1. Introduction
Most crypto exchanges advertise "0.02% maker fees" or "0.05% taker fees". That sounds cheap. But it is not the whole story. The true cost of your trading is determined by four components combined. On this site we calculate these total costs so you can compare platforms fairly.
This article explains what those components are, and how you can estimate the "true cost" of an exchange yourself.
2. The four components of true cost
The real total trading costs (or income) consist of:
- Trading fees — what you explicitly pay per trade
- Spread — hidden costs in the difference between bid and ask
- Yield on collateral — what you earn on your stablecoins (income!)
- Lending yield on perpetuals — extra income on perpetuals via lent-out assets
Formula: Effective cost = Trading fees + Spread − Yield on collateral − Lending yield
A positive value = it costs you money. A negative value = you earn net money just by parking your balance.
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3. Trading fees (maker and taker)
The explicit fees per trade come in two flavours:
- Maker fee — paid when you add liquidity (a limit order that does not fill immediately)
- Taker fee — paid when you remove liquidity (a market order or a limit order that fills immediately)
| Fee type | Typical crypto exchange range |
|---|---|
| Maker (spot) | 0% to 0.10% |
| Taker (spot) | 0.02% to 0.20% |
| Maker (perpetuals) | −0.02% to 0.05% |
| Taker (perpetuals) | 0.02% to 0.06% |
Important: most exchanges have VIP tiers — the more volume you trade, the lower the fees. For a fair comparison you should always compare at the same tier.
4. Spread — the invisible cost
Spread is the difference between the highest buy price (bid) and the lowest sell price (ask). It is one of the most underestimated costs of trading.
| Exchange | BTC perpetuals spread |
|---|---|
| Backpack | ~$0.10 |
| OKX | ~$0.10 |
| Kraken | ~$1.00 |
At a BTC price of $60,000, $1 still seems manageable. But at large volumes it adds up:
- A trader who buys and sells 1 BTC: $0.10 spread = $0.20 round trip in total. $1.00 spread = $2.00 round trip in total.
- Five round trips per day (5 BTC/day): $2 vs $20 per day = $60 vs $600 per month.
On spot markets spreads can be even larger, especially on EUR pairs at less liquid platforms. A few examples on BTC/EUR spot: liquid EU platforms ~0.01% to 0.05%; retail-focused Dutch platforms 0.10% to 0.15%.
Bitvavo on USDC-EUR: about 0.11%. On 1 BTC (~€60,000) that is €66 per conversion — more than the trading fee itself.
5. Yield on collateral (income)
This is the positive side of the ledger. Some exchanges pay interest on your USDC/USD balance, even while it serves as collateral for open trades. See Yield on collateral explained.
| Exchange type | Yield APY on stablecoins |
|---|---|
| Yield-optimized exchange | 3% to 5% |
| DEX with lending pool (e.g. Hyperliquid) | 1% to 2% |
| Traditional crypto exchange | 0% |
| Traditional broker | 0% to 0.5% |
On €50,000 of idle balance that is a difference of €0 to €2,500 per year — before you even place a trade.
6. Lending yield on perpetuals
With perpetuals there is an extra income layer: your collateral can be lent out to other users (for example short-sellers) for interest. This interest is shared between you and the exchange.
Some exchanges offer this automatically: you earn yield on your collateral (USDC or other assets) while you have an open perpetual position. On traditional exchanges this does not happen.
- Without lending yield: only fees + funding rate count
- With lending yield: an extra 1-4% APY on your collateral, even during open trades
This can make a big difference with high balances and longer positions.
7. Worked example: €50,000 and €5M volume per month
Suppose you hold €50,000 on your exchange and trade €5M of BTC perpetuals volume per month (50/50 maker/taker split). On average you have €20,000 in open trades and €30,000 idle.
Exchange A (efficient platform):
- Trading fees: 0.02% maker × 50% + 0.05% taker × 50% × €5M = €1,750/month
- Spread: $0.10 spread × 100 trades = €10/month (negligible)
- Yield on collateral: 4% APY × €30,000 / 12 = +€100/month
- Lending yield perps: 2% APY × €20,000 / 12 = +€33/month
- Net true cost: €1,617/month
Exchange B (traditional platform):
- Trading fees: 0.05% maker × 50% + 0.10% taker × 50% × €5M = €3,750/month
- Spread: $1.00 spread × 100 trades = €100/month
- Yield on collateral: 0% = €0
- Lending yield perps: 0% = €0
- Net true cost: €3,850/month
Difference: €2,233 per month = €26,796 per year on exactly the same volume.
8. How do you calculate true cost yourself?
Use our cost calculator where you enter:
- Market (spot / perpetuals / stocks)
- Volume per month
- Average idle balance
- Trading pattern (day trader / positional / whale)
The calculator automatically computes the total costs per exchange, including spreads and yield.
9. Why exchanges do not show this clearly
Trading fees are an easy selling point. "0.02% maker!" reads well. Spreads, yield and lending yields are harder to explain and can also work against the exchange.
Independent comparison sites (like us) do show these components. See also our Methodology.
Trading fees are only one of four components that determine your real costs; spread and missed yield on collateral often weigh more heavily. At equal volume, the difference between an efficient and a traditional platform can add up to thousands of euros per year. So always compare the total costs, not just the advertised fee.
Frequently asked questions
Which matters more: low fees or high yield?
Both count. For active traders, fees weigh more heavily. For positional traders with a lot of idle balance, yield weighs more heavily.
How do I get spread data for exchanges?
Public order books show live spreads. We monitor this continuously and publish it.
Do I lose yield when I have an open trade?
On good platforms: no. On traditional exchanges: yes — there you receive no yield at all.