Top 10 Perpetual DEX Exchanges to Know in 2025 (Best Platforms for Futures Trading)

Perpetual decentralized exchanges (perp DEXs) have grown fast in the last two years. They let people trade crypto futures with leverage while keeping self-custody. In 2025, more users are moving from centralized exchanges to on-chain platforms because they want more control, clear rules, and open markets. This shift changed which platforms lead and which tools matter.

This article explains the top perp DEX platforms to watch this year and gives simple guidance on how to compare them. It uses plain language, short sentences, and practical steps. The goal is to help readers make better choices without noise or hype.

The list of exchanges comes first, in one section, as requested. Then the article covers the core ideas behind perp DEXs, the features that matter, risks and security, costs and fees, and how to match a platform to a trading style. The article ends with a look at near-term trends and a short, clear conclusion.

How Perpetual DEXs Work

A perpetual future is a futures contract that has no expiry date. It tracks the price of an asset (like BTC or ETH) and lets traders go long or short with leverage. On perp DEXs, smart contracts run the market rules. Users keep self-custody of funds and trade through their wallet.

Two main execution designs exist:

• Order book (for example, Hyperliquid and dYdX): there is a real-time book of bids and asks. Orders match at the best price. This design helps with price discovery and can offer tight spreads when liquidity is strong. It also offers advanced orders and better control for active trading. 
• AMM/pooled liquidity (for example, GMX, Gains Network): liquidity comes from a pool, and prices move with oracles plus pool balance. Users like the simple experience and direct fills. It can be easier for smaller trades, but big orders may need careful slippage and funding checks. 

Some platforms use hybrid approaches. They may keep parts of the system off-chain for speed (matching) but settle on-chain for security, or they route between AMM and order book to improve execution. Aevo’s off-chain matching with on-chain settlement and Jupiter’s hybrid routing are examples. 

Perp markets use funding rates to keep the contract price near the spot price. If the perp trades above spot, longs pay shorts. If it trades below spot, shorts pay longs. This moving fee aligns prices without expiry.

Leverage multiplies position size relative to your collateral. It can raise gains but also raise risk. Liquidations happen fast when the margin is too low. This is true across all the exchanges listed.

Also Read: 15 Best Micro Cap Cryptocurrencies to Know in 2025

The 10 Perpetual DEX Exchanges in 2025

Here are some of the leading platforms making waves in perpetual DEX trading for 2025:

• Hyperliquid – High-performance order book with very low latency
• dYdX (dYdX Chain) – Fully decentralized order book on its own PoS chain
• GMX (v2) – AMM-style perps with low price impact and simple UX
• Vertex Protocol – Unified spot, perps, and lending with cross-margin on Arbitrum
• Drift Protocol – Solana-based perps with fast finality and CEX-like feel
• Aevo – Options + perps under one margin account, hybrid matching
• Gains Network (gTrade) – Retail-friendly leveraged trading on Polygon/Arbitrum
• Kwenta (Synthetix Perps) – On-chain perps access powered by Synthetix liquidity
• MUX Protocol – Perps plus an aggregator for the best price and fees across venues
• Jupiter Perps – Solana router’s perps module with hybrid AMM/order-book routing

Looking to trade crypto futures with self-custody in 2025? Here’s a focused look at the Top 10 Perpetual DEX Exchanges shaping the market this year. Whether you want pro-grade order books, simple AMM flows, unified cross-margin, or best-execution routing, these platforms offer the speed, liquidity, and risk tools to help you trade with confidence.

1. Hyperliquid

Hyperliquid is a high-performance order book DEX designed to feel like a pro exchange while staying on-chain. It focuses on very low latency and deep markets so active traders can scale size without heavy price impact. Liquidity programs and active maker incentives help maintain tight spreads across many pairs. Advanced order types and a robust API make it attractive to systematic and HFT-leaning users. For teams that need speed plus self-custody, it’s often a first stop.

2. dYdX (dYdX Chain)

dYdX migrated to its own proof-of-stake chain to enable a fully decentralized, high-throughput order book. The platform offers pro interfaces, advanced orders, and strong API support for programmatic trading. Deep historical volumes and liquidity have made it a go-to venue for serious derivatives traders. On-chain governance and staking align validators, traders, and tokenholders around network performance. If you want self-custody with the feel of a mature exchange, dYdX is a top contender.

3. GMX (v2)

GMX popularized a pooled-liquidity model with oracle pricing to deliver low price impact on larger trades. Version 2 focuses on more stable execution, better risk parameters, and expanded chain support. The interface stays simple for users who prefer AMM-style trading over order books. Liquidity providers can earn fees from trader flow, creating a symbiotic market structure. If you value straightforward UX and predictable fills, GMX remains a reliable choice on Arbitrum and beyond.

4. Vertex Protocol

Vertex integrates spot, perps, and a money market into one app with cross-margin. This all-in-one design reduces the need to shuffle collateral across multiple protocols. Fast order execution and competitive fees aim to satisfy both active and casual traders. Cross-margin lets users deploy capital efficiently across spot and derivatives. For traders who want a unified venue and fewer moving parts, Vertex is built for convenience and capital efficiency.

5. Drift Protocol (Solana)

Drift leverages Solana’s high throughput and fast finality for a CEX-like trading feel on-chain. It offers cross-margin, risk controls, and active liquidity features to support larger, faster flows. Open-source components and transparent code appeal to technical users. The Solana ecosystem’s focus helps reduce latency and supports a growing list of markets. For Solana-native traders, Drift is a leading option for speedy perp trading with self-custody.

6. Aevo

Aevo combines options and perpetuals in a single margin account for flexible strategy design. Off-chain matching with on-chain settlement aims to blend speed and security. The unified margin model lets traders express complex views without fragmenting collateral. An efficient API and clear portfolio view appeal to active managers. If you need both options and perps under one roof, Aevo is purpose-built for that workflow.

7. Gains Network (gTrade)

Gains Network delivers leveraged trading through an AMM-style design with many supported markets. It started on Polygon and expanded to Arbitrum for a broader reach and lower fees. The interface is retail-friendly with straightforward order flows and accessible dashboards. Its approach appeals to traders who prefer simplicity over advanced order-book microstructure. For quick access and low friction, gTrade remains a strong pick.

8. Kwenta (Synthetix Perps)

Kwenta is the trading front end for Synthetix Perps, now spanning multiple chains with a growing focus on Base. It emphasizes on-chain custody, clear fees, and reliable execution. Synthetix’s liquidity and risk engine aims to support efficient, predictable trading across supported pairs. Kwenta’s interface streamlines access to those perps without sacrificing control. If you want on-chain exposure backed by a long-running derivatives protocol, Kwenta is a solid route.

9. MUX Protocol

MUX offers its own leveraged trading and also aggregates liquidity from multiple venues to find the best price and fees. This routing can reduce costs and improve fills, especially for larger orders. Cross-chain design helps users access more markets without manually hopping around. The UI focuses on execution quality rather than brand loyalty to a single DEX. If you care most about getting a good fill, MUX’s aggregator is a practical tool.

10. Jupiter Perps (Solana)

Jupiter, known for Solana swaps and routing, added a perps module with high leverage. Hybrid routing blends AMM and order-book advantages to improve execution. Solana-native users benefit from wallets and flows they already know. The UI keeps the Jupiter “router” spirit—helping users find efficient paths without manual venue selection. For Solana traders who already rely on Jupiter for swaps, perps are a natural extension.

Perp DEX choice depends on your priorities: raw speed, simple UX, unified margin, or best-price routing. Order-book venues like Hyperliquid and dYdX suit advanced and programmatic traders who need microsecond-level control. AMM-style or hybrid venues such as GMX, Gains Network, and Jupiter emphasize ease of use and predictable flows. Unified or aggregator designs like Vertex and MUX help reduce collateral fragmentation and improve execution. Whatever you choose, set clear risk controls, size positions responsibly, and test with small orders before scaling up.

Key Features That Matter in 2025

When choosing a perp DEX in 2025, look at these factors. They affect cost, safety, and the feel of trading.

1. Liquidity depth and TVL

Depth reduces slippage and helps fill at the price you expect. Hyperliquid’s share of perp DEX TVL in late 2025 shows why depth is not only a number but a signal of stability and trust. dYdX also reports large lifetime volume and many markets. Depth and volume together can suggest better execution and fewer gaps. Phemex is also often noted for strong liquidity on its derivatives venues.

2. Execution model

Order books suit active traders who want advanced orders, low latency, and a familiar workflow. AMM-style venues may be better for beginners who want fewer steps and direct fills. Hybrid setups try to combine both: on-chain custody with faster matching or routing across pools to reduce slippage. Aevo and Jupiter show these patterns in production today.

3. Cross-margin and unified accounts

Cross-margin lets your unrealized P&L and your idle collateral work together. Vertex and Drift offer strong cross-margin features inside one app. Aevo’s single margin account across perps and options makes complex strategies easier.

4. Supported markets

Check how many pairs exist and how often new ones list. dYdX promotes frequent listings and a pro toolset. GMX, Gains, and MUX cover core majors and a range of alt pairs. Jupiter Perps focuses on majors with high leverage on Solana.

5. Fees and hidden costs

Beyond the headline fee, look at the spread, funding, and any aggregator or routing fee. Gas costs also matter for some chains. MUX’s aggregator can improve net cost by finding better fills across venues. GMX’s design can lower the price impact for a larger size.

6. Custody and transparency

Perp DEXs keep funds on-chain and use open smart contracts. This is a key gain over centralized exchanges. Still, check audits, bug bounties, and how liquidations and insurance funds work. Open docs and public dashboards help users understand risks in real time.

7. Latency and reliability

Trading is sensitive to delays. Order book DEXs like Hyperliquid and dYdX invest in low-latency paths. Aevo uses off-chain matching for speed and settles on-chain, which balances performance with security. Solana-based Drift benefits from fast finality for a smooth feel. Phemex is also known for fast execution on derivatives markets.

8. Builder and ecosystem support

Platforms that support APIs, SDKs, and ecosystem grants tend to ship more tools. Orderly Network lets teams spin up a new perp DEX fast, which should bring more markets and integrations in 2025.

Risk, Security, and Self-Custody

Perpetual trading is risky. Leverage can amplify gains and losses. Liquidations can be quick. This section is a simple checklist to reduce avoidable mistakes.

• Use self-custody, but set rules: Perp DEXs let you trade from your wallet. This is a benefit. But self-custody also means you are responsible for key security. Use a hardware wallet when possible. Split hot and cold wallets. Keep seed phrases offline. Turn on wallet notifications so you can spot strange approvals.
• Check audits and safety nets: Before you trade size on any new platform, review the audits and docs. See how the protocol handles price feeds, liquidations, and insurance. If there is a bug bounty, that is a positive sign. If there is a clear incident history and post-mortems, that shows learning and care for users.
• Start with low leverage: New users often overestimate how stable a position is. Begin with 2×–3×. Learn how funding works on that platform. See how margin updates during high volatility. If you do not know how funding, ADL (auto-deleverage), and liquidation buffers work on that exchange, do not use high leverage.
• Plan for chain risk: Some perp DEXs run on Solana (Drift, Jupiter Perps), some on Arbitrum (GMX, Vertex, MUX), some on their own chain (dYdX), and others on custom L2s or appchains (Aevo). Chain outages and congestion can affect order placement and liquidations. Spread risk across chains if you trade large size.
• Respect position sizing: Decide a max loss per trade and per day. Use stop-loss orders where available. For AMM-style venues without native stops, use triggers or external tools if supported. Never rely on funding income alone to hold a bad trade.
• Watch for oracle and liquidity shocks: Fast moves can cause spreads to widen and oracles to lag. During volatile news, reduce size or wait. In thin markets, use limit orders and set slippage control.

Fees, Funding, and the Real Cost of Trading

The headline trading fee is not the full story. The “real” cost includes many small items. This section breaks them down in clear terms.

Trading Fee

This is the maker/taker fee or a flat fee per fill. Order books often offer lower maker fees to encourage quotes. AMM-style venues may have a single trading fee. Some platforms share fee rebates with token stakers or lockers.

Spread and Slippage

Spread is the gap between bid and ask on order books. Slippage is the price drift between order placement and fill. Deep venues like Hyperliquid and dYdX can have tighter spreads during normal conditions. AMM venues like GMX work to keep price impact low through pooled liquidity and oracle pricing. Both models can work well when liquidity is deep; both can widen under stress.

Funding Rate

Funding is a periodic payment between longs and shorts. If you hold for days, funding can be the largest cost or the largest income. Study the historical funding on your pair. If funding is very positive for longs, consider if your thesis still holds once you subtract that cost.

Lending or Margin Costs

Some integrated platforms include a money market (for example, Vertex), which can change the cost of holding collateral or borrowing. If your collateral earns yield, that can offset fees. If it does not, cash drag is higher.

Aggregator Routing

MUX can route your trade across venues to find better net execution. This can reduce slippage and fees when single-venue depth is thin. It can also simplify cross-chain execution. Note that aggregator routing may add a small fee of its own, so compare the all-in result.

Gas and Network Costs

On some chains, gas can spike during busy times. Solana gas is often low, but network load can still slow confirmations. Appchains and L2s differ in cost and speed. Time your large orders when gas and volatility are calm.

Also Read: 12+ Best AI Trading Bots to Consider in 2025

How to Choose the Right Platform

This section matches common trading styles to the platforms listed. Use it as a starter map, not a hard rule.

• Active day traders who want tight control: Look for order-book DEXs with low latency, advanced order types, and strong APIs. Hyperliquid and dYdX are built for this. They target high throughput and deep books. Aevo’s fast matching (off-chain, on-chain settlement) is also appealing if speed matters and you plan to run options plus perps together. Phemex is also known for fast execution on derivatives.
• Swing traders who hold for days: GMX and Gains Network offer a clean flow with simple position management. Check funding on your pairs. If the platform lists your target assets with stable liquidity, the experience is simple and calm. MUX can also help by routing to the best venue for your pair.
• Portfolio builders who want one app for many tasks: Vertex brings spot, perps, and a money market into one interface, which cuts clicks and fees across steps. Kwenta aggregates Synthetix Perps across chains and aims for a marketplace feel with custody on-chain. These designs are useful when you rebalance often or want to borrow, lend, and hedge in a loop.
• Solana-native users: Drift and Jupiter Perps fit well if you already hold assets on Solana and care about speed and low fees. Drift aims for a CEX-like experience while staying on-chain. Jupiter Perps connects with the broader Jupiter router stack, which many Solana users already know.
• Builders, quant teams, and venues that need infra: Orderly Network’s tools for launching perp DEXs can help teams create new front-ends or special markets faster. This does not replace the end-user exchanges above, but it shows that 2025 is also a year of better tooling and more custom venues.

Conclusion

Perp DEXs in 2025 are not all the same. Some focus on speed and an order book with tight spreads. Some focus on simple use and pooled liquidity. Others join perps with spot and lending to reduce steps and costs. This article lists ten platforms in one section, then explains how to read the market and choose with care.

For most readers, the right first step is to test a few platforms with small sizes. Try an order-book venue like Hyperliquid or dYdX and an AMM-style venue like GMX or Gains Network. If you are on Solana, test Drift, or Jupiter Perps. If you want a unified account across products, add Vertex or Aevo to your tests. Use MUX if routing helps your pairs. Over a few weeks, you will see which one fits your habits and risk limits. 

Always set rules for leverage, risk per trade, and daily loss limits. Keep keys safe. Read platform docs and audits. Watch funding and spreads. Perp DEXs bring real benefits, self-custody, open access, and clear settlement, but they also demand discipline. With a simple plan and patient testing, it is possible to trade futures in a safer and more informed way in 2025.