5 Best Decentralized Perpetuals Trading Platforms

Decentralized perpetual exchanges are gaining traction, particularly on chains like Arbitrum, Solana, and Base. For futures traders in regions like the USA and UK, KYC restrictions often limit access to perpetuals on traditional platforms. 

These on-chain decentralized exchanges bypass those barriers, offering global access while improving user security and self-custody by operating on blockchains.

We’ve evaluated the top five DeFi perpetual exchanges for 2024, focusing on key factors like security, liquidity, fees, and user experience, so you can confidently decide which platform fits your needs.

Top Decentralized Perpetuals Platforms List

Here’s our curated list of the seven best decentralized perpetuals exchanges for crypto traders.

1. HyperLiquid – Best Overall Decentralized Perps Exchange

Blockchain: Arbitrum

HyperLiquid is the top decentralized perpetual exchange, offering unmatched liquidity, innovative features, and the smoothest user experience. With $3 billion in daily trading volume and support for 130+ cryptocurrencies, it caters to retail and institutional investors who need deep liquidity. 

Its zero gas fees, competitive 0.02% maker rebates, and 0.05% taker fees make it cost-efficient, while up to 50x leverage on major assets like Bitcoin and Ethereum allows for high-impact trades. HyperLiquid's transparent on-chain order book ensures fairness, and its points program rewards traders with a future governance token, making it a future-focused choice.

Key Features:

• Supports over 100 assets, including BTC and ETH, with up to 50x leverage.
• Maker rebate: 0.02%, Taker fee: 0.05%, with no gas fees for efficient trading.
• Seamless integration with TradingView for advanced charting and order placement.
• Transparent, on-chain order book for trust and security.
• Points system that converts to a governance token in future airdrops.

Pros:

• Best-in-class liquidity and low trading fees.
• Advanced trading tools and integration with TradingView.
• Zero gas fees and a competitive maker rebate system.
• Innovative rewards program for active traders.

Cons:

• Relatively new compared to more established platforms like dYdX.

Supported Wallets: MetaMask, Coinbase Wallet, Kepler, OKX Wallet and other EVM web 3 wallets.

2. GMX – Best Alternative for Perps

Blockchain: Arbitrum and Avalanche

GMX is the second-best decentralized perpetual exchange and a top alternative to HyperLiquid, particularly for traders on Arbitrum and Avalanche. With over $186 billion in trading volume and 490,000 users, it offers up to 50x leverage on assets like Bitcoin, Ethereum, and Solana.

GMX stands out with its risk management, using Chainlink oracles and GLP token liquidity to minimize slippage and liquidation risks. Its governance model and staking rewards for GMX and GLP tokens make it attractive for traders and liquidity providers.

Key Features:

• Supports top assets including BTC, ETH, and AVAX with up to 50x leverage.
• Dynamic maker fee: 0.05% and taker fee: 0.06%, ensuring competitive costs.
• Aggregated price feeds from oracles to reduce slippage and risk of liquidation.
• Available on Arbitrum and Avalanche, providing flexibility for users across different DeFi ecosystems.
• Strong community backing with over 490,000 users and $287 million in open interest.
• Ecosystem tokens (GMX and GLP) for governance and staking rewards.

Pros:

• Exceptional liquidity and reduced risk through advanced price feed aggregation.
• High leverage options (up to 50x) on major cryptocurrencies.
• Earn rewards through staking GMX and GLP tokens.
• Trusted by a large user base, with transparent governance and community involvement.

Cons:

• Focused on a narrower range of assets compared to HyperLiquid.
• Higher taker fees for instant order execution.

Supported Wallets: Web 3 wallets such as MetaMask and WalletConnect.

3. Aevo – Best for Pre-Launch Futures

Blockchain: Aevo Layer 2 (Appchain)

Aevo secures its spot as the third-best decentralized perpetual exchange, offering a unique advantage for traders interested in pre-launch token futures. With over $10 billion in total trading volume, Aevo provides high-speed transactions through its custom Layer 2 architecture, delivering a CEX-like experience while maintaining decentralization.

One of Aevo’s standout features is its pre-launch token futures, allowing traders to speculate on tokens before they hit the market. The platform supports up to 50x leverage across a wide range of assets, making it a powerful option for diversifying their strategies. With seamless integration of perpetuals, options, and more, Aevo creates a comprehensive environment for advanced trading.

Key Features:

• Specializes in pre-launch futures, offering early access to new tokens.
• Supports over 100 assets with up to 50x leverage.
• Custom Layer 2 scaling for high-speed, low-latency transactions.
• A comprehensive platform offering options, perpetuals, and other derivatives.

Pros:

• Unique pre-launch futures feature for speculative traders.
• High transaction speed with low fees.
• Wide range of trading products in one platform.
• Doesnt have deep liquidity like Hyperliquid and GMX on major assets

Cons:

• Limited availability of altcoins and tokens compared to larger platforms.

Supported Payment Methods: MetaMask and other Web 3 wallets.

4. dYdX – Longest Running DeFi Perps Platform

Blockchain: Cosmos

dYdX is a leading decentralized exchange, tailored for serious traders seeking deep liquidity, low fees, and advanced features. With over $1 billion in daily trading volume, it offers up to 20x leverage on major assets like BTC and ETH, all while giving traders full control of their funds.

Built on the Cosmos SDK with Tendermint proof-of-stake, dYdX is fully decentralized and governed by its community. It features advanced order types for executing complex strategies and rewards users with $DYDX tokens for every trade, adding value through governance and engagement.

Key Features:

• Full self-custody: You always control your funds.
• Advanced trading: Supports price triggers and other pro order types.
• Leverage: Up to 20x on top pairs like BTC, ETH, and SOL.
• Low fees: Attractive fee structure, perfect for high-volume trades.
• Governance: $DYDX token holders shape the future of the platform.
• Mobile-friendly: A seamless experience across devices with native apps.

Pros:

• Deep liquidity and professional-grade tools.
• Zero onboarding hassle with simple wallet login.
• Earn rewards in $DYDX while you trade.
• Fully decentralized with strong governance features.

Cons:

• More suited for experienced traders due to complex features.

Supported Wallets: MetaMask, Coinbase Wallet, Trust Wallet, Ledger, and WalletConnect-enabled wallets.

5. Jupiter – Best Perpetuals Exchange on Solana

Blockchain: Solana

Jupiter dominates Solana’s DeFi landscape with its perpetuals exchange, offering up to 100x leverage on SOL, ETH, and wBTC. With over $32 billion in trading volume since launch, Jupiter’s no-slippage model—powered by price oracles—ensures large trades don’t impact prices, making it a top choice for serious traders.

Liquidity comes from the JLP pool (SOL, ETH, wBTC, USDC, USDT), offering deep liquidity for traders and solid returns for liquidity providers. Users can deposit SPL tokens as collateral and trade seamlessly, while the platform’s transparent stats help users monitor real-time price movements and positions.

Key Features

• Up to 100x leverage on SOL, ETH, and wBTC.
• Price oracles ensure no price impact or slippage on large trades.
• JLP Pool offers liquidity and earns fees for liquidity providers.
• Real-time stats and transparent order book.

Pros

• High leverage and deep liquidity for large trades.
• No slippage due to price oracle integration.
• Easy collateral management and support for SPL tokens.

Cons

Currently limited to just three assets (SOL, ETH, wBTC).

Supported Wallets: Solana-based wallets like Phantom and Ledger.

What Are Decentralized Perpetuals Platforms?

Decentralized perpetual platforms (DEXs) allow traders to engage with perpetual contracts, which are derivatives without an expiration date, using high leverage. These platforms operate without a central authority, providing a permissionless and non-custodial environment where you maintain full control of your funds.

Using automated market makers (AMMs) or oracles, they ensure deep liquidity and minimize slippage. Traders can open long or short positions, trade 24/7, and avoid reliance on intermediaries. For anyone looking to maximize leverage while keeping full control, decentralized perps are a powerful solution in DeFi.

What are Perpetual Contracts?

Perpetual contracts are derivatives that allow traders to speculate on asset prices without an expiration date. Unlike standard futures, they can be held indefinitely, as long as margin requirements are maintained. These contracts offer high leverage, enhancing potential returns and risks.

To keep perpetual prices aligned with the underlying asset, funding rates are regularly adjusted between long and short positions. This mechanism ensures price stability, making perpetual contracts ideal for continuous, leveraged trading without the time constraints of traditional futures.

FAQs

How do perpetual contracts differ from traditional futures? 

Perpetual contracts have no expiration date, allowing traders to hold positions indefinitely. Traditional futures contracts expire on a set date, requiring settlement. Perpetuals also use funding rates to keep contract prices aligned with the spot market.

What are funding rates in perpetual contracts? 

Funding rates are periodic payments exchanged between long and short positions to maintain the contract’s price close to the underlying asset. When the rate is positive, longs pay shorts, and when negative, shorts pay longs.

What are the risks of trading perpetual contracts? 

Perpetual contracts involve high leverage, increasing the potential for both gains and losses. Traders must manage margin requirements carefully, as failing to do so can result in liquidation if the market moves against their position.

Conclusion

For traders who want full control and deep liquidity, decentralized perpetual platforms are where it’s at. These exchanges offer high leverage, 24/7 trading, and total custody over your assets. 

Right now, HyperLiquid and GMX are hands down the top picks in the crypto community. Both are praised for their liquidity, low fees, and smooth user experience. If you're serious about crypto trading, these two are the ones to watch.