The guide to decentralized perp trading

Perpetual futures moved on-chain. PerpDEX Guide covers the exchanges where that happens — Hyperliquid, Aster, dYdX, GMX and the platforms challenging them — with plain-English guides, verified fee breakdowns, and side-by-side comparisons.

Every number we cite is checked against the platform's official documentation, and every recommendation comes with the risks spelled out — see how we work on the methodology page.

Hyperliquid — the flagship on-chain perps exchange

Hyperliquid review What it is, how it differs from CEX futures, and the risks — the full picture. Fees explained Maker/taker rates, volume tiers, HYPE staking discounts, and funding — verified. Referral discount How the 4% fee discount works and how to activate it.

Aster — the low-fee challenger

Aster review The BNB-ecosystem order-book perp DEX with 0% maker fees, reviewed honestly. Fees explained 0% maker on both perp families, the USD1 distinction, and the ASTER discount. Referral rebate How Aster's commission split works and what lands on your side.

dYdX — the longest-running major perp DEX

dYdX review The Cosmos app-chain veteran — track record, governance-set fees, honest restrictions. Fees explained Volume tiers, verified maker rebates at scale, and hourly funding mechanics. Referral discount The fee-tier-3 head start — up to $550 in verified fee savings, and how to claim it.

Lighter — zero fees, zk-verified

Lighter review The zk-rollup where standard accounts trade free — and how that model sustains itself. Fees explained Zero-fee standard accounts, the Premium latency tier, and the LIT staking grid. Referral code Code PERPDEXGUIDE — what it does, and why we don't quote a discount Lighter doesn't publish.

GMX — the pool-model alternative

GMX review No order book — pools take the other side. What that means for traders and LPs. Fees explained Position fees by pool-balance effect, borrow costs, and price impact. Referral discount The verified tier table — and what the 5% discount doesn't cover.

Learn the mechanics first

Platform-agnostic guides to the instruments themselves — read these before comparing venues.

Live market tools

Funding rates—Open interest—24h volume—

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Beyond the dashboards: pick a strategy in the strategy explorer, or put an amount and risk appetite through the earning scenarios tool.

Compare the venues

Fee-verified, honest head-to-heads — the rival wins where it wins.

Best perp DEX in 2026 Hyperliquid, Aster, dYdX, GMX, and Lighter compared on verified numbers. Hyperliquid vs Aster The two hottest order-book perp DEXs, head to head on fees and custody. Hyperliquid vs dYdX The on-chain order book against the longest-running major perp DEX. Hyperliquid vs GMX The order-book model versus GMX's pool-based perps, on fees and mechanics. Hyperliquid vs Lighter The on-chain order book against Lighter's zero-fee zk-rollup — fees, latency, maturity.

More Hyperliquid head-to-heads: vs ApeX , vs Binance Futures , vs Bybit , vs edgeX , vs Extended , vs Jupiter , vs Ostium , vs Pacifica , vs Paradex