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Perps DEXs are reshaping crypto derivatives, offering self-custody, transparency, and KYC-free perpetual futures. As regulatory scrutiny on centralized exchanges grows, traders are shifting to on-chain platforms for greater control and security.
Unlike CEXs, decentralized perpetuals settle trades on-chain, minimizing counterparty risk while ensuring global accessibility. Popular platforms like Hyperliquid have surged in market share, pulling demand from major exchanges like Binance and Bybit, as traders seek deep liquidity, low friction, and full ownership of their assets.
Best Perps DEXs in Crypto
We’ve ranked the top decentralized perpetual exchanges (Perps DEXs) for 2025, evaluating security, liquidity, fees, and execution speed to help you choose the best platform for crypto futures trading in DeFi.
1. HyperLiquid – Best Overall Perpetuals DEX
HyperLiquid leads the decentralized perpetuals exchange (perps DEX) market, consistently handling $4–6 billion in daily trading volume. It offers the deepest liquidity across major crypto assets, ensuring minimal slippage and efficient trade execution. Unlike other DEXs that rely on external liquidity providers, HyperLiquid operates a native liquidity engine, delivering tighter spreads and superior market depth.
With sub-millisecond execution speeds, an advanced on-chain order book, and gas-free trading, HyperLiquid combines the transparency of DeFi with the efficiency of a centralized exchange. Traders can access up to 50x leverage on 130+ assets, backed by robust risk management and a seamless trading experience.
Key Features
- Liquidity: Deepest order book for BTC, ETH, and other major assets.
- Fees: 0.02% maker rebate, 0.05% taker fee.
- Leverage: Up to 50x on top cryptocurrencies.
- Wallet Support: MetaMask, Coinbase Wallet, OKX Wallet.
Why Choose HyperLiquid?
- Deepest liquidity across all perps DEXs.
- Zero gas fees and efficient order execution.
- Institutional-grade performance with sub-millisecond speeds.
2. GMX – Leading Multi-Chain Perps DEX
GMX remains a major force in decentralized perpetuals trading, having processed over $250 billion in total volume and averaging $250 million in daily trades. Built on Arbitrum and Avalanche, it offers up to 100x leverage across 20+ assets, including BTC, ETH, and AVAX.
Instead of an order book, GMX uses a multi-asset liquidity pool (GLP) to enable low-slippage trading, with liquidity providers earning a share of platform fees. The ecosystem is powered by GMX, GLP, and GM tokens, which drive staking rewards and incentivize liquidity. With trading fees between 0.05% and 0.07%%, GMX provides cost-efficient execution for traders.
Key Features
- Liquidity: GLP-backed liquidity model with minimal slippage.
- Fees: 0.05%–0.07% for trading; stablecoin swaps from 0.005%.
- Leverage: Up to 100x on perpetual contracts.
- Wallet Support: MetaMask and other Web3 wallets.
- Supported Assets: 20+ assets, including BTC, ETH, AVAX, and PEPE.
Why Choose GMX?
- Efficient liquidity model with GLP staking incentives.
- Low fees and strong rewards for liquidity providers.
- Decentralized trading with advanced risk management.
3. Drift – Best Perpetuals DEX on Solana
Drift is Solana’s top decentralized derivatives exchange, offering up to 50x leverage on 40+ markets, including SOL, BTC, and ETH. Built on Solana’s fast, low-cost infrastructure, it delivers near-instant trade execution with minimal fees and deep liquidity.
Drift’s hybrid liquidity model combines Dynamic AMM (DAMM), Decentralized Limit Order Book (DLOB), and Just-in-Time (JIT) auctions, ensuring tight spreads and low slippage. The platform also supports cross-margin trading, allowing traders to use multiple collateral types while earning yield on idle assets. With over $50 billion in total volume and $150 million in daily trading activity, Drift is rapidly gaining market share.
Key Features
- Liquidity: DAMM, DLOB, and JIT auctions optimize order execution.
- Fees: Maker/taker fees from 0.02% to 0.06%, with volume-based discounts.
- Leverage: Up to 50x on SOL, BTC, and ETH; 20x on other assets.
- Wallet Support: Phantom, Backpack, and other Solana wallets.
- Supported Assets: 40+ markets, including SOL, BTC, ETH, and HNT.
Why Choose Drift?
- Deepest liquidity on Solana with efficient order execution.
- Fast, low-cost trading on a high-performance blockchain.
- Cross-margin support with yield-earning collateral.
4. dYdX – Most Advanced Decentralized Perps Exchange
dYdX is one of the most advanced decentralized perpetuals exchanges, offering up to 100x leverage on 180+ markets, including BTC, ETH, and new memes like TRUMP and FARTCOIN. Originally built on Ethereum Layer 2 , dYdX migrated to its own Cosmos-based blockchain, enabling fully decentralized trading, low-latency order matching, and on-chain settlement.
With $300 million in daily trading volume, dYdX competes directly with centralized exchanges by using an off-chain order book for high-speed matching while maintaining on-chain transparency. The protocol is community-governed, allowing token holders to control fees, liquidity incentives, and future upgrades. Features like MegaVault liquidity and staking rewards further strengthen its position as a top-tier DeFi trading platform.
Key Features
- Liquidity: Deep liquidity pools with efficient order execution.
- Fees: 0.02% maker rebate, 0.05% taker fees, with volume-based discounts.
- Leverage: Up to 100x on perpetual contracts.
- Wallet Support: MetaMask and other EVM-compatible wallets.
- Supported Assets: 180+ cryptocurrencies, including BTC, ETH, and AVAX.
Why Choose dYdX?
- High liquidity and low-latency execution on an independent blockchain.
- Decentralized governance with full community control over protocol decisions.
- Institutional-grade infrastructure with on-chain settlement and staking rewards.
5. Aevo – Best for Pre-Launch Futures
Aevo is a derivatives-first decentralized exchange specializing in pre-launch token futures, allowing traders to gain early exposure to new crypto projects before they officially list. Built on a custom Ethereum Layer 2 rollup, Aevo combines off-chain order matching with on-chain settlement, delivering faster execution and lower fees than most decentralized exchanges.
With over $10 billion in total trading volume, Aevo supports up to 50x leverage across 100+ assets, including options and perpetual futures. While it lacks the deep liquidity of platforms like Hyperliquid and GMX for major assets, it remains the go-to DEX for trading tokens ahead of their market debut.
Key Features:
- Pre-Launch Futures: Trade tokens before they officially list.
- Asset Support: Over 100 markets with up to 50x leverage.
- Custom Layer 2 Scaling: High-speed execution with reduced fees.
- Comprehensive Derivatives Suite: Includes options, perpetuals, and structured strategies.
Why Choose Aevo?
- Access to new token markets before they go live.
- Fast, efficient trading with low-latency order execution.
- Diverse trading products beyond standard perpetuals.
Why Perpetual DEXs Are Gaining Market Share
Regulatory pressure on centralized exchanges (CEXs) is driving traders toward decentralized perpetuals exchanges (perps DEXs). These platforms offer self-custody, transparency, and unrestricted access to leveraged trading, making them an increasingly viable alternative to CEXs.
Key Factors Driving Growth
- No KYC Requirements: Users can trade without identity verification.
- Self-Custody: Funds remain in user wallets, reducing counterparty risk.
- On-Chain Transparency: All transactions are recorded and verifiable on the blockchain.
- Global Accessibility: Open to traders worldwide, free from centralized control.
In 2025, perps DEXs account for 10% of total perpetual futures volume, a significant jump from 4.5% in early 2024. With continued advancements in infrastructure and increasing regulatory constraints on CEXs, perpetual DEXs are positioned to capture an even larger share of the derivatives market.
What are Decentralized Perpetuals Exchanges (Perps DEXs)?
Decentralized Perpetual Exchanges (Perps DEXs) enable on-chain, non-custodial trading of perpetual futures, allowing traders to hold leveraged positions indefinitely. Built on smart contracts, they execute trades transparently, settle transactions on-chain, and remove intermediaries.
Unlike centralized exchanges (CEXs), Perps DEXs use AMMs, decentralized order books, or hybrid liquidity models to ensure deep liquidity and minimal slippage. Funding rates balance long and short positions, while oracle-based pricing and decentralized liquidation engines manage risk.
With self-custody, no KYC, and full transparency, Perps DEXs offer greater accessibility and censorship resistance, making them a strong alternative to CEXs in derivatives trading.
What is Crypto Futures Trading?
Crypto futures trading allows investors to speculate on the future price of digital assets using leveraged contracts, without needing to own the underlying cryptocurrency. These contracts, whether standard futures or perpetual swaps, are a key part of the broader derivatives market.
While CeFi platforms like Binance dominate in volume, DeFi-based perpetual exchanges are gaining traction by offering non-custodial, on-chain alternatives that eliminate intermediaries and increase accessibility.
Closing Thoughts
Perpetual DEXs are rapidly gaining market share as traders seek self-custody, transparency, and unrestricted access to leveraged trading. Platforms like Hyperliquid, GMX, Drift, dYdX, and Aevo are leading this shift by offering deep liquidity, competitive fees, and efficient execution without relying on centralized intermediaries.
As regulatory pressure on CEXs increases, decentralized derivatives trading is set to grow, positioning Perps DEXs as a long-term alternative for serious traders.
*This article was paid for. Cryptonomist did not write the article or test the platform.
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