What we have measured
Nine perpetual exchanges, watched continuously by our own research fleet. Every number on this page comes from the venues' own order books, read live — not from their marketing, and not modelled. It is the same data the app uses to decide what a route costs before it offers it to anyone.
No individual can assemble this. Each venue can only see itself; the cross-venue view is the entire reason this platform exists.
the real cost of farming volume
A perp venue advertises its fee. Almost none of them mention the spread — the gap between the best buy and the best sell — which you pay on every entry and every exit, and which on a thin book dwarfs every fee combined. This is fees and spread together, per $1 of volume traded, read from both venues' live books.
reading both books on every route…
which books are behaving unusually right now
Each book is compared against its own week-long average, so a market can be cheap today and still be having an unusual day. When professional traders arrive, a spread collapses against its own baseline before anything else visibly changes — that is what this catches.
The research fleet is starting up.
Measured continuously by our own research fleet, not taken from the venues' marketing. "Gap" is the distance between the best buy and the best sell price — what it costs you to trade through, before any fee. "Its normal" is what that book has averaged over the past week, so a book can be cheap today and still be having an unusual day.
if you run a perp DEX
Hyperider routes real, hedged, held volume — not wash-shaped scalping. Riders arrive through a game, learn what a book actually costs, and trade the venues where that cost is lowest. We measure your book the same way we measure everyone's, and we publish what we find, including when it is unflattering.
Integration is one venue port and a builder code where you support one. How it works · the study ledger
Measurements refresh continuously. Spread figures are the live touch on each venue at the moment the page loaded; edge verdicts compare against a seven-day baseline the fleet maintains per book. Nothing on this page is a forecast.