There are three layers
Real botnets or click farms sit at layer 1. They sell wholesale to a handful of large 'parent panels' (layer 2) via APIs at near-cost prices. Every other panel you've heard of — Just Another Panel, Peakerr, SMMKings, etc. — is layer 3: a reseller plugging into one or more parents and adding a UI, payment processor, and markup.
Markups are 3× to 10×
A parent might sell Instagram followers at $0.05/k. A polished retail panel will list them at $0.40–$0.70/k. That's not gouging — it covers payment fees, support, and dispute losses. But it explains why 'find the cheapest panel' is rarely a useful question.
What actually varies between panels
Three things: upstream quality (which parent), refill behavior (do they actually honor it), and support speed. Price is downstream of those three. Pick on those, not on the headline rate.
Why the cheapest panel is usually expensive
If you're paying 40% less, you're either eating a 30%+ drop rate or you're talking to a panel with no support and no refills. Real net cost is rate ÷ (1 − drop rate). Run the math before bulk-buying.