Top Crypto Perpetual Futures Platforms

Perpetual futures (perps) are now the most popular way traders speculate on crypto assets, such as Bitcoin and Ethereum, with trading volumes surpassing spot markets by more than 10 to 1. These contracts have no expiry, offering traders continuous leveraged exposure.

Below is our comparison of the top five perpetual futures exchanges, ranked by liquidity, trading volume, fees, leverage, and asset selection, based on rigorous testing and analysis.

1. Bybit

Bybit is the top perpetual futures exchange based on our testing, thanks to its best-in-class liquidity, flexible leverage, competitive fees, and extensive market coverage. Daily futures volume regularly tops $40 billion, with deep order books across 729 contracts. Its unified trading account boosts capital efficiency through cross-margining between spot, futures, and options.

Fees are attractive at 0.02% maker and 0.055% taker, with high-volume traders enjoying further reductions, including zero maker fees at top VIP levels. Bybit supports deposits in 65 fiat currencies via bank transfers, credit cards, PayPal, Google Pay, and Apple Pay.

Bybit holds a MiCA license and operates under robust regulation in tier-1 jurisdictions such as Austria and Dubai. Its security measures include multi-signature cold storage and regular Proof-of-Reserves audits, positioning it as the most secure & trusted perpetual futures platform.

Platform Highlights:

• Fees: Maker fees from 0.02%, taker fees from 0.055% (zero maker fees for top VIP tiers).
• Supported Assets: 729 perpetual contracts, 1,700 spot trading pairs.
• Deposit Methods: Bank transfer, credit/debit cards, PayPal, Google Pay, Apple Pay (65 fiat currencies supported).
• Available Leverage: Up to 100x (maximum leverage depends on asset liquidity and market cap).

2. Binance

Binance ranks second among perps exchanges, offering substantial liquidity, industry-leading compliance, and institutional-level execution. Daily futures volume exceeds $79 billion across 615 perpetual contracts, covering both USDⓈ-Margined (USDT, USDC) and COIN-Margined markets.

Fees start at 0.02% maker and 0.05% taker, with further discounts for active traders and BNB holders. Binance provides advanced trading tools like TWAP, Iceberg, Trailing Stop, Limit TP/SL (Strategy Order), and Conditional Orders, supporting precise execution and risk management.

Binance holds tier-1 regulatory licenses, including AMF (France), VARA (Dubai), Bank of Spain, AUSTRAC (Australia), and FSRA (Abu Dhabi). Security is reinforced by cold storage, multi-factor authentication, advanced encryption, and transparent Proof-of-Reserves audits using Merkle trees and zk-SNARK technology.

Platform Highlights:

• Fees: Maker 0.02%, taker 0.05% (discounts available with volume and BNB holdings).
• Supported Assets: 615 perpetual contracts, 350 spot markets.
• Deposit Methods: Bank transfer, crypto deposits, credit/debit cards, WeChat Pay.
• Available Leverage: Up to 25x.

3. Hyperliquid

Hyperliquid ranks as the top decentralized perpetual futures exchange, leading DeFi derivatives with over 70% market share and daily volumes above $8 billion. Built on its custom Layer-1 blockchain with an on-chain Central Limit Order Book (CLOB), Hyperliquid achieves sub-second trade finality and deep liquidity without KYC.

Fees start at just 0.015% maker and 0.045% taker, decreasing further based on trading volume, with high-volume makers receiving rebates. Hyperliquid supports over 200 perpetual contracts at leverage up to 50x. Traders deposit directly via Web3 wallets like MetaMask or Coinbase Wallet, maintaining full asset custody.

Hyperliquid’s transparent, non-custodial design and advanced trading infrastructure position it firmly above other decentralized platforms like dYdX and GMX, making it the ideal choice for traders prioritizing performance, decentralization, and privacy.

Platform Highlights:

• Fees: Maker fees from 0.015% (rebates available), taker fees from 0.045%, with volume-based discounts.
• Supported Assets: 200+ perpetual contracts covering major crypto assets.
• Deposit Methods: USDC via Web3 wallets (MetaMask, Coinbase Wallet).
• Available Leverage: Up to 50x on all contracts.

4. Gate.io

Gate.io is the best perpetual futures exchange for trading altcoins, offering unmatched coverage of new tokens. With over 800 perp contracts and daily futures volumes exceeding $22 billion, Gate.io frequently lists trending altcoins like new Layer 1s, AI tokens, and meme coins, positioning traders for early entry opportunities.

The platform features advanced order types including Iceberg, TWAP, Conditional, and automated trading bots, along with copy trading for replicating profitable strategies. Gate.io supports leverage up to 125x on select pairs, maintains competitive fees starting from 0.02% maker and 0.05% taker, and provides volume-based discounts.

Regulated in jurisdictions like Malta (MFSA), Italy (OAM), and Dubai (DMCC), Gate.io balances global accessibility with solid security measures including multi-signature cold wallets, MPC encryption, regular proof-of-reserves audits, and ISO 27001 certification.

Platform Highlights:

• Fees: Maker 0.02%, Taker 0.05% (discounts for higher volumes),
• Supported Assets: 800 perpetual contracts (specialized in altcoins) and 3,900 spot coins.
• Deposit Methods: Bank transfer, crypto deposits, credit/debit cards, Web3 wallets (MetaMask).
• Available Leverage: Up to 125x (select pairs).

5. MEXC

MEXC stands out among perpetual futures exchanges by offering industry-leading leverage of up to 300x, appealing to traders comfortable with high-risk, high-reward positions. The platform lists over 780 perpetual contracts, with daily volumes near $25 billion, ensuring liquidity even on less common trading pairs.

MEXC charges zero maker fees and low taker fees starting at 0.02%, further reduced through MX token holdings. The platform emphasizes user-friendliness through features like Copy Trading, enabling users to replicate strategies from experienced traders.

Despite its popularity with over 30 million users, traders should note regulatory warnings issued by authorities in jurisdictions such as Australia (ASIC), Germany (BaFin), and Japan (FSA). MEXC maintains security through proof-of-reserves audits, cold storage, and an insurance fund, though users must weigh these regulatory considerations carefully.

Platform Highlights:

• Fees: Zero maker fees, taker fees from 0.02% (discounts with MX tokens).
• Supported Assets: 783 perpetual contracts covering major and 2,500+ spot assets.
• Deposit Methods: Bank transfers, credit/debit cards, crypto deposits, Google Pay, Apple Pay.
• Available Leverage: Up to 300x.

6. OKX

OKX is an excellent overall alternative for perpetual futures, offering deep liquidity, competitive fees, and advanced trading features. With daily futures volume around $36 billion across 366 perpetual contracts, OKX supports extensive crypto-margined and USDT-margined markets, along with sophisticated products such as crypto options.

Fees start at 0.02% maker and 0.05% taker, with VIP tiers providing maker rebates as low as -0.005% and taker fees down to 0.015%. Features include dynamic price-range adjustments, flexible funding rates, and both One-way and Hedge trading modes for precise risk management.

Licensed by MiCA (Europe), MAS (Singapore), VARA (Dubai), and AUSTRAC (Australia), OKX ensures rigorous security through zk-STARK proof-of-reserves audits, multi-signature cold storage, and advanced encryption.

Platform Highlights:

• Fees: Maker 0.02%, Taker 0.05% (VIP tiers offer maker rebates down to -0.005% and taker fees as low as 0.015%).
• Supported Assets: 366 perpetual contracts covering major crypto assets.
• Deposit Methods: Crypto, bank transfers, credit/debit cards.‍
• Available Leverage: Up to 50x depending on the asset and liquidity.

What are Perpetual Futures Contracts in Crypto?

Perpetual futures contracts are crypto derivatives enabling traders to speculate or hedge on cryptocurrency price movements without expiration dates. Unlike standard futures, perpetual contracts remain open indefinitely, allowing traders continuous leveraged market exposure without needing to roll positions.

To maintain alignment with spot market prices, perpetual futures use a funding rate mechanism, where traders holding long or short positions periodically exchange payments. This ensures accurate, consistent pricing and effective risk management.

Perpetual futures dominate crypto derivatives trading, driven by high liquidity and leverage. Centralized exchanges like Binance and Bybit lead the market, while decentralized platforms such as Hyperliquid increasingly offer traders decentralized, transparent alternatives.

Who Invented Perpetual Futures Contracts?

Perpetual futures contracts were introduced to crypto markets in 2016 by the crypto derivatives exchange BitMEX, founded by Arthur Hayes and his partners. The platform's XBTUSD perpetual swap was the first to enable traders to hold leveraged Bitcoin positions without expiry.

While BitMEX popularized perpetual futures in cryptocurrency, the original concept dates back to economist Robert Shiller, who proposed perpetual contracts as a financial instrument in 1993. 

How Popular Are Perpetual Futures Contracts Today?

Perpetual futures dominate crypto derivatives trading, significantly surpassing traditional futures and spot markets due to higher liquidity, leverage, and the flexibility to hold positions indefinitely. 

For example, Binance’s BTC/USDT perpetual contracts trade over $41 billion daily, more than ten times the $3.7 billion daily volume of its BTC/USDT spot market.

Their popularity has led traditional financial brokers to adopt them as well. Robinhood recently launched crypto perpetual futures in Europe, underscoring their growing mainstream adoption beyond crypto-native platforms.

Perpetual Contract Trading Fees

Perpetual futures fees primarily include funding rates and transaction fees, both essential to align perpetual prices with spot markets and support leveraged trading.

Key fee components:

• Funding Fees: Regular payments (Funding Rate × Position Size) exchanged periodically between longs and shorts, typically every 8 hours on centralized exchanges or hourly on certain decentralized platforms. Positive rates mean longs pay shorts; negative rates reverse this.
• Transaction Fees: Charged per trade, usually 0.02%–0.06%, with discounts or rebates for high-volume traders.

These mechanisms help maintain market stability, enable efficient arbitrage, and increase liquidity.

USDT-M vs Coin-M Perpetual Contracts

USDT-margined contracts settle in stablecoins like USDT, providing predictable USD-based valuation, simpler risk management, and reduced crypto volatility exposure. They enable straightforward profit-and-loss calculations without currency conversion, especially useful in volatile markets.

Coin-margined contracts settle directly in cryptocurrencies like BTC or ETH, appealing to traders who hedge or accumulate the underlying assets. Rising crypto prices increase collateral value, benefiting long-term holders. However, Coin-M contracts generally offer lower liquidity, wider spreads, and greater volatility risks.

USDT-M contracts dominate perpetual futures volumes. For instance, on Bybit, USDT-M daily volume is around $10 billion compared to $780 million for Coin-M contracts, a roughly 93% to 7% split. This ratio is consistent across leading exchanges including Binance and OKX.

Final Thoughts

Perpetual futures have become popular because they offer something spot markets can't: continuous leveraged exposure, flexible position management, and efficient risk control. 

After thorough testing, three platforms clearly stand out: Bybit for its deep liquidity and competitive fee structure, Binance for institutional-level reliability and advanced tools, and Hyperliquid for its decentralized trading environment.

Consider your priorities carefully to select the exchange most aligned with your strategy. Adding perpetual futures can sharpen your trading approach and unlock new market opportunities.