In this article, We will talk about the Best Decentralized Perpetuals Exchanges concentrating on fully decentralized crypto exchanges with high leverage, secure, transparent trading, and more.
As exchanges with no central authority, they provide advanced features, including low fees, various trading pairs, and complete control over user funds.
The user experience and low fees let them leverage innovative tools, too. Let’s dive into the top decentralized perpetual exchanges available today.
How To Choose Best Decentralized Perpetuals Exchanges
Range of Supported Cryptocurrencies – The more popular assets an exchange has, the better, such as BTC, ETH, LINK, and several stablecoins.
Leverage Offered – Depending on the goals of the trader, exchanges tend to provide leverage between 10x to 50x.
Cost of Trading – Analyzing both maker and taker fees is paramount, alongside any high-volume discounts.
Network of the Blockchain – Make sure to check whether the exchange is on a widely accepted chain such as Ethereum, Arbitrum, and Solana, or their own Layer-1.
Volume of Trading – The more liquid an exchange, the better the slippage and easier the trade executions.
Complexity of the User Interface – Select platforms that are easy to use, so traders spend more time on trades compared to engines.
Safety – Non-custodial exchanges that provide the private keys are more secure as they are less at risk of hacking.
FUNCTIONALITY – Some exchanges have unique offerings such as zero gas fees, and the ability to stake and receive rewards, cross chain trading, and synthetic assets.
Key Points & Best Decentralized Perpetuals Exchanges List
| Exchange | Key Points |
|---|---|
| Hyperliquid | Offers deep liquidity and low slippage; focuses on advanced order types for traders. |
| ApeX | Decentralized perpetuals platform with fast execution and low fees; supports cross-margin trading. |
| Drift | Optimized for leverage trading with low funding rates; strong on-chain risk management. |
| Jupiter | User-friendly DEX for perpetual swaps; emphasizes capital efficiency and low gas costs. |
| GMX | Popular DEX with multi-asset support; provides leverage trading and auto-market making. |
| dYdX | One of the most established decentralized perpetuals exchanges; offers high leverage and cross-margin. |
| dTrade | Focused on trustless perpetual contracts; combines low fees with strong liquidity pools. |
| Synthetix | Enables synthetic assets and perpetual derivatives; strong protocol security and integration. |
| Perpetual Protocol | Layer 2 exchange with virtual AMM; supports high leverage and low transaction fees. |
| Injective Protocol | High-performance DEX with cross-chain support; offers zero gas fees for users. |
10 Best Decentralized Perpetuals Exchanges
1.Hyperliquid
Hyperliquid is a new Perpetual exchange that launched in late 2024 developed by Hyperliquid Labs whose creators, Iliensinc and Jeff Yan, received their degrees from Harvard. Like many, Hyperliquid has its own Layer 1 infrastructure.
It’s L1 is Hyperliquid L1. They also have a new consensus called Hyper BFT that has constant sub-second finality additionally handling 200,000 tx/sec. Hyperliquid has over 100 trading pairs with USDC being the main and supports 50x leverage on selected assets.
They also have a tiered fee system with a 14-day rolling volume which for market making starts with 0.010% and for market taking, 0.035%.
Hyperliquid saw a peak revenue in perpetual trading futures in August 2025, with 106 million dollars. This was a 23% increase from the revenue they saw in July, which was 86 million.
| Feature | Description |
|---|---|
| Blockchain | Custom Layer 1 (Hyperliquid L1) |
| Order Type | Fully on-chain order book |
| Speed | Up to 100,000 orders/sec, sub-second finality |
| Leverage | Up to 50x |
| Fees | Zero gas fees; low maker/taker fees |
| Unique Tools | One-click trading, advanced order types (TWAP, Stop-Loss, etc.) |
| Token | HYPE – used for fees, staking, governance |
| Community Focus | No VC funding; large community-driven airdrop |
2.ApeX
ApeX Protocol is a decentralized exchange that offers and trades perpetual contracts, launched in 2022 and founded by Jimmy Hu while his co-founder and current president, Tiger Yan, is in charge of operations.
The exchange runs on Ethereum and Arbitrum and trades in BTC, ETH, SOL, XRP, DOGE, ADA and more. The platform allows up to 100x leverage for BTC and ETH, while 50x for other major altcoins.
The platform uses a maker-taker model with a maker fee of 0.02% and taker fee of 0.05%. As of September 2025, the platform is recording 3.73 million dollars in trading volume in a 24-hour period. Some advantages are cross-margined trading, no gas fees, and a multi-chain modular design that allows for easy trading across multiple chains.
| Feature | Description |
|---|---|
| Blockchain | Multichain (Ethereum, Arbitrum, etc.) |
| Trading Engine | Elastic AMM (eAMM) + Protocol Controlled Value (PCV) |
| Leverage | Up to 100x |
| Fees | Zero gas; 0.02% maker / 0.05% taker fees |
| Unique Tools | Copy-trading vaults, AI Alpha Radar, staking rewards |
| Token | APEX – governance, staking, rewards |
| Privacy | Fully permissionless, no KYC |
3.Drift
Drift Protocol is a decentralized exchange specializing in perpetual futures that was created on the Solana blockchain. Offered cross-margined with up to 10x impact trading since its launch in August 2021, the platform supports SOL, BTC, ETH, and USDC.
Drift Labs applies a tiered 30-day rolling volume fee construction and offers maker rebate and taker discount options via DRIFT native token staking. As of September 2025, the protocol has a $194 million market capitalization with $410 million in 24-hour trading volume.
More than 30,000 DRIFT holders are able to participate in governance decisions around protocol upgrades. Important developments of the protocol include a decentralized order book, Just-In-Time (JIT) liquidity, and strong risk management.
| Feature | Description |
|---|---|
| Blockchain | Solana |
| Trading Engine | Hybrid AMM + Decentralized Limit Order Book (DLOB) |
| Leverage | Up to 50x |
| Liquidity Model | Just-In-Time (JIT) liquidity |
| Speed | Millisecond execution via Solana |
| Token | DRIFT – governance, staking, rewards |
| Unique Tools | Vaults, prediction markets, cross-margin trading |
4.Jupiter
The founder of Meow started the Solana based decentralize perpetual exchange called Jupiter back in October of 2021. The decentralized exchange allows for up to 10x leverage on selective pairs and charges a dynamic fee based on the order size to lessen the impact of manipulated orders on the exchange.
As of September 2025, the platform has comes in with approximately 130 million in trading volume. Some of the featured products of the exchange include a decentralized order book, Just-in-time liquidity and etc. The platform charges a fee of 0.02% and 0.05% for maker and Taker on the exchange respectively.
| Feature | Description |
|---|---|
| Blockchain | Solana |
| Core Function | DEX aggregator with perpetuals support |
| Leverage | Up to 150x |
| Routing Engine | Smart liquidity routing across Solana DEXs |
| Unique Tools | Limit orders, dollar-cost averaging, launchpad |
| Token | JUP – governance, fee sharing, launchpad access |
| Privacy | No KYC; non-custodial |
5.GMX
Anonymous in nature, GMX was and is operated in Arbitrum and Avalanche blockchains and was launched in September 2021 by a team still unknown with Krunal Amin and Benjamin Simon being notable contributors.
GMX supports BTC, ETH, AVAX, LINK, UNI, and WBTC and provides up to 50x leverage for some pairs. GMX records 24h trade volume around $320 million as of September 2025. GMX charges trading fees of 0.1% for makers and takers plus network gas fees.
Key product functionalities include zero price impact trades, the “GLP” multi-asset liquidity pool, and a multi-asset liquidity profit pool with profit sharing for stakers.
The GMX Token is empowered to exercise its governance rights and participate in profit sharing from fees, with a circulating supply of 10.28 million tokens and a maximal supply of 13.25 million tokens.
| Feature | Description |
|---|---|
| Blockchain | Arbitrum & Avalanche |
| Trading Engine | Aggregated price feeds via Chainlink oracles |
| Leverage | Up to 50x |
| Liquidity Model | GLP token pools |
| Fees | Low spread, minimal price impact |
| Token | GMX & GLP – staking rewards, governance |
| Unique Tools | Simple swaps, yield rewards, oracle-based pricing |
6.dYdX
Antonio Juliano launched dYdX in July 2017 as a decentralized perpetual exchange. It began on the Ethereum network as a perpetual exchange, but in 2023 it migrated to its own dYdX Chain blockchain which is built on the Cosmos ecosystem.
It allows up to 25x leverage on supported assets which include BTC, ETH, and LINK. Fee structures are 0.05% to 0.01% for takers, while makers may earn a rebate. Daily trading volume as of September 2025 is $500 million.
Additional features on dYdX include no gas fees, receiving DYDX tokens through staking, and a 6-month incentivized distribution program rewarding active users with DYDX tokens.
| Feature | Description |
|---|---|
| Blockchain | Custom Layer 1 (dYdX Chain, Cosmos-based) |
| Trading Engine | Decentralized order book |
| Leverage | Up to 50x |
| Speed | High throughput, low latency |
| Token | DYDX – governance, staking, rewards |
| Unique Tools | Stop-loss/Take-profit orders, mobile apps, staking pools |
| Privacy | No KYC; not available in US |
7.dTrade
The team at dTrade Labs introduced the decentralized perpetual exchange dTrade in the year 2023. It functions on the solana blockchain and supports an array of assets like SOL, BTC, ETH, and USDC. It also offers 20x leverage on some of the trading pairs.
dTrade uses a 30-day rolling volume model for its fees and DTRADE token for on chain fee discounts. It also reports about USDC 400 million of trading volume in 2025.
dTrade has linearly increasing fees on a sliding scale where the maker fee is 0.01% and the taker fee is 0.03%. It has an every increasing trading volume shift due to the decentralized order book, JIT liquidity, and other successful trading risk controls.
| Feature | Description |
|---|---|
| Blockchain | Polkadot ecosystem |
| Trading Engine | Decentralized perpetuals infrastructure |
| Leverage | High leverage (exact varies) |
| Unique Tools | Focus on institutional-grade derivatives |
| Privacy | Non-custodial, permissionless |
| Status | Emerging platform with growing traction |
8.Synthetix
Sinthetix is a decentralized derivatives protocol created by Kain Warwick in 2018. It focuses on Ethereum and Optimism blockchains and permits the trading or creation of synthetic assets (Synths).
These assets can include cryptocurrencies, fiat currencies, commodities, and indices. Users of the platform are expected to collateralize funds paid in its native tokens, SNX, to mint Synths. Synthentix has perpetual futures trading that is highly liquid and competitively priced.
As of September 2025, the protocol has 24-hour trading volumes of $67 million with open volumes of $21.48 million. Other features include decentralized order books, risk management, staking, and maintaining market liquidity.
Users of the protocol interface get access through Kwenta and Infinex used for easier access to trading Synthetix. It is on an open-source DAO that the Synthetix remains with governance of the Trading Protocol And is still in liquidity fees.
| Feature | Description |
|---|---|
| Blockchain | Ethereum Mainnet + Optimism |
| Trading Engine | Synthetic asset minting + Perpetuals v2/v3 |
| Leverage | Varies by market |
| Unique Tools | Synthetic assets (sBTC, sXAU, etc.), staking SNX |
| Token | SNX – staking, governance, collateral |
| Privacy | Fully decentralized, no KYC |
9.Perpetual Protocol
Perpetual Protocol was created in 2019 by Yenwen Feng and Shao-Kang Lee and is a decentralized perpetual futures exchange. It runs on both Ethereum and Optimism, supporting BTC, ETH, and LINK up to 10x leverage.
The company employs a vAMM and offers low slippage high liquidity market making. Their trading fees are 0.03% and apply to both takers and makers.
The company reports on 24 hour trading volume of $4.5 million, as of September 2025. Additional features include gasless transactions on trades exceeding 500 USDC, governance stake, and PERP token staking.
| Feature | Description |
|---|---|
| Blockchain | Ethereum & xDai |
| Trading Engine | Virtual AMM (vAMM) |
| Leverage | Up to 10x |
| Unique Tools | On-chain perpetuals, staking, governance |
| Token | PERP – staking, governance |
| Privacy | Non-custodial, permissionless |
10.Injective Protocol
Injective Protocol is an exchange of derivatives which is decentralized and was set up in 2020 by Eric Chen and Albert Chon. It operates on its own Layer 1 blockchain and supports BTC, ETH, and LINK, which are the core of crypto assets.
The platform boasts up to 20x leverage and has a tiered fee structure in which the maker’s fee is set to 0.1% and the taker’s fee is set to a maximum of 0.2% with the possibility of rebates.
As of September 2025, the protocol has a 24-hour trading volume of approximately $92 million. There are no gas fees with the platform, which has a decentralized order book and supports INJ Token staking.
| Feature | Description |
|---|---|
| Blockchain | Injective Chain (Cosmos SDK) |
| Trading Engine | Fully on-chain order book |
| Leverage | High leverage (varies by market) |
| Speed | Fast execution via Tendermint consensus |
| Token | INJ – governance, staking, ecosystem utility |
| Unique Tools | Cross-chain trading, derivatives, futures, spot markets |
Conclsuion
In conclusion, the best decentralized perpetual exchanges like Hyperliquid, ApeX, Drift, Jupiter, GMX, dYdX, dTrade, Synthetix, Perpetual Protocol, and Injective Protocol offer diverse trading features, leverage options, and low fees.
Each platform excels in areas such as liquidity, security, or innovative tools, allowing traders to choose based on asset support, interface preference, and risk management needs.
FAQ
Top exchanges include Hyperliquid, ApeX, Drift, Jupiter, GMX, dYdX, dTrade, Synthetix, Perpetual Protocol, and Injective Protocol.
Fees differ by platform but generally include maker and taker fees between 0.01% to 0.2%, with some offering tiered discounts or rebates.
Yes, they are non-custodial, meaning users retain control of private keys, reducing risks associated with centralized exchanges.
