# PerpDEX Guide

> Independent editorial guides to decentralized perpetual futures exchanges. Every rate is verified against the venue's official documentation, with the verification date stated on the page; unverifiable numbers are omitted and flagged rather than estimated. Referral relationships are disclosed on every page that carries one; safety, KYC, token, and legal pages carry no affiliate links.

## Hyperliquid

- [Hyperliquid review](https://perpdexguide.com/hyperliquid/): what the on-chain perps exchange is, how it differs from CEX futures and AMM DEXs, and its risks
- [Fees explained](https://perpdexguide.com/hyperliquid/fees/): verified maker/taker rates, volume tiers, HYPE staking discounts, funding mechanics
- [Referral discount](https://perpdexguide.com/hyperliquid/referral/): how the 4% fee discount works on both sides of the program
- [How to start](https://perpdexguide.com/hyperliquid/how-to-start/): connect, deposit, first trade, withdrawals — framed around risk control
- [The trading screen, explained](https://perpdexguide.com/hyperliquid/trading-interface/): every control on the trade UI — margin modes, Pro order types, TP/SL — with docs-verified definitions and real account screenshots
- [Is Hyperliquid safe?](https://perpdexguide.com/hyperliquid/is-it-safe/): Zellic bridge audit, custody model, the March 2025 JELLY episode, regulatory status
- [Deposits & withdrawals](https://perpdexguide.com/hyperliquid/deposit-withdraw/): supported chains and assets, the $1 flat withdrawal fee
- [KYC requirements](https://perpdexguide.com/hyperliquid/kyc/): the factual no-KYC picture and what it does not mean
- [Leverage & liquidation](https://perpdexguide.com/hyperliquid/leverage-liquidation/): margin modes and the exact liquidation math
- [Vaults](https://perpdexguide.com/hyperliquid/vaults/): HLP and user vaults — lockups, the 10% leader profit share, and honest risk framing
- [Stock & commodity perps](https://perpdexguide.com/hyperliquid/equity-perps/): how HIP-3 builder-deployed markets work, without ticker claims
- [Outcome markets](https://perpdexguide.com/hyperliquid/outcome-markets/): HIP-4's fully collateralized Yes/No contracts — no leverage, no liquidations, mark-price settlement
- [Points](https://perpdexguide.com/hyperliquid/points/): the program ended November 2024 — verified season history, the HYPE conversion, and why 2026 farming guides are speculation
- [HYPE token](https://perpdexguide.com/hyperliquid/hype-token/): verified staking mechanics and fee discounts, no price talk

## Aster

- [Aster review](https://perpdexguide.com/aster/): the BNB-ecosystem order-book perp DEX — fees, points program, token, honest risks
- [Fees explained](https://perpdexguide.com/aster/fees/): 0% maker on both perp families, the USD1 distinction, ASTER discount
- [Referral rebate](https://perpdexguide.com/aster/referral/): how the commission split works on both sides
- [How to start](https://perpdexguide.com/aster/how-to-start/): connect, deposit, first trade, withdrawals
- [The trading screen, explained](https://perpdexguide.com/aster/trading-interface/): order types, margin/asset modes, USDT vs USD1 perps, predictions, vaults, Aster Chain — and why 1001x is a separate product from the 200x Pro screen — docs-verified with real account screenshots
- [Points explained](https://perpdexguide.com/aster/points/): Stage 6 airdrop mechanics — the verified formula and the sharp edges in its incentive design

## dYdX

- [dYdX review](https://perpdexguide.com/dydx/): the longest-running major perp DEX — Cosmos app-chain, governance-set fees, official geo restrictions stated plainly
- [Fees explained](https://perpdexguide.com/dydx/fees/): volume tiers, verified maker rebates at the top tiers, hourly funding mechanics
- [How to start](https://perpdexguide.com/dydx/how-to-start/): wallet or social login, USDC on Noble, deposits in about 30 seconds
- [Referral benefit](https://perpdexguide.com/dydx/referral/): how referred accounts start at fee tier 3, and how the program pays both sides
- [The trading screen, explained](https://perpdexguide.com/dydx/trading-interface/): every control on dYdX's trade UI — margin modes, target leverage, the Advanced menu, MegaVault (wind-down), the Spot memecoin terminal — docs-verified with real account screenshots

## Lighter

- [Lighter review](https://perpdexguide.com/lighter/): the zero-fee zk-rollup perp DEX — Standard vs Premium accounts, live LIT token with staking, honest gaps
- [Fees explained](https://perpdexguide.com/lighter/fees/): zero-fee standard accounts, the Premium latency tier, and the verified LIT staking grid
- [Points explained](https://perpdexguide.com/lighter/points/): Season 2's verified mechanics, separated from airdrop speculation
- [How to start](https://perpdexguide.com/lighter/how-to-start/): the deposit-creates-account flow, USDC base collateral, Standard vs Premium, withdrawals
- [The trading screen, explained](https://perpdexguide.com/lighter/trading-interface/): Standard vs Premium, deposit-creates-account, order types, Public Pools (copy-trading), RWA/stock/forex markets, live LIT staking, the Ethereum Gateway — docs-verified with real account screenshots

## GMX

- [GMX review](https://perpdexguide.com/gmx/): the pool-model perp DEX on Arbitrum/Avalanche — GM/GLV pools, LP economics, token facts
- [Fees explained](https://perpdexguide.com/gmx/fees/): position fees by pool-balance effect, borrow fees, price impact, swaps
- [Referral discount](https://perpdexguide.com/gmx/referral/): the verified tier table and what the 5% discount does and doesn't cover
- [How to start](https://perpdexguide.com/gmx/how-to-start/): the no-deposit wallet-direct model, trading modes, first position, closing out
- [The trading screen, explained](https://perpdexguide.com/gmx/trading-interface/): the pool model, Pool/Collateral selectors, net rate, keeper two-step execution, GM/GLV, TradFi markets — docs-verified with real account screenshots

## Comparisons

- [Best perp DEX 2026](https://perpdexguide.com/best-perp-dex/): Hyperliquid, Aster, dYdX, GMX, Lighter on verified numbers
- [Hyperliquid vs Aster](https://perpdexguide.com/compare/hyperliquid-vs-aster/)
- [Hyperliquid vs dYdX](https://perpdexguide.com/compare/hyperliquid-vs-dydx/)
- [Hyperliquid vs GMX](https://perpdexguide.com/compare/hyperliquid-vs-gmx/)
- [Hyperliquid vs Lighter](https://perpdexguide.com/compare/hyperliquid-vs-lighter/)
- [Hyperliquid vs Binance Futures](https://perpdexguide.com/compare/hyperliquid-vs-binance-futures/)
- [Hyperliquid vs Bybit](https://perpdexguide.com/compare/hyperliquid-vs-bybit/)
- [Hyperliquid vs Paradex](https://perpdexguide.com/compare/hyperliquid-vs-paradex/)
- [Hyperliquid vs edgeX](https://perpdexguide.com/compare/hyperliquid-vs-edgex/)
- [Hyperliquid vs Ostium](https://perpdexguide.com/compare/hyperliquid-vs-ostium/)
- [Hyperliquid vs Pacifica](https://perpdexguide.com/compare/hyperliquid-vs-pacifica/)
- [Hyperliquid vs Extended](https://perpdexguide.com/compare/hyperliquid-vs-extended/)
- [Hyperliquid vs Jupiter Perps](https://perpdexguide.com/compare/hyperliquid-vs-jupiter/)
- [Hyperliquid vs ApeX](https://perpdexguide.com/compare/hyperliquid-vs-apex/)
- [Lighter vs Aster](https://perpdexguide.com/compare/lighter-vs-aster/): zero-fee rollup vs 0%-maker BNB Chain book — fees, funding cadence, token and points status
- [Lighter vs dYdX](https://perpdexguide.com/compare/lighter-vs-dydx/): zero-fee Standard accounts vs governance-set tiers with maker rebates
- [Lighter vs edgeX](https://perpdexguide.com/compare/lighter-vs-edgex/): a published zero-fee grid against a schedule visible only in the app
- [Lighter vs Paradex](https://perpdexguide.com/compare/lighter-vs-paradex/): two zero-fee headlines with different fine print — Standard tier vs retail-only
- [Lighter vs Extended](https://perpdexguide.com/compare/lighter-vs-extended/): Ethereum rollup vs Starknet with TradFi perps; LIT live vs no token
- [Lighter vs Pacifica](https://perpdexguide.com/compare/lighter-vs-pacifica/): zero fees vs Solana volume tiers; both run weekly points programmes
- [Aster vs dYdX](https://perpdexguide.com/compare/aster-vs-dydx/): 0% maker on BNB Chain vs governance-set tiers that pay top makers a rebate; $ASTER vs DYDX; Stage 6 points vs none
- [Aster vs edgeX](https://perpdexguide.com/compare/aster-vs-edgex/): a published fee grid and airdrop-linked points against a schedule visible only in the app
- [Aster vs Paradex](https://perpdexguide.com/compare/aster-vs-paradex/): 0% maker vs zero-fee retail; two live tokens; Stage 6 points vs XP Season 3
- [Aster vs Extended](https://perpdexguide.com/compare/aster-vs-extended/): BNB Chain crypto book vs Starknet with TradFi perps; live $ASTER vs no token
- [Aster vs Pacifica](https://perpdexguide.com/compare/aster-vs-pacifica/): two weekly points programmes on their own docs; 0% maker vs Solana volume tiers
- [Aster vs GMX](https://perpdexguide.com/compare/aster-vs-gmx/): order book vs pool model — why the fee columns are not the same axis

## Live tools

- [Tools hub](https://perpdexguide.com/tools/): live market dashboards and cross-venue comparisons, fetched from the venues' public APIs in the browser
- [Funding rates live](https://perpdexguide.com/tools/funding-rates/): current funding across Hyperliquid, dYdX, Aster and Lighter for every shared market, normalised to an hourly equivalent and sorted by the widest gap; plus every Hyperliquid market's hourly rate and APR, and the same coin on Binance and Bybit
- [Open interest live](https://perpdexguide.com/tools/open-interest/): USD-notional positioning per market
- [24h volume live](https://perpdexguide.com/tools/volume/): daily notional turnover per market
- [Earning comparison](https://perpdexguide.com/tools/earning-comparison/): funding, vaults, points, staking, and referral benefits across all five covered venues — verified cells only, explicit no-data cells otherwise
- [Fee comparison](https://perpdexguide.com/tools/fee-comparison/): base-tier maker/taker rates and fee models across all five venues, restated from the verified per-venue schedules
- [Earning scenarios](https://perpdexguide.com/tools/earning-optimizer/): a user-stated amount + exposure class → the matching strategies with their deterministic quantities at current live rates, plus venues ranked by estimated monthly fee cost — verified schedules only, explicitly not a profit estimate
- [Strategy explorer](https://perpdexguide.com/tools/strategy-explorer/): pick an earning strategy — its honest risk profile, verified venue offerings, and live current rates; explicitly no profit projections
- [Execution cost](https://perpdexguide.com/tools/execution-cost/): what an order actually costs to fill — live slippage walked from each venue's resting order book by market and order size, with the share of visible depth the order consumes; excludes fees, which are compared separately
- [Feature comparison](https://perpdexguide.com/tools/feature-comparison/): platform features across all five venues — trading model, spot & swaps, stock/RWA/prediction markets, login & KYC, collateral — verified cells only, explicit no-data cells otherwise

- [Points & airdrop tracker](https://perpdexguide.com/airdrops/): every covered venue's points programme in one table — status, season, cadence, token, and what the venue's own docs say points convert to, each row dated to the docs it was verified against

## Markets

- [All perp markets](https://perpdexguide.com/markets/): every perp listed across the five venues whose public market lists we track (Hyperliquid, dYdX, Aster, Lighter, edgeX), deduplicated to one page per asset — each /markets/{asset}/ page shows which venues list it, under which ticker, at what contract size, and flags assets whose contract size differs between venues; pages for Hyperliquid-listed assets additionally carry live price, funding, OI and volume
- [Stock perps index](https://perpdexguide.com/markets/stocks/): every equity perpetual across the tracked venues, with the venue that classified it and its published leverage
- [ETF perps index](https://perpdexguide.com/markets/etfs/): every fund-tracking perpetual across the tracked venues, venue-classified
- [Commodity perps index](https://perpdexguide.com/markets/commodities/): every commodity perpetual across the tracked venues, venue-classified

## Guides

- [Perpetual futures explained](https://perpdexguide.com/guides/perpetuals-explained/): platform-agnostic mechanics of perps
- [Funding rates explained](https://perpdexguide.com/guides/funding-rates-explained/): the cost of holding perps, with Hyperliquid's verified implementation
- [Is perp trading legal in the EU?](https://perpdexguide.com/guides/is-perp-trading-legal-eu/): the regulatory picture — MiCA vs MiFID II scope, protections, taxes
- [What is a perp DEX?](https://perpdexguide.com/guides/what-is-a-perp-dex/): custody vs. CEX accounts, wallet onboarding, order-book vs. pool architectures
- [AI agents and MCP explained](https://perpdexguide.com/guides/ai-agent-trading-explained/): what a Model Context Protocol server is, which perp DEXs document one (only Paradex and Pacifica), what those servers are permitted to do — including Pacifica's irreversible withdrawal tools — and the permission decision to settle before connecting one
- [Earning on perp DEXs](https://perpdexguide.com/guides/earning-on-perp-dexs/): every income strategy — trading, funding arbitrage, vaults, points, staking — with the risk attached to each
- [Perp DEX safety & incident tracker](https://perpdexguide.com/perp-dex-safety/): the four risks that decide venue safety (custody/upgradeability, oracle, off-chain components, liquidity) + a sourced, dated incident tracker (Ostium, edgeX, Paradex)

## Site

- [About](https://perpdexguide.com/about/): what the site covers and how it is funded
- [Methodology](https://perpdexguide.com/methodology/): sourcing, verification, and how referral links are handled
- [Open data](https://perpdexguide.com/data-definitions/#open-data): free JSON endpoints — /api/v1/markets.json (venue-by-venue perp listings), /api/v1/fees.json (verified base-tier fees), /api/v1/funding-history.json (7-day hourly funding) — and an embeddable fee-table widget; republish with a "Data: PerpDEX Guide" link
- [Data definitions](https://perpdexguide.com/data-definitions/): every dataset the site renders — live endpoints, weekly snapshots, hand-verified files — with cadence, the checks that watch them, and how the two dates on each page work
- [Corrections](https://perpdexguide.com/corrections/): every material correction, dated, with what was wrong and what changed; how to report an error
- [Risk disclosure](https://perpdexguide.com/risk-disclosure/): the full risk picture for leveraged trading on unregulated venues