Perps DEXs Reshape Crypto Derivatives, Offering Self-Custody, Transparency, and KYC-Free Perpetual Futures

As regulatory scrutiny on centralized exchanges grows, traders are shifting to on-chain platforms for greater control and security.

Perps DEXs are reshaping crypto derivatives with self-custody, transparency

As regulatory scrutiny on centralized exchanges deepens, traders are shifting toward decentralized perpetuals exchanges (perps DEXs) for greater control and security over their assets and trades.

Unlike CEXs, decentralized perpetuals settle trades on-chain, minimizing counterparty risk while ensuring global accessibility. Platforms like Hyperliquid have surged in market share, pulling demand from major exchanges like Binance and Bybit as traders seek deep liquidity, low friction, and full ownership of their assets.

We’ve ranked the top decentralized perpetual exchanges (Perps DEXs) for 2025, evaluating security, liquidity, fees, and execution speed to help you choose the best platform for crypto futures trading in DeFi.

1. HyperLiquid – Best Overall Perpetuals DEX

HyperLiquid leads the decentralized perpetuals exchange (perps DEX) market, consistently handling $4–6 billion in daily trading volume. It offers the deepest liquidity across major crypto assets, ensuring minimal slippage and efficient trade execution.

Unlike other DEXs that rely on external liquidity providers, HyperLiquid operates a native liquidity engine, delivering tighter spreads and superior market depth. With sub-millisecond execution speeds, an advanced on-chain order book, and gas-free trading, HyperLiquid combines the transparency of DeFi with the efficiency of a centralized exchange.

Traders can access up to 50x leverage on 130+ assets, backed by robust risk management and a seamless trading experience.

Key Features

Native liquidity engine for tighter spreads and deeper liquidity

Advanced on-chain order book with sub-millisecond execution speeds

Gas-free trading and cross-margin strategies for optimal capital efficiency

Multi-asset Staking Vaults to earn yield on idle assets and support the platform

A wide range of assets, including BTC, ETH, SOL, AVAX, UNI, SUSHI, and more

High leverage of up to 50x on major assets, enabling aggressive traders to multiply their gains

A user-friendly interface that caters to both beginners and experienced traders

2. GMX – Leading Multi-Chain Perps DEX

Built on Arbitrum and Avalanche, GMX offers up to 100x leverage across 20+ assets, including BTC, ETH, and AVAX. Instead of an order book, GMX uses a multi-asset liquidity pool (GLP) to enable low-slippage trading, with liquidity providers earning a share of platform fees.

The ecosystem is powered by GMX, GLP, and GM tokens, which drive staking rewards and incentivize liquidity. With trading fees between 0.05% and 0.07%%, GMX provides cost-efficient execution for traders.

Key Features

Multi-chain presence on Arbitrum and Avalanche, expanding traders’ options

High leverage of up to 100x on major assets, catering to aggressive traders

A unique multi-asset liquidity pool (GLP) for efficient trading and low slippage

gmx native token, used for staking, governance, and earning platform rewards

Cost-effective trading fees, usually ranging from 0.05% to 0.07%

A user-friendly interface and beginner-friendly features, making it accessible to traders of all experience levels

3. Drift – Best Perpetuals DEX on Solana

Drift is Solana’s top decentralized derivatives exchange, offering up to 50x leverage on 40+ markets, including SOL, BTC, and ETH. Built on Solana’s fast, low-cost infrastructure, it delivers near-instant trade execution with minimal fees and deep liquidity.

Drift’s hybrid liquidity model combines Dynamic AMM (DAMM), Decentralized Limit Order Book (DLOB), and Just-in-Time (JIT) auctions, ensuring tight spreads and low slippage. The platform also supports cross-margin trading, allowing traders to use multiple collateral types while earning yield on idle assets.

With over $50 billion in total volume and $150 million in daily trading activity, Drift is rapidly gaining market share.

Key Features

Solana-based platform with fast execution speeds, low fees, and deep liquidity

High leverage of up to 50x on major assets, enabling traders to multiply their gains

A hybrid liquidity model that combines DAMM, DLOB, and JIT auctions for optimal liquidity and minimal slippage

Cross-margin trading for efficient capital utilization and earning yield on idle assets

A user-friendly interface and beginner-friendly features, making it accessible to traders of all experience levels

4. dYdX – Most Advanced Decentralized Perps Exchange

Originally built on Ethereum Layer 2, dYdX migrated to its own Cosmos-based blockchain, enabling fully decentralized trading, low-latency order matching, and on-chain settlement. With $300 million in daily trading volume, dYdX competes directly with centralized exchanges.

It uses an off-chain order book for high-