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Recently, various efforts from both industry and academia are performed on specifying distributed mobility management. One of the early and promising proposals is dynamic mobility anchoring (DMA). This paper carries out a performance analysis on DMA in terms of mobility costs, comparing it with proxy mobile IPv6 (PMIPv6). We consider signaling, processing, data packet delivery, and tunneling costs. The impacts of several parameters such as sessions arrival mean rate, cell's radius, and network scale on the mobility costs are investigated. The results show that DMA outperforms PMIPv6 significantly.