A Comprehensive Overview of Leading Futures Crypto Platforms by Fees and Liquidity: Hyperliquid, Jupiter, EdgeX, Aster, Lighter, ApeX, GMX, Drift, dYdX, and Others.

In the cryptocurrency realm, specialised platforms for trading perpetual futures are gaining traction. We have prepared a review of the top services – futures platforms that have generated record sums in commission fees over the past month. These crypto exchanges offer various advantages: from zero fees and deep liquidity to multi-chain ecosystems and trading of tokenised equities. We will discuss the key features of each platform in straightforward terms so that your crypto trading is both effective and convenient.

Top Futures Platforms and Their Features

High-Speed Next-Gen DEXs (Hyperliquid, EdgeX, Lighter, Extended)

Several modern decentralised exchanges (DEXs) strive to deliver speed and a user experience comparable to centralised platforms while preserving self-custody of funds. They operate on their distinct blockchains or layer two solutions, which grants them a performance edge.

• Hyperliquid: A decentralised exchange on its dedicated blockchain optimised for trading. It offers a fully on-chain order book with speeds akin to traditional exchanges. Transactions are confirmed in mere seconds, and trading fees are minimal. Hyperliquid combines the speed of CEX with the transparency of DeFi, allowing trading of over 100 pairs with leverage up to 50x without the necessity to trust a middleman.
• EdgeX: A perpetual platform based on Ethereum Layer-2 (ZK-rollup technology) that provides a trading experience akin to that of traditional exchanges. Users maintain control over their assets, with orders processed in milliseconds. Fees here are extremely low (~0.012% maker and 0.038% taker). It supports up to 100x leverage and over 160 markets, ranging from BTC and ETH to popular altcoins. EdgeX is a decentralised crypto exchange with speed and depth comparable to top CEXs.
• Lighter: An innovative DEX based on its own ZK-rollup on Ethereum. It stands out by offering effectively zero cryptocurrency commissions for regular traders – fees are charged only for API traders and large high-frequency players. Lighter provides extremely high speed and validates all operations with cryptographic proofs. The order book and liquidations are verifiable on the blockchain, ensuring fairness. The platform launched on its mainnet in 2025 and quickly garnered attention due to its zero-fee policy and transparency.
• Extended: A perpetual exchange on the StarkNet network (Ethereum L2), created by a team of fintech veterans. Extended offers a fully on-chain experience with instant order execution (under 10 ms) and zero gas costs for traders. The platform supports up to 50x leverage and over 50 trading pairs. A unique feature is the "hidden orders," allowing significant players to conceal their volume on the order book, thereby avoiding market impact. Extended aims to merge the best of CeFi and DeFi: the speed of Coinbase with complete user self-custody.

Multi-Chain Derivative Platforms (Aster and ApeX)

These platforms operate across multiple networks, making access easier and enhancing liquidity. They allow trading on different blockchains without complicated bridges, providing a unified user experience.

• Aster: A next-gen decentralised exchange functioning across various blockchains – BNB Chain, Ethereum, Solana, Arbitrum, and others. Aster offers standard mode for experienced traders (order book, leverage up to 100x) as well as a simplified mode with ultra-high leverage of 1001x for one-click quick trades. Additionally, Aster implements unique features: stakable assets and stablecoins can be collateralised, allowing users to earn yields while trading. The platform is famed for its low base fees (starting at 0.01% per order) and high liquidity through pooled resources across multiple networks. Users can even trade tokenised US stocks with crypto settlements – opening positions on Tesla or Nasdaq 100 round the clock.
• ApeX Protocol: A multi-chain derivatives platform with the slogan "Built for Traders, Owned by Traders." Initially launched on Arbitrum as ApeX Pro with StarkEx technology, it evolved into ApeX Omni in 2024 – a unified cross-chain system. Users can now trade futures across different blockchains from a single interface, seamlessly crossing network boundaries. ApeX supports crypto pairs, certain tokenised stocks, and even prediction markets. The governance token APEX serves for voting and community rewards. A major advantage of ApeX is its professional features (order book, stop orders, cross-margin) while maintaining complete decentralisation: orders are executed by a network of validators, and assets are held in user wallets.

Solana Ecosystem: Perpetual Exchanges Jupiter and Drift

The Solana network is known for its low latency (~0.1 seconds) and absence of high fees, making it attractive for derivative DEXs. Two platforms from our ranking operate within the Solana ecosystem, offering fast on-chain futures trading.

• Jupiter: Initially renowned as a DEX aggregator for instant token swaps on Solana, Jupiter has now launched the Jupiter Perps section for futures trading. The platform utilises price oracles instead of a traditional order book, simplifying entry for newcomers. Jupiter allows trading of major crypto assets (SOL, BTC, ETH, etc.) with leverage up to 250x. Built-in integration with Solana wallets ensures convenience – users can open positions directly through a familiar interface. Thanks to Solana’s high speed, position and margin updates occur almost instantaneously, with minimal fees (only network charges without platform markup).
• Drift: The largest open perp exchange on Solana, offering advanced trading functionality. Drift operates on a virtual AMM (dAMM) model, where liquidity automatically adjusts to market conditions. This ensures deep order books and minimal slippage for popular pairs. Traders can use cross-margin – one account for all positions – and leverage up to 100x. A notable feature of Drift is yield farming within the platform: the USDC you deposit can generate passive income while you trade. The rapid execution of orders on Solana and price oracles (Pyth) ensure smooth trading. Following the collapse of Mango Markets, Drift established itself as a reliable alternative for derivatives in the Solana network, focusing on security and transparency.

24/7 Trading of Stocks and Currencies (TradeXYZ and Avantis)

These platforms provide crypto traders access to traditional markets – stocks, indices, currency pairs, and commodities – via perpetual contracts. This means you can speculate on the dollar rate or the price of Tesla shares around the clock without stepping onto traditional exchanges.

• TradeXYZ: A perpetual platform built on the Hyperliquid blockchain. It allows trading of not only cryptocurrencies but also a variety of assets, including stocks. For example, TradeXYZ launched the perpetual contract XYZ100 for the NASDAQ-100 index (top 100 US stocks), which generated tens of millions of dollars in volume in its early days. The unique selling proposition of the platform is 24/7 access to the stock market via a crypto interface. Users can connect their wallets to open a position on Apple or S&P500 as easily as on Bitcoin. Additionally, TradeXYZ remains a non-custodial service: all trades are conducted via Hyperliquid, guaranteeing high liquidity and low fees. Leverage is offered for both crypto and stocks, with some of the lowest fees in the industry.
• Avantis: A decentralised perpetual exchange on the Base network (Coinbase’s layer two). Avantis attracts traders with zero trading fees and a very high maximum leverage of up to 500x. The platform supports a variety of markets: cryptocurrencies, Forex pairs (fiat currencies), and commodity indices. Avantis features a unique liquidity model – a single USDC vault, which sources funds for all trades. This increases capital efficiency and ensures low spreads across 80+ markets. Avantis does not charge any commissions from traders (only a percentage of profits from successful trades), positioning itself as a “zero-fee” exchange. The project is supported by major funds and Coinbase Base, adding to its credibility. Avantis enables trading, for example, the gold rate or euro to dollar with crypto, using a familiar decentralised exchange interface without trading time restrictions.

Trading Directly from Wallets (Phantom and Based)

A separate trend is the integration of futures trading into user wallets and mobile applications. Such solutions simplify the process even further: there’s no need to switch to an exchange; the service is built into your wallet.

• Phantom: One of the most popular Solana wallets has expanded its functionality and launched the built-in capability to trade perpetuals. Phantom users (currently from the EU) can open long and short positions directly in the app, with leverage up to 40x. Behind the scenes, the wallet uses the Hyperliquid API, ensuring a seamless experience for the trader. You still hold your keys, while Phantom serves as the interface and sends transactions. There’s no need to create a separate account on an exchange – crypto trading is integrated into the wallet. The interface is simple and user-friendly, with real-time notifications and options to set stop-loss and take-profit orders. This approach illustrates how crypto wallets are transforming into universal financial applications.
• Based (BasedApp): A crypto "super-app" that combines exchange functions with payment services. Based allows trading on Hyperliquid (spot and futures) directly from its interface while also issuing its own Visa crypto card for spending funds. The idea is for users to invest and spend cryptocurrency in regular shops in one place. The platform does not hold your funds – trading occurs through wallet connection on a decentralised basis. At the same time, Based aims to deliver bank-quality service: a convenient mobile app, analytics, and customer support. The project has received investment from major crypto funds (Hashed, DeFiance, and others) and is gaining popularity among a wide audience who value both security and convenience. Essentially, BasedApp is making crypto derivatives accessible to the average user by removing unnecessary technical barriers.

GMX – A Decentralised Exchange with Liquidity Pool

GMX is a well-known platform for perpetual trading, initially launched on Arbitrum and Avalanche. Unlike a classic order book, GMX employs a liquidity pool model: traders trade against a shared pool of assets (GLP) composed of various cryptocurrencies and stablecoins. This ensures constant liquidity and instant execution of trades at market prices (determined by oracles). Traders can open positions with leverage up to 50x on popular coins (BTC, ETH, etc.) directly from their wallets – the platform is fully decentralised and does not require registration. GMX's fees are competitive, and importantly, they are distributed among the community: GMX token holders receive ~30% of all fees, while liquidity providers (GLP holders) earn about 70% of the exchange's revenue. This makes GMX appealing not only to traders but also to investors seeking passive income from cryptocurrency fees. The simplicity of the interface, lack of KYC, and reliable performance have made GMX one of the most popular decentralised exchanges for crypto futures trading.

dYdX – A Veteran in the Decentralised Derivatives Market

dYdX is one of the earliest and most renowned platforms for trading crypto derivatives. Initially, dYdX operated as a protocol on Ethereum (via the ZK-rollup StarkWare) and earned fame by offering a true order book and high liquidity in the DeFi segment. In 2023–2024, the project moved towards full decentralisation by launching its own chain based on Cosmos. Now, dYdX is an independent blockchain (app-chain), where all nodes support the operation of the order book and match trades. The platform offers futures contracts for dozens of assets with leverage up to 20x–25x, with performance comparable to centralised exchanges. For small trading volumes, fees may not be charged at all (dYdX introduced zero fees for beginners within certain limits), while larger traders benefit from a tiered system with very low rates. The DYDX token is used for governance and staking within the network. dYdX is renowned for actively engaging professional market makers, ensuring tight spreads and a large volume of orders in the order book. If you are seeking a decentralised alternative to giants like Binance for crypto trading with leverage, dYdX is an excellent option, combining blockchain reliability and a rich exchange functionality.

Paradex – Zero Fees and Privacy

Paradex is an ultra-modern perp exchange that can be termed a "super-exchange." It is built on its own Layer-2 solution (DimeVM, secured by Ethereum) and integrates several cutting-edge ideas. Firstly, Paradex does not charge fees from retail traders at all – neither maker nor taker (like Lighter, it profits from services for professionals). Secondly, the platform offers institutional-level privacy: zk-encryption conceals data concerning your positions, entry points, and liquidation sizes. This protects significant players from "hunting" their stops. Thirdly, Paradex offers a unique tool – perpetual options. Essentially, these are options without an expiry date: traders pay a premium funding fee, but do not risk liquidation as in a traditional futures contract. This product offers higher leverage with limited risk. Paradex launched in mid-2025 with support from Paradigm, immediately demonstrating turnover of tens of millions of dollars per day. It offers more than 250 markets (futures, perpetual options, and even spot) from a single margin account. Technologically, Paradex is impressive: up to 1000 TPS, finality of ~2 seconds, and accounts as smart contracts (supporting gasless trading and multi-signature). In simpler terms, Paradex aims to provide traders everything at once: lightning-speed, zero fees, confidentiality, and a rich selection of instruments. This platform is already showcasing what the future of decentralised exchanges could be like.