Looking for the best perpetual DEX in 2026? We've tested them all. Here's our honest ranking of the top perp trading platforms — based on fees, liquidity, security, and actual trading experience.
TL;DR: Hyperliquid wins for most traders (lowest fees, deepest liquidity). dYdX is best for market variety. GMX is simplest to use. Aster is the dark horse with 1001x leverage.
Best Perpetual DEX Ranking 2026
| Rank | DEX | Best For | Fees (Taker) | Max Leverage | Our Rating |
|---|---|---|---|---|---|
| 🥇 | Hyperliquid | Overall best | 0.045% | 50x | 4.7/5 |
| 🥈 | dYdX | Most markets | 0.050% | 50x | 4.3/5 |
| 🥉 | Aster | Degen leverage | 0.045% | 1001x | 4.2/5 |
| 4 | GMX | Simplicity | 0.050% | 100x | 4.0/5 |
| 5 | Paradex | Privacy | 0.050% | 50x | 4.0/5 |
| 6 | GRVT | Institutions | 0.030% | 20x | 3.9/5 |
1. Hyperliquid — Best Overall Perpetual DEX
Hyperliquid dominates the perp DEX market with ~60% market share. And it's earned.
Why we rank it #1:
- Lowest effective fees — 0.045% taker, 0.015% maker (drops further with volume)
- Zero gas — Every transaction is free on their L1
- CEX-level execution — Sub-second fills, full orderbook, advanced orders
- $5B+ daily volume — Deep liquidity means tight spreads
- HLP vaults — Earn ~23% APY providing liquidity
The catch: Had multiple security incidents in 2025 (though none were core protocol exploits). Not for beginners — the interface assumes you know what you're doing.
Bottom line: If you're serious about perp trading, start here.
→ Read our full Hyperliquid review
2. dYdX — Best for Market Selection
dYdX has been around since 2017 and offers 180+ perpetual markets — more than any competitor.
Why traders choose dYdX:
- 180+ markets — From BTC to obscure altcoins
- Institutional grade — MegaVault, advanced APIs, serious infrastructure
- 75% buyback — Highest revenue share to token holders in the space
- Own Cosmos chain — Decentralized orderbook with validators
The catch: Lower volume than Hyperliquid means wider spreads on some pairs. Chain halted briefly in 2025.
Bottom line: Best choice if you want access to markets Hyperliquid doesn't list.
3. Aster — Best for High Leverage
Aster came out of nowhere in 2025 and now sits at #2 by volume. CZ publicly endorsed it.
Why Aster is rising fast:
- 1001x leverage — Highest in the market (yes, really)
- CZ backing — YZi Labs (Binance Labs) invested
- $1.5B+ TVL — Serious liquidity
- MEV-free mode — Simple Mode protects from frontrunning
The catch: 1001x leverage is a liquidation machine for most traders. Newer platform, less battle-tested.
Bottom line: For experienced traders who want maximum leverage. Don't use 1001x unless you know exactly what you're doing.
4. GMX — Best for Simplicity
GMX pioneered the GLP model — pool-based perps that are simpler than orderbooks.
Why GMX still matters:
- Simple UX — Easiest perp DEX to understand
- Zero slippage — Oracle pricing means no price impact on entry
- Multi-chain — Arbitrum, Avalanche, and now Ethereum + Solana
- GLP yields — Earn ~20% APY as a liquidity provider
The catch: $42M exploit in July 2025 (funds recovered via bounty). Higher fees than orderbook DEXs.
Bottom line: Good starting point for perp beginners, but most active traders migrate to Hyperliquid.
5. Paradex — Best for Privacy
Paradex runs on Starknet with ZK proofs — your trading activity stays private.
Why privacy matters:
- ZK-rollup — Trades verified without revealing details
- Self-custody — Your keys, your crypto
- Growing fast — 9x TVL growth during Season 2
- DIME token — TGE coming February 2026
The catch: Lower liquidity than top 3. Starknet ecosystem still maturing.
Bottom line: Best choice if trading privacy is your priority.
→ Read our full Paradex review
6. GRVT — Best for Institutions
GRVT is a hybrid DEX backed by ZKsync and Galaxy — targeting institutional traders.
The institutional angle:
- ZKsync + Galaxy backing — $19M Series A
- Regulatory-friendly — Built for compliance from day one
- Lowest fees — 0.03% taker at base tier
- Options trading — Added December 2025
The catch: Lower leverage (20x max). TGE still pending (Q1 2026).
Bottom line: Watch this space if you're trading serious size or need institutional features.
Fee Comparison: All Perp DEXs
| DEX | Taker Fee | Maker Fee | Gas Fees | Fee Discounts |
|---|---|---|---|---|
| Hyperliquid | 0.045% | 0.015% | $0 | Volume tiers + HYPE staking |
| dYdX | 0.050% | 0.010% | $0 | Volume tiers |
| Aster | 0.045% | 0.020% | $0 | VIP tiers |
| GMX | 0.050% | 0.050% | ~$0.50 | None |
| Paradex | 0.050% | 0.020% | ~$0.10 | XP program |
| GRVT | 0.030% | 0.010% | ~$0.05 | Volume tiers |
How We Ranked These DEXs
We actually trade on every platform we review. Our ranking considers:
- Fees — Total cost including gas
- Liquidity — Can you get filled without slippage?
- Security — Audit status + incident history
- UX — How easy is it to use?
- Features — Order types, leverage, markets
Which Perp DEX Should You Use?
Choose Hyperliquid if: You want the lowest fees and best liquidity. You're an active trader who knows what they're doing.
Choose dYdX if: You need access to 180+ markets or want institutional features like MegaVault.
Choose Aster if: You want maximum leverage and don't mind a newer platform.
Choose GMX if: You're new to perp DEXs and want the simplest experience.
Choose Paradex if: Trading privacy matters to you.
Choose GRVT if: You're an institution or want the lowest base fees.
FAQ
What is a perpetual DEX?
A perpetual DEX lets you trade perpetual futures (perps) without an expiry date — directly from your wallet, no KYC required. You can go long or short with leverage on crypto assets.
Which perp DEX has the lowest fees?
GRVT has the lowest base taker fee (0.03%), but Hyperliquid has the lowest effective cost when you factor in zero gas fees and maker rebates at higher volume tiers.
Is Hyperliquid safe?
Hyperliquid has had security incidents in 2025, but none were core protocol exploits. The main risk is the relatively centralized validator set (16 validators). Use appropriate position sizing.
What happened to GMX in 2025?
GMX suffered a $42M exploit in July 2025 via a reentrancy attack on V1 GLP contracts. Funds were recovered after a $5M white-hat bounty. V2 contracts were unaffected.
Which perp DEX has the most leverage?
Aster offers up to 1001x leverage — the highest in the market. Most other perp DEXs cap at 50x-100x. High leverage dramatically increases liquidation risk.
Can I earn yield on perp DEXs?
Yes — most perp DEXs offer liquidity provision. Hyperliquid's HLP vaults yield ~23% APY, GMX's GLP offers ~20%, and dYdX has MegaVault. You're taking on trader PnL risk as a counterparty.
Last updated: February 2026