{
  "version": "1.0.0",
  "reviewedAt": "2026-10-14",
  "reviewDue": "2026-10-28",
  "methodology": "Selective public-document review of six product configurations. Not a live execution benchmark, comprehensive market ranking or eligibility certification. Provider rates and configurations can change. Unknown account-specific terms remain unknown.",
  "records": [
    {
      "id": "kraken",
      "name": "Kraken Pro spot",
      "product": "Centralised spot orderbook",
      "cost": "The published Tier 1 schedule lists 0.40% maker / 0.80% taker. Higher tiers can depend on volume or assets on platform. Instant Buy is a separate product with separate pricing.",
      "decision": "Research for exchange-account spot execution. Avoid substituting Instant Buy, derivatives or a promotional pair for the Pro spot schedule.",
      "boundary": "Custodial account exposure; payment method, pair and country access require separate verification.",
      "url": "https://www.kraken.com/features/fee-schedule"
    },
    {
      "id": "coinbase",
      "name": "Coinbase Advanced",
      "product": "Centralised orderbook interface",
      "cost": "Rates depend on product, fee tier and execution role. The official page directs readers to their signed-in fee table and order preview; this review does not invent a universal rate.",
      "decision": "Research when you can verify your account’s actual tier and pair. Avoid treating the simple-buy quote as the Advanced fee schedule.",
      "boundary": "Custodial account exposure; account eligibility and available products vary. The public fee page does not establish your approval.",
      "url": "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees"
    },
    {
      "id": "hyperliquid",
      "name": "Hyperliquid perpetuals",
      "product": "Onchain orderbook derivatives",
      "cost": "Published base Tier 0 perpetual rates are 0.015% maker / 0.045% taker. Spot has a different schedule. Staking, quote assets and HIP-3 deployer settings can change the effective rate.",
      "decision": "Research account mode, market identity and actual execution route. Avoid applying the base schedule to every deployed market.",
      "boundary": "Margin, liquidation, funding and infrastructure risks remain. A published schedule is not a guarantee of fill quality or geographic eligibility.",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees",
      "brief": "/decision-briefs/hyperliquid"
    },
    {
      "id": "lighter",
      "name": "Lighter",
      "product": "Onchain orderbook account tiers",
      "cost": "Standard accounts list zero maker/taker fees. Plus and Premium accounts have fees. Published Standard delays include 300 ms for taker and cancel/modify actions; these are provider settings, not DN latency measurements.",
      "decision": "Research the trade-off between account tier, fee schedule and execution controls. Avoid describing every account as free or treating zero commission as zero total cost.",
      "boundary": "Funding, execution friction and liquidation remain separate. Account features do not establish legal access or operational reliability.",
      "url": "https://docs.lighter.xyz/trading/trading-fees",
      "brief": "/decision-briefs/lighter"
    },
    {
      "id": "gmx",
      "name": "GMX",
      "product": "Pool-backed perpetual exposure",
      "cost": "Published position fees are 0.04% or 0.06%, depending on whether the trade reduces or increases the long/short open-interest imbalance. Funding, borrowing, network costs and price impact are separate.",
      "decision": "Research the exact market, collateral and open/close quote. Avoid treating a single opening fee as the total position cost.",
      "boundary": "Pool, oracle, keeper, contract and liquidation risks differ from exchange-account custody. Documentation separates price impact from slippage protection.",
      "url": "https://docs.gmx.io/docs/trading/fees/",
      "brief": "/decision-briefs/gmx"
    },
    {
      "id": "gtrade",
      "name": "gTrade",
      "product": "Synthetic leveraged exposure",
      "cost": "There is no single fee or collateral configuration for all deployments. Inspect the selected pair, collateral, network, opening/closing charges and holding costs.",
      "decision": "Research when deployment-specific collateral and synthetic exposure fit the question. Avoid assuming USDC universally replaced DAI or that a synthetic equity exposure confers shareholder rights.",
      "boundary": "The collateral guide lists USDC, DAI and WETH on Arbitrum/Polygon; Base lists USDC and BtcUSD; MegaETH lists USDm. Gains Solana is separate.",
      "url": "https://docs.gains.trade/gtrade-leveraged-trading/trade-collaterals",
      "brief": "/decision-briefs/gtrade",
      "fees": "https://docs.gains.trade/gtrade-leveraged-trading/fees-and-spread"
    }
  ]
}