Best Decentralized Perpetuals Exchanges

Best Decentralized Perpetuals Platforms

We’ve put ten different decentralized exchanges to the test to find the best platforms for perpetual futures contracts. Our hands-on testing focused on key factors like liquidity, fees, leverage options, cross-chain support, security, and the variety of assets available.

Decentralized perpetual contracts let traders go long or short without worrying about expirations. Everything stays fully on-chain and non-custodial, meaning you’re always in control of your assets. Based on overall performance in the areas we evaluated, here’s a look at the top five platforms.

‍

1. Hyperliquid

Hyperliquid is the leading decentralized perpetual futures platform, known for having the largest and most liquid on-chain order book. It’s a favorite among crypto traders on X (formerly Twitter) for its unmatched user experience, low fees, and deep liquidity. With over $1 billion in daily trading volume and over 30% of market share in DeFi, it’s hard to beat.

The platform offers zero gas fees, maker rebates, and competitive taker fees, alongside 50x leverage on 132 assets, including Bitcoin, Ethereum, Solana, BONK, and PEPE. Built on Arbitrum, Hyperliquid ensures fast, cost-effective transactions and integrates smoothly with Web 3 wallets. Its fully on-chain infrastructure adds an extra layer of transparency and security.

• Fees: Maker rebates of 0.2% and taker fees starting at 0.05%, with volume-based discounts.
• Supported Assets: 132 crypto assets, offering one of the widest ranges in decentralized perpetual markets. 
• Deposit Methods: Compatible with leading Web 3 wallets, including MetaMask and Coinbase, with USDC deposits.
•  Leverage: Up to 50x leverage across all listed assets.

‍

2. GMX

Before HyperLiquid took over, GMX was the most popular DEX for futures trading. With over $144 billion in total volume, GMX made its mark as a solid choice for decentralized futures. Running on both Arbitrum and Avalanche, it supports more than 20 assets with decent liquidity and tight spreads. Traders can go up to 50x leverage, using ETH, USDT, or AVAX as collateral.

GMX keeps fees flexible, ranging from 0.05% to 0.07%, which appeals to different trading styles. With a user base of 336,000 and over $111 million in open interest, it’s still a favorite for many. Plus, GMX’s governance token gives holders a cut of the platform’s fees and a say in decision-making.

• Fees: Between 0.05% and 0.07%, with dynamic swap fees based on market conditions. 
• Assets: 20+ assets, including BTC, ETH, AVAX, and BNB. 
• Deposit Methods: Works with popular Web 3 wallets like MetaMask and Coinbase, accepting ETH, USDT, and AVAX. 
• Leverage: Up to 50x on perpetual contracts, with direct wallet integration.

‍

3. dYdX

dYdX, created by former Coinbase engineer Antonio Juliano, is another popular platform for decentralized perpetual contracts. It supports 68 assets like BTC, ETH, SOL, and NEAR, using StarkWare’s Layer 2 tech to provide fast, low-cost trades with strong liquidity. With zero-knowledge rollups, it is best-in-class for privacy and security, attracting over 25,000 traders.

The platform uses cross-margining by default, allowing traders to manage multiple positions with shared collateral, making margin management more flexible. It also features a $DYDX rewards program, giving users a voice in governance decisions. Plus, dYdX is fully open-source, making it a solid option for developers.

• Fees: 0.02% maker fees and 0.05% taker fees.
• Assets: Supports 68 cryptocurrencies, including BTC, ETH, SOL, and NEAR.
• Deposit Methods: Works with EVM-compatible Web 3 wallets, accepting USDC as collateral. 
• Leverage: Up to 20x leverage on perpetual contracts, directly from your wallet.

‍

4. gTrade

gTrade is the most popular DeFi futures platform for trading commodities and Forex, offering over 200 assets, including gold, silver, oil, platinum, and palladium, as well as 35 Forex pairs like EUR/USD, USD/JPY, and GBP/USD. With $49 billion in all-time volume and $57 million in daily trading, gTrade sets the standard for capital efficiency and flexibility.

The platform’s liquidity architecture, powered by gToken Vaults, delivers low fees and high leverage, up to 150x on crypto, 1000x on Forex, and 250x on commodities. What really sets gTrade apart is its use of Chainlink's oracle network, ensuring accurate price feeds for off-chain assets like commodities and Forex pairs. This gives traders confidence in pricing accuracy while keeping everything fully on-chain.

• Fees: Charges 0.08% maker fees and 0.1% taker fees across all supported markets.
• Assets: Supports over 200 assets, including major commodities and 35 Forex pairs. 
• Deposit Methods: Compatible with any ERC20 wallet, using USDC for collateral. 
• Leverage: Up to 150x on crypto, 1000x on Forex, and 250x on commodities.

‍

5. Drift

Drift Protocol is the best pick for Solana users who want a smooth, reliable onchain trading experience that is compatible with Phantom and other popular SOL wallets. Offering everything from spot trading and political betting to perpetuals, borrowing, lending, and passive liquidity, Drift handles over $10 billion in trading volume and solves key blockchain issues like speed and scaling.

What sets Drift apart is its approach to liquidity and trade execution. It integrates Just-in-Time Auction Liquidity, a decentralized limit order book, and AMM liquidity, making it one of the most efficient platforms on Solana. Whether you’re a market maker or a regular trader, Drift keeps things fast and fluid.

• Fees: Taker fees range from 0.2% to 0.6%, based on trading volume and staking.
• Assets: Supports more than 20 assets, including SOL, BTC, WETH, and HNT.
• Deposit Methods: Accepts USDC and SOL for margin trading in perpetual markets.
• Leverage: Offers up to 10x leverage on pairs like HNT-PERP and XRP-PERP.

‍

What are Decentralized Perpetual Exchanges?

A decentralized perpetual exchange is a non-custodial trading platform where you can trade perpetual contracts without relying on a central authority. Unlike traditional centralized futures platforms, which hold your assets, decentralized exchanges let you maintain full control of your funds. This means you avoid risks like exchange failures (think FTX), thanks to blockchain’s built-in transparency and security.

Perpetual contracts work like futures, but with no expiration date, you can hold your position for as long as you want (keep in mind you have to pay funding rates). With high-leverage options, traders can make the most of their capital, trading more than they initially deposit. 

Overall, perpetual exchanges in DeFi offer more control, less counterparty risk, and a fully transparent trading experience compared to centralized platforms.

‍

Fees for Decentralized Perpetual Exchanges

When trading decentralized futures, knowing the fees can make a big difference in your bottom line. Here’s a quick breakdown:

• Trading Fees: These vary by platform. Some, like HyperLiquid, offer maker rebates, meaning you get rewarded for adding liquidity with limit orders. Taker fees apply when your orders fill instantly, so always check the fee structure to avoid surprises.
• Funding Rates: For perpetual futures, funding rates adjust every 8 hours to keep futures prices in line with spot prices. If you’re long and the rate is positive, you’ll pay; if you’re short, you’ll receive. Keeping an eye on these rates can help you manage position costs.
• Bridging Fees: If you need to move assets across chains (like bridging from Arbitrum to Solana for Drift), expect to pay a fee to make the transfer. Always factor this in if you're trading on a different blockchain.
• Spreads: Liquidity matters. Platforms like HyperLiquid and GMX have deep liquidity, which means tighter spreads and less slippage, even for larger trades.

By comparing trading fees, funding rates, bridging costs, and spreads, you can choose the platform that best fits your strategy while keeping costs low.

‍

Are Futures Platforms in DeFi Safe?

It really depends on the platform. Safety in DeFi futures exchanges is case-by-case, and traders need to dig into details like the team behind the protocol, total trading volume, value locked, smart contract audits, security history, and overall community sentiment. Our recommended platforms have been tested and passed all these checks based on our hands-on research.

DeFi’s non-custodial nature means you control your funds, which lowers risks like exchange hacks or mismanagement. However, the security of any platform still hinges on the strength of its smart contracts and how well they’ve been audited. Always do your own research before diving in.

‍

Bottom Line

To wrap things up, decentralized perpetual platforms give traders more control, transparency, and privacy, making them a strong alternative to centralized platforms like Binance for futures trading. 

That said, it’s important to evaluate each platform based on factors like liquidity, fees, security audits, and community trust. By paying attention to funding rates, bridging fees, and spreads, you can choose the best platform for your strategy. 

Our top picks, HyperLiquid, GMX, Drift, and others, have been thoroughly tested, offering traders a great start to their onchain perpetual trading journey.