Where to Trade Decentralized Perpetuals The Benefits and Risks

Best Crypto DEX – Decentralized Perpetual Exchanges – No KYC

Best Crypto DEX – Suumary

Best Decentralized Perpetual Trading Sites

The table below lists some of the best DEXes(decentralized crypto exchanges) to trade perpetual futures.

  • No DEX offers a signup bonus. 
  • All DEXes but Pancakeswap offers a 5% discount code on trading fees.
  • There are no KYC requirements
  • The maximum leverage is 20-50x but Pancakeswap offers 150x.
  • The trading fee is often similar to the most centralized exchanges (0.02/0.05%). However, GMX and QuickPers charges higher fees, 0.1/0.1%.

*See all available free crypto sign-up bonuses in 2024 with terms and conditions.

GMX – Decentralized spot and perpetual exchange

GMX decentralized exchange screenshot with max leverage, open interest and number of users

Approximately 24H Trading volume in Nov 2023: $149 Million

GMX was launched in 2021. It´s a decentralized crypto spot trading and perpetual exchange where you trade with no counterparty risk or KYC.

GMX is on the Arbitrum (2021) and the Avalanche blockchain (2022).

The decentralized perpetual exchanges offer trading with leverage of up to 50x.

The platform utilizes Chainlink Oracles, aggregating price feeds from high-volume exchanges.

GMX has no traditional order book or a central authority handling funds. Instead, it utilizes its multi-asset pool and liquidity providers.

GMX KYC requirements

There are no KYC requirements.

GMX maximum leverage

50x is the maximum perpetual futures contract leverage on GMX.

GMX trading fees

The trading fee to open and close a position is 0.1% of the position size.

GMX referral code

Use our link to get a 5% trading fee discount.

Read more in our GMX review with referral code and trading fees.

dYdX – Decentralized spot and perpetual exchange

dydx decentralized perpetual trading screenshot with volume, markets, trades and open interest

Approximately 24H Trading volume in June 2023: $1.1 Billion

dYdX is by far the most prominent decentralized exchange in terms of trading volume.

dYdX runs on smart contracts on the Ethereum blockchain, allowing users to trade without intermediaries.

dYdX is a leading decentralized exchange (DEX) that offers perpetual contracts on a variety of cryptocurrencies. It is known for its high liquidity, low fees, and advanced trading features.

Key Features of dYdX Exchange:

  • Perpetual contracts: dYdX allows traders to speculate on the price of cryptocurrencies without having to worry about expiry dates or settlement.
  • High liquidity: dYdX has deep liquidity, which means that there is always a large pool of buyers and sellers available. This makes it easy to enter and exit trades quickly and with minimal slippage.
  • Low fees: dYdX has some of the lowest DEX fees in the industry, making it a cost-effective way to trade cryptocurrencies.
  • Advanced order types: dYdX offers a variety of advanced order types, including stop-loss orders, take-profit orders, and margin trading.

Benefits of Using dYdX Exchange:

  • Decentralized: dYdX is a decentralized exchange, which means that it is not owned or operated by any single entity. This makes it resistant to censorship and manipulation.
  • Non-custodial: dYdX does not hold your funds. This means that you are in control of your own money and there is no risk of your funds being frozen or seized.
  • Transparent: dYdX is a transparent exchange, which means that you can see the code that powers the platform. This makes it more trustworthy than centralized exchanges, which are often opaque and secretive.

Overall, dYdX is a powerful and versatile decentralized exchange that offers a wide range of features for traders of all levels. If you are looking for a low-cost, safe, and transparent way to trade cryptocurrencies, then dYdX is a great option to conside.

dydX KYC requirements

There are no KYC requirements.

dydX maximum leverage

20x is the maximum perpetual futures contract leverage on dYdX.

dYdX trading fees

dYdX has the lowest crypto perpetual trading fees for a DEX, starting at 0.02/0.05%, maker/taker.

dYdX referral code

Use our link to get a 5% trading fee discount.

Please read our full dYdX review.

ApeX Pro – Decentralized spot and perpetual exchange

Apex pro screenshot overview with 24 turnover, open interest, number of trades and trading volume

Approximately 24H Trading volume in June 2023: $100 Million

ApeX Pro is a DEX product built on the ApeX Protocol. It’s a permissionless crypto trading site launched on Arbitrum in early 2022. 

The platform uses a traditional order book model familiar to the majority that centralized exchanges.

ApeX Pro offers a private platform without the requirements of Know Your Customer (KYC).

At the same time, it provides enhanced trading security, thanks to StarkEx, a Layer 2 fast scalability engine from StarkWare.

ApeX Pro KYC requirements

There are no KYC requirements.

ApeX Pro maximum leverage

30x is the maximum perpetual futures contract leverage on ApeX Pro.

ApeX Pro trading fees

ApeX Pro uses a maker and taker fee for trading fees. Maker fees are 0.02%, and taker fees are 0.05%.

ApeX Pro referral code

Use our link to get a 5% trading fee discount.

Go on and read the full ApeX Pro review.

QuickPerps launched by QuickSwap.

The main reason to launch QuickPerps was: In traditional finance, derivatives account for 90–95% of all global trade — in CEXs, it’s around 90%, and DeFi, it’s around 30–50%, but increasing.

QuickPerps KYC requirements

There are no KYC requirements.

QuickPerps maximum leverage

50x is the maximum perpetual futures contract leverage on QuickPerps.

QuickPerps trading fees

When you open a position, a 0.1% trading fee of the position size is deducted. Similarly, there will be a closing fee deducted of 0.1% of the position size. A Borrow Fee is deducted at the start of every hour. This is the fee paid to the counter-party of your trade. The fee per hour will vary based on utilization, it is calculated as (assets borrowed) / (total assets in pool) * 0.01%.

QuickPerps referral code

Use our link to get a 5% trading fee discount.

See the full QuickPerps review.

Referral Code: cointrade -5% in trading fees

Decentralized exchange (DEX) VS Centralized 

➤When you deposit funds onto a centralized crypto exchange, you rely on a third party or intermediary account to monitor and confirm that your cryptos are safe.

➤Decentralized crypto exchanges vary from centralized ones in that they allow users to keep control of their assets by running their essential activities on the blockchain.

Decentralized blocks image

As soon as you deposit your crypto to a centralized crypto exchange, you give up the ownership of your crypto. Instead, the centralized business owns your crypto, but they also have a debt to you, and you have a claim on them.

Many crypto people often refer to a famous quote: “Not Your Keys, Not Your Crypto.”

Here, we introduce counterparty risk. It means you rely on a third party to handle your money and accept the risk that this party will mismanage your deposited funds.

Using a decentralized exchange, you don’t have to trust a particular institution or exchange to execute trades; you only have to trust the code will run as written.

What are decentralized perpetual?

➤A decentralized perpetual is like any perpetual, but it’s trading on a decentralized exchange

➤A decentralized exchange is a Web 3 application built to don’t have control of users’ funds. The code specifies the resolution of every possible dispute, and the users always maintain control over their funds.

The infinity symbol. Perpetuals are open-ended with no certain expiration date. 

 

Crypto Perpetuals VS Spot Trading

A calender with no dates

There is no specific calendar date when perpetual expires; they are open-ended futures contracts.

Perpetual contracts, a derivatives crypto trading instrument, postpone payment and delivery until settled, whereas spot contracts are for immediate buying and selling. (Perpetual contracts (a type of futures contract) lack a fixed settlement time and an expiration date.)

➤Perpetuals are designed to track the spot price and are mainly used for crypto leverage trading.

Decentralized Perpetual VS Centralized

Metamask logo

➤On a DEX(decentralized exchange), you interact directly via a Web3 wallet (Metamask or similar). You always control your funds; all transactions are publicly available on the blockchain.

On a centralized exchange, you need to 

  1. Live in an eligible country or jurisdiction
  2. Sign up and do KYC
  3. Make sure you are allowed to trade futures
  4. Now you are ready to trade!

Best Offers

*Terms and conditions apply. Read more on Offers page.

Hot Articles