The guide to decentralized perp trading

Perpetual futures moved on-chain. PerpDEX Guide covers the exchanges where that happens — Hyperliquid, Aster, dYdX, GMX and the platforms challenging them — with plain-English guides, verified fee breakdowns, and side-by-side comparisons.

Every number we cite is checked against the platform's official documentation, and every recommendation comes with the risks spelled out — see how we work on the methodology page.

Hyperliquid — the flagship on-chain perps exchange

Hyperliquid review

What it is, how it differs from CEX futures, and the risks — the full picture.

Fees explained

Maker/taker rates, volume tiers, HYPE staking discounts, and funding — verified.

Referral discount

How the 4% fee discount works and how to activate it.

Aster — the low-fee challenger

Aster review

The BNB-ecosystem order-book perp DEX with 0% maker fees, reviewed honestly.

Fees explained

0% maker on both perp families, the USD1 distinction, and the ASTER discount.

Referral rebate

How Aster's commission split works and what lands on your side.

dYdX — the longest-running major perp DEX

dYdX review

The Cosmos app-chain veteran — track record, governance-set fees, honest restrictions.

Fees explained

Volume tiers, verified maker rebates at scale, and hourly funding mechanics.

How to start

Wallet or email onboarding, USDC on Noble, and who can't use it at all.

Lighter — zero fees, zk-verified

Lighter review

The zk-rollup where standard accounts trade free — and how that model sustains itself.

Fees explained

Zero-fee standard accounts, the Premium latency tier, and the LIT staking grid.

Points explained

Season 2's verified mechanics, cleanly separated from airdrop speculation.

GMX — the pool-model alternative

GMX review

No order book — pools take the other side. What that means for traders and LPs.

Fees explained

Position fees by pool-balance effect, borrow costs, and price impact.

Referral discount

The verified tier table — and what the 5% discount doesn't cover.

Learn the mechanics first

Platform-agnostic guides to the instruments themselves — read these before comparing venues.

Perpetual futures explained

What a perp is, how leverage and liquidation work, and who the instrument suits.

Funding rates explained

The recurring cost of holding perps — and how Hyperliquid settles it hourly.

Is perp trading legal in the EU?

Where perps sit between MiCA and MiFID II, and what "unregulated" costs you.

Live market tools

Straight from Hyperliquid's public API, fetched in your browser — no account, no key.

Funding rates

Hourly + annualized, every market, crowded trades first.

Open interest

USD notional positioning across all markets.

24h volume

Where the trading actually happens, updated live.

Compare the venues

Fee-verified, honest head-to-heads — the rival wins where it wins.

Best perp DEX in 2026

Hyperliquid, Aster, dYdX, GMX, and Lighter compared on verified numbers.

Hyperliquid vs Aster

The two hottest order-book perp DEXs, head to head on fees and custody.