para:TERus equity · growth mode on · 10× max
Over 73 days of 20-level order-book snapshots, para:TER quoted a median spread of 27.79 bps in US regular hours with $60k resting within 25 bps of mid. A $25k market order paid about 13.96 bps in regular hours and 44.87 bps on weekends, when depth within 25 bps fell to $0. Taker fee is 0.90 bps with growth mode on; funding averaged -10.98% annualised over the last 30 days.
order book replay48 snapshots · 2026-10-08 12:26 → 16:51 UTC · TER.json
depth = USD resting within ±25 bps of mid · slip = $25k market order through the book, avg fill vs mid, buy/sell mean · med = this market's median in the snapshot's session
order book replay: no recent order book snapshots
by sessionNew York time · medians over 73 days
| session | snaps | spread | p90 | top | depth ±10 | depth ±25 | depth ±50 | $5k | $25k | $100k | $100k fills | $250k fills |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US regular 9:30–16:00 | 3,283 | 27.79 | 28.20 | $60k | 13.96 | 47.30 | 96% | 38% | ||||
| US extended 4–9:30, 16–20 | 4,731 | 48.05 | 108.72 | $30k | 24.13 | 77.77 | 95% | 37% | ||||
| Overnight 20–4 | 3,323 | 48.06 | 152.84 | $40k | 28.96 | 102.16 | 99% | 43% | ||||
| Weekend / holiday | 5,408 | 57.67 | 58.16 | $0 | 44.87 | 146.46 | 98% | 7% |
bps unless stated RTH 9:30–16:00 extended 4:00–9:30 and 16:00–20:00 overnight 20:00–4:00 on weekdays weekend runs Friday 20:00 to Monday 4:00 and includes NYSE holidays slip = mean of the buy and sell side of a market order walking the visible 20 levels fills = share of snapshots the size fits inside those levels "—" = not fillable in the median snapshot
slippage curve
hour of week
weekly · spread
weekly · depth ±25 bps
per round trip = 2 × median slippage + 2 × taker fee funding uses the 30-day mean hourly rate, annualised, charged for a position held all day slippage between tested sizes is interpolated on a log scale ignores maker rebates, impact that persists after your fill, and fee tiers
history2 market changes to para:TER observed in the changelog · newest first
- 2026-07-27 13:52listedannounced → tradingtrading enabled, announced 2026-07-26 · OI cap $25M · 10× max · growth mode on · marginTableId 10 · szDecimals 2 · fundingMultiplier 0.6
- 2026-07-26 03:52announced— → announcedmarket announced, trading not enabled
observed = first collector snapshot showing the new value, UTC; the change happened between the previous snapshot and that one announced = the market appeared with trading disabled; listed = trading enabled; trading halt = off and back within 48 h, before → after = mark either side full changelog atom feed
16,745 snapshots · 2026-07-27 13:54 → 2026-10-08 16:21 UTC (73.1 days) · size decimals 2 · raw: /api/para/TER.json · method and caveats: methodology