HEXATAPE
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Not financial adviceData and analytics, for information only

You are seeing the 5 newest listings. Every listing of the month, with its depth and costs, comes with a plan.

See the plansMembers: open the full version
New token listings

What day one really costs

Chasing a new listing? The price on your screen is not the price you get. On day one the order book is thin, so a market order eats through it. We follow new token perps on Bybit, OKX, Gate and Phemex, read each one's order book at its first daily close where we can get it, and work out what a $10k, $25k or $100k order cost to buy or sell, and whether the book could fill it at all. The month's summary says how many books we have from each exchange.

What is the cost per side? How far your average fill lands from the mid price (halfway between the best bid and the best ask) when you buy or sell the whole order at once. You pay it going in and again coming out. The exchange's own fee comes on top.

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Median cost per side for a $25k order on day one, all exchanges
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Could not fill a $100k order on one side or both
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That $25k cost, as a multiple of the exchange's taker fee
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Median depth within 2% of the price, thinner side
The month
Report for

ExchangeNew listingsDay-one booksMedian $25k cost per sideCould not fill $100kBase taker fee

Every listing
Listed (UTC) Exchange Token Book Depth 1%
bids / asks		 Depth 2%
bids / asks		 $10k
buy / sell		 $25k
buy / sell		 $100k
buy / sell		 Largest fill
How to read the table
  • Depth 1% / 2%: the dollars waiting in the book within 1% and 2% of the mid price. Bids are what you can sell into, asks what you can buy from. A ≥ means the exchange showed only part of the book, so the real figure is at least that.
  • $10k / $25k / $100k: the cost per side of one market order of that size, buying and selling. No fill means the whole book on that side could not take the order.
  • ≥ before a cost: the order was bigger than the part of the book the exchange showed us (OKX's record keeps 400 price levels a side, and our live reads stop at each exchange's limit). We cannot say it failed to fill, only that it cost at least that much: the cost of the largest smaller order that did fill. Cut off means not even that is known. These books are left out of the no-fill counts and the medians, and counted on their own.
  • Largest fill: the largest of $10k, $25k, $50k, $100k and $250k that the book could take on both sides. "Or more" means the next size ran past the part of the book we could see.
  • Book: At the close is the exchange's own record of its book at 00:00 UTC. A time like +0.8 h is our own live read, that long after the close.

One book, one moment

Each cost is the book at the listing's first daily close, 00:00 UTC, or our own read within a day of it where marked. On day one books change by the minute.

What the book shows

We walk the order book the exchange shows, from the mid price. Traders who add orders while you fill are not counted, and the cost is before fees: base taker fees here run - on top.

Which listings

New token perps on Bybit, OKX, Gate and Phemex, dated by each exchange.