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

In the world of cryptocurrencies, specialized platforms for trading perpetual futures are gaining popularity. We have prepared an overview of top services – futures platforms that have earned record amounts 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 tokenized stocks. We will explain the key features of each platform in simple terms to make your crypto trading effective and convenient.

Top Futures Platforms and Their Features

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

Several modern decentralized exchanges (DEXs) strive to provide speed and an experience comparable to centralized platforms while maintaining self-custody of funds. They operate on their own blockchains or layer-two solutions, giving them a performance edge.

• Hyperliquid: A decentralized exchange on its dedicated trading-optimized blockchain. It offers a fully on-chain order book with speeds comparable to traditional exchanges. Transactions are confirmed in fractions of a second, 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 need to trust an intermediary.
• EdgeX: A perpetual platform based on Ethereum Layer-2 (ZK-rollup technology), providing a trading experience similar to traditional exchanges. Users maintain control over their assets, while orders are processed in mere milliseconds. Fees here are extremely low (~0.012% maker and 0.038% taker). It supports leverage up to 100x and more than 160 markets – from BTC and ETH to popular altcoins. EdgeX is a decentralized crypto exchange with speed and depth levels comparable to top CEXs.
• Lighter: An innovative DEX based on its own ZK-rollup on Ethereum. It stands out by offering virtually zero crypto fees for regular traders – fees are only charged for API traders and large high-frequency players. At the same time, Lighter ensures highest speed and confirms all operations with cryptographic proofs. The order book and liquidations are verifiable on the blockchain, ensuring fairness. The platform went live on its mainnet in 2025 and quickly attracted 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 provides a fully on-chain experience with instant order execution (under 10 ms) and no gas costs for traders. The platform supports up to 50x leverage and over 50 trading pairs. A unique feature is “hidden orders,” allowing large players to conceal their volume on the book and avoid market impact. Extended aims to combine the best of CeFi and DeFi: speed like Coinbase, and complete self-custody for users.

Multi-chain Derivative Platforms (Aster and ApeX)

These platforms operate across multiple networks, simplifying access and enhancing liquidity. They allow trading on different blockchains without complex bridges, offering a unified experience to users.

• Aster: A next-generation decentralized exchange that functions across several blockchains – BNB Chain, Ethereum, Solana, Arbitrum, and more. Aster offers both a standard mode for experienced traders (order book, leverage up to 100x) and a simplified mode with ultra-high leverage of 1001x for quick one-click trades. Additionally, Aster implements unique features: users can stake their assets and stablecoins for yield while still earning interest during trading. The platform is known for its low base fees (starting from 0.01% per order) and high liquidity due to the pooling of multiple networks. Users can even trade tokenized US stocks with crypto settlements – for instance, opening positions on Tesla or Nasdaq 100 24/7.
• 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. Now, users can trade futures across different blockchains from a single interface, feeling no boundaries between networks. ApeX supports crypto pairs, some tokenized stocks, and even prediction markets. The governance token APEX is used for voting and community rewards. The main advantage of ApeX is its professional functionality (order book, stop orders, cross-margin) while maintaining full decentralization: orders are processed by a network of validators, and assets are held in users' wallets.

Solana Ecosystem: Perpetual Exchanges Jupiter and Drift

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

• Jupiter: Originally famous as a DEX aggregator for instant token swaps on Solana, Jupiter has now launched the Jupiter Perps section for futures trading. The platform uses price oracles instead of a classical order book, simplifying the 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 instantly, with minimal fees (only network charges, no platform markup).
• Drift: The largest open perp exchange on Solana, offering advanced trading functionality. Drift operates on a virtual AMM model (dAMM), where liquidity automatically adjusts to market conditions. This provides deep order books and low slippage for popular pairs. Traders can use cross-margin – one account for all positions – and leverage up to 100x. A unique feature of Drift is yield farming within the platform: the USDC you deposit can earn passive income while you trade. Rapid order execution on Solana and price oracles (Pyth) make trading smooth. After the collapse of Mango Markets, Drift has 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 offer crypto traders access to traditional markets – stocks, indices, currency pairs, and commodities – through perpetual contracts. This means you can speculate, for example, on the dollar's exchange rate or Tesla's stock price around the clock, without needing to access traditional exchanges.

• TradeXYZ: A perpetual platform built on the Hyperliquid blockchain. It enables trading not just in cryptocurrencies but in any goods, including stocks. For instance, TradeXYZ launched a perpetual contract XYZ100 on the NASDAQ-100 index (top 100 US stocks), which traded tens of millions of dollars in volume in its early days. The platform's feature is 24/7 access to the stock market via a crypto interface. Users simply connect their wallets to open positions on Apple or S&P500 as easily as on Bitcoin. At the same time, TradeXYZ remains a non-custodial service: all trades are conducted through Hyperliquid, ensuring high liquidity and low fees. Leverage is provided for both crypto and stocks, and its fees are among the lowest in the industry.
• Avantis: A decentralized 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 various markets: cryptocurrencies, Forex pairs (fiat currencies), and commodity indices. The unique liquidity model of Avantis is a single USDC vault from which funds are drawn for all trades. This increases capital efficiency and ensures a low spread across 80+ markets. Avantis does not charge any commissions from traders (only a percentage of successful trades' profits), positioning itself as a "zero-fee" exchange. The project is supported by major funds and Coinbase Base itself, adding trust. Avantis allows trading, for example, the price of gold or euro versus dollar for crypto, using a decentralized exchange interface without trading time restrictions.

Trading Directly from Wallet (Phantom and Based)

A separate trend is the integration of futures trading into user wallets and mobile apps. Such solutions make the process even simpler: no need to switch to an exchange, just the built-in service in your wallet.

• Phantom: One of the most popular Solana wallets has expanded its functionality and launched an integrated feature for trading 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, but all occurs seamlessly for the trader. You still hold the 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 intuitive, with real-time notifications and options to set stop-loss and take-profit orders. This approach demonstrates how crypto wallets are evolving into universal financial applications.
• Based (BasedApp): A crypto "super-app" that combines exchange functions and payment services. Based allows users to trade on Hyperliquid (spot and futures) directly from its interface and also issue their own Visa crypto card for spending. The idea is for users to invest and spend crypto in regular stores in one place. The platform does not hold your funds – trading occurs through wallet connection on a decentralized basis. At the same time, Based aims to provide banking-like service quality: a convenient mobile app, analytics, and customer support. The project has received investments from major crypto funds (Hashed, DeFiance, etc.) and is gaining popularity among a wide audience that values both security and comfort. Essentially, BasedApp brings crypto derivatives closer to the average user by removing unnecessary technical barriers.

GMX – A Decentralized Exchange with Liquidity Pool

GMX – a well-known platform for perpetual trading, originally launched on Arbitrum and Avalanche. Unlike a traditional order book, GMX uses a liquidity pool model: traders trade against a shared asset pool (GLP) consisting of multiple cryptocurrencies and stablecoins. This ensures constant liquidity and instant execution of trades at market price (the price is 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 decentralized and requires no registration. Fees on GMX are competitive and, importantly, are distributed among the community: holders of GMX tokens receive ~30% of all fees, while liquidity providers (holders of GLP) receive about 70% of the exchange's revenues. This makes GMX attractive not only for traders but also for investors seeking passive income from crypto fees. The simplicity of the interface, no KYC, and stable operation have made GMX one of the most popular decentralized exchanges for crypto futures trading.

dYdX – A Veteran in the Decentralized Derivatives Market

dYdX – one of the first and most recognized platforms for trading crypto derivatives. Originally, dYdX operated as a protocol on Ethereum (via the ZK-rollup StarkWare) and gained fame for being able to provide a true order book and high liquidity in the DeFi segment. In 2023–2024, the project took a step toward full decentralization by launching its blockchain based on Cosmos. Now dYdX is an independent blockchain (app-chain), where all network nodes support order book functionality and matching of trades. The platform offers trading of perpetual contracts on dozens of assets with leverage up to 20x–25x, with performance comparable to centralized exchanges. For small trading volumes, no fees may be charged at all (dYdX has implemented zero fees for newcomers within certain limits), while a tiered system with very low rates applies to larger traders. The DYDX token is used for governance and staking within the network. dYdX is famed for having professional market makers actively working on it, ensuring narrow spreads and large order volumes on the order book. If you are looking for a decentralized alternative to giants like Binance for crypto trading with leverage – dYdX would be an excellent option, combining blockchain reliability and the rich functionality of an exchange.

Paradex – Zero Fees and Privacy

Paradex – an ultra-modern perp exchange that can be called a "super-exchange." It is built on its own Layer-2 solution (DimeVM, secured by Ethereum) and incorporates several advanced ideas. Firstly, Paradex does not charge commissions from retail traders at all – neither maker nor taker (like Lighter, it earns from services for professionals). Secondly, the platform ensures institutional-level privacy: with zk-encryption, your positions, entry points, and liquidation sizes are hidden. Thus, large players are protected from "hunting" for their stop orders. Thirdly, Paradex offers a unique instrument – perpetual options. Essentially, these are options without an expiration date: traders pay an increased funding rate but are not at risk of liquidation like in a regular futures contract. Such a product provides higher leverage with limited risk. The Paradex platform launched in mid-2025 with support from the Paradigm fund and immediately showed a turnover of millions of dollars daily. It offers over 250 markets (futures, perpetual options, and even spot) from a single margin account. Technologically, Paradex impresses: up to 1000 TPS, ~2 seconds finality, accounts are smart contracts (gasless trading and multi-signature supported). In simple terms – Paradex aims to give traders everything at once: lightning-fast speed, no commissions, confidentiality, and a rich choice of instruments. This platform is already showcasing what the future of decentralized exchanges could look like.