Comprehensive Review of Leading Futures Crypto Platforms Based on Fees and Liquidity: Hyperliquid, Jupiter, EdgeX, Aster, Lighter, ApeX, GMX, Drift, dYdX, and More

In the world of cryptocurrencies, specialized platforms for trading perpetual futures are gaining traction. We have prepared a review of the top services – futures platforms that have generated record amounts in trading fees over the past month. These crypto exchanges offer various advantages: from zero fees and deep liquidity to multi-chain ecosystems and trading of tokenized stocks. We will discuss the key features of each platform in straightforward terms, ensuring your crypto trading is efficient and convenient.

Top Futures Platforms and Their Features

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

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

• Hyperliquid: A decentralized exchange on its own blockchain optimized for trading. It offers a fully on-chain order book with speeds akin to traditional exchanges. Transactions are confirmed within fractions of a second, and trading fees are minimal. Hyperliquid combines the speed of CEX with DeFi transparency, allowing trading of over 100 pairs with leverage up to 50x without requiring trust in a middleman.
• EdgeX: A perpetual platform based on Ethereum Layer-2 (ZK-rollup technology), providing a trading experience akin to traditional exchanges. Users maintain control over their assets, with orders processed in mere milliseconds. Fees are extremely low (~0.012% maker and 0.038% taker). It supports leverage up to 100x and over 160 markets – from BTC and ETH to popular altcoins. EdgeX is a decentralized crypto exchange with speed and depth comparable to top CEXs.
• Lighter: An innovative DEX based on its own ZK-rollup on Ethereum. Lighter stands out with effectively zero cryptocurrency fees for regular traders – fees are charged only to API traders and large high-frequency players. However, Lighter ensures high-speed execution, confirming all transactions with cryptographic proofs. Its order books and liquidations are verifiable on the blockchain, guaranteeing integrity. The platform launched 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), developed by a team of fintech veterans. Extended offers a fully on-chain experience with instant order execution (under 10 ms) and no gas costs for traders. The platform supports leverage up to 50x and over 50 trading pairs. A unique feature is the “hidden orders” that allow large players to conceal their volume on the book, avoiding market impact. Extended aims to merge the best of CeFi and DeFi: speed akin to Coinbase while maintaining complete user self-custody.

Multi-Chain Derivatives Platforms (Aster and ApeX)

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

• Aster: A next-gen decentralized exchange that functions across multiple blockchains – BNB Chain, Ethereum, Solana, Arbitrum, and others. Aster offers both a standard mode for experienced traders (order book, leverage up to 100x) and a simplified mode with ultra-high leverage 1001x for fast one-click trades. Moreover, Aster implements unique features: users can collateralize staking assets and stablecoins with yield, continuing to earn interest even while trading. The platform is renowned for its low base fees (starting from 0.01% per order) and high liquidity due to pooling from multiple networks. Users can even trade tokenized US stocks priced in crypto – such as 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, ApeX transitioned into ApeX Omni in 2024 – a unified cross-chain system. Now, users can trade futures across different blockchains from a single interface without feeling the boundaries between networks. ApeX supports crypto pairs, some tokenized stocks, and even prediction markets. The APEX governance token is used for voting and community rewards. ApeX’s main strengths are its professional functionality (order book, stop orders, cross-margin) while maintaining complete decentralization: orders are processed by a network of validators, and assets are stored in users' wallets.

Solana Ecosystem: Perpetual Exchanges Jupiter and Drift

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

• Jupiter: Initially known 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 traditional order book, easing 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 happen almost instantly, and fees are minimal (only network charges, with no platform markup).
• Drift: The largest open perp exchange on Solana, offering advanced trading functionalities. Drift operates on a virtual AMM model (dAMM), 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. Drift's distinct feature is its yield farming within the platform: the USDC you collateralize can yield passive income while you trade. Rapid order execution on Solana and price oracles (Pyth) create a seamless trading experience. After the collapse of Mango Markets, Drift has established itself as a reliable alternative for derivatives within the Solana network, focusing on security and transparency.

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

These platforms open up access to traditional markets – stocks, indices, currency pairs, and commodities – for crypto traders through perpetual contracts. This means you can speculate on, for instance, the dollar's exchange rate or Tesla's stock price around the clock without needing access to traditional exchanges.

• TradeXYZ: A perpetual platform built on Hyperliquid blockchain. It enables trading not only cryptocurrencies but also any assets, including stocks. For example, TradeXYZ has launched a perpetual contract XYZ100 on the NASDAQ-100 index (the top 100 US stocks), which saw tens of millions of dollars in volume traded in its initial days. The platform's standout feature is 24/7 access to the stock market through a crypto interface. Users simply need to connect their wallets to open positions on Apple or S&P500 just as easily as on Bitcoin. Meanwhile, TradeXYZ remains a non-custodial service: all transactions are conducted via Hyperliquid, ensuring high liquidity and low fees. Leverage is provided for both crypto and stocks, with some of the lowest fees in the industry.
• Avantis: A decentralized perpetual exchange on the Base network (Coinbase’s second layer). Avantis attracts traders with zero trading fees and a very high maximum leverage – up to 500x. The platform supports various markets: cryptocurrencies, Forex pairs (fiat currencies), and commodity indices. Avantis implements a unique liquidity model – a single USDC-vault from which funds for all trades are sourced. This increases capital efficiency and ensures low spreads across 80+ markets. Avantis does not charge fees from traders (only a percentage of the profits from successful trades), positioning itself as a "zero-fee" exchange. The project is backed by major funds and the Coinbase Base itself, adding a layer of trust. Avantis allows trading, for example, of gold or the euro to dollar exchange rate using crypto, all through a familiar decentralized exchange interface without time trading constraints.

Trading Directly from Wallets (Phantom and Based)

A distinct trend is the integration of futures trading into user wallets and mobile applications. Such solutions further simplify the process: there is no need to switch to an exchange, just use the built-in service in your wallet.

• Phantom: One of the most popular Solana wallets has expanded its functionality by launching a built-in feature for trading perpetuals. Phantom users (currently in the EU) can open long and short positions directly within the app with leverage up to 40x. Under the hood, the wallet utilizes the Hyperliquid API, but everything occurs seamlessly for the trader. You still hold your keys, while Phantom acts 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 capabilities to set stop-loss and take-profit. This approach showcases how crypto wallets are evolving into universal financial applications.
• Based (BasedApp): A crypto “super-app” that combines exchange functionalities with payment services. Based allows trading on Hyperliquid (spot and futures) directly from its interface, as well as issuing its own crypto Visa card for spending. The idea is for users to both invest and spend their cryptocurrency at regular stores in one place. The platform does not hold your funds – trading happens through wallet connectivity on a decentralized basis. Meanwhile, Based aims to offer service levels akin to a bank: a user-friendly mobile application, analytics, and customer support. The project has received investments from major crypto funds (Hashed, DeFiance, etc.) and is gaining popularity among a broad audience who value both security and comfort. Essentially, BasedApp brings crypto derivatives closer to the mass user by eliminating unnecessary technical barriers.

GMX – A Decentralized Exchange with a Liquidity Pool

GMX is a well-known platform for perpetual trading, originally launched on Arbitrum and Avalanche. Unlike a traditional order book, GMX employs a liquidity pool model: traders trade against a collective pool of assets (GLP), made up of several cryptocurrencies and stablecoins. This ensures constant liquidity and immediate execution of trades at market prices (prices are 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, most importantly, are distributed among the community: GMX token holders earn approximately 30% of all fees, while liquidity providers (GLP holders) receive about 70% of the exchange’s income. This makes GMX appealing not just for traders but also for investors seeking passive income from cryptocurrency fees. With a user-friendly interface, no KYC, and consistent performance, GMX has become one of the most popular decentralized exchanges for trading crypto futures.

dYdX – A Veteran in the Decentralized 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 ZK-rollup StarkWare) and gained fame for offering a genuine order book and high liquidity within the DeFi segment. In 2023-2024, the project made strides toward complete decentralization by launching its own chain based on Cosmos. Now, dYdX is an independent blockchain (app-chain) where all network nodes support the order book and trade matching. 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 commission may be charged at all (dYdX introduced zero fees for newcomers within certain limits), while large traders benefit from a tiered system with very low fees. The DYDX token is used for governance and staking within the network. dYdX is renowned for its active professional market makers, ensuring tight spreads and high order volumes in the books. If you are seeking a decentralized alternative to giants like Binance for crypto trading with leverage, dYdX is an excellent option, combining blockchain reliability with a rich exchange functionality.

Paradex – Zero Fees and Privacy

Paradex is an ultra-modern perp exchange that can be described as a “super-exchange.” It is built on its own Layer-2 solution (DimeVM, secured by Ethereum) and combines several cutting-edge ideas. First, Paradex charges no fees from retail traders at all – neither maker nor taker (like Lighter, it earns from services for professionals). Second, the platform ensures institutional-level privacy: zk-encryption conceals data about your positions, entry points, and liquidation sizes. This protects large players from “hunting” for their stop losses. Third, Paradex offers a unique tool – perpetual options. Essentially, these are options without expiration dates: traders pay an increased funding rate but do not risk liquidation, as in a regular futures contract. This product allows for higher leverage with limited risk. The Paradex platform launched in mid-2025 with support from the Paradigm fund, showing turnover in the tens of millions of dollars per day right away. It offers over 250 markets (futures, perpetual options, and spot) from a single margin account. Technologically, Paradex impresses with up to 1000 TPS, finality of ~2 seconds, and accounts being smart contracts (supporting gasless trading and multi-signature). Simply put, Paradex strives to give traders everything at once: lightning-fast speed, no fees, confidentiality, and a rich choice of tools. This platform is already showcasing what the future of decentralized exchanges could look like.