Ran execution tests across four perp DEXs using $100k orders—Lighter consistently dominated the leaderboard. Second place? Pretty competitive, with occasional wins on certain altcoin pairs.

Pulled execution cost data (measured in basis points) from LiquidView and another monitoring tool. The results? One platform maintains razor-thin spreads regardless of the asset, while others show more variability depending on liquidity depth. When milliseconds and basis points matter, consistency beats occasional outperformance.