","Failures (5xx, timeouts, rate limits) leave the previous gauge in place and increment a per-venue `fetch_errors_total` counter. The page falls back to the last successful sample."],"license":"CC-BY-4.0"}