Crypto Futures Exchanges

The perpetual futures market spans both centralized exchanges (CEX) like Binance, Bybit, and OKX, and decentralized protocols (DEX) like Hyperliquid, dYdX, and GMX. Each type offers different tradeoffs in fees, custody, and user experience.

Centralized exchanges typically offer deeper liquidity, faster execution, and more trading pairs. MEXC offers zero maker fees, while most CEXes charge 0.01%–0.02% for makers and 0.035%–0.06% for takers. Maximum leverage ranges from 50x to 200x depending on the platform.

Decentralized exchanges let you trade directly from your wallet with no KYC requirements and no counterparty custody risk. Protocols like Hyperliquid process thousands of orders per second with sub-second finality, closing the gap with centralized venues on speed while maintaining self-custody.

Consider your priorities: if regulatory licensing and fiat on-ramps matter most, CEXes like Kraken and Crypto.com hold licenses in major jurisdictions. If you value self-custody and permissionless access, DEX protocols provide trading without intermediaries.