Ranked by estimated one-way entry cost. Compare the chain, market price, effective fill, fees, size capacity and wrapper risk before choosing a venue.
| # | Route / product | Chain | Market price | Effective fill | Exposure units | Spread + fees | Impact | Total entry | Size fit | Risk | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SMSN-PERP LOWEST ENTRY Hyperliquid HIP-3 Perpetual | Hyperliquid 24/7 | $181.10 -0.23% vs ref | $181.21 | 55.22 | $5.52 | $0.70 | $6.22 6.2 bps | Deep <50 bps to $714.3K | High | Trade ↗ |
Target exposure excludes entry cost; “total entry” is added to the notional. Backed-token and broker-route quotes retain transparent execution assumptions where a venue does not publish depth. Prices, liquidity, volume, OI and funding refresh through the StonkSaver API. Bridging is excluded.
Round trip: enter, hold for 1 month, exit. Excludes bridging costs and bridging routes — v1 assumes you already hold stablecoins on the settlement chain.
| Instrument | Type | Spread | Fee | Impact | Gas | Entry | Funding 1 month | Round trip | as bps |
|---|---|---|---|---|---|---|---|---|---|
SMSN-PERP Hyperliquid HIP-3 / trade.xyz | Perpetual | $1.02 | $4.50 | $0.70 | $0.00 | $6.22 | -$1,154.05 | -$1,141.61 | -1141.61 bps |
Sorted by round-trip cost. Cheapest is not "best" — a perp costs less to enter and more to hold, and it gives you none of the ownership rights below.
The same price exposure, very different legal and custodial reality.
| Question | SMSN-PERP Hyperliquid HIP-3 / trade.xyz |
|---|---|
| What is it? | Perpetual |
| Do I receive dividends? | No |
| Can I withdraw it to my wallet? | No |
| Are transfers restricted? | No |
| Can the issuer freeze it? | No issuer to freeze |
| Who holds the underlying? | Nobody — cash settled |
| Can I redeem it? | No |
| Am I paying funding? | Yes — -140.4% APR |
| Can I borrow against it? | Margin only, not a loan |
| When can I trade it? | 24/7 |
| Where does it settle? | Hyperliquid |
Cash-settled perpetual futures on equity prices, deployed as builder markets on Hyperliquid. You never own or touch a share — you hold a margined position with a funding rate.