All Perpetual Futures Exchanges

Perpetual futures DEXes let you trade leveraged long and short positions directly from your wallet — no sign-ups, no KYC, no custodial risk. Protocols like Hyperliquid, dYdX, and GMX match trades on-chain (or via off-chain orderbooks with on-chain settlement), giving you full control of your funds at all times. If you're new to the concept, our guide on what perpetual futures are covers the fundamentals.

Comparing perp DEXes matters because fees, liquidity, and execution quality vary significantly. A 0.01% difference in taker fees adds up fast for active traders — and some protocols offer zero maker fees or rebates. Beyond fees, look at 24h trading volume (indicating liquidity depth), open interest (showing how much capital is deployed), and funding rates (which affect the cost of holding positions). If you want a step-by-step walkthrough, our guide on how to trade perps on a DEX covers everything from connecting a wallet to managing risk.

The rankings above update in real time using data from DefiLlama and on-chain sources. For a deeper breakdown of which protocols suit different trading styles, see our best perp DEX picks for 2026. You can also explore open interest rankings to see where capital is concentrated, or view volume by chain to compare blockchain ecosystems. To understand how holding costs work across exchanges, read our explainer on understanding funding rates.