10 Best Decentralized Exchanges (DEXs) for Perpetual Futures Trading

Below is an in-depth coverage of the best decentralized futures exchange. We reviewed 20 perpetual futures exchanges and covered 10 in this guide based on CoinGape’s review methodology. Our deciding factors for the listed platforms are maximum leverage, supported assets, liquidity model, security, and overall popularity in 2025.

EdgeX is a layer-2 orderbook DEX designed for high-speed perpetual trading. Edgex stands out for its multichain support, covering 70+ blockchains. It also provides deep liquidity pools and a fast execution architecture. The platform reports a 24-hour trading volume of $6.6, with cumulative volume exceeding $515 billion, and over 191,000 active addresses. 

EdgeX also claims $10M+ liquidity within 1bs spread and the ability to fulfil 200,000 orders per second, positioning it close to CEX-level execution speed, while maintaining on-chain settlement and self-custody. In terms of leverage, Edgex supports up to 100x maximum leverage on BTC pairs. The platform offers solid security, mirrored by audits from PeckShield and SlowMist.

Hyperliquid is a CLOB-based perpetual futures exchange, offering low-slippage, high throughput and fast settlement. Unlike many chains that run on Ethereum or an L2, Hyperliquid operates on its own native chain called HyperEVM, which is highly optimized for high throughput and CEX-level execution. 

According to its stat page, Hyperliquid boasts a total trading volume of $3.35T, over $260+ billion in deposits, placing it as one of the highest-volume decentralized derivatives platforms in 2025. The platform stands out in 2025 thanks to its consistently deep liquidity across 130 markets, well-suited for institutional-scale trade and active retail scalpers.

Aevo is a derivatives-focused DX built on an Optimistic rollup with an off-chain marching engine. The platform is designed to deliver CEX-level execution with on-chain settlement guarantees. 

Aevo’s ecosystem includes yield vaults, options, perpetual futures, and structured products, all linked via a unified margin system. Thanks to this, traders can use a single unified collateral base across multiple derivative types.

Aevo stands out for its gasless trading, unified margin systems. In terms of liquidity, Aevo claims to have a total traded volume of over $99 billion and, current open interest of $19.5 million. The platform boasts a marching engine TPS of 5,000. Overall, Aevo’s set-up facilitates low-slippage trades and efficient liquidation processes. 

Drift Protocol is a Solana-based perpetual futures platform that uses a hybrid liquidity model, combining a decentralized limit order book, AMM, and JIT auctions, delivering sub-second finality with minimal slippage. Drift’s key features include up to 101x leverage on some pairs, cross-margin across perps and spot market, and on-chain insurance fund protection. Fees on the platform are tier-based. 

In July 2025, the platform updated its fee structure. The new model emphasizes volume-based tiers, meaning your 30-day volume decides your fees. Users who stake DRIFT can earn up to 40% rebates on maker fees and extra discounts on taker fees. 

dYdx V4 stands out in 2025 for delivering decentralized perpetual futures trading with a high-performance off-chain futures orderbook and on-chain settlement. dYdX supports 100+ markets, including BTC, ETH, and XRP, with up to 25x leverage. dYdX also provides competitive maker and taker fees, deep liquidity sourced from global validators, and cross-chain accessibility across Ethereum, Base, Avalanche, Polygon, Optimism and Base.

GMX stands out as one of the best places for perpetual futures thanks to its smart combination of high leverage and deep liquidity, offering a good decentralized alternative to a centralized exchange. GMX is available on Base, Avalanche, Botanix, Polygon, Optimism and Ethereum, which is good multi-chain support. 

It uses Oracle + pooled liquidity model to provide deep on-chain liquidity. You can access up to 100x maximum leverage, one of the highest among DEXs. GMX’s single multi-asset liquidity pool is its biggest feature, acting as the counterparty to traders. Pricing on GMX depends on oracles-verified feeds, which keep everything transparent. Fees are also decent. For perps, 0.04%/0.06% for open/close fee on position sizes. 

Aster stands out for multi-chain, bridge-free trading, cross-market liquidity, hidden limit orders, and unique 1001x on-chain leverage. Aster’s core features include an orderbook engine, Pro and 1001x trading modes, US stocks, synthetic trading and $ATER fee discounts. Fees are also low at 0.01% maker and 0.035% taker. 

Lighter is one of the fastest perps DEX, offering zero-fee DEX trading on Ethereum (zk-rollup. Traders can get up to 50x leverage on Lighter with fully verifiable on-chain order matching and liquidations. 

Lighter offers fee-free trading for retail accounts, while premium users enjoy sub-150ms latency and volume-based incentives. Lighter also provides features such as peer-to-peer funding, public liquidity pools and sub accounts. Overall, Lighter is a good perps DEX for scalpers and active traders.

Paradex offers a zero-fee perps options experience running on its own Paradex Chain, which is a Starknet-built L2. Paradex stands out as a top perps DEX for its unified margin across spot, perps, and options. Traders can access up to 50x leverage, encrypted accounts for privacy and multi-chain deposits from over 18 networks. Overall, Paradex delivers one of the most complete on-chain trading experiences in 2025.

GRVT is a hybrid, hyperchain perps DEX, available on ETHm, ARB and BSC. Traders can get up to 50x leverage. GRVT uses a tiered fee model where makers at the base level pay around 0.0001% and takers pay 0.045%. GRVT’s biggest appeal is its speed. 

Trades execute at sub-millisecond speed. In terms of market support, GRVT supports 75+ markets and offers curated pro strategies, as well as liquidity earning programs. In terms of suitability, GRVT is a good perp DEX for high-frequency traders, privacy-focused perp traders.

A decentralized futures exchange (perpetual DEX) is a trading platform where users trade perpetual futures contracts directly on-chain, without losing custody of their assets to a centralized exchange. Rather than your funds being with a CEX or middleman, smart contracts manage collateral, funding rates and liquidations. The whole process is transparent.

Now, perpetual futures on DEX work almost the same as CEX futures in terms of long and short positions, leverage and funding rates; the core difference is the backend. DEX perps rely largely on oracles like Chainlink for pricing, on-chain liquidation engines, and either AMM-based liquidity pools (like GMX) or orderbook systems (Hyperliquid and dYdX). 

This set-up takes out the need for a middleman, is more transparent than CEXs, and does not leave you exposed to custody risks. However, it requires strong risk management and quality Oracle feeds. 

Decentralized futures exchanges are not all the same. They come in different design styles, adopt different models, which affect liquidity, slippage and execution speed. Understanding the different types of decentralized exchanges will help you choose the best perpetual DEX for your strategy. 

1. AMM-Based Perpetual DEXs

These platforms use liquidity pools rather than an order book. Traders get to open long/short positions against a multi-asset pool funded by liquidity providers. 

Best for: Deep liquidity on majors, predictable pricing and low slippage

Example: GMX and Gains Network

The AMM-based perpetual DEX design powers some of the best decentralized crypto futures exchanges because it perfectly handles large trades

2. Orderbook-Based DEXs

These platforms are similar to CEXs, with a full matching engine and limit others. The difference is that their settlement takes place on-chain. 

Best for: scalpers, high-frequency traders, and advanced execution tools. 

Examples: Hyperliquid and dydX. Both platforms currently rank among the best DEXs for futures trading thanks to tight spreads and fast fills. Hyperliquid has seen major expansion in recent months. The project’s $HYPE token recently listed on OKX, leading to questions if it will reach $50, propelled by the listing. 

3. Unified Liquidity DEXs

In this model, spot, perp, and structured products all share the same liquidity layer. This model is best for traders interested in deeper liquidity across all markets and reduced fragmentation. With this model, users enjoy more pairs with better depth. Platforms with this design are contenders for the best decentralized futures exchanges in 2025. A good example here is Aster.

4. Synthetic/Virtual Markets

These are platforms that offer synthetic assets rather than trading real order flow. These synthetic assets are powered by virtual price feeds or liquidity. This model is best for trading non-crypto markets like stocks, forex and commodities on-chain. It opens up assets that are not traditionally available in crypto derivatives platforms. 

Also Read – Difference between Order Book vs. AMM vs. Peer-to-Pool

Trading on any of the top decentralized futures exchanges in 2025 becomes super easy once you understand the smart strategies that actually work on-chain. Below are some of the most common perps trading methods, explained so simply for you to adopt the most relatable approach. 

1. Scalping on Low Fee Chains

Regular traders on CEXs leverage the best low-fee crypto exchanges as part of their strategy. Similarly, smart perp traders thrive on chains like Solana, Arbitrum, and Hyperliquid. These are the platforms with low fees and fast execution. 

For example, a trader might scalp SOL-PERP with a quick 0.2-0.5% move on Drift or Hyperliquid without worrying about gas fees splitting profits. Generally, platforms with low taker fees are usually the best DEXs for futures trading if you’re scalping. 

2. Hedging with On-Chain Perps

Here’s another good strategy. Farmers, spot traders and validators use DEX perpetual futures to protect their portfolios. For example, a trader holding 20 ETH long-term can hedge by shorting ETH-PERP on GMX or Aevo during periods of high volatility. This way, they lock in value without having to sell their actual tokens. 

3. Funding Rate Farming 

This strategy flips positions based on who is paying for funding. Say a BTC-PERP has +0.03% funding every 8 hours on Aevo, traders go short to earn the funding payment. Now, if the funding flips negative, they go long instead. This method works best on platforms with transparent funding systems like Hyperliquid and dYdX. 

4. Cross-DEX Arbitrage

There’s always a price difference between perp DEXs, almost all the time. For example, SOL-PERP can trade at $98 on Drift but trade $99.30 on Hyperliquid. A trader can go long on Drift and short on Hyperliquid to lock in the spread risk-free. It’s almost easier to arbitrage thanks to faster, and smarter oracles and deeper liquidity across the top perp DEXs. 

Also Read:  Best Crypto Arbitrage Bots for Low-Risk Trading.

With perpetual futures, you can easily leverage long or short positions on crypto without an expiry date. The process is straightforward. You simply select the direction you think the price will go, you select your leverage (up to 100x on some platforms), set your stop loss and take profit orders. For beginners, here’s an article detailing the difference between margin trading and futures trading. 

Here’s a breakdown on how to trade perpetual futures:

1. Pick a reliable perps DEX: Select any platform from our list of the best perpetual DEX platforms. Starters can use Hyperliquid, Aster, EdgeX, etc. Check their fees, security, max leverage, and supported assets

2. Connect your wallet: Head to the “Connect Wallet” section of the platform and select your preferred wallet.

3. Make a deposit or transfer collateral: Move USDT/USDC or supported collateral into the perp account. Confirm the minimum deposit and any bridge steps

4. Choose market and time your trade: Select the perp pair, like BTC-PERP, ETH-PERP. Check 24-hour volume, open interest and recent funding rates.

5. Check market health and oracles: Verify Oracle provider (Chainlink, Pyth). Avoid trading in an unstable market.

6. Select order type and size: Choose market order for immediate fill; limit/hidden order to control execution and reduce MEV/front-running. Also, set position size based on risk.

7. Select leverage and margin mode: Choose a cross or an isolated margin. Set leverage at 5x or 20x, depending on your risk exposure and tolerance.

8. Review fees and funding: Check open/close fees and expected funding directions (long or short pays)]

9. Place the order and monitor the position.

10. Actively manage risk: Reduce leverage, add collateral or close position if the margin ratio gets too tight.

11. Close the trade via market/limit order. Withdraw leftover collateral to your wallet.

There are several reasons to consider trading on a DEX in 2025 over a CEX, including lower fees in many markets, increased transparency, and global access with fewer restrictions. Below is a list of some of the reasons most traders prefer trading on a DEX over a CEX

1. Full custody and reduced counterparty risk – You stay in total control of your funds, meaning no exchange can freeze withdrawals or disappear with your funds
2. Transparent liquidation and funding rates – All activities, liquidations, funding rates and position sizes are publicly visible because it all happen on-chain. This means there are no hidden risk engines 
3. Low fees in many markets – Some of the cheapest decentralized exchanges now offer cheaper fees than CEXs, especially platforms on Base, Arbitrum and ZkSync
4. Global access and fewer restrictions – Unlike CEXs that sometimes face regional blocks and bans, anyone with a wallet and internet connection can trade on a DEX, with no complicated verification

5. No Account/No KYC Options – DEX futures platforms allow users to trade without KYC, sign-ups or verification. These are good options for users interested in no-KYC DEX futures. 

Below is a breakdown of the main fees traders pay on a decentralized futures platform. 

1. Open and Closing Fees

Most DEX perps charge a small percentage fee for opening or closing a position, usually within the 0.02%-0.10% range, depending on the futures DEX. AMM DEXs like GMX typically have fixed open/close fees, while CLOBs adjust the rate to match liquidity or market depth. 

2. Borrowing/Funding Rates

Perpetual futures use funding rates to keep the contract price around the spot price. So,

• When funding is positive, longs pay shorts
• When negative, shorts pay long

Rates get updates from a few minutes to every hour, depending on the DEX. Overall, AMM-style DEXs have lower funding, while order books get high during volatile markets. 

3. Maker/Taker Fees on Orderbook DEXs

Orderbook DEXs like dYdX, Hyperliquid and Paradex use the traditional maker/taker fee model. Now

• Maker supplies liquidity and often pays 0% or a rebate
• Taker removes liquidity and usually pays 0.02$ -0.05%.

These DEXs are often the cheapest decentralised exchanges for futures when users trade high volume with market orders. 

For beginners, here’s an article to help you understand the difference between Maker vs Taker fees. 

4. Gas Fees by Chain

Execution costs depend on the chain:

• Ethereum L1: fees are quite expensive here. However, Ethereum is rarely used for perps trading directly
• Base: It offers lower fees and fast confirmation, which is good for active degens
• Arbitrum: Low gas, cheap liquidations, ideal for high-frequency traders
• Solana: Offers very cheap and high throughput, making it suitable for scalpers

Some DEXs bundle transactions. As a result, users rarely pay for gas. A good example is DEXs with off-chain orderbooks with on-chain settlement. Overall, crypto exchange fees are important, and understanding them can help you keep more of your profit and decide what platform works best for you. Here’s an article showing you some of the hidden crypto exchange fees you probably missed. 

Fee Comparison Table

Here’s a comparison table showing you the cheapest exchanges

What exchange is the cheapest overall?

• Maker-based DEXs: GRVT
• Retail users: Paradex and Lighter
• Stable pricing: GMX
• High-volume: Hyperliquid

If we were to classify them by their categories, it would be:

1. Orderbook-based DEX – Hyperliquid and dYdX

2. AMM hybrid models – GMX

Also Read – Crypto Exchange Fees Guide

Trading on DEX futures is much safer than it was in previous years. Despite the improved security, some risks are still present, and you have to be aware of them. Below is a breakdown of the main security concerns and how modern platforms protect traders

1. Oracle Manipulation Risks

Some DEXs rely on price feeds, leaving them vulnerable if the oracle updates slowly or malfunctions with sudden price swings. Such situations can result in unfair liquidations or heavy spikes in funding rates. Most top DEXs currently rely on fast oracles. Others use multi-source price feeds and TWAP protection to combat manipulation.

2. Smart Contract Exploits

Every DEX runs on smart contracts, leaving them open to bugs as a major concern. Smart contract exploits can drain liquidity pools or freeze user funds. As a result, the safest DEXs use multiple audits, formal verification and real-time monitoring tools to watch for irregular contract behaviour

3. Liquidity Pool Exposure

AMM-based perpetual DEXs rely on liquidity pools. Now, in moments of volatility spikes, LPs and sometimes traders may face slippage, liquidity gaps. To resolve this, some DEXs use multi-asset liquidity, hedging engines and models that protect both traders and LPs. 

The top DEXs often publish 

• Full audit reports
• A public GitHub repo
• Active bug bounty programs 

A platform being audited doesn’t make it safe, but it shows transparency.

The majority of trusted DEXs use a mix of protections, including 

• Hybrid oracle systems that combine Chainlink and custom feeds
• Insurance funds 
• Isolated margins to prevent losses 
• Auto-deleveraging  (ADL) to prevent general system liquidation events
• Off-chain risk engines that calculate liquidations and enforce fairness
• Constant audits

Overall. DEXs are safer in 2025, but not risk-free. The safest platforms are DEXs that show commitment to transparency, undergo constant audits and use strong oracles.

1. Liquid Restaking Collaterals (LRTs) for Perps

More DEXs are open to letting traders use LRTs like Ether.fi  assets as margin, resulting in capital efficiency and traders earning staking rewards while trading perps

2. AI-Driven Liquidation Engines

More platforms are using AI as a risk prediction tool. Some rely on AI to reduce bad liquidations and improve stability, making on-chain trading closer to institutional-grade execution. 

3. Modular DEX Infrastructure 

Most perp DEXs now run on modular setups (custom appchain, high-speed rollups, and separate data layers) rather than a monolithic chain. This improves throughput and reduces costs

4. Zero-Knowledge Proof (ZK) Settlement 

ZK tech is improving perps trading, making it more private and faster. It offers CEX-level speed with trustless settlement.

5. Cross-Chain Unified Liquidity 

DEXs are now merging liquidity across Ethereum L2s, appchains and Solan, reducing slippage and allowing smaller DEXs to enjoy deeper markets.

The best decentralized futures exchange depends largely on your trading style. For beginners, platforms like GMX or Aevo are easier to navigate. Both offer simple dashboards and good risk control tools. 

For active traders in need of deep liquidity and CEX-level execution, Hyperliquid or dYdX are good options thanks to their CLOB models and lower slippage. Similarly, high-leverage traders would prefer platforms like EdgeX and Aster. Both DEXs offer good maximum leverage.

For low-fee hunters, platforms like Drift, Hyperliquid or GMX offer the best value, depending on the asset. Altcoin futures traders will enjoy platforms with good market exposure like dYdX, EdgeX and Aster. For multi-chain traders in need of flexibility, GMX and Aster offer good cross-chain support. 

Overall, the best DEX is the one that matches your trading style, liquidity, fees and gives you