{
  "benchmark": "B2-cost-to-trade",
  "asset": "BTC",
  "description": "Daily total one-way taker cost (bps) to market-buy $10,000 of BTC per US crypto exchange: published taker fee + measured half-spread + measured slippage. One record per UTC day.",
  "unit": "basis_points",
  "primary_size_usd": 10000,
  "generated_utc": "2026-09-03T22:08:40.185124+00:00",
  "history": [
    {
      "date": "2026-07-10",
      "timestamp_utc": "2026-07-10T22:08:29.028487+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.19,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.38,
          "half_spread_bps": 0.297,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.16,
          "half_spread_bps": 0.019,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-11",
      "timestamp_utc": "2026-07-11T22:08:28.414390+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.22,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.72,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.26,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.03,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.72,
          "half_spread_bps": 0.723,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-12",
      "timestamp_utc": "2026-07-12T22:08:43.407668+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.84,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 121.02,
          "half_spread_bps": 1.017,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.37,
          "half_spread_bps": 0.496,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-13",
      "timestamp_utc": "2026-07-13T22:08:33.256872+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.21,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.77,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 121.26,
          "half_spread_bps": 0.937,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.77,
          "half_spread_bps": 0.77,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-14",
      "timestamp_utc": "2026-07-14T22:08:33.950179+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.04,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.02,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.21,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.21,
          "half_spread_bps": 1.207,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-15",
      "timestamp_utc": "2026-07-15T22:08:30.890763+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.02,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.05,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.2,
          "half_spread_bps": 0.299,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-16",
      "timestamp_utc": "2026-07-16T14:08:33.532824+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 61.22,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 81.09,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.19,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.16,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.47,
          "half_spread_bps": 0.986,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-18",
      "timestamp_utc": "2026-07-18T22:08:30.615282+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.7,
          "half_spread_bps": 0.002,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-19",
      "timestamp_utc": "2026-07-19T22:08:28.251418+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.36,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.59,
          "half_spread_bps": 0.95,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-20",
      "timestamp_utc": "2026-07-20T22:08:33.912856+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.14,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.04,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.12,
          "half_spread_bps": 1.078,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-21",
      "timestamp_utc": "2026-07-21T22:08:42.794721+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.22,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.96,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.28,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.94,
          "half_spread_bps": 0.608,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-22",
      "timestamp_utc": "2026-07-22T22:08:34.316633+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.08,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.19,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.12,
          "half_spread_bps": 0.27,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-23",
      "timestamp_utc": "2026-07-23T22:08:28.391140+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.37,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.87,
          "half_spread_bps": 0.528,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-24",
      "timestamp_utc": "2026-07-24T22:08:33.713282+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.77,
          "half_spread_bps": 0.166,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.58,
          "half_spread_bps": 0.582,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.02,
          "half_spread_bps": 0.48,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-25",
      "timestamp_utc": "2026-07-25T22:08:32.362960+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.98,
          "half_spread_bps": 0.023,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-26",
      "timestamp_utc": "2026-07-26T22:08:27.483607+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.01,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.08,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.07,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.65,
          "half_spread_bps": 0.921,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-27",
      "timestamp_utc": "2026-07-27T22:08:29.084055+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.16,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.16,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.93,
          "half_spread_bps": 0.086,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-28",
      "timestamp_utc": "2026-07-28T22:08:33.692425+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.11,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.74,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.2,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.16,
          "half_spread_bps": 0.67,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-29",
      "timestamp_utc": "2026-07-29T22:08:31.128811+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.2,
          "half_spread_bps": 0.081,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 81.32,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.73,
          "half_spread_bps": 0.491,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-30",
      "timestamp_utc": "2026-07-30T22:08:29.345330+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.0,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.66,
          "half_spread_bps": 1.281,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-07-31",
      "timestamp_utc": "2026-07-31T22:08:29.966377+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.09,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.02,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.07,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.65,
          "half_spread_bps": 0.537,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-08-01",
      "timestamp_utc": "2026-08-01T22:08:28.401800+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.0,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.02,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.24,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 4.04,
          "half_spread_bps": 0.31,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-08-02",
      "timestamp_utc": "2026-08-02T22:08:31.603129+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.07,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.19,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.26,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 3.67,
          "half_spread_bps": 0.157,
          "label": "Binance.US"
        }
      }
    },
    {
      "date": "2026-08-03",
      "timestamp_utc": "2026-08-03T22:08:31.479744+00:00",
      "region": "us-east",
      "venues": {
        "coinbase": {
          "total_cost_bps": 60.12,
          "half_spread_bps": 0.001,
          "label": "Coinbase"
        },
        "kraken": {
          "total_cost_bps": 80.01,
          "half_spread_bps": 0.008,
          "label": "Kraken"
        },
        "gemini": {
          "total_cost_bps": 120.39,
          "half_spread_bps": 0.001,
          "label": "Gemini"
        },
        "bitstamp": {
          "total_cost_bps": 40.0,
          "half_spread_bps": 0.001,
          "label": "Bitstamp"
        },
        "binanceus": {
          "total_cost_bps": 2.95,
          "half_spread_bps": 0.65,
          "label": "Binance.US"
        }
      }
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}