Perp DEX Fees Compared: Find the Cheapest Perpetual Exchange
Detailed comparison of perp DEX trading fees: maker/taker rates, funding fees, and gas costs across Hyperliquid, dYdX, GMX, Jupiter Perps, and more.
Updated
Trading fees on perp platforms add up fast. Most traders greatly underestimate how much they lose to fees over time. A trader doing $500,000 in monthly volume on a platform charging 0.05% taker fees pays $250 per month in fees alone. Switch to a platform charging 0.035% taker and that drops to $175, saving $900 per year. Scale to $5 million monthly volume and the annual savings top $9,000. Fees are the one variable you can control. Choosing the right platform for your trading style is one of the best decisions you can make.
Key takeaways
- Limit orders are the single biggest fee lever: maker rates run 2-3x below taker rates, and Drift pays makers a 0.003% rebate.
- Round trip on $10,000 with market orders: about $7 on Drift, $9 on Hyperliquid, $10 on Binance or dYdX, $12 on Jupiter.
- Hold longer than about three days and funding, not the execution fee, dominates your total cost.
- Referral codes stack on top of base rates with zero downside: 4% off on Hyperliquid, up to 10% on GMX.
Use the live tools
Maker vs Taker Fees: Why the Distinction Matters
Every order book exchange charges different rates based on whether your order adds liquidity (maker) or removes it (taker). A maker order is a limit order that sits on the book waiting to be filled. A taker order is a market order or aggressive limit that executes right away against resting orders.
The maker/taker gap on most platforms is 2-3x. If you place market orders every trade, you pay the highest possible rate on every execution. Switching to limit orders where practical can cut your fee bill by half or more.
Oracle-based DEXes like Jupiter Perps and GMX do not use order books and do not split maker/taker. They charge a flat fee per trade. It is simpler, but there is no way to get a cheaper rate by using limit orders.
Fee Structures by Platform: The Complete Breakdown
Live base rates for the cheapest venues we track, straight from the PerpFinder dataset:
| Venue | Maker | Taker |
|---|---|---|
| LighterDEX | 0% | 0% |
| ParadexDEX | 0% | 0% |
| VariationalDEX | 0% | 0% |
| Vest MarketsDEX | 0.01% | 0.01% |
| DESKDEX | -0.01% | 0.017% |
| MEXCCEX | 0% | 0.02% |
| PacificaDEX | 0.007% | 0.02% |
| SynFuturesDEX | 0.01% | 0.02% |
| HotstuffDEX | -0.002% | 0.025% |
| ExtendedDEX | 0% | 0.025% |
| CoinbaseCEX | 0% | 0.03% |
| Orderly NetworkDEX | 0% | 0.03% |
Base tier — PerpFinder live dataset · verified 2026-07-05
Platform-by-platform notes, including gas and structural quirks the table cannot show:
Hyperliquid - **Maker**: 0.015% | **Taker**: 0.045% - **Gas**: Zero (runs on its own L1 chain) - **Notes**: Competitive taker rate paired with the deepest books among order book DEXes. No gas costs removes a variable that adds up on other chains. The fee structure is flat at base tier with volume-based reductions available, and a referral code takes another 4% off.
dYdX - **Maker**: 0.010% | **Taker**: 0.050% - **Gas**: Zero (Cosmos chain) - **Notes**: Maker fee is lower than Binance at base tier. Offers strong volume-based tier discounts. At the highest tier ($100M+ monthly volume), maker fees drop to 0% and taker to 0.020%. Staking DYDX tokens also reduces fees.
GMX v2 (Arbitrum) - **Fee**: 0.040% to 0.060% per trade (dynamic) - **Gas**: ~$0.05-0.15 per transaction on Arbitrum - **Notes**: No maker/taker split since GMX uses a pool-based model. The fee varies based on whether your trade helps or hurts the pool's balance. Opening a long when the pool is already long-heavy costs more. This dynamic fee rewards trading the less crowded side.
Jupiter Perps (Solana) - **Fee**: 0.060% flat for opening and closing - **Gas**: ~$0.003 per transaction on Solana - **Notes**: Simple and predictable but the 0.06% flat fee is the most expensive option for makers. For takers, it is close to dYdX and cheaper than GMX. The oracle-based model means zero slippage on supported pairs, which partly offsets the higher fee for larger orders.
Drift Protocol (Solana) - **Maker**: 0.003% rebate (you get paid) | **Taker**: 0.035% - **Gas**: ~$0.003 per transaction on Solana - **Notes**: The only fee schedule here that pays makers. The hybrid DLOB (decentralized limit order book) model means makers get real order book execution while earning the rebate.
Binance (CEX benchmark) - **Maker**: 0.020% | **Taker**: 0.050% - **Gas**: N/A (centralized) - **Notes**: Included as a benchmark since most traders compare DEX fees against Binance. BNB payment and VIP tiers can reduce fees a lot. At VIP 9, maker drops to 0% and taker to 0.017%.
Bybit (CEX benchmark) - **Maker**: 0.020% | **Taker**: 0.055% - **Gas**: N/A (centralized) - **Notes**: Slightly higher taker fee than Binance. VIP program offers step discounts based on 30-day volume and asset holdings.
Gas Costs: The Hidden Fee Layer
On-chain DEXes have an extra cost CEXes do not: gas fees per transaction. This varies a lot by chain:
- Hyperliquid L1: $0.00 (gas is zero)
- dYdX (Cosmos): $0.00 (gas is zero)
- Solana (Jupiter, Drift): ~$0.003 per transaction
- Arbitrum (GMX): ~$0.05-0.15 per transaction
- Ethereum mainnet: $2-50+ per transaction (nobody trades perps here)
For a trader making 20 trades per day, Arbitrum gas adds up to roughly $1-3 daily or $30-90 monthly. Solana gas is nearly free at $0.06 daily. Hyperliquid and dYdX have zero gas.
If you make hundreds of trades per day, Arbitrum gas becomes meaningful. On Solana, Hyperliquid, and dYdX, gas is a rounding error.
Funding Rate Impact on Total Cost
Execution fees get all the attention, but funding rates often cost more for any position held longer than a few hours. Consider a $100,000 BTC long position:
- Round-trip execution fee on Hyperliquid (taker): 0.045% x 2 = $90
- Funding cost at 0.02% per 8h for 3 days: 0.02% x 9 periods x $100,000 = $180
The funding cost is double the trading fee after just three days. After a week, funding at 0.02% costs $420 versus $90 in execution fees. For swing traders and position traders, getting the lowest funding rates can save more than picking the cheapest execution platform.
This is why the funding rates tool matters for cost reduction. If Binance charges 0.03% funding while Hyperliquid charges 0.01%, moving your position to Hyperliquid saves $20 per 8-hour period on a $100K position, or $60 per day.
Volume-Based Fee Tiers
Most major platforms offer lower fees at higher volume tiers. The savings can be large:
dYdX has the most aggressive tier structure among DEXes. Taker fees step down with volume, dropping to 0.035% at $5M+ monthly, 0.030% at $25M+, and reaching 0% maker with 0.020% taker at the top tier. These tiers make dYdX the cheapest platform for high-volume traders.
Hyperliquid offers referral-based fee reductions and fee promotions. The base rates are already competitive, making it attractive without needing high volume.
Binance VIP tiers start at $15M monthly futures volume for VIP 1 and scale to $25B+ for VIP 9. Most retail traders stay at VIP 0, where base rates apply.
For traders below $5M monthly volume, base rates are what you pay. That makes Drift the base-rate leader on both sides (0.035% taker plus a maker rebate), with Hyperliquid at 0.015% maker / 0.045% taker buying far deeper books.
Referral Discounts
Referral codes offer fee reductions that stack with other discounts. Hyperliquid offers 4% off trading fees through referral codes. dYdX runs deposit bonus programs that effectively reduce your cost basis. GMX has a referral program offering up to 10% fee discount.
These discounts are free money. There is no reason not to use a referral code when signing up. Check PerpFinder's deals page for current offers before creating any new account. For the full venue rankings behind these numbers, see the best perp DEXes, and if you trade on a CEX, the cheapest futures exchange guide runs the same math for centralized venues.
Worked Example: $10,000 Position Across Platforms
Round-trip cost to open and close a $10,000 BTC-USDC perp using market orders (taker):
| Platform | Entry Fee | Exit Fee | Gas (x2) | Total Cost |
|---|---|---|---|---|
| Hyperliquid | $4.50 | $4.50 | $0.00 | $9.00 |
| Drift | $3.50 | $3.50 | $0.01 | $7.01 |
| dYdX | $5.00 | $5.00 | $0.00 | $10.00 |
| Binance | $5.00 | $5.00 | $0.00 | $10.00 |
| Bybit | $5.50 | $5.50 | $0.00 | $11.00 |
| GMX v2 | $4.00-6.00 | $4.00-6.00 | $0.20 | $8.20-12.20 |
| Jupiter | $6.00 | $6.00 | $0.01 | $12.01 |
Drift comes out cheapest per round trip at this size, with Hyperliquid a couple of dollars behind on far deeper books. Scale to a $100,000 position and every gap multiplies by ten.
Worked Example: $100,000 Position With Funding
Total cost including 5 days of funding at 0.02% per 8 hours for a $100,000 long:
| Platform | Round-trip Fee | 5-Day Funding | Total 5-Day Cost |
|---|---|---|---|
| Hyperliquid | $90 | $300 | $390 |
| dYdX | $100 | $300 | $400 |
| GMX v2 | $80-120 | $300 | $380-420 |
| Jupiter | $120 | $300 | $420 |
Funding dominates the total cost picture. The execution fee gap shrinks the longer you hold. But for scalpers making dozens of trades per day with sub-hour holds, execution fees are the primary cost. Optimizing for the lowest taker rate pays off a lot.
Hidden Costs: Slippage and Oracle Deviation
Slippage is the gap between expected price and actual fill price. On order book platforms like Hyperliquid and dYdX, slippage depends on book depth. A $10,000 BTC-USDC market order will have very little slippage. A $1,000,000 market order might slip 0.01-0.05% based on the time of day and market conditions.
Oracle-based platforms like Jupiter and GMX fill at the oracle price. That means zero order book slippage. But the oracle price can lag the real price by 1-3 seconds during fast moves. This oracle lag can work for or against you. During a fast move, you might get filled at a slightly stale price. That is either a bonus or a penalty based on your direction.
Slippage on illiquid altcoin perps can be large on any platform. If you are trading a thin asset with $500K daily volume, expect 0.05-0.20% slippage on larger orders no matter what platform you use. The fee calculator on PerpFinder helps estimate total costs including slippage for your size.
How to Minimize Total Trading Costs
Key steps to reduce your all-in trading costs:
- Use limit orders on order book platforms so you pay the maker rate instead of the taker rate. The gap is 2-3x on most venues, and on Drift the maker side gets paid. This single change can cut execution costs by half or more.
- Choose the right platform for your style . Scalpers and day traders should optimize for the lowest taker fee (Drift at 0.035%). Swing traders holding for days should optimize for the lowest funding rates. Check the funding rates tool before entering.
- Use referral codes for every platform. Free fee reductions with zero downside.
- Monitor funding before entering . If funding is at 0.05% and you are going long, the cost of holding will be steep. Consider waiting for a funding reset or taking the other side.
- Calculate round-trip costs before trading. Entry fee + exit fee + estimated funding for your holding period gives the true breakeven you need to clear. The fee calculator does this math for you.
- Consolidate volume on one platform if you can reach a higher fee tier. Splitting $10M monthly volume across four platforms keeps you at the base tier everywhere. Concentrating it on dYdX gets you into a much cheaper fee bracket.
Which perp DEX has the lowest trading fees?+
Lighter and Paradex charge zero on both sides, betting on points programs instead. Among deep-liquidity venues, Drift is cheapest at 0.035% taker with a maker rebate, while Hyperliquid's 0.045% taker buys the deepest DEX books.
When do funding costs matter more than trading fees?+
From roughly day three of holding. At 0.02% per 8 hours, a $100,000 position pays $60 daily in funding versus a $90 one-off round-trip fee, so swing traders should pick venues by funding, not headline fees.
Is Binance cheaper than a perp DEX?+
Not at base tier: 0.02% maker / 0.05% taker sits above Drift and roughly matches Hyperliquid. Binance only pulls ahead at high VIP tiers, which require tens of millions in monthly volume.
Do oracle-based DEXes really have zero slippage?+
Zero order-book slippage, yes: GMX and Jupiter fill at the oracle price up to pool capacity. The catch is oracle lag of 1-3 seconds in fast markets, which can fill you at a slightly stale price in either direction.
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