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Aperiodic Indices · Cost

What does crossing the spread cost?

Get it through the APIAll indices

Aperiodic Cost Index, last 24 hours

DELAYED 15 MINto 23:40 UTCUpdates by itself every 5 minutes

0.015bpsBitcoin USDT perpetual on Binance
Busiest perpsHow it's builtGet itBest and worstOther indices
The Aperiodic Cost Index is the bid-ask spread in basis points of the mid price, for crypto and RWA perps.
Column
l1_liquidity.spread_bps
Unit
Basis points of the mid
Per contract
24h median of 5-minute rows
In the API
Every interval from 1m to 1d
Plan
Prime and up

Cost on the busiest perps

Crypto, US stocks and commodities, each over its last 24 hours.

Crypto

ContractCost, 24h
Bitcoin
USDT perp · Binance
0.015bps
Ether
USDT perp · Binance
0.052bps
Bitcoin
USDT perp · OKX
0.015bps
Ether
USDT perp · OKX
0.052bps
Bitcoin
USDC perp · Hyperliquid
0.15bps
Bitcoin
USDC perp · Binance
0.015bps

US stocks

ContractCost, 24h
Nvidia
USDT perp · Binance
0.61bps
SanDisk
USDT perp · Binance
0.11bps
SanDisk
USDT perp · OKX
1.1bps
Micron
USDT perp · Binance
0.13bps
Nvidia
USDC perp · Hyperliquid
0.61bps
S&P 500
USDC perp · Hyperliquid
0.13bps

Commodities

ContractCost, 24h
Gold
USDT perp · Binance
0.026bps
Silver
USDT perp · Binance
2.0bps
WTI crude oil
USDT perp · Binance
1.1bps
Brent crude oil
USDT perp · Binance
1.1bps
Gold
USDT perp · OKX
0.26bps
Silver
USDC perp · Hyperliquid
0.2bps

How it's built

The 5m bar from 14:00 to 14:05 UTC on 14 May 2025, Binance BTC-USDT perpetual, from the free preview.

  1. Step 1

    The spread on one bar

    spread=$103,805.7 − $103,805.6=$0.10
    spread_bps=spread / mid × 10,000=0.0096 bps

    One tick, the contract's minimum price increment. On the largest perps the spread sits at one tick most of the time.

    best ask7.712 BTC$103,805.7
    best bid7.266 BTC$103,805.6

  2. Step 2

    From 24 hours to one value

    A contract's index is the median of its spread_bps over the last 24 hours of 5-minute bars. The chart at the top of this page plots those bars.

    The API serves spread_bps at every interval from 1 minute to 1 day.

Every field of the dataset, built step by step: Spread and top-of-book depth

Get the Aperiodic Cost Index

In the APIl1_liquidity.spread_bps

For every perp we cover, at intervals from 1 minute to 1 day.

In Prime and up, from $399/month billed yearly.

Get it with PrimeSee the dataset

The example needs no key and returns the free sample: BTC-USDT on Binance, 5m bars, May 2025.

Or have your agent find where BTC is cheapest to trade. Start in Claude · Claude Code · Codex · See the prompt

# Install the Aperiodic CLI into ~/.local/bin
mkdir -p "$HOME/.local/bin"
curl -fsSL https://raw.githubusercontent.com/aperiodic-io/cli/main/install.sh | INSTALL_DIR="$HOME/.local/bin" bash
export PATH="$HOME/.local/bin:$PATH"

# Free preview — no API key required
aperiodic l1_liquidity --preview \
  --exchange binance-futures \
  --symbol perpetual-BTC-USDT:USDT \
  --interval 5m \
  --timestamp exchange \
  --start-date 2025-05-01 \
  --end-date 2025-05-31 \
  --output-dir ./data && echo "Saved to $PWD/data"

The cheapest and most expensive perps to trade

The 365 contracts with at least $10M of 24-hour volume, ranked by cost.

DELAYED 15 MINto 23:40 UTCUpdates by itself every 5 minutes

Cheapest to trade

ContractVenueCost, 24h24h volume
Bitcoin USDTBinance0.015 bps$19.46B
Bitcoin USDTOKX0.015 bps$10.15B
Bitcoin USDCBinance0.015 bps$4.56B
Gold USDTBinance0.026 bps$2.09B
PAXG USDTBinance0.026 bps$84.0M
XAUT USDTBinance0.026 bps$38.3M
Ether USDTOKX0.052 bps$7.59B
Ether USDTBinance0.052 bps$11.30B
Ether USDCBinance0.052 bps$2.70B
Zcash USDTBinance0.11 bps$1.97B

Most expensive to trade

ContractVenueCost, 24h24h volume
UP USDTOKX14 bps$12.8M
PLAY USDTBinance13 bps$58.1M
KORU USDTBinance13 bps$728.3M
ON USDTBinance12 bps$22.5M
DNA USDTOKX12 bps$16.6M
TAC USDTBinance11 bps$20.3M
SHELL USDTOKX10 bps$38.5M
SOPH USDTOKX10.0 bps$31.2M
BERA USDTBinance9.5 bps$23.8M
FARTCOIN USDTBinance9.3 bps$23.3M

The other indices

Aperiodic Depth IndexHow much is quoted at the best bid and ask?Aperiodic Impact IndexHow far does $1M of net taker flow move the price?

As of 23:35 UTC, 15 minutes behind. Each value is one contract’s last 24 hours of 5-minute rows. The charts plot those rows.

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