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Before choosing a perpetual futures venue, check whether you can explain its order form, costs, liquidation rules, and withdrawal process. A perpetual futures contract has no fixed expiry date. Leverage increases the position value relative to the funds assigned to it, which increases potential losses as well as gains.
This guide provides a learning checklist and documented examples. The beginner venue table compares active venues by recorded features score. A feature score cannot establish that leveraged trading suits your finances or experience.
| # | Venue | Features score | Taker fee | Max leverage |
|---|---|---|---|---|
| 1 | Hyperliquid | 9.5/10 | 0.045% | 40x |
| 2 | dYdX | 9/10 | 0.05% | 50x |
| 3 | Gains Network | 9/10 | Position fee | 1000x |
| 4 | Apex Omni | 8.5/10 | 0.05% | 100x |
| 5 | Orderly Network | 8.5/10 | 0.03% | 50x |
| 6 | Aevo | 8.5/10 | 0.08% | 20x |
| 7 | SynFutures | 8.5/10 | 0.02% | 100x |
| 8 | DESK | 8.5/10 | 0.017% | 1000x |
| 9 | GMX | 8/10 | Position fee | 100x |
| 10 | Aster | 8/10 | 0.04% | 200x |
| 11 | Reya | 8/10 | Position fee | 100x |
| 12 | Ostium | 8/10 | Position fee | 200x |
Active perp DEXes ranked by recorded editorial features score. PerpFinder bundled data.
Key takeaways
- Check practice access and its requirements before funding a live account.
- Confirm the minimum order value and the minimum deposit separately.
- Learn how the selected margin mode handles a loss.
- Include entry, exit, funding, transfer, and withdrawal costs in your estimate.
- A stop-loss order cannot guarantee an execution price or maximum loss.
1. Learn the terms on the order form
A decentralized exchange (DEX) uses blockchain settlement. Wallet-based DEXes place trading margin in on-chain systems, including smart contracts. This can reduce centralized custody exposure, while protocol, chain, bridge, and wallet risks remain.
Follow the position from deposit to withdrawal
- Confirm access and collateral
Check the product terms, supported network, token, and deposit route.
- Inspect the proposed order
Read size, margin mode, execution price, and the applicable fee.
- Monitor the open position
Review equity, funding or borrow costs, and stop-order status.
- Close and reconcile
Check fills and charges, then confirm the withdrawal destination and network.
A crypto wallet controls the keys used to authorize transactions. A smart contract is code that runs on a blockchain. Margin is collateral assigned to a leveraged position. Liquidation is a forced position close when the available margin becomes insufficient.
An order book lists open buy and sell orders. A market order executes against available liquidity. A limit order specifies a price but can remain unfilled. A limit order that executes immediately can incur a taker fee.
Identify which order types the venue supports before you compare its fees. Read the perpetual futures explanation if the contract mechanics are unfamiliar.
2. Check practice access before a live deposit
Some DEX systems provide testnets: separate blockchain environments for testing with mock assets. Practice access can have requirements, and simulated fills do not establish live execution quality.
Hyperliquid documents a testnet faucet that provides 1,000 mock USDC to eligible addresses. The same address must first have deposited on mainnet. This requirement means the faucet is not an unrestricted starting point without a live deposit.
Check the current access conditions before planning a testnet exercise. A venue can also offer a demo account with virtual funds. These labels do not tell you whether the simulation includes realistic fees, funding, or slippage.
Slippage is the difference between the expected price and the executed price. An exercise can help you learn controls even when its fills differ from live markets. Treat practice profits as a record of the exercise, without assuming equivalent live results.
For a practice session, record each action and its outcome:
- Locate the position value, margin, and estimated liquidation price.
- Place a limit order using mock funds where access permits.
- Cancel the order and confirm its status.
- Check how a partial fill changes the position and remaining order.
- Close the simulated position and review the recorded costs.
3. Confirm access, deposits, and order minimums
Read the terms for the exact interface and product before sending funds. Wallet connection does not prove that identity checks or location restrictions are absent. The wallet-access guide explains how to assess those requirements.
Hyperliquid's onboarding guide documents wallet and email login methods. USDC from Arbitrum is one supported deposit route. That route requires ETH for the deposit transaction. Other supported routes have different instructions.
Check the asset, network, address, and deposit minimum shown for your selected route. A bridge transfers assets between networks. A guided transfer still requires correct inputs and adds transfer risks.
A deposit minimum differs from an order minimum. Hyperliquid's API error documentation specifies a $10 minimum order value. Order value is the position notional, not the amount of margin. Confirm the current market rules before you submit an order.
ApeX Omni also sets market-specific order sizes. Its BTCUSDT contract page lists a 0.001 BTC minimum order and up to 100x leverage. These are contract limits, not suggested beginner settings. Other pairs can have different limits.
4. Compare the full cost of an order
Trading fees generally apply to position value. A maker fee applies when an order adds liquidity. A taker fee applies when an order removes liquidity.
A small fee is only part of the cost
Half-spread + book impact = price cost from the midpoint. Adding the full spread again would count part of the cost twice.
| Venue example | Base maker fee | Base taker fee | Additional checks |
|---|---|---|---|
| Hyperliquid | 0.015% | 0.045% | Funding, spread, slippage, deposit route, and withdrawal costs |
| ApeX Omni | 0.02% | 0.05% | Funding, spread, slippage, and deposit and withdrawal terms |
Sources: Hyperliquid fee schedule and ApeX Omni fee schedule. The schedules distinguish base rates from account discounts. ApeX states that Omni Perps has no trading gas fee. Transfer and withdrawal costs still require separate checks.
The ApeX Omni referral offer gives a 20% fee discount. Check the applicable account rate before entry.
For a calculation example, assume $1,000 of position value on both entry and exit at Hyperliquid's base taker rate. The entry fee is $0.45, and the exit fee is $0.45. The combined trading fee is $0.90 before funding, spread, slippage, or transfer costs. This is an arithmetic example, not a suggested trade size.
Pool-based venues need different calculations. GMX lists 0.04% or 0.06% position fees on most markets. The fee applies when a position opens or closes. Price impact, borrowing, and funding can also apply. The quote for your market and size determines which costs matter.
Use the fee calculator to examine trading costs. Read the funding guide to understand payments between long and short positions. A current funding observation does not guarantee the rate during your planned holding period.
5. Understand margin and liquidation
A leverage limit is the maximum the market permits under its rules. It does not measure how suitable a position is for a new trader. Hyperliquid's August 11, 2026 snapshot allowed BTC 40x and ETH 25x. Check the selected market because limits can change.
Compare the margin behind the same exposure
Under cross margin, eligible account collateral can support several positions. Under isolated margin, the platform assigns collateral to a particular position. Read the venue rules for collateral transfers and liquidation in each mode.
Hyperliquid's liquidation documentation says the system can attempt to close the full position through the order book. Its initial 20% partial-liquidation rule applies to positions above 100,000 USDC. This is not a general protection for small beginner positions.
The same documentation explains that a liquidation can consume all cross margin. An isolated liquidation leaves other cross positions and cross margin untouched under its documented rules. Funding payments and other positions can also change the displayed liquidation estimate.
Write down the amount you could lose under the selected margin mode. Include other positions that share collateral in that review. No fixed starting balance or leverage level makes perpetual futures safe for every reader.
6. Learn what a stop-loss order can do
A stop-loss order requests an exit after its trigger condition occurs. The trigger price and execution price can differ. A stop-limit order can remain unfilled when the market moves beyond its limit.
Hyperliquid's stop-order documentation describes both market and limit variants. It also explains how attached orders behave after a partial fill or cancellation. For example, canceling a partially filled parent order cancels its attached stop orders.
Check the remaining position and active stop orders after a partial fill. Confirm whether a closing order can increase or reverse the position. A reduce-only setting prevents an order from increasing exposure where the venue supports it.
Record the trigger source, order size, and execution condition before you rely on an exit order. A visible stop-loss line does not guarantee a maximum loss.
7. Plan withdrawals and review records
Check the withdrawal destination, supported network, minimum amount, and quoted fee before depositing. Locate the official instructions for delays or service interruptions. Interface availability and withdrawal processing can change.
Review a completed position using its actual fills and costs. Compare those records with the estimate made before entry. Save transaction references and trade exports where the venue provides them.
If you cannot explain a required step, pause before funding a live account. The venue reviews provide starting points for official resources and protocol risks. A practice environment can help with controls, but it cannot remove the risks of live funds.
Historical note: Drift Protocol (offline)
Drift has been offline since its April 2026 exploit. Its former leverage limits and fee rewards do not describe an available beginner option. Earlier guide recommendations do not apply to a future relaunch.
Which perp DEX should a complete beginner choose?
Start by checking eligibility, practice access, order minimums, costs, and withdrawal instructions.
This guide does not assign a safety winner. The beginner category compares venue features separately.
Can I practice before a live trade?
Some venues provide testnets or demo modes.
Hyperliquid documents a testnet faucet, but eligibility requires a previous mainnet deposit from the same address. Check each practice mode's requirements.
How much money should I start with?
There is no universal safe starting balance.
Deposit and order minimums are platform requirements, not a suitable budget. Review your ability to lose the funds before choosing live trading.
Does isolated margin or a stop-loss make a position safe?
Neither removes trading or protocol risk.
Isolated margin changes which collateral supports a position. A stop-loss depends on its trigger, order type, and available execution.
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