Introduction
The spread — the gap between bid and ask — is a hidden cost of crypto trading. On the most traded market (BTC perpetuals) the difference between platforms can be a factor of ten.
BTC spread comparison
Indicative snapshot:
| Exchange | BTC perpetuals spread |
|---|---|
| Backpack EU | $0.10 |
| OKX EU | $0.10 |
| Hyperliquid | ~$1.00 |
| Kraken | ~$1.00 |
For spot BTC/EUR or BTC/USDC: liquid EU platforms run ~0.01-0.05%; retail-focused Dutch platforms around ~0.11% on USDC conversion.
Why spread matters
Every market order "consumes" the spread: buys pay the ask, sells receive the bid. The difference is a cost on top of trading fees.
What determines the spread?
- Liquidity — more market makers, tighter spread
- Volatility — higher volatility, wider spread
- Competition between venues
- Professional market makers — HFT participation compresses spreads
Impact per trader profile
Day trader (10 trades/day, 0.1 BTC each): at $0.10 spread ≈ $365/year; at $1.00 ≈ $3,650/year. Difference: $3,285/year from spread alone.
Position trader (10 trades/month, 1 BTC each): $24 vs $240/year — smaller, still real.
How to read spread data
- Snapshot vs average — one-second snapshots mislead; compare 24h averages.
- Depth matters — top-of-book spread differs from spread at $100k size.
- Levels — professionals look at L2/L3 to estimate slippage.
Frequently asked questions
Why is the Backpack spread so tight?
Professional market makers and institutional participation.
Do I measure spread in dollars or percent?
Perpetuals usually in dollars ($0.10); spot usually in percent (0.05%).