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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 16:15 UTCUpdates by itself every 5 minutes

0.012bpsBitcoin 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
0.012bps
Ether
USDT perp · Binance
0.041bps
Bitcoin
USDT perp · OKX
0.012bps
Ether
USDT perp · OKX
0.041bps
Bitcoin
USDC perp · Hyperliquid
0.12bps
Bitcoin
USDC perp · Binance
0.012bps

US stocks

ContractCost, 24h
SanDisk
USDT perp · Binance
0.099bps
SanDisk
USDT perp · OKX
0.99bps
Micron
USDT perp · Binance
0.13bps
Intel
USDT perp · Binance
1.7bps
Nasdaq 100 ETF
USDT perp · Binance
0.15bps
S&P 500
USDC perp · Hyperliquid
0.13bps

Commodities

ContractCost, 24h
Gold
USDT perp · Binance
0.024bps
WTI crude oil
USDT perp · Binance
1.1bps
Brent crude oil
USDT perp · Binance
1.1bps
Silver
USDT perp · Binance
1.9bps
WTI crude oil
USDC perp · Hyperliquid
0.22bps
Gold
USDT perp · OKX
0.24bps

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

DELAYED 15 MINto 16:15 UTCUpdates by itself every 5 minutes

Cheapest to trade

ContractVenueCost, 24h24h volume
Bitcoin USDTBinance0.012 bps$17.39B
Bitcoin USDTOKX0.012 bps$10.47B
Bitcoin USDCBinance0.012 bps$3.80B
Gold USDTBinance0.024 bps$3.20B
PAXG USDTBinance0.024 bps$123.3M
XAUT USDTBinance0.024 bps$75.4M
Ether USDTBinance0.041 bps$11.97B
Ether USDTOKX0.041 bps$9.50B
Ether USDCBinance0.041 bps$3.00B
Zcash USDTBinance0.076 bps$2.19B

Most expensive to trade

ContractVenueCost, 24h24h volume
SNXX USDTBinance19 bps$748.9M
INTW USDTBinance18 bps$155.1M
PURRDAT USDCHyperliquid14 bps$16.6M
ARX USDTOKX12 bps$17.2M
KIOXIA USDCHyperliquid11 bps$17.7M
ON USDTBinance11 bps$66.0M
KORU USDTOKX10 bps$175.3M
KORU USDTBinance10 bps$1.57B
UAI USDTBinance10 bps$57.7M
SNXX USDCHyperliquid9.4 bps$23.7M

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 16:10 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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Built from hundreds of terabytes of raw data and distilled into point-in-time metrics you can pull as parquet files. Plus the raw trades, quotes and derivatives data behind them.

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Shown: minute closes of 847 perpetuals, 20:30–22:30 UTC on 10 Oct 2025, IOTX in orange · built with ohlcv 1m