Perpetual DEXs
A perpetual DEX, or perp DEX, is an exchange that runs on a blockchain and lists perpetual futures: leveraged contracts that track an asset's price and never expire. This page compares 4 of them on fees, KYC, country restrictions, markets, leverage, and how money gets in and out.
Perpetual DEX fees, KYC, leverage, and country restrictions
| Protocol | Fees | KYC / countries | Markets / leverage | Best for |
|---|---|---|---|---|
| 0.045%Taker, 0.015% makerBase tier, standard perpetuals | No KYC2+ countries restricted | 100+ perpetual assets, plus spot3x to 40x by asset | Traders who want a standard order-book exchange with one published fee schedule | |
| 0%Taker, 0% makerStandard account, perpetuals and spot | No KYC14+ countries restricted | 160+ perpetual markets, plus spot3x to 50x by market | Traders who want zero trading fees and can accept a deliberate order delay | |
| 0.04%Taker, 0% makerCrypto General perpetuals at VIP 1 | Checks may apply11+ countries restricted | 580+ perpetual markets, plus spotSet per market, up to 1001x | Traders who want hidden orders, stock and commodity perpetuals, or very high leverage | |
| 0.04%-0.06%Position feePosition changes on most crypto markets | No KYC1+ countries restricted | 100+ perpetual markets on Arbitrum, plus swapsUp to 100x, capped per market | Traders who want to trade straight from a wallet at oracle prices, or want gold, oil, and stock-index perpetuals on-chain |
Published base rates before discounts, for the account and market in each scope. Funding, spread, price impact, and transfer costs are separate. Restriction counts come from published terms and are not exhaustive. How we compare
Perpetual DEX open interest and volume
From DefiLlama and CoinGecko, refreshed every 4 hours.
How to choose
Read the fee's scope
A maker order adds to the book, a taker order removes from it, and pool-based venues charge a position fee instead. None of those rates include funding, spread, or price impact.
Eligibility, not reachability
Some of these protocols publish exclusion lists that name large markets. A site that loads, with or without a VPN, is not a site you are permitted to use.
Know the route in and out
Deposit asset, network, withdrawal cost, and whether you need a wallet or just an email all differ. Confirm them in the app before sending funds.
Head-to-head comparisons
Where two protocols differ and who each one suits.
Hyperliquid vs Lighter
Lighter's Standard account pays no trading fee but waits on a deliberate order delay, and its published country exclusions are long. Hyperliquid has one fee schedule with market exceptions and a shorter named exclusion list. Neither runs identity checks. Check both before the fee decides anything.
See comparison
Hyperliquid vs Aster
Aster charges nothing to make and 0.04% to take, hides orders on request, and lists stocks and commodities, but its Terms allow identity checks, its country list is longer, and its 2025 volume was disputed. Hyperliquid has one schedule, a public book, and a shorter exclusion list. Name the exact market first.
See comparisonLighter vs Aster
Both exclude the US, Canada, and the UK. Lighter's default account pays no fee and its matching is proven on Ethereum. Aster pays 0.04% to take, hides orders, lists more markets, and may ask for identity verification. Match the account type and market group before comparing costs.
See comparisonQuestions about perpetual DEXs
Which perpetual DEX is best?
No single one suits everyone. It depends on what you trade, how you want to pay in, and whether your country is excluded. What each is best for, in our assessment:
- Hyperliquid: Traders who want a standard order-book exchange with one published fee schedule.
- Lighter: Traders who want zero trading fees and can accept a deliberate order delay.
- Aster: Traders who want hidden orders, stock and commodity perpetuals, or very high leverage.
- GMX: Traders who want to trade straight from a wallet at oracle prices, or want gold, oil, and stock-index perpetuals on-chain.
Do perpetual DEXs require KYC?
Hyperliquid, Lighter, and GMX have no identity check to sign up or trade, and their Terms reserve none. Aster can require an identity check in some cases, such as one the Terms reserve or a payment route that asks for it.
Can I use a perpetual DEX in the US?
No, not under their published terms. Hyperliquid, Lighter, Aster, and GMX each name the US as restricted.
What is the difference between an order-book and a pool-based perp DEX?
On an order book, your order meets other traders' orders. You pay the maker rate when your order rests on the book and the taker rate when it fills against one already there. On a pool-based exchange, you trade against a shared liquidity pool at an oracle price, pay a position fee to open, resize, or close, and pay funding or borrowing fees while the position is open. Order book: Hyperliquid, Lighter, and Aster. Pool-based: GMX.
Does a zero trading fee mean a free trade?
No. Funding, spread, price impact, network fees, and deposit or withdrawal charges still apply, and a quoted rate only covers the account and market in its scope.