Best Perp DEXs Compared

Compare the best perpetual DEXs by volume, fees, supported markets, and more. Info is subject to change.

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Methodology

Volume data is updated automatically. Other data points are updated monthly by a human (not AI) to keep the comparison accurate and current. We evaluate perpetual DEXs using a combination of hands-on testing, market data and platform features. Trading volume, liquidity, and platform age are our primary considerations, as they are key indicators of market activity and trading conditions.

What Is A Perp DEX?

A Perp DEX is a decentralized exchange for trading crypto perpetual contracts without an expiration date. It lets users trade crypto with leverage, full custody of their funds, and no KYC using crypto wallets and smart contracts, rather than trusting a centralized exchange.

Main Benefits

  • Permissionless: Anyone with a crypto wallet can trade. No KYC or account creation required.
  • Non-Custodial: Maintain full custody of your funds using crypto wallets and smart contracts.
  • Transparent: All transactions and rules run on public blockchains and smart contracts.
  • Long or Short: Bet on prices going up (long) or down (short).
  • No Expiry: Keep your long or short position open forever.

Main Risks

  • Liquidations: High leverage can wipe out your funds fast if the market drops. 
  • Funding Fees: Keeping positions open for a long time can drain your funds.
  • Smart Contract Bugs: Errors in the code can put deposited funds at risk,.

Risks Involved

The major risks include liquidations, funding rates, smart contract exploits, oracle manipulation, flash loan attacks, platform and counterparty risk and centralization or governance risks. Some platforms like DYDX and GMX conduct regular audits, bug bounty programs, and insurance funds to protect users against potential losses. However, even well-established DEXs can face security challenges.

Security Incidents

While DYDX has not experienced a direct smart contract exploit, they did have a significant security incident in September 2023 when its V3 website was compromised. The attack targeted the front-end interface rather than the underlying smart contracts, highlighting the importance of securing all aspects of decentralized platforms. DYDX promptly addressed the issue, emphasizing that the smart contracts remained unaffected.

Choosing the Best Perp DEX

  • Security: While even well-established DEXs can face security threats, you should research their smart contract audits, insurance funds, and historical performance during market volatility. The underlying blockchain is also important and user reviews, community trust and history of hacks or exploits can also be considered.
  • Liquidity & Fees: Traders should examine the 24-hour volume and open interest to gauge liquidity, as it impacts slippage and execution prices. Other fees to consider are the trading fees, funding rates, and withdrawal fees or network fees.
  • Trading Features: Look at the range of assets and stablecoins available, leverage options, and the presence of charting tools, advanced order types, and risk management features like partial liquidations and stop-loss orders.
  • User Experience: Consider the platform's reliability, ease of use, and mobile support. Fast execution is also crucial, and one-click trading is becoming a popular feature, eliminating the need for wallet confirmations with each trade.

How to Use a Perp DEX

  • Set Up a Wallet. MetaMask, Rabby, or Phantom for Solana-based platforms. Use a fresh wallet for trading rather than your main holdings wallet.
  • Connect Your Wallet. Open the platform and connect your wallet. Use the URLs above for official sources and discounted fees.
  • Deposit Funds and Trade. Most Perp DEXs settle in USDC. Check which chain the platform expects.
  • Open a Position. Set leverage, choose market or limit, and set a stop-loss before you enter. Confirm your liquidation price is where you think it is.
  • Track Your Funding. On positions held longer than a few hours, funding fees will quietly become your largest cost.

FAQs

What should I look for in a perp DEX?

Key factors include liquidity, trading volume, available markets, trading fees, supported chains, leverage, security, and the platform's overall trading experience. Liquidity and volume are particularly important because they can affect how easily you can enter and exit positions.

Are Perp DEXs safe?

Perp DEXs carry risks that differ from traditional centralized exchanges, including smart-contract risk, oracle risk, liquidation risk, and potential issues with the underlying protocol. It's important to research the specific platform and understand how it handles custody, liquidations, and withdrawals before trading.

What's Different between a Perp DEX and a Centralized Exchange?

A perp DEX allows users to interact with decentralized protocols, typically through a self-custodial wallet, while a centralized exchange manages trading and custody through a centralized platform. The exact architecture varies between perp DEXs, so "DEX" does not necessarily mean every part of the system is fully decentralized.


Contents
Methodology
What Is A Perp DEX?
Risks Involved
Choosing the Best Perp DEX
How to Use a Perp DEX
FAQs

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