OpenChainBench

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What a leveraged trade actually costs you

Nine of the ten products below charge a share of your notional, twice, whether you win or lose. Papertrade charges a share of your gain, once, and nothing if there is no gain. No single fee rate can hold both, so this computes what each one takes from the same trade. Drag the price move: the order changes, and where it changes is the answer.

Cohort-wide rankings of taker fee, spread and impact live on the perp DEX leaderboard, and the maximum-leverage terms behind the liquidation column are the leverage terms benchmark.

Market
Jump to
0.200% of BTC price= +100% on your margin, $1,000 on $500,000 of notional
Papertrade logo

Cheapest on this trade

Papertrade

charges on the gain · HyperEVM

It takes
$195
19.5% of the gain
You keep
$805
80% on your margin
Versus next
$4.99
cheaper than Gains x500 degen, fixed
Open here
2 of 10
products at 500x

Why the order flips

A flat fee is a line, a fee on the gain is a curve

$0$200$4000%0.10%0.20%0.30%0.40%0.50%0.60%Gains x500 degen, fixed $200crosses at 0.208%you are here
A fee on notional does not move with the price, so it draws a flat line. A fee on the gain grows with the gain, so it draws a curve out of the origin. They cross once. Framed on the region where the two are comparable, up to a 0.62% move; the slider runs to 2%.
  • Papertrade logoPapertradecharges on the gain$195
  • Gains logoGainsx500 degen, fixed$200

The winning path

What each venue keeps from your gain

Cost, net gain, share of the gain and room to liquidation, by venue
RankVenueCostYou netShare of gainRoom to liq.
1
Papertrade logo

Papertradecharges on the gain

HyperEVMHouse LP

$195$80519.5%0.152%of price · api
2
Gains logo

Gainsx500 degen, fixed

ArbitrumOracle pool

$200$80020.0%0.120%of price · chain
n/a
Gains logo

Gainsstandard pair

ArbitrumOracle pool

not offered at 500xcaps at 200x
n/a
Lighter logo

Lighter

zkSync rollupOrder book

not offered at 500xcaps at 50x
n/a
Paradex logo

Paradex

StarknetOrder book

not offered at 500xcaps at 50x
n/a
Extended logo

Extended

StarknetOrder book

not offered at 500xcaps at 50x
n/a
edgeX logo

edgeX

StarkExOrder book

not offered at 500xcaps at 100x
n/a
Hyperliquid logo

Hyperliquid

Hyperliquid L1Order book

not offered at 500xcaps at 40x
n/a
dYdX v4 logo

dYdX v4

dYdX ChainOrder book

not offered at 500xcaps at 50x
n/a
GMX v2 logo

GMX v2implied cap

ArbitrumOracle pool

not offered at 500xno published cap; the margin requirement bites below 200x

Against Gains x500 degen, fixed, the cheapest notional-fee venue open at 500x, the crossover sits at a 0.208% move, a gain of 104% on your margin. Below it Papertrade takes less; above it Gains does, and the gap widens from there. Against this one rival the leverage does not move the crossover, because it multiplies both costs equally. What leverage changes is which rival is open at all, and that moves the number a long way.

The other two paths

What happens when it does not work

What a flat close and a liquidation cost, by venue
VenueTrade closes flatTrade is liquidated
Papertrade logo

Papertradecharges on the gain

costs nothingnothing comes back
Gains logo

Gainsx500 degen, fixed

$200 of fees on a $0 gainnothing comes back

Only the venues open at the chosen leverage appear here; the first table lists the others and why. The liquidation column is the equity the venue's own trigger leaves behind, before the closing fee that trigger charges, and it is not a promise the money reaches you. On Gains it does not: we paired every liquidation we could find and amountSentToTrader read zero on all 27, across every pair from 7.5x to 500x. Papertrade's documentation calls its liquidation a hard bust that forfeits the full isolated margin. For the others this is the parameter, which we have not checked against a realised payout.

How these numbers were read

Fees and spreads come from our own perp-fees measurements, read on 2026-10-13. Each spread is one quoted book at a single tick rather than an average over a window, and half of it is charged per leg because a taker crosses half the book. Two rows carry no spread, for different reasons: Papertrade quotes one price and charges nothing to cross it, and GMX v2 has no book at all, so what a taker pays there is price impact against the pool, which this page excludes. Maintenance requirements are marked by provenance in the liquidation column: api read from the venue's own endpoint, chain read from its contracts, docs derived from a documented rule rather than a published field. The figures are fixed in the page at that date, not polled live.

Gains, Arbitrum diamond 0xFF162c69…F169: pairs() word 9 gives the fee index and fees() word 0 the position-size fee at 1e10. Standard pairs read a 0.0350% taker a leg with a 0.0100% pair spread and run 1.1x to 200x; the x500 degen pairs read 0.0200% with no spread, and both pairMinLeverage and pairMaxLeverage read 500x, so that product is fixed at 500x rather than capped there. The liquidation threshold also comes off chain, from getPairLiquidationParams(): standard pairs give up 90% of collateral at or below 25x and 75% at or above 60x, interpolated linearly in between, while the degen pairs read 80% flat. The fee sits inside that trigger, so the room shown subtracts both fee legs from it. On the degen pairs the 80% threshold models a room of 0.1200% at 500x, which is the figure the table renders; eleven real liquidations fired at a median 59.4% of collateral instead, which works out at 0.1189%.

Papertrade's haircut is its own published formula, scale = (1 - baseRate) / (1 + 1/(move x rateMultiplier) + referenceNotional/(10^6 x move x positionMultiplier)), with baseRate 10%, rateMultiplier 15,000, referenceNotional $100,000 and positionMultiplier 814.598 on BTC and 483.979 on ETH, then a 0.2 bps deadband and a 2% win fee. Its bust buffer comes from /state/trading and is an offset before the zero-equity price, so the room is one over the leverage minus the buffer, not the buffer itself. The haircut uses a constant reference notional rather than your position size, by design, so it does not vary with how much you trade.

Not shown. Aster: its leverage-bracket endpoint needs a key, and the only public margin fields contradict the product it advertises. Ostium: its subgraph publishes two threshold fields and only one matches its documented formula, an unresolved conflict. A missing row beats a wrong one on a page of money figures.

Excluded from every figure:funding, borrowing, GMX's price impact, and the closing fee and spread charged at liquidation. All of them move the real trigger closer than shown, and the longer a position is held the more they matter. edgeX and GMX also tier their maintenance requirement by position size and open interest; the base tier is used here. The model covers 10 products across 9 venues, on BTC and ETH only.