Perpetuals by asset
BTC perps: cheapest venue to trade and hold, live
Lighter is the cheapest venue to open a $1,000 BTC long right now at 0.16 bps all in (taker fee plus half spread plus impact, 24h average); GMX v2 fills a $100,000 BTC market order with the least slippage at 0.00 bps; over the trailing 30 days dYdX v4 was the cheapest venue to hold an BTC long, +3.1 bps of funding for the month at its average daily rate.
Data as of , refreshed every minute by the harnesses.
Cheapest right now
16 venues listing BTC perps
Ranked by all-in opening cost where measured, then by funding. The best figure of each column is highlighted; a column header links to the bench that produces it. Fees and slippage cover the 10 venues whose order book the perp-fees harness walks, funding the 14 venues with a native or aggregator feed; positive funding means the long paid.
| # | Venue | Open $1k | Slippage $100k | Taker | Funding 24h | Funding 7d | Funding 30d |
|---|---|---|---|---|---|---|---|
| 1 |  LighterLighter L2 | 0.16 bps | 0.36 bps | 0.00 bps | +2.9 bps | +20.1 bps | +75.5 bps |
| 2 |  ParadexStarknet | 1.48 bps | 2.52 bps | 0.00 bps | +3.0 bps | +20.4 bps | +77.7 bps |
| 3 |  ExtendedStarknet | 2.59 bps | 0.20 bps | 2.50 bps | +0.8 bps | not measured | +27.3 bps0.6 d |
| 4 |  GainsArbitrum, Base, Polygon, ApeChain | 4.00 bps | 0.50 bps | 3.50 bps | not measured | not measured | not measured |
| 5 |  EdgeXStarkEx | 4.11 bps | 0.09 bps | 4.07 bps | +3.0 bps | not measured | +90.0 bps0.5 d |
| 6 |  PolymarketPolygon | 4.20 bps | 1.35 bps | 4.00 bps | +2.2 bps | +19.9 bps | +84.8 bps |
| 7 |  HyperliquidHyperliquid L1 | 4.59 bps | 0.18 bps | 4.50 bps | +3.0 bps | +22.7 bps | +76.4 bps |
| 8 |  AsterBNB Chain | 5.07 bps | 0.43 bps | 5.00 bps | −0.3 bps | +9.4 bps | +47.8 bps |
| 9 |  GMX v2Arbitrum | 6.00 bps | 0.00 bps | 6.00 bps | not measured | not measured | not measured |
| 10 |  dYdX v4Cosmos | 7.77 bps | 8.84 bps | 5.00 bps | −0.3 bps | +0.8 bps | +3.1 bps |
| 11 |  ApeX OmniOmnichain | not measured | not measured | not measured | +0.2 bps | not measured | +8.8 bps1.2 d |
| 12 |  StandXBNB Chain | not measured | not measured | not measured | +2.0 bps | not measured | +55.0 bps1.3 d |
| 13 | Lighter RHLighter L2, Robinhood | not measured | not measured | not measured | +2.9 bps | not measured | +86.4 bps0.6 d |
| 14 |  PacificaSolana | not measured | not measured | not measured | +3.0 bps | not measured | +90.0 bps0.6 d |
| 15 |  VestVest zk appchain | not measured | not measured | not measured | +3.0 bps | not measured | +90.0 bps1.3 d |
| 16 |  KalshiUS, CFTC DCM · regulated | not measured | not measured | not measured | +3.7 bps | not measured | +97.0 bps1.3 d |
Centralised reference: BTC funding on the big books
The same BTC funding cost on the large centralised books, from the Mobula funding feed, for the carry comparison. Fees and slippage are not measured on CEXs.
| # | Venue | Funding 24h | Funding 7d | Funding 30d |
|---|---|---|---|---|
| 1 |  MEXCOffchain, CEX · CEX | +0.2 bps | +14.0 bps | +55.7 bps |
| 2 |  KuCoinOffchain, CEX · CEX | +0.3 bps | +7.8 bps | +37.6 bps |
| 3 |  BinanceOffchain, CEX · CEX | +1.3 bps | +14.5 bps | +44.9 bps |
| 4 |  OKXOffchain, CEX · CEX | +1.5 bps | +16.5 bps | +51.7 bps |
| 5 |  BitgetOffchain, CEX · CEX | +1.5 bps | +12.2 bps | +56.6 bps |
| 6 |  KrakenOffchain, CEX · CEX | +1.7 bps | +12.5 bps | +54.6 bps |
| 7 |  BybitOffchain, CEX · CEX | +1.8 bps | +15.3 bps | +47.3 bps |
| 8 |  GateOffchain, CEX · CEX | +1.9 bps | +11.9 bps | +39.0 bps |
| 9 |  Coinbase InternationalOffchain, CEX · CEX | +2.7 bps | +18.7 bps | +24.2 bps |
| 10 |  DeribitOffchain, CEX · CEX | +2.9 bps | +20.0 bps | +46.4 bps21.8 d |
Head to head
The venue pairs with the most live benchmarks in common, BTC fees, slippage and funding among them, each on its own comparison page.
- Hyperliquid vs Lighter, 17 live benchmarks
- dYdX vs Hyperliquid, 16 live benchmarks
- dYdX vs Lighter, 16 live benchmarks
- dYdX vs Paradex, 14 live benchmarks
- Hyperliquid vs Paradex, 14 live benchmarks
- Lighter vs Paradex, 14 live benchmarks
- Aster vs Hyperliquid, 13 live benchmarks
- Aster vs Lighter, 13 live benchmarks
Frequently asked
- Which perp DEX is cheapest to trade BTC right now?
- Lighter, at 0.16 bps all in for a $1,000 market long (taker fee 0.00 bps plus half spread and impact), averaged over the last 24 hours across 10 venues the perp-fees harness walks every 30 seconds.
- Where does a $100k BTC market order slip the least?
- GMX v2, at 0.00 bps of half spread plus impact with the fee excluded, walked on the venue's public order book every 30 seconds (perp-execution-quality benchmark). Venues whose book filled $100k on fewer than 90 percent of the ticks are not shown in that column, and oracle-priced venues (GMX v2, Gains) have no book to walk.
- Which venue was cheapest to hold an BTC long over the last 30 days?
- dYdX v4, at +3.1 bps of funding for a month at its average daily cost over the trailing 30 days (positive means the long paid), among the 6 venues with (nearly) the whole month behind that average. Venues measured for less show the days behind their figure and are not counted for this answer.
- How is funding over 7 and 30 days computed?
- The cohort harness records every minute each venue's current funding rate normalised to the cost of holding a long for 24 hours. The 7d and 30d columns average that series on an hourly grid and multiply by 7 and 30: a week or a month of funding at the average daily cost the venue quoted, in basis points of notional. A rate no source refreshed for five minutes is dropped, not repeated, so hours the harness could not read leave the average. A venue with less than the month behind its average shows its day count next to the figure and is not named the cheapest to hold.
- Why is a cell marked not measured?
- Opening cost, slippage and taker fee come from the perp-fees harness, which walks the public order book of eleven venues; a venue outside that walk, or an oracle-priced one, has no such figure. Funding comes from each venue's own endpoint or from the Mobula aggregator; a venue on neither has none. Nothing is estimated to fill a blank.
- Why are Binance, Bybit and OKX listed under the DEXs?
- As the funding reference. A carry trader compares a DEX against the large CEX books; their funding rows come from the same Mobula feed the perp-funding benchmark uses. Fees and slippage are not measured on CEXs here.