00:00What are the best perpetual DEXs if you want to execute large orders with low slippage?
00:07That's what we're looking at in today's video.
00:09Perpetual exchange can look inexpensive for a, let's say, $2,000 trade and become extremely costly at a million dollars,
00:18right?
00:18So a million, notional, one basis point equals $100.
00:22So a 0.04 taker fee costs $400, 0.25% market impact costs $2,500, and a 1%
00:33execution error costs $10,000.
00:36So this is why the headline maker and taker fees are not enough when comparing perpetual DEXs for large orders,
00:44right?
00:44So what we did is do a comprehensive ranking that actually examines the order book, the depth, 1, 2, 5,
00:5210, 25 basis points, right?
00:55From 100K to a million execution test methodologies here, RFQ and private block trading systems, hidden iceberg, scaled orders, you
01:06know, execution, splitting, AMM liquidity,
01:08and pool imbalance, implementation, shortfall and market impact and things like that.
01:15We also looked at the Oracle index price divergence and funding and borrowing costs on top of just the entry
01:24sort of liquidity versus the actual exit capacity of, you know, some of these platforms,
01:31the AI reliability in terms of the API, sorry, and automated cancellation controls.
01:37All of these things are some of the things that we had to literally just look at when we do
01:42the comparison in order to see which DEXs would provide you the best execution if you're trying to do very
01:50large trades, right?
01:51So I think some of the top platforms that we kind of concluded are, you know, probably the best to
01:58try are Kalshi PIPs, so if, you know, US regulated PIP trading.
02:04So you can check out the links in the description to these platforms as well.
02:10Gravity, GRVT, which is an institutional style order book execution platform.
02:15Lighter, which is one of the DEXs that's really kind of buzzing right now with measurable depth and zero fee
02:21standard accounts.
02:22Paradex is another DEXs also for private positions, professional APIs, AVO, RFQ and block execution or ASTA DEXs, you know,
02:33if you want to do hidden scaled orders as well.
02:37And then there are some other platforms, you know, you can check out like Aiden for Iceberg, you know, broad
02:43market coverage.
02:44HX competitive, really, when you're looking at the order book trading here, Apex Omni for strict price field controls, the,
02:53you know, MYX, if you want Oracle price, the zero slippage architecture.
02:58And then Gains Network, GTrade for transparent synthetic market impact, like that platform GM trade, GM trade, if you want
03:06Solana pool balancing execution on the perps for large stock index commodity positions.
03:12That's a lot of platforms that we've listed here.
03:16So best to check out the link in the description so you can see the full guide and actually see
03:21the full comparison.
03:22But I think the biggest lesson to take away is pretty simple, that zero trading fees don't mean that it's
03:28a zero execution cost, right?
03:30So fee, a free platform can still be expensive if the spread is wider, the liquidity is thinner or large
03:37order kind of moves the markets, right?
03:40So the stronger execution method that you can have may differ by the type of trade that you actually execute.
03:47A market order may be when there's urgency, right?
03:51A T-WAP when time is available.
03:55Iceberg hidden orders when information leakage matters.
03:59Field kill when partial execution is unacceptable.
04:03And then RFQ when the order is too large for the public book.
04:06All of this we've detailed in the actual guide on our main site on Decentralized News.
04:12So you can check out also the links, the referral links to the platforms so you can get started, get
04:16the best discounts, the best rebates and get trading on the best platforms.
04:21If you want to be a Dex trader, which is where the future is on chain, like, share, subscribe and
04:27turn on the notifications.
04:28And I'll see you guys in the next videos.
04:30Peace.
