Cheapest perpetual DEX, by measured cost

Most perp-DEX rankings sort by volume or TVL — useful for gauging popularity, useless for knowing what a trade costs you. FeeFloor does the other thing: it walks each decentralized venue’s live order book and measures the all-in cost of a position — the protocol fee, the spread you cross, and the slippage your size pushes through the book. Oracle-priced DEXs, which fill from an external price with no order book, are shown at their fee only, because there is no spread or slippage to measure. The table below defaults to a $100,000 BTC perpetual order across on-chain venues; gas to submit the transaction is separate and not included.

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Asset

USDC

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30d volume · VIP tiersStandard tier

Applies each CEX’s VIP fee ladder — spot and futures.

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Cheapest measured venue for this buy: Lighter at $8.40 on a $100K BTC futures order.

Pricing mode: FeeFloor signup discounts includedDiscounts apply to the fee only — spread and slippage are paid to the market. Our research reports rank on standard published fees.

29 venues ranked for a $100K BTC futures buy order (taker), with referral discounts applied. Cheapest is Lighter at $8.40.
Rank	Exchange	Type					Action
1	Lighter referral code Fee 0.00Spread 0.20Slip 0.64	DEX	0.00$0.00	0.20$2.00	0.64$6.40	$8.400.84 bps	Trade
2	Pacifica Pacifica Points Fee 2.00Spread 0.08Slip 0.00	DEX	2.00$20.00	0.08$0.80	0.00$0.00	$20.802.08 bps	Trade
3	Extended Extended Points Fee 2.50Spread 0.08Slip 0.00	DEX	2.50$25.00	0.08$0.80	0.00$0.00	$25.802.58 bps	Trade
4	edgeX −10% · saves $3.80 Fee 3.42Spread 0.12Slip 0.00	DEX	3.803.42$34.20	0.12$1.20	0.00$0.00	$35.403.54 bpssaves $3.80	Trade
5	NADO Nado Points Fee 3.50Spread 0.08Slip 0.00	DEX	3.50$35.00	0.08$0.80	0.00$0.00	$35.803.58 bps	Trade
6	Aster −10% · saves $4.00 Fee 3.60Spread 0.01Slip 0.00	DEX	4.003.60$36.00	0.01$0.10	0.00$0.00	$36.103.61 bpssaves $4.00	Trade
7	Reya Reya Points Fee 4.00Spread 0.00Slip 0.00	DEX	4.00$40.00	0.00$0.00	0.00$0.00	$40.004.00 bps	Trade
8	Apex Omni −20% · saves $10.00 + Ape Points Fee 4.00Spread 0.05Slip 0.00	DEX	5.004.00$40.00	0.05$0.50	0.00$0.00	$40.504.05 bpssaves $10.00	Trade
9	RISEx Fee 3.00Spread 0.01Slip 1.09	DEX	3.00$30.00	0.01$0.10	1.09$10.90	$41.004.10 bps	Trade
10	Ethereal Ethereal Points Fee 3.00Spread 0.07Slip 1.12	DEX	3.00$30.00	0.07$0.70	1.12$11.20	$41.904.19 bps	Trade
11	GMTrade −10% · saves $5.00 + GT Points Fee 4.50Spread 0.00Slip 0.00	DEX	5.004.50$45.00	0.00$0.00	0.00$0.00	$45.004.50 bpssaves $5.00	Trade
12	GRVT GRVT Rewards Fee 4.50Spread 0.01Slip 0.28	DEX	4.50$45.00	0.01$0.10	0.28$2.80	$47.904.79 bps	Trade
13	Ostium Ostium Points Fee 5.00Spread 0.00Slip 0.00	DEX	5.00$50.00	0.00$0.00	0.00$0.00	$50.005.00 bps	Trade
14	Gains Fee 5.00Spread 0.00Slip 0.00	DEX	5.00$50.00	0.00$0.00	0.00$0.00	$50.005.00 bps	Trade
15	Hibachi Hibachi Points Fee 4.50Spread 0.01Slip 0.52	DEX	4.50$45.00	0.01$0.10	0.52$5.20	$50.305.03 bps	Trade
16	Avantis −15% · saves $9.00 Fee 5.10Spread 0.00Slip 0.00	DEX	6.005.10$51.00	0.00$0.00	0.00$0.00	$51.005.10 bpssaves $9.00	Trade
17	Hyperliquid −4% · saves $1.80 Fee 4.32Spread 0.07Slip 0.74	DEX	4.504.32$43.20	0.07$0.70	0.74$7.40	$51.305.13 bpssaves $1.80	Trade
18	GMX −10% · saves $6.00 Fee 5.40Spread 0.00Slip 0.00	DEX	6.005.40$54.00	0.00$0.00	0.00$0.00	$54.005.40 bpssaves $6.00	Trade
19	Jupiter referral code Fee 6.00Spread 0.00Slip 0.00	DEX	6.00$60.00	0.00$0.00	0.00$0.00	$60.006.00 bps	Trade
20	MYX Fee 6.00Spread 0.00Slip 0.00	DEX	6.00$60.00	0.00$0.00	0.00$0.00	$60.006.00 bps	Trade
21	StandX StandX Points Fee 4.00Spread 1.17Slip 1.07	DEX	4.00$40.00	1.17$11.70	1.07$10.70	$62.406.24 bps	Trade
22	dYdX Trading Rewards Fee 5.00Spread 0.55Slip 1.45	DEX	5.00$50.00	0.55$5.50	1.45$14.50	$70.007.00 bps	Trade
23	Ondo Fee 3.50Spread 0.08Slip 3.86	DEX	3.50$35.00	0.08$0.80	3.86$38.60	$74.407.44 bps	Trade
24	Bluefin Fee 3.50Spread 3.70Slip 1.79	DEX	3.50$35.00	3.70$37.00	1.79$17.90	$89.908.99 bps	Trade
25	SunX Fee 4.00Spread 0.67Slip 4.74	DEX	4.00$40.00	0.67$6.70	4.74$47.40	$94.109.41 bps	Trade
26	Aevo Fee 8.00Spread 1.13Slip 3.77	DEX	8.00$80.00	1.13$11.30	3.77$37.70	$129.0012.90 bps	Trade
27	Orderly Fee 2.50Spread 4.45Slip 13.28	DEX	2.50$25.00	4.45$44.50	13.28$132.80	$202.3020.23 bps	Trade
28	Paradex Paradex XP Fee 0.00Spread 1.20Slip 56.55	DEX	0.00$0.00	1.20$12.00	56.55$565.50	$577.5057.75 bps	Trade
—	Hotstuffdepth-limited Hotstuff Points Fee 2.50Spread 0.07Slip 2.30	DEX	2.50$25.00	0.07$0.70	2.30$23.00	$48.704.87 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 perpetual cost by venue

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Common questions

Why do some perp DEXs show zero slippage?

Oracle-priced designs don't run an order book — they fill your position at a price pulled from an external oracle. Because your order size doesn't move an oracle-quoted price, zero slippage is a structural feature of that pricing model, not a claim that the venue is 'best.'

Are order-book perp DEXs measured differently than oracle-priced ones?

Yes. Order-book DEXs are measured the same way as a centralized exchange — fee, live spread sampled from their book, and simulated slippage at your trade size. Oracle-priced DEXs have no book to sample, so they're measured on fee alone and marked accordingly.

Is trading on a perp DEX cheaper than on a centralized exchange?

It varies by venue — some perp DEXs undercut CEX taker fees and some don't, and an oracle-priced DEX's cost is really a pricing spread or price-impact fee baked into the fill rather than an order-book cross. The ranking compares all-in cost across both venue types rather than assuming DEX or CEX wins by default.

Does the cost shown include gas or network fees?

No. Perp DEX trades are on-chain transactions that incur gas separately from the venue's trading fee, and gas varies with network congestion rather than with the exchange itself. Our all-in-cost figure covers fee, spread and slippage; budget for gas on top of it.

Does a perp DEX's funding rate affect this ranking?

No — funding is excluded from every page's all-in cost, DEX or CEX, because it's an ongoing payment between longs and shorts rather than a one-time cost of opening a position. Worth comparing separately if you plan to hold the position for more than a short window.

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