{
  "benchmark": "B2-cost-to-trade",
  "asset": "BTC",
  "script_version": "0.2",
  "timestamp_utc": "2026-07-16T14:08:33.532824+00:00",
  "region": "us-east",
  "method": "public order-book snapshot; total_cost_bps = published taker fee + measured half-spread + measured slippage to market-buy BTC for the notional",
  "sizes_usd": [
    10000,
    100000
  ],
  "results": [
    {
      "venue": "coinbase",
      "label": "Coinbase",
      "host": "api.exchange.coinbase.com",
      "error_detail": null,
      "best_bid": 64534.91,
      "best_ask": 64534.92,
      "mid": 64534.92,
      "half_spread_bps": 0.001,
      "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": 1.22,
          "total_cost_bps": 61.22
        },
        "100000": {
          "slippage_bps": 2.71,
          "total_cost_bps": 62.71
        }
      }
    },
    {
      "venue": "kraken",
      "label": "Kraken",
      "host": "api.kraken.com",
      "error_detail": null,
      "best_bid": 64528.9,
      "best_ask": 64529,
      "mid": 64528.95,
      "half_spread_bps": 0.008,
      "taker_fee_bps": 80,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.kraken.com/features/fee-schedule",
      "sizes": {
        "10000": {
          "slippage_bps": 1.08,
          "total_cost_bps": 81.09
        },
        "100000": {
          "slippage_bps": 1.25,
          "total_cost_bps": 81.26
        }
      }
    },
    {
      "venue": "gemini",
      "label": "Gemini",
      "host": "api.gemini.com",
      "error_detail": null,
      "best_bid": 64547.22,
      "best_ask": 64547.23,
      "mid": 64547.23,
      "half_spread_bps": 0.001,
      "taker_fee_bps": 120,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.gemini.com/fees/activetrader-fee-schedule",
      "sizes": {
        "10000": {
          "slippage_bps": 0.19,
          "total_cost_bps": 120.19
        },
        "100000": {
          "slippage_bps": 2.28,
          "total_cost_bps": 122.28
        }
      }
    },
    {
      "venue": "bitstamp",
      "label": "Bitstamp",
      "host": "www.bitstamp.net",
      "error_detail": null,
      "best_bid": 64544.59,
      "best_ask": 64544.6,
      "mid": 64544.6,
      "half_spread_bps": 0.001,
      "taker_fee_bps": 40,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.bitstamp.net/fee-schedule/",
      "sizes": {
        "10000": {
          "slippage_bps": 0.16,
          "total_cost_bps": 40.16
        },
        "100000": {
          "slippage_bps": 1.25,
          "total_cost_bps": 41.25
        }
      }
    },
    {
      "venue": "binanceus",
      "label": "Binance.US",
      "host": "api.binance.us",
      "error_detail": null,
      "best_bid": 64586.37,
      "best_ask": 64599.11,
      "mid": 64592.74,
      "half_spread_bps": 0.986,
      "taker_fee_bps": 2,
      "fee_as_of": "2026-07-10",
      "fee_source": "https://www.binance.us/fees",
      "sizes": {
        "10000": {
          "slippage_bps": 1.48,
          "total_cost_bps": 4.47
        },
        "100000": {
          "slippage_bps": 5.39,
          "total_cost_bps": 8.38
        }
      }
    }
  ]
}