The cheapest headline fee does not always produce the cheapest trade. Compare platforms using the same order, account assumptions and market conditions.
Build one consistent trading profile
Choose the markets you actually trade, typical order notional, expected monthly executions and maker/taker mix. Record existing discounts rather than assuming the best advertised VIP tier. A platform that suits a market maker may not suit a discretionary taker.
Compare five layers
- Execution fees: your actual rate, including tier and applicable discounts.
- Spread and slippage: the cost of entering and exiting at your size.
- Funding: the cost or receipt while a perpetual position stays open.
- Account mechanics: collateral, margin, liquidations and withdrawals.
- Availability: supported markets, restrictions, reliability and support.
A simple starting example
With $1M monthly notional, all taker orders and no discount, Eterna’s published 0.035% rate implies $350 in fees. Hyperliquid’s 0.045% base rate implies $450. The $100 difference is measurable arithmetic; it says nothing about future trading profit.
A staking discount, higher volume tier or different execution quality can change the result. The fee calculator lets you vary volume, maker share and Hyperliquid staking discount, while keeping its exclusions visible.
Adding Bybit, Binance or another venue
Use the current fee page and the fee rate shown in your own eligible account. Rates can depend on jurisdiction, product, account tier and promotions. This guide does not publish an unverified four-platform price ranking.
Make a decision from your own records
Compare quotes and execution at representative sizes, not only the smallest order. Keep fees, funding and realized PnL separate. If you try a new venue, inspect deposit and withdrawal mechanics and understand how to reduce or close exposure first.
A reward does not fix a bad trade
Promotional credits and referral rewards should not justify increased volume, unnecessary leverage or trades outside your process. Treat any uncertain reward value separately from known costs.