The Hidden Tax on RWA Perp Traders

One-shotting $6M of Gold

This week, a trader on Veranta opened a $6M gold long position in a single click.

One fill, at the real-world price, at 3bps per side. They closed it up $18,634 within 25 minutes.

No slicing the order into twenty pieces. No waiting for the book to refill. No paying an extra spread tax for the privilege of size.

It took months for us to build our TradFi RWA infrastructure, but it was worth it because it feels incredible to see our traders win big and save on costs.

This piece explains why that trade is difficult almost everywhere else onchain, and why it’s the default on Veranta.

The same trade, everywhere else

We priced the exact same one-shot $6M gold trade on the two largest orderbook perp DEXs, using each venue’s own order panel.

On Veranta, it cost $1,815 to open.

On Lighter, $10,887: 6x more, all in spread.

On Hyperliquid, $14,547: 8x more, across spread plus fees.

Round trip, that’s roughly $3.6K on Veranta versus up to $29K elsewhere.

The same is true of several other RWAs.

What one gold trade tells you

Same asset. Same size. Same moment.

The only variable is the venue, and the gap comes from two places:

• Depth: Orderbooks don’t hold $6M of instant gold liquidity. Take it in one shot and you walk the book for 15 to 18bps. Split it up and you sit exposed while the price moves.
• Price: On an orderbook, you fill against that venue’s own book and mark, not the global gold price. On Veranta, you fill at the Pyth index.

Gold is one of the deepest markets on earth. A 15 to 20bps spread on it says more about the venue than the asset.

And the 6 to 8x gap only counts what you can see. Add the drift between a venue’s mark and the real index, and it gets wider.

That’s the hidden tax.

The hidden tax on RWA perp traders

If you trade gold, FX, or equities onchain with real size, you already know the drill.

You don’t just pay the fee on the screen. You pay five ways:

1. You chop your order because there isn’t enough instant size

The book is thin, so you scale in over minutes, and the price walks away from you.

2. You chop your order to save on spread, and miss the move

The tighter you try to get filled, the more of the move you sit out.

3. You trade the mark, not the market

Orderbook perps settle on their own mark price, which can drift from the real index.

You can be right on gold and still get filled at a price gold never traded at.

4. You get capped on leverage

For example, 25x is the max on gold on Hyperliquid. On Veranta, it’s 200x.

Less capital efficiency means more collateral parked, doing nothing.

5. You can’t trade what you want

If a name isn’t in the top 50 to 100 by market cap or popularity, it usually doesn’t exist onchain.

Where Veranta comes in: a quick recap

We started as Avantis, a perps DEX on Base.

The name changed because our ambition is now much broader.

Veranta is the universal leverage layer: crypto and real-world assets in one venue, on USDC margin, priced off the real index rather than a venue-specific mark price.

The team is still the same, as is the ticker, $AVNT.

But we’ve now caught a glimpse of our broader vision proving itself out onchain, and we’re doubling down on accelerating it.

Three things guide every product call we make:

• Access. Every asset, including the long tail nobody else lists.
• Transparency. No hidden fees. You see exactly what you pay and why.
• Edge. You should do better trading here than anywhere else.

The trade above is what edge looks like in practice.

How Veranta traders one-shot size: RFQ + AMM

Veranta isn’t an orderbook.

It runs a hybrid RFQ + AMM design, built so size gets filled in one shot at the real price.

• The RFQ prices the trade against the index. Every trade is quoted off the index price from Pyth, a decentralized oracle. Not a venue-specific mark. The literal real-world price.
• The AMM is always there. It backstops every trade and supplies liquidity on demand. There’s no book to walk through and no queue to refill, so a $6M order fills the same way a $6K order does.

The result: you trade the real-world price, instantly, at size.

And it extends past execution.

Holding fees on our equity listings are piped from TradFi too. Longs pay the real stock-loan rate, while shorts pay 0%.

No floating funding rate whipsawing your carry while you hold.

That means you can long $BB at a fixed ~6%, and short at 0%.

TradFi-level spreads. TradFi-level holding costs. Onchain.

Trade the untradeable

Great execution doesn’t matter if the asset you want isn’t listed.

So we list what nobody else does.

On September 28, we shipped our largest asset launch since inception: 39 new names on Veranta and Base, with up to 25x leverage.

Twenty-six of those assets were untradeable onchain until that day.

Names like $DASH (DoorDash) and $PANW (Palo Alto Networks). We’re the first DEX to offer them.

More are coming.

We’re on track for 500+ RWAs by year end.

One-shot any RWA

If you trade size, you shouldn’t have to choose between getting filled and getting a fair price.

You shouldn’t have to settle on a number the real market never printed.

And you shouldn’t be limited to the same 50 tickers every other venue lists.

Trade where you trust the price feed, and where you’re being quoted spreads that make sense for the global liquidity profile of that asset.

One click. Full size. The real-world price.

That’s Veranta.

Come trade the untradeable.

$AVNT

www.veranta.xyz