Execution Cost
What a market order actually costs on each venue — taker fee plus half-spread plus the price impact of walking the real L2 book. Fees alone are a lie; the book charges you the rest.
Updated — · Sep 21, 06:23 PM
Source: venue public L2 order books, walked live — per-venue endpoint on hover
All-in taker cost of a market order, measured by walking each venue's real L2 book: taker fee + half-spread + price impact, in bps. Fees are base tier (no VIP/staking discounts). Depth = USD resting within ±band% of mid, per side. A '≥' means the venue's REST book ends before that band, so the number is a lower bound (Lighter caps at 200 orders/side, Binance/Bybit at 1000 levels). Volume can be farmed; a walked book is harder to fake — this is the honest liquidity picture.
All-in cost of a market (taker) order on BTC, cheapest first — ranked by the $10k row. Each number is taker fee + half-spread + the price impact of actually walking that venue's live L2 book, in bps of notional (1 bp = 0.01%, i.e. $1 per $10k). Hover a cost for the split and the dollar figure. Green = cheapest in that column, red = dearest. Spread is top-of-book only — it says nothing about what sits behind it, which is why the depth column is next to it. n/a = the book can't absorb that size at all.
| Venue | Spread | $1k | $10k | $100k | Depth ±0.25% |
|---|---|---|---|---|---|
| Lighter | 0.01 | 0.01 | 0.01 | 0.01 | ≥$10.3M |
| Extended | 0.12 | 2.56 | 2.56 | 2.56 | $7.6M |
| RISEx | 0.01 | 3.45 | 3.47 | 3.49 | $1.3M |
| Hyperliquid | 0.12 | 4.56 | 4.56 | 4.56 | ≥$37.5M |
| Backpack | 0.01 | 5.01 | 5.01 | 5.01 | $2.3M |
| Binance | 0.01 | 5.01 | 5.01 | 5.01 | ≥$37M |
| OKX | 0.01 | 5.01 | 5.01 | 5.01 | $53.1M |
| Ondo | 1.98 | 4.49 | 5.01 | n/a | ≥$32.8k |
| Aster | 0.01 | 5.13 | 5.27 | 5.73 | $11.3M |
| Bybit | 0.01 | 5.51 | 5.51 | 5.51 | ≥$57.9M |
| Hibachi | 0.01 | 4.54 | 5.98 | 6.83 | $527.7k |
| Paradex | 67.1 | 96.0 | 117 | 168 | $0 |
| Variational | 1.01 | 0.51 | n/a | 0.51 | ≥$86k |
Costs in bps of notional, so they compare across venues and sizes. Depth shows the thinner of the two sides within ±0.25% of mid — a market buy eats the ask, a sell eats the bid, and you should size to the worse one. A ≥ prefix means the venue's REST book stops before the band ends, so the figure is a floor. Fees are base (non-VIP, no rebate) taker tier.
Almost every number here is a point-in-time snapshot of a real order book, not an average — a book walked five minutes later gives different impact, and quotes are pulled far faster than this board refreshes. One exception, stated because it changes what the number means: Variational Omni has no order book to walk. It is an RFQ venue that quotes a price for a size and charges no trading fee, so its rows are that quote — full cost included — and the sizes it does not quote are left blank rather than interpolated. Taker fees are the base tier: no VIP discount, no maker rebate, no points program netted off. Bands marked ≥ are lower bounds — the venue's REST endpoint truncates its book before the band ends, so the real depth is at least that much and the impact at large size may be better than shown. A tight spread on a thin book is not liquidity: top-of-book costs nothing to quote, and the cost columns are the only place that shows up. Sizes are simulated notional, so no fill was actually placed — self-impact, queue position, latency and partial fills are not modeled. Not financial advice.