Introduction
This is the central cost page. All components come together here: fees, spreads, funding, conversion costs and — on the plus side — yield on your balance. One number per exchange: the net true cost for your profile.
Calculate your costs
The four components
- Trading fees — explicit, per trade
- Spread — hidden, in the price
- Yield on collateral — income on your (idle) balance
- Lending yield — extra income during open perp positions
Formula: effective cost = fees + spread − yield − lending yield. Full explanation: True Cost of Trading.
A worked example per trader profile
Concrete calculation for three profiles (60% taker / 40% maker, BTC perpetuals, July 2026 snapshot — fees and APYs change; this illustrates the method):
| Profile | Backpack | Hyperliquid | OKX EU | Kraken |
|---|---|---|---|---|
| Retail — $10K collateral, $500K/mo volume | +$223 net income | +$24 net income | +$160 net income | −$190 cost |
| Active — $50K collateral, $2.5M/mo | +$1,315 net income | −$40 cost | +$895 net income | −$825 cost |
| Pro — $100K collateral, $10M/mo | +$1,850 net income | −$1,364 cost | +$1,780 net income | −$4,200 cost |
What this shows: fees sit close together (0.010-0.045%), but yield on collateral makes the difference between earning and paying. At the pro profile the gap spans more than $6,000 per year on identical volume.
Common mistakes
- "0% fees" does not exist — the margin hides in the spread.
- The advertised fee is the base tier; with volume you often pay less.
- Comparing costs without counting yield gives a distorted picture.
Frequently asked questions
Which exchange is cheapest?
It depends on your profile — hence the calculator. For most profiles see the current ranking on this page.
How current are these numbers?
Spreads are measured continuously, fees verified monthly.