Best crypto exchange for large orders

At size, the fee stops mattering and depth takes over. A venue that wins on a $10,000 trade can be mid-pack — or unable to fill at all — on a $10,000,000 one, because your order walks deep into its order book. FeeFloor simulates a $10M BTC order against live depth on every venue; rows the book cannot fill within 2% of mid are marked depth-limited and excluded from the ranking rather than given a flattering estimate.

As of 15 July 2026, the cheapest crypto exchange for a $10M BTC futures trade is MEXC at $2.2K all-in.· measured 10:32 UTC

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49 venues ranked for a $10M BTC futures taker order, with referral discounts applied. Cheapest is MEXC at $2.2K.
Rank	Exchange	Type					Action
1	MEXC −10% · saves $200.00 Fee 1.80Spread 0.01Slip 0.36	CEX	2.001.80$1.8K	0.01$10.00	0.36$360.00	$2.2K2.17 bpssaves $200.00	Trade
2	BingX −20% · saves $1.0K Fee 4.00Spread 0.08Slip 0.90	CEX	5.004.00$4.0K	0.08$80.00	0.90$900.00	$5.0K4.98 bpssaves $1.0K	Trade
3	GMX −10% · saves $600.00 Fee 5.40Spread 0.00Slip 0.00	DEX	6.005.40$5.4K	0.00$0.00	0.00$0.00	$5.4K5.40 bpssaves $600.00	Trade
4	Bitmart −20% · saves $1.2K Fee 4.80Spread 0.00Slip 1.36	CEX	6.004.80$4.8K	0.00$0.00	1.36$1.4K	$6.2K6.16 bpssaves $1.2K	Trade
5	OKX −20% · saves $1.0K Fee 4.00Spread 0.00Slip 2.29	CEX	5.004.00$4.0K	0.00$0.00	2.29$2.3K	$6.3K6.29 bpssaves $1.0K	Trade
6	Binance −20% · saves $1.0K Fee 4.00Spread 0.01Slip 2.69	CEX	5.004.00$4.0K	0.01$10.00	2.69$2.7K	$6.7K6.70 bpssaves $1.0K	Trade
7	Toobit Fee 6.00Spread 0.01Slip 0.91	CEX	6.00$6.0K	0.01$10.00	0.91$910.00	$6.9K6.92 bps	Trade
8	Bybit −20% · saves $1.1K Fee 4.40Spread 0.01Slip 4.63	CEX	5.504.40$4.4K	0.01$10.00	4.63$4.6K	$9.0K9.04 bpssaves $1.1K	Trade
9	Aster −10% · saves $400.00 Fee 3.60Spread 0.01Slip 5.77	DEX	4.003.60$3.6K	0.01$10.00	5.77$5.8K	$9.4K9.38 bpssaves $400.00	Trade
10	Lighter referral code Fee 0.00Spread 0.04Slip 10.03	DEX	0.00$0.00	0.04$40.00	10.03$10.0K	$10.1K10.07 bps	Trade
11	XT.COM Fee 6.00Spread 0.02Slip 9.67	CEX	6.00$6.0K	0.02$20.00	9.67$9.7K	$15.7K15.69 bps	Trade
12	Kraken −10% · saves $500.00 Fee 4.50Spread 0.08Slip 11.52	CEX	5.004.50$4.5K	0.08$80.00	11.52$11.5K	$16.1K16.10 bpssaves $500.00	Trade
13	Extended Extended Points Fee 2.50Spread 0.07Slip 13.54	DEX	2.50$2.5K	0.07$70.00	13.54$13.5K	$16.1K16.11 bps	Trade
14	Coinbase referral code Fee 3.00Spread 0.01Slip 16.22	CEX	3.00$3.0K	0.01$10.00	16.22$16.2K	$19.2K19.23 bps	Trade
15	Deribit Fee 5.00Spread 0.04Slip 18.19	CEX	5.00$5.0K	0.04$40.00	18.19$18.2K	$23.2K23.23 bps	Trade
16	NADO Nado Points Fee 3.50Spread 0.08Slip 22.50	DEX	3.50$3.5K	0.08$80.00	22.50$22.5K	$26.1K26.08 bps	Trade
17	Apex Omni −20% · saves $1.0K + Ape Points Fee 4.00Spread 0.04Slip 44.70	DEX	5.004.00$4.0K	0.04$40.00	44.70$44.7K	$48.7K48.74 bpssaves $1.0K	Trade
18	dYdX Trading Rewards Fee 5.00Spread 0.07Slip 43.82	DEX	5.00$5.0K	0.07$70.00	43.82$43.8K	$48.9K48.89 bps	Trade
—	Pacificadepth-limited Pacifica Points Fee 2.00Spread 0.08Slip 0.73	DEX	2.00$2.0K	0.08$80.00	0.73$730.00	$2.8K2.81 bps	Trade
—	Reyadepth-limited Reya Points Fee 4.00Spread 0.00Slip 0.00	DEX	4.00$4.0K	0.00$0.00	0.00$0.00	$4.0K4.00 bps	Trade
—	GMTradedepth-limited −10% · saves $500.00 + GT Points Fee 4.50Spread 0.00Slip 0.00	DEX	5.004.50$4.5K	0.00$0.00	0.00$0.00	$4.5K4.50 bpssaves $500.00	Trade
—	Ostiumdepth-limited Ostium Points Fee 5.00Spread 0.00Slip 0.00	DEX	5.00$5.0K	0.00$0.00	0.00$0.00	$5.0K5.00 bps	Trade
—	Gainsdepth-limited Fee 5.00Spread 0.00Slip 0.00	DEX	5.00$5.0K	0.00$0.00	0.00$0.00	$5.0K5.00 bps	Trade
—	Avantisdepth-limited −15% · saves $900.00 Fee 5.10Spread 0.00Slip 0.00	DEX	6.005.10$5.1K	0.00$0.00	0.00$0.00	$5.1K5.10 bpssaves $900.00	Trade
—	Bitunixdepth-limited −20% · saves $1.2K Fee 4.80Spread 0.01Slip 0.86	CEX	6.004.80$4.8K	0.01$10.00	0.86$860.00	$5.7K5.67 bpssaves $1.2K	Trade
—	Hyperliquiddepth-limited −4% · saves $180.00 Fee 4.32Spread 0.08Slip 1.58	DEX	4.504.32$4.3K	0.08$80.00	1.58$1.6K	$6.0K5.98 bpssaves $180.00	Trade
—	Jupiterdepth-limited referral code Fee 6.00Spread 0.00Slip 0.00	DEX	6.00$6.0K	0.00$0.00	0.00$0.00	$6.0K6.00 bps	Trade
—	MYXdepth-limited Fee 6.00Spread 0.00Slip 0.00	DEX	6.00$6.0K	0.00$0.00	0.00$0.00	$6.0K6.00 bps	Trade
—	Hotstuffdepth-limited Hotstuff Points Fee 2.50Spread 0.07Slip 3.68	DEX	2.50$2.5K	0.07$70.00	3.68$3.7K	$6.3K6.25 bps	Trade
—	Bitgetdepth-limited −20% · saves $1.2K Fee 4.80Spread 0.01Slip 1.56	CEX	6.004.80$4.8K	0.01$10.00	1.56$1.6K	$6.4K6.37 bpssaves $1.2K	Trade
—	BloFindepth-limited Fee 6.00Spread 0.01Slip 1.10	CEX	6.00$6.0K	0.01$10.00	1.10$1.1K	$7.1K7.11 bps	Trade
—	KuCoindepth-limited −20% · saves $1.2K Fee 4.80Spread 0.01Slip 2.81	CEX	6.004.80$4.8K	0.01$10.00	2.81$2.8K	$7.6K7.62 bpssaves $1.2K	Trade
—	Phemexdepth-limited −10% · saves $600.00 Fee 5.40Spread 0.01Slip 5.65	CEX	6.005.40$5.4K	0.01$10.00	5.65$5.7K	$11.1K11.06 bpssaves $600.00	Trade
—	HTXdepth-limited −10% · saves $600.00 Fee 5.40Spread 0.01Slip 6.40	CEX	6.005.40$5.4K	0.01$10.00	6.40$6.4K	$11.8K11.81 bpssaves $600.00	Trade
—	GRVTdepth-limited GRVT Rewards Fee 4.50Spread 0.01Slip 8.49	DEX	4.50$4.5K	0.01$10.00	8.49$8.5K	$13.0K13.00 bps	Trade
—	WhiteBITdepth-limited −10% · saves $550.00 Fee 4.95Spread 0.00Slip 8.26	CEX	5.504.95$5.0K	0.00$0.00	8.26$8.3K	$13.2K13.21 bpssaves $550.00	Trade
—	Gate.iodepth-limited −20% · saves $1.0K Fee 4.00Spread 0.00Slip 11.69	CEX	5.004.00$4.0K	0.00$0.00	11.69$11.7K	$15.7K15.69 bpssaves $1.0K	Trade
—	edgeXdepth-limited −10% · saves $380.00 Fee 3.42Spread 0.12Slip 13.62	DEX	3.803.42$3.4K	0.12$120.00	13.62$13.6K	$17.2K17.16 bpssaves $380.00	Trade
—	StandXdepth-limited StandX Points Fee 4.00Spread 0.08Slip 13.17	DEX	4.00$4.0K	0.08$80.00	13.17$13.2K	$17.3K17.25 bps	Trade
—	Ondodepth-limited Fee 3.50Spread 0.24Slip 15.65	DEX	3.50$3.5K	0.24$240.00	15.65$15.7K	$19.4K19.39 bps	Trade
—	Crypto.comdepth-limited −10% · saves $600.00 Fee 5.40Spread 0.01Slip 14.86	CEX	6.005.40$5.4K	0.01$10.00	14.86$14.9K	$20.3K20.27 bpssaves $600.00	Trade
—	Etherealdepth-limited Ethereal Points Fee 3.00Spread 0.07Slip 17.28	DEX	3.00$3.0K	0.07$70.00	17.28$17.3K	$20.4K20.35 bps	Trade
—	RISExdepth-limited Fee 3.00Spread 0.01Slip 20.16	DEX	3.00$3.0K	0.01$10.00	20.16$20.2K	$23.2K23.17 bps	Trade
—	SunXdepth-limited Fee 4.00Spread 3.93Slip 16.63	DEX	4.00$4.0K	3.93$3.9K	16.63$16.6K	$24.6K24.56 bps	Trade
—	Aevodepth-limited Fee 8.00Spread 1.66Slip 23.22	DEX	8.00$8.0K	1.66$1.7K	23.22$23.2K	$32.9K32.88 bps	Trade
—	Bluefindepth-limited Fee 3.50Spread 4.69Slip 32.13	DEX	3.50$3.5K	4.69$4.7K	32.13$32.1K	$40.3K40.32 bps	Trade
—	Paradexdepth-limited Paradex XP Fee 0.00Spread 1.92Slip 42.75	DEX	0.00$0.00	1.92$1.9K	42.75$42.8K	$44.7K44.67 bps	Trade
—	Orderlydepth-limited Fee 2.50Spread 3.09Slip 54.13	DEX	2.50$2.5K	3.09$3.1K	54.13$54.1K	$59.7K59.72 bps	Trade
—	Hibachidepth-limited Hibachi Points Fee 4.50Spread 0.00Slip 56.94	DEX	4.50$4.5K	0.00$0.00	56.94$56.9K	$61.4K61.44 bps	Trade

Fee

Trading fee charged by the venue, after your referral discount.

Spread

Half the difference between best bid and ask at measurement time.

Slippage

Price impact of walking the live order book at your trade size.

Total cost

Fee + spread + slippage — the true execution cost, in basis points. 1 bps = 0.01%.

BTC futures cost by venue

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Common questions

What is the cheapest crypto exchange?

It changes by the minute and by trade size, which is why this page is a live ranking instead of an article. The table above measures the full cost of a market order — fee, spread and slippage — on every venue we track and sorts by the total. The venue in row one is the cheapest right now for the size you selected.

Why did my trade cost more than the advertised fee?

Because the advertised fee is only one of three costs. You also pay the spread (the gap between buy and sell prices) the instant a market order fills, and slippage (your order pushing through the order book) that grows with trade size. Neither appears on a fee page, and on thin venues they can dwarf the fee itself.

Are zero-fee exchanges really free?

No. Venues that advertise 0% trading fees earn from the spread instead, and some quote noticeably wider prices than fee-charging competitors. A 0-fee venue with a wide spread routinely costs more all-in than a venue charging 2 bps over a tight book — the table above catches exactly that.

Does trade size change which exchange is cheapest?

Dramatically. Fees are flat percentages, but order-book depth is not: a venue that wins at $1,000 can be mid-table at $1,000,000 because your order walks deeper into its book. Use the trade-size control to match your actual order size — the ranking often reshuffles.

What is a basis point (bps)?

One hundredth of a percent: 1 bps = 0.01%. Costs are quoted in basis points of your trade size, so a 4 bps all-in cost on a $100,000 order is $40. The dollar column does this conversion for you.

Do the referral discounts actually work?

Where a discount is shown, our signup link carries a working code and the discount applies to the fee component only — spread and slippage are paid to the market, and no code discounts those. Toggle the referral filter off to see undiscounted list prices. We never show a discount for a link that does not deliver one.

The full measurement method — including what we deliberately do not measure — is on the methodology page.