GRVT · State of liquidityOctober 28, 2026

What a market order really costs on GRVT, next to four major venues.

We measured it the same way on every venue, at the same moments, and we are publishing the parts where we are behind as well as the parts where we lead. Every one-minute snapshot is public, in Google Sheets and as CSV at the bottom of the page, so you can check every number yourself.

How we measured

Every minute for 24 hours (2026-10-27 10:00 → 2026-10-28 09:36 UTC, 1,356 readings), we pulled the live order books of GRVT, Binance, Bybit, OKX and Hyperliquid and walked a market order through each book.
Sizes: Bitcoin $100K / $500K / $1M, Ether $100K / $250K / $500K, and $100K on the ten crypto markets with the deepest books across these venues. 16 comparisons in total.
Cost = average fill price vs. mid, in basis points, buy and sell measured separately and averaged over all readings. We show it before fees (order book only) and with each venue’s standard taker fee: GRVT 0.045% · Binance 0.050% · Bybit 0.055% · OKX 0.050% · Hyperliquid 0.045%.
A venue is ranked only if it filled the full size in at least 99% of readings.

Where GRVT leads

With standard taker fees, GRVT is the cheapest of the five in 7 of 16 comparisons: BTC $100K, BTC $500K, ETH $100K, SOL $100K, XRP $100K, BNB $100K, HYPE $100K.
Against Hyperliquid, GRVT’s order book alone (before fees) is cheaper in 12 of 16 comparisons, up to 5.9× less slippage (SOL $100K).
HYPE is cheaper to trade on GRVT than on Hyperliquid, with or without fees.

Where we are behind

Before fees, Binance and OKX still have deeper books on most markets. Part of GRVT’s lead above comes from its 0.045% taker fee. Order book only, GRVT ranks 4th of 5 overall.
With fees included, GRVT is 4th or 5th on: BTC $1M, DOGE $100K, ZEC $100K, NEAR $100K, LINK $100K.
Larger clips are where the gap shows most: Bitcoin $1M and Ether $250K–$500K.
We are working with our market makers to deepen these books and will publish an updated run, including more markets, as it improves.

2nd of 5

Overall, by average rank across all 16 comparisons, fees included.

Overall · average rank across all 16 comparisons (1st = cheapest)

Binance 1.8 OKX

OKX 2.7

Bybit 3.9

Hyperliquid 4.1 GRVT

GRVT 2.51st2nd3rd4th5th

GRVT averages 2.5; Binance leads with 1.8.

Scoreboard

One line per market and size. Each venue sits at its cost (bps): further left is cheaper. The large ringed logo is GRVT; hover any logo for its number.

Bitcoin by order size

BTC $100K

1/5cheapest

5.03

5.04

5.23

5.57

GRVT 4.644.64.85.05.25.45.6bps

BTC $500K

1/5cheapest

5.13

5.16

5.42

5.81

GRVT 4.965.05.25.45.65.8bps

BTC $1M

4/5

5.26

5.37

5.59

6.06

GRVT 5.985.25.45.65.86.0bps

Ether by order size

ETH $100K

1/5cheapest

5.08

5.08

5.75

6.82

GRVT 4.995.05.56.06.5bps

ETH $250K

3/5

5.14

5.22

6.02

6.95

GRVT 5.345.05.56.06.57.0bps

ETH $500K

3/5

5.26

5.45

6.37

7.20

GRVT 6.285.56.06.57.0bps

Ten deepest crypto markets at $100K

SOL $100K

1/5cheapest

5.62

5.64

6.46

9.85

GRVT 5.425678910bps

XRP $100K

1/5cheapest

6.06

6.09

6.62

9.46

GRVT 6.006789bps

DOGE $100K

5/5most expensive

6.51

6.52

7.37

7.76

GRVT 8.096.57.07.58.0bps

BNB $100K

1/5cheapest

5.83

7.22

8.14

8.27

GRVT 5.826.06.57.07.58.08.5bps

HYPE $100K

1/5cheapest

6.71

7.01

8.26

8.59

GRVT 5.75678bps

ZEC $100K

5/5missed some fills

6.85

8.04

8.89

10.45

GRVT 9.5178910bps

NEAR $100K

4/5

8.55

9.17

9.34

10.21

GRVT 9.958.59.09.510.0bps

LINK $100K

4/5

8.83

9.70

10.80

13.43

GRVT 11.28910111213bps

SUI $100K

2/5second

7.74

10.08

10.16

10.62

GRVT 8.838910bps

AVAX $100K

3/5

9.41

11.28

12.37

15.27

GRVT 11.88101214bps

4th of 5

Overall, by average rank across all 16 comparisons, before fees, order book only.

Overall · average rank across all 16 comparisons (1st = cheapest)

Binance 1.4 OKX

OKX 2.4

Bybit 3.1

Hyperliquid 4.4 GRVT

GRVT 3.71st2nd3rd4th5th

GRVT averages 3.7; Binance leads with 1.4.

Scoreboard

One line per market and size. Each venue sits at its cost (bps): further left is cheaper. The large ringed logo is GRVT; hover any logo for its number.

Bitcoin by order size

BTC $100K

4/5

0.03

0.04

0.07

0.73

GRVT 0.140.00.20.40.60.8bps

BTC $500K

4/5

0.13

0.16

0.31

0.92

GRVT 0.460.20.40.60.8bps

BTC $1M

5/5most expensive

0.26

0.37

0.56

1.09

GRVT 1.480.20.50.81.01.21.5bps

Ether by order size

ETH $100K

4/5

0.08

0.08

0.25

2.32

GRVT 0.490.00.51.01.52.02.5bps

ETH $250K

4/5

0.14

0.22

0.52

2.45

GRVT 0.840.00.51.01.52.02.5bps

ETH $500K

4/5

0.26

0.45

0.87

2.70

GRVT 1.780.51.01.52.02.5bps

Ten deepest crypto markets at $100K

SOL $100K

3/5

0.62

0.64

0.96

5.35

GRVT 0.9212345bps

XRP $100K

4/5

1.06

1.09

1.12

4.96

GRVT 1.5012345bps

DOGE $100K

5/5most expensive

1.51

1.52

2.26

2.87

GRVT 3.591.52.02.53.03.5bps

BNB $100K

2/5second

0.83

2.22

2.64

3.77

GRVT 1.321234bps

HYPE $100K

1/5cheapest

1.71

2.51

2.76

3.59

GRVT 1.251.52.02.53.03.5bps

ZEC $100K

5/5missed some fills

1.85

3.04

3.39

5.95

GRVT 5.0123456bps

NEAR $100K

4/5

3.55

3.67

4.34

5.71

GRVT 5.453.54.04.55.05.5bps

LINK $100K

4/5

3.83

4.20

5.80

8.93

GRVT 6.78468bps

SUI $100K

2/5second

2.74

4.66

5.58

5.62

GRVT 4.33345bps

AVAX $100K

4/5

4.41

6.78

6.87

10.27

GRVT 7.3846810bps

Buy vs sell, Bitcoin and Ether

Before fees, bps, average over all readings. Green = lowest for that side. ^* did not fill the full size in every reading.

Order	GRVT		Binance		Bybit		OKX		Hyperliquid
Order	buy	sell	buy	sell	buy	sell	buy	sell	buy	sell
BTC $100K	0.12	0.17	0.03	0.02	0.08	0.06	0.04	0.03	0.74	0.72
BTC $500K	0.39	0.52	0.17	0.15	0.37	0.26	0.14	0.12	0.94	0.89
BTC $1M	1.26	1.71	0.38	0.36	0.65	0.48	0.28	0.25	1.14	1.05
ETH $100K	0.51	0.47	0.08	0.08	0.28	0.22	0.07	0.09	2.33	2.30
ETH $250K	0.87	0.81	0.24	0.19	0.58	0.47	0.14	0.13	2.46	2.44
ETH $500K	1.84	1.73	0.47	0.43	0.97	0.76	0.24	0.29	2.74	2.67