{
  "benchmark": "B2-cost-to-trade",
  "asset": "SOL",
  "script_version": "0.2",
  "timestamp_utc": "2026-09-03T22:08:40.328072+00:00",
  "region": "us-east",
  "method": "public order-book snapshot; total_cost_bps = published taker fee + measured half-spread + measured slippage to market-buy SOL for the notional",
  "sizes_usd": [
    10000,
    100000
  ],
  "results": [
    {
      "venue": "coinbase",
      "label": "Coinbase",
      "host": "api.exchange.coinbase.com",
      "error_detail": null,
      "best_bid": 104.94,
      "best_ask": 104.95,
      "mid": 104.94,
      "half_spread_bps": 0.476,
      "taker_fee_bps": 60,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees",
      "sizes": {
        "10000": {
          "slippage_bps": 0.92,
          "total_cost_bps": 61.4
        },
        "100000": {
          "slippage_bps": 3.89,
          "total_cost_bps": 64.37
        }
      }
    },
    {
      "venue": "kraken",
      "label": "Kraken",
      "host": "api.kraken.com",
      "error_detail": null,
      "best_bid": 104.91,
      "best_ask": 104.93,
      "mid": 104.92,
      "half_spread_bps": 0.953,
      "taker_fee_bps": 80,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.kraken.com/features/fee-schedule",
      "sizes": {
        "10000": {
          "slippage_bps": 0,
          "total_cost_bps": 80.95
        },
        "100000": {
          "slippage_bps": 1.77,
          "total_cost_bps": 82.72
        }
      }
    },
    {
      "venue": "gemini",
      "label": "Gemini",
      "host": "api.gemini.com",
      "error_detail": null,
      "best_bid": 104.888,
      "best_ask": 104.957,
      "mid": 104.92,
      "half_spread_bps": 3.288,
      "taker_fee_bps": 120,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.gemini.com/fees/activetrader-fee-schedule",
      "sizes": {
        "10000": {
          "slippage_bps": 1.05,
          "total_cost_bps": 124.34
        },
        "100000": {
          "slippage_bps": 4.52,
          "total_cost_bps": 127.81
        }
      }
    },
    {
      "venue": "bitstamp",
      "label": "Bitstamp",
      "host": "www.bitstamp.net",
      "error_detail": null,
      "best_bid": 104.924,
      "best_ask": 104.925,
      "mid": 104.92,
      "half_spread_bps": 0.048,
      "taker_fee_bps": 40,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.bitstamp.net/fee-schedule/",
      "sizes": {
        "10000": {
          "slippage_bps": 0.06,
          "total_cost_bps": 40.11
        },
        "100000": {
          "slippage_bps": 1.43,
          "total_cost_bps": 41.48
        }
      }
    },
    {
      "venue": "binanceus",
      "label": "Binance.US",
      "host": "api.binance.us",
      "error_detail": null,
      "best_bid": 104.91,
      "best_ask": 104.92,
      "mid": 104.91,
      "half_spread_bps": 0.477,
      "taker_fee_bps": 2,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.binance.us/fees",
      "sizes": {
        "10000": {
          "slippage_bps": 3.89,
          "total_cost_bps": 6.37
        },
        "100000": {
          "slippage_bps": 13.14,
          "total_cost_bps": 15.62
        }
      }
    }
  ]
}