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. 231 markets are comparable (66 listed on all four venues); coverage snapshot 2026-07-30.
⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
| Venue | Best price | Avg fill price | Slippage | 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 — it excludes trading fees, which are tier-dependent and compared separately on fee comparison. 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 — low slippage 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.
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.
This excludes fees. Trading fees depend on your volume tier, referral status and maker/taker mix, so blending them into one number here would hide more than it shows. Compare them on fee comparison, and read the per-venue schedules on Hyperliquid, dYdX, Aster and Lighter.
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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