What an order actually costs to fill
Fee tables compare the advertised price of trading. They say nothing about the cost that usually dominates on a real order: slippage — how far the average fill price sits from the best quote once the order has eaten through the book. A venue with a lower taker fee and a thin book can easily be the more expensive place to trade.
This reads the live public order book on each venue that lists the market, walks it for the size you pick, and shows the average price you'd pay — then adds the base-tier taker fee so the headline is the all-in cost of a market order, not the fee table's half of it. 238 markets are comparable (61 listed on all four venues); coverage snapshot 2026-09-02.
⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
| Venue | Best price | Avg fill price | Slippage | Taker fee | All-in | Visible depth | Order eats |
|---|---|---|---|---|---|---|---|
| Hyperliquid | reading… | ||||||
| dYdX | reading… | ||||||
| Aster | reading… | ||||||
| Lighter | reading… | ||||||
Slippage is the gap between a venue's best quote and the average price this order would pay walking its resting book. The taker fee is each venue’s BASE-TIER rate from the fee comparison, charged on the notional filled — before volume tiers, referral, staking or token-payment discounts, which depend on your account and are covered on each fee page. Walking a resting book is a taker action, so the maker rate never applies here. All-in is the two added together. This is resting liquidity at one instant, not a fill guarantee: nothing here reserves depth, and books move. "Order eats" is the share of a venue's visible depth the order would consume — a low all-in figure on a book the order nearly empties means a thin market, not a cheap one. Venues publish different amounts of depth (Hyperliquid 20 levels per side, dYdX 100, Aster up to 500, Lighter 100 resting orders), so the depth column is what each venue shows, not all liquidity that exists. Aster quotes in USDT while the others settle in USD/USDC, so a small price gap can be stablecoin basis rather than a real edge. Aster: Taker numeric uses the USDT-margined family; USD1-margined trades at 0.005% — pick per family when calculating. Lighter: Numerics reflect Standard accounts (zero-fee); Premium trades 0.0040%/0.0280% with a LIT-staking discount grid.
How to read it
Slippage is the gap between the venue's best quote and the average price the order pays. On a deep book at small size it's near zero, because the whole order fills at the top level. It grows with size, and it grows faster on thin books.
"Order eats" is the share of the venue's visible depth your order would consume, and it's the column that stops a flattering slippage number from misleading you. A venue can show low slippage while the order clears most of its book — that's a thin market, not a cheap one, and the next order after yours pays much worse.
Visible depth is not all liquidity. Each venue publishes a different amount of its book: Hyperliquid returns 20 price levels per side, dYdX 100, Aster up to 500, Lighter 100 resting orders. Real books usually run deeper than what's published, so treat the depth column as what the venue shows, not as its capacity. When an order can't be covered by visible depth we say so rather than extrapolating past the last level.
"All-in" adds the base-tier taker fee. A market order that walks the book is a taker by definition, so the fee it pays is each venue's base taker rate from the fee comparison, charged on the notional filled — and nothing more. Volume tiers, referral discounts, staking rebates and token-payment discounts all depend on your account, so they are left out rather than guessed; the per-venue schedules are on Hyperliquid, dYdX, Aster and Lighter. Untick the fee box to see slippage alone, which is also what a resting limit order would face instead of the taker fee.
The ladder view shows the same book walked at $10k, $100k and $1M side by side, from one read of each venue's book. It is the quickest way to see where a venue's published depth runs out: the all-in figure climbs, then the cell turns to "exceeds book".
It's a snapshot, not a promise. The books are read once when the table loads, a few hundred milliseconds apart, and they move constantly. Nothing here reserves liquidity — a real order competes with everyone else's. Aster also quotes in USDT while the other three settle in USD or USDC, so a small price difference between venues can be stablecoin basis rather than an edge worth chasing.
Why some markets aren't listed
A market only appears when at least two of the four venues list it and all of them use the same contract size. A handful of assets — PEPE, SHIB, BONK, FLOKI, NEIRO and NOT — trade as 1,000-unit contracts on some venues and 1-unit contracts on others, so their prices aren't on the same basis and a side-by-side column would be misleading. Those are excluded rather than rescaled. GMX isn't here at all: it uses a pool model with no order book, so there's no depth to walk.
See also: live funding rates, open interest and per-market venue coverage.
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