In-Depth 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 a review of the top services – futures platforms that have generated record amounts in commission fees over the past month. These crypto exchanges offer various advantages: from zero fees and deep liquidity to multichain ecosystems and the trading of tokenized stocks. We will discuss the key features of each platform in simple terms, so that your crypto trading is effective and convenient.

Top Futures Platforms and Their Features

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

Several modern decentralized exchanges (DEX) aim to provide speed and experience comparable to centralized platforms, while maintaining self-custody of funds. They operate on their own blockchains or Layer 2 solutions, which give them a performance advantage.

• Hyperliquid: A decentralized exchange on its own blockchain optimized for trading. 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 performance 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 akin to a classic exchange. Users retain control over their assets, and orders are processed in mere milliseconds. Fees here are extremely low (~0.012% maker and 0.038% taker). 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. Notably, for regular traders, there are effectively zero crypto trading fees – fees are only charged to API traders and large high-frequency players. Meanwhile, Lighter provides top-notch speed and verifies all operations with cryptographic proofs. The order book and liquidations are verifiable on the blockchain, ensuring fairness. 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), created by a team of fintech alumni. Extended offers 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 order book and avoid impacting the market. Extended aims to combine the best of CeFi and DeFi: speed akin to Coinbase and complete user self-custody.

Multichain Derivative Platforms (Aster and ApeX)

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

• Aster: A next-gen decentralized exchange that operates on various blockchains – BNB Chain, Ethereum, Solana, Arbitrum, etc. Aster offers both a standard mode for experienced traders (order book, leverage up to 100x) and a simplified mode with an ultra-high leverage of 1001x for fast one-click trades. Aster features unique functionalities: users can stake their tokens and stablecoins to earn yields while trading. The platform is noted for its low base fees (from 0.01% per order) and high liquidity due to the pooling of several networks. Users can even trade tokenized US stocks with crypto settlement – for instance, opening positions on Tesla or Nasdaq 100 24/7.
• ApeX Protocol: A multichain derivatives platform, whose slogan is “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 one interface, feeling no borders between networks. ApeX supports crypto pairs, some tokenized stocks, and even prediction markets. The governing token APEX is used for community voting and rewards. The main strength of ApeX lies in its professional functionality (order book, stop orders, cross-margin) while ensuring complete decentralization: orders are processed through a network of validators, and assets are stored in users’ 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 in our ranking operate within the Solana ecosystem, providing fast on-chain trading of futures.

• Jupiter: Originally, Jupiter gained fame as a DEX aggregator for instant token swaps on Solana, and has now launched a section Jupiter Perps for futures trading. The platform utilizes 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. Its built-in integration with Solana wallets ensures convenience – users can open positions directly through a familiar interface. Thanks to Solana's high speed, updates on positions and margin occur almost instantaneously, and fees are minimal (charges only for the network, without 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 utilize cross-margin – a single 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 generate passive income while you trade. Fast order execution on Solana and price oracles (Pyth) make trading seamless. 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 open up traditional markets – stocks, indices, currency pairs, and commodities – to crypto traders through perpetual contracts. This means you can speculate on the dollar's price or the cost of Tesla stock around the clock without needing to access traditional exchanges.

• TradeXYZ: A perpetual platform built on the Hyperliquid blockchain. It allows trading not only in cryptocurrencies but also in various commodities, including stocks. For example, TradeXYZ launched a perpetual contract XYZ100 on the NASDAQ-100 index (top 100 US stocks), which generated tens of millions of dollars in volume within its early days. The platform’s highlight is 24/7 access to the stock market through a crypto interface. Users just need to connect their wallets to open a position on Apple or S&P500 as easily as on Bitcoin. TradeXYZ maintains a non-custodial service: all trades are conducted through 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 Layer 2). Avantis attracts traders with zero trading fees and incredibly high maximum leverage – up to 500x. The platform supports a variety of markets: cryptocurrencies, Forex pairs (fiat currencies), and commodity indices. Avantis employs a unique liquidity model – 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 traders any fees (only a percentage of profits from successful trades), positioning itself as a “zero-fee” exchange. The project is backed by major funds and Coinbase Base itself, adding to its trustworthiness. Avantis enables trading, for example, the price of gold or the euro to dollar exchange rate for crypto, using a familiar decentralized 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, just use the built-in service in your wallet.

• Phantom: One of the most popular Solana wallets has expanded its functionality and launched an integrated feature to trade perpetuals. Phantom users (currently only in the EU) can open long and short positions directly in the app with leverage up to 40x. Under the hood, the wallet utilizes the Hyperliquid API, but everything happens seamlessly for the trader. You still hold the 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 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 trading on Hyperliquid (spot and futures) directly from its interface, and also issues its own Visa crypto card for spending funds. The idea is for the user to invest and spend cryptocurrency in traditional stores all in one place. The platform does not hold your funds – trading occurs through wallet connections, on a decentralized basis. At the same time, Based strives to provide bank-like quality of service: a convenient mobile app, analytics, and client support. The project has received investments from major crypto funds (Hashed, DeFiance, etc.) and is gaining popularity among a wide audience who value both security and convenience. Essentially, BasedApp brings crypto derivatives closer to the average user, removing unnecessary technical barriers.

GMX – Decentralized Exchange with Liquidity Pool

GMX is a well-known platform for perpetual trading, originally launched on Arbitrum and Avalanche. Unlike a conventional order book, GMX uses a model based on a liquidity pool: traders trade against a common asset pool (GLP), comprising several cryptocurrencies and stablecoins. This guarantees 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 wallet – the platform is fully decentralized and requires no registration. Fees on GMX are competitive and, most importantly, are distributed among the community: holders of the GMX token receive ~30% of all fees, while liquidity providers (holders of GLP) earn about 70% of the exchange's revenue. This makes GMX attractive not only for traders but also for investors seeking passive income from crypto commission fees. The simplicity of the interface, absence of KYC, and stable performance have made GMX one of the most popular decentralized exchanges for crypto futures trading.

dYdX – A Veteran in the Decentralized Derivatives Market

dYdX is one of the first 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 in the DeFi segment. In 2023-2024, the project took a step towards full decentralization, launching its own blockchain based on Cosmos. Now, dYdX is an independent blockchain (app-chain), where all network nodes support the functioning of the order book 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, fees may not be charged at all (dYdX introduced zero fees for newcomers within certain limits), while large traders can benefit from a tiered system with very low rates. The DYDX token is used for governance and staking within the network. dYdX is well known for having professional market makers actively working on it, ensuring tight spreads and high volumes of orders in the book. If you're looking for a decentralized alternative to giants like Binance for crypto trading with leverage, dYdX is an excellent option, blending blockchain reliability with extensive 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. Firstly, Paradex does not charge commissions from retail traders at all – neither maker nor taker (like Lighter, it earns through services for professionals). Secondly, the platform ensures institutional-level privacy: using zk-encryption, it conceals data about your positions, entry points, and liquidation sizes. Thus, large players are protected from being “hunted” for their stops. Thirdly, Paradex offers a unique tool – perpetual options. Essentially, these are options without an expiration date: the trader pays an increased funding fee but does not risk liquidation, like in regular futures. This product offers higher leverage with limited risk. Paradex launched in mid-2025 with support from the Paradigm fund and immediately demonstrated a turnover of tens of millions of dollars per day. It offers over 250 markets (futures, perpetual options, and even spot) from a single margin account. Technologically, Paradex impresses: up to 1000 TPS, finality of ~2 seconds, and accounts as smart contracts (supporting gasless trading and multi-signature). To put it simply – Paradex aims to provide traders with everything at once: lightning-fast speed, zero fees, privacy, and a rich selection of instruments. This platform is already showcasing what the future of decentralized exchanges could look like.