Decentralized perpetual exchanges are rapidly gaining popularity, especially on prominent blockchain networks like Arbitrum, Solana, and Base. For traders in jurisdictions with strict regulations—such as the United States and the United Kingdom—access to traditional perpetual trading platforms is often restricted due to KYC requirements. On-chain decentralized exchanges bypass these limitations, offering global access while enhancing user security through self-custody and blockchain-based operations.
We have analyzed and compiled a list of the leading DeFi perpetual exchanges for 2025, emphasizing essential criteria such as security, liquidity, fee structures, and overall user experience. This evaluation will help you determine the most suitable platform for your trading objectives.
Top Decentralized Perpetuals Platforms
Here is a curated selection of premier decentralized perpetual exchanges tailored for cryptocurrency traders.
HyperLiquid – Leading Decentralized Perpetuals Platform
Blockchain: Arbitrum
HyperLiquid stands out as a premier decentralized perpetual exchange, recognized for its superior liquidity, cutting-edge features, and seamless user interface. It supports over 130 cryptocurrencies and facilitates approximately $3 billion in daily trading volume, serving both retail and institutional traders with substantial market depth.
The platform offers zero gas fees, a competitive maker rebate of 0.02%, and a taker fee of just 0.05%. With leverage of up to 50x on major assets like Bitcoin and Ethereum, traders can execute high-impact strategies. HyperLiquid also employs a transparent on-chain order book to promote fairness and includes a points program that rewards active users with future governance tokens.
Key Features:
- Supports 100+ assets including BTC and ETH with leverage up to 50x.
- Zero gas fees with maker rebates and low taker fees.
- Direct TradingView integration for advanced charting and order execution.
- Fully transparent on-chain order book.
- Points-based rewards system leading to governance token airdrops.
Pros:
- Exceptional liquidity and minimal trading costs.
- Professional trading tools and TradingView compatibility.
- No gas fees and attractive rebates for makers.
- Incentivized rewards program for frequent traders.
Cons:
- Newer to the market compared to established names like dYdX.
Supported Wallets: MetaMask, Coinbase Wallet, Kepler, OKX Wallet, and other EVM-compatible Web3 wallets.
GMX – Leading Alternative for Perpetuals Trading
Blockchain: Arbitrum and Avalanche
GMX is a widely-used decentralized perpetuals exchange, especially popular among users on Arbitrum and Avalanche. With over $186 billion in all-time trading volume and nearly half a million users, GMX enables leverage of up to 50x on cryptocurrencies such as Bitcoin, Ethereum, and Solana.
A major strength of GMX is its sophisticated risk management framework, which uses Chainlink oracles and the GLP liquidity pool to reduce slippage and liquidation risks. The platform also offers staking and governance opportunities through its native GMX and GLP tokens.
Key Features:
- Supports major assets including BTC, ETH, and AVAX with up to 50x leverage.
- Dynamic fee structure: 0.05% for makers, 0.06% for takers.
- Oracle-based price feeds to minimize slippage.
- Available on both Arbitrum and Avalanche networks.
- Strong community with over 490,000 users and $287M in open interest.
- GMX and GLP tokens for staking and governance.
Pros:
- High liquidity and advanced price aggregation for reduced risk.
- High leverage on popular cryptocurrencies.
- Staking rewards for token holders.
- Trusted by a large and active user base.
Cons:
- Supports fewer assets than some competitors.
- Slightly higher taker fees for instant orders.
Supported Wallets: Web3 wallets like MetaMask and WalletConnect.
Aevo – Ideal for Pre-Launch Futures Trading
Blockchain: Aevo L2 (Appchain)
Aevo specializes in pre-launch token futures, allowing traders to speculate on tokens before their official market release. Operating on its own Layer 2 network, Aevo combines high transaction speeds with a decentralized structure, offering a user experience comparable to centralized exchanges.
The platform supports leverage of up to 50x on a wide selection of assets and integrates perpetuals, options, and other derivatives into a single ecosystem.
Key Features:
- Pre-launch futures for upcoming digital assets.
- 100+ supported assets with leverage up to 50x.
- Custom Layer 2 for fast, low-cost transactions.
- Multi-product derivatives platform.
Pros:
- Unique pre-market futures offerings.
- Fast execution and affordable fees.
- Diverse trading products in one place.
Cons:
- Lower altcoin availability than larger exchanges.
- Less liquidity on major pairs compared to top platforms.
Supported Wallets: MetaMask and other Web3 wallets.
dYdX – Established Decentralized Perpetuals Exchange
Blockchain: Cosmos
dYdX is one of the longest-running decentralized perpetuals exchanges, built for experienced traders seeking high liquidity, low fees, and advanced order types. It supports up to 20x leverage on assets like Bitcoin and Ethereum and is fully decentralized, with community governance enabled through the $DYDX token.
The platform is developed on the Cosmos SDK and uses a Tendermint consensus mechanism, emphasizing transparency and self-custody.
Key Features:
- Non-custodial trading with full user control.
- Advanced order types including conditional triggers.
- Leverage up to 20x on BTC, ETH, and SOL.
- Competitive fee schedule for high-volume traders.
- $DYDX token for governance and rewards.
- Mobile-optimized with dedicated apps.
Pros:
- Deep liquidity and professional tools.
- Easy wallet-based onboarding.
- Trade-to-earn rewards with $DYDX.
- Fully decentralized with community governance.
Cons:
- Best suited for advanced traders.
Supported Wallets: MetaMask, Coinbase Wallet, Trust Wallet, Ledger, and other WalletConnect-supported wallets.
Jupiter – Top Perpetuals Platform on Solana
Blockchain: Solana
Jupiter is a leading perpetuals exchange on the Solana network, offering up to 100x leverage on SOL, ETH, and wBTC. Its oracle-based pricing model prevents slippage, even on large orders, making it ideal for high-volume traders.
Liquidity is supplied through the JLP pool, which includes SOL, ETH, wBTC, USDC, and USDT. Users can deposit SPL tokens as collateral and monitor positions through real-time analytics.
Key Features:
- Up to 100x leverage on SOL, ETH, and wBTC.
- Oracle pricing for zero-slippage trade execution.
- JLP pool for liquidity provisioning and yield.
- Live market data and transparent order book.
Pros:
- Extremely high leverage options.
- No slippage on trades.
- Straightforward collateral management.
Cons:
- Only three assets currently supported.
Supported Wallets: Phantom, Ledger, and other Solana-compatible wallets.
Understanding Decentralized Perpetuals Platforms
Decentralized perpetuals platforms are non-custodial exchanges that allow users to trade perpetual contracts—derivatives with no expiration date—often with high leverage. By operating on blockchains, these platforms eliminate the need for intermediaries and allow users to retain control of their assets at all times.
Through automated market makers (AMMs) and oracle networks, decentralized perpetuals exchanges maintain liquidity and minimize price slippage. 👉 Explore more strategies for leverage-based trading in a secure and permissionless environment.
What Are Perpetual Contracts?
Perpetual contracts are a type of derivative instrument that enables traders to speculate on price movements without an expiry date. Unlike traditional futures, perpetuals can be held indefinitely, provided that margin requirements are satisfied.
To ensure that the contract price remains closely pegged to the spot price of the underlying asset, a funding rate mechanism periodically transfers fees between long and short positions. This structure makes perpetual contracts especially useful for continuous, leveraged trading strategies.
Frequently Asked Questions
What is the difference between perpetual contracts and traditional futures?
Perpetual contracts do not have an expiration date, allowing indefinite holding periods, while traditional futures settle on a predetermined date. Perpetuals also use funding rates to align contract prices with spot market values.
How do funding rates work in perpetual contracts?
Funding rates are periodic payments made between traders holding long and short positions. A positive rate means long positions pay shorts, while a negative rate implies shorts pay longs. This mechanism helps tether the contract price to the real-world asset price.
What are the risks involved in trading perpetual contracts?
The primary risks include high leverage, which can amplify losses, and liquidation—which occurs when a trader’s margin balance becomes insufficient to maintain an open position. Effective risk management is essential when trading perpetuals.
Conclusion
Decentralized perpetuals platforms offer traders full control over their funds, deep liquidity, and the flexibility of high-leverage trading around the clock. Among the options available today, HyperLiquid and GMX are community favorites due to their liquidity, low fees, and superior user experience. Whether you are a new or experienced trader, these platforms provide powerful tools for engaging with cryptocurrency derivatives.