What a trade really costs on Variational, Lighter and Hyperliquid

With no fees for retail on Variational and Lighter, the cost of a trade is the spread you pay at your size. This page measures it every five minutes: buy the size, sell it back, at the prices each venue shows, plus its taker fees. The medians over 24 hours and 7 days are what to read; one reading moves by the second.