13 perp exchanges for degens, ranked by real volume
Perpetual futures without a broker: long or short with leverage from your own wallet. Every venue on the same lines, ranked by 30-day perp volume on DefiLlama. Leverage cuts both ways: most traders who use it lose money.
Perpetual futures are leveraged: a small move against you can liquidate your position. Only trade what you can afford to lose.
- #P01Hyperliquid
- #P02Aster
- #P03Lighter
- #P04Variational
- #P05edgeX
- #P06ApeX Omni
- #P07GMX
- #P08Pacifica
- #P09Extended
- #P10Jupiter Perps
- #P11Veranta
- #P12dYdX
- #P13Backpack Exchange
The perp exchange checklist
Base-tier fees, leverage, markets, KYC and custody, side by side. Tap a name for the full review.
| # | Exchange | Taker · maker | Max leverage | Markets | Settles on | KYC | Self-custody | Referral perk | Review |
|---|---|---|---|---|---|---|---|---|---|
| #P01 | Hyperliquid | 0.045% · 0.015% | 40× | 234 | HyperCore (L1 Hyperliquid) | No KYC | Yes | 4% off fees on your first $25M of volume | Open |
| #P02 | Aster | 0.04% · 0% | 1001× | 610 | Aster Chain (own L1) | Not documented | Yes | You choose how the 10% default commission is split, so part of it can be returned to the referee as a fee discount | Open |
| #P03 | Lighter | 0% · 0% | 50× | 210 | Lighter Core (ZK rollup anchored on Ethereum) | No KYC | Yes | One week of Premium for free: the fees paid during that week are rebated | Open |
| #P04 | Variational | 0% · 0% | Not documented | 500 | Arbitrum (Variational settlement pools) | No KYC | Yes | 1 point for every 10 points earned | Open |
| #P05 | edgeX | 0.045% · 0.04% | 100× | 292 | edgeX Chain (StarkEx engine) | Not documented | Yes | 10% off trading fees, according to the promotional codes documented by affiliates | Open |
| #P06 | ApeX Omni | 0.05% · 0.02% | 100× | 100 | ApeX Omni (multi-chain settlement) | Not documented | Yes | A fee discount on the referee's side, with the level set when the link is created; affiliate codes advertised publicly show 20% | Open |
| #P07 | GMX | 0.04% · — | 100× | 132 | Arbitrum (GMX V2 contracts) | No KYC | Yes | 5% or 10% off opening and closing fees depending on the tier of the code you use | Open |
| #P08 | Pacifica | 0.04% · 0.015% | 50× | 78 | Solana | No KYC | Yes | 5% bonus on the points you earn | Open |
| #P09 | Extended | 0.025% · 0% | 100× | 100 | Starknet | No KYC | Yes | 10% discount on commissions | Open |
| #P10 | Jupiter Perps | 0.06% · — | 250× | 9 | Solana | No KYC | Yes | None documented | Open |
| #P11 | Veranta | 0.045% · 0.001% | 500× | 100 | Base (Avantis/Veranta contracts) | No KYC | Yes | None documented | Open |
| #P12 | dYdX | 0.05% · 0.01% | 50× | 78 | dYdX Chain (Cosmos app-chain) | No KYC | Yes | Referred users start at fee tier 3 instead of tier 1, worth up to $550 of fee savings | Open |
| #P13 | Backpack Exchange | — · — | 75× | 103 | Backpack Exchange (centralised matching) | KYC required | No | Fee rebates on referred accounts | Open |
