Execution estimates

A fresh USD midpoint median provides one reference price and the same base quantity at every venue for each column. Visible asks are walked for buys and bids for sells. Effective USD price adds buy taker fees or subtracts sell taker fees. Unknown fees are shown explicitly before fees and never ranked; unknown FX never becomes a dollar price.

Total trading cost beneath each price is the additive sum of the selected one-way taker fee in bps and visible-book slippage in bps. Buy slippage is (average native fill price / best ask − 1) × 10,000; sell slippage is (1 − average native fill price / best bid) × 10,000. A 6 bps fee plus 4 bps slippage displays 10 bps total. This does not compare venue prices with the common USD midpoint or include spread; fee-adjusted USD price rankings remain separate. Zero is valid. Tiny nonzero costs rounded to zero are marked approximately zero, with exact bps in the tooltip and expanded breakdown. Unknown fees mean unknown total cost; incomplete or capped sizes have no full-order cost. FX is not required for fee-plus-slippage bps, but is still required for USD prices and ranking.

When a captured slice cannot cover the full size, only the percentage of size captured is shown; no full-order price is extrapolated. Hyperliquid's public full-precision book returns at most 20 price levels per side, not the entire book. Price-grouped snapshots can expose more depth but introduce price-rounding uncertainty. Known public maximum market-order quantity or notional limits are separate restrictions. A fresh capture is not a promise of execution or complete exchange liquidity.

“Snapshot too shallow” means our captured slice does not cover that size—not that the venue's full book is illiquid. Unknown fees mean unknown total cost. Bps do not need FX, but FX-unknown native prices remain unranked. Quotes expire after 10 seconds, before the next automatic minute refresh; refresh now before trading. Automatic refresh pauses while this page is hidden.

Total here means estimated one-way taker fee plus book slippage, not all trading or holding costs: spread, cross-venue price differences, funding, settlement, gas, latency and account-specific extras are excluded. USD reference FX is not an executed currency conversion, and quote currency is not necessarily collateral or settlement currency. Quanto settlement economics, lot rounding, funding, rebates, staking/referral/promotional discounts, builder/integrator charges, account-specific fee overrides, margin, order acceptance and latency are excluded. No secrets, authentication, account reads or persisted order books are used.