11 Best Perpetual DEXs for Crypto Futures Trading in 2025

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Perpetual decentralized exchanges (Perp DEXs) have evolved into essential tools for modern crypto traders seeking leveraged futures trading without sacrificing control over their assets. In 2025, these platforms are no longer just alternatives to centralized exchanges—they’re leading the charge in innovation, speed, and user incentives. From high-frequency trading engines to cross-chain liquidity aggregation and zero-knowledge-powered execution, the best perpetual DEXs combine deep liquidity, low latency, and rewarding ecosystems.

Whether you're a seasoned DeFi trader or exploring onchain derivatives for the first time, this guide breaks down the 11 top perpetual DEXs shaping the future of crypto futures trading—complete with key features, performance metrics, and strategic insights.

HyperLiquid – The Dominant Force of Onchain Perps

At the forefront stands HyperLiquid, a powerhouse built on its own Layer 1 blockchain powered by HyperBFT consensus. With support for over 200,000 transactions per second and sub-second block times, it delivers unmatched speed and scalability.

HyperLiquid operates a central limit order book (CLOB) model, enabling near-instant trade execution with zero gas fees for users. Traders can access up to 50x leverage on major assets like BTC and ETH, making it ideal for active futures trading.

Beyond performance, HyperLiquid excels in community engagement. The HYPE token airdrop in late 2024 distributed 31% of supply to over 90,000 users, reinforcing its decentralized ethos. With more than $8 billion** in daily trading volume and a TVL of **$536 million, it dominates over 60% of onchain perpetual futures volume.

👉 Discover how fast and scalable decentralized trading can be in 2025.

dYdX – Perp Trading Powerhouse on dYdX Chain

Once an Ethereum-based protocol, dYdX now runs on its own sovereign chain built with Cosmos SDK and CometBFT. This shift has enhanced decentralization while maintaining the smooth, CEX-like experience traders love.

With over 200 perpetual markets and up to 20x leverage, dYdX supports advanced order types and low fees. Its MegaVault feature allows passive yield generation on USDC without complex staking setups.

The platform has achieved over $1.4 trillion** in lifetime trading volume and maintains a TVL of **$268.8 million. Active traders earn DYDX tokens through rewards programs, while the $20 million Launch Incentives Program fuels early adoption.

Governance, staking, and fee discounts are all tied to the DYDX token, ensuring long-term alignment between users and the protocol.

Jupiter Exchange – Solana’s Fastest Growing Perp DEX

Originally a swap aggregator, Jupiter has rapidly expanded into derivatives with its perpetual futures offering. Built on Solana, it leverages a liquidity pool-to-trader (LP-to-trader) model backed by reliable oracle pricing.

Jupiter boasts $1.66 billion in TVL** and nearly **$302 million in total perps volume. The Jupiter Liquidity Pool (JLP) allows providers to earn a share of trading fees—a major draw for yield-focused users.

The January 2025 “Jupuary” airdrop distributed 700 million JUP tokens (~$616 million), with annual airdrops planned through 2027. Combined with over 3.5 million daily transactions and close to 400,000 active addresses, Jupiter is redefining high-performance Solana DeFi.

GMX – The Veteran Perps Leader

As one of the original perpetual DEXs, GMX pioneered the GLP liquidity pool model, which pools diverse assets including BTC, ETH, and stablecoins to provide deep liquidity across Arbitrum and Avalanche.

Using Chainlink oracles with time-weighted averages, GMX resists price manipulation and offers up to 50x leverage. It’s trusted by over 706,000 users and has processed over $259 billion** in trading volume with **$750 million TVL.

Ongoing incentives—like Arbitrum STIP participation and aggressive fee rebates—keep traders engaged. GMX remains a cornerstone platform for both retail and professional DeFi traders.

Vertex Protocol – The Complete DeFi Trading Stack

Vertex Protocol unifies spot, perpetuals, and lending into one seamless interface on Arbitrum. Its hybrid CLOB + AMM model ensures efficient liquidity use by flowing LP positions directly into the order book.

With trade execution speeds of 5–15 milliseconds and universal cross-margining across markets, Vertex maximizes capital efficiency. It has recorded over $213 billion** in lifetime volume and holds **$373 million TVL among 230,000+ users.

Continuous incentive campaigns—including Sonic airdrops and $VRTX rewards—drive user retention and platform growth.

AsterDEX – Multi-Chain Trading Made Simple

AsterDEX simplifies cross-chain perpetual trading across BNB Chain, Ethereum, Arbitrum, and Solana. By aggregating liquidity from multiple chains, it eliminates the need for manual bridging.

It offers two modes:

Users can even use Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs) as margin—unlocking yield while trading.

With over $68.9 billion** in trading volume and **$300 million TVL, AsterDEX rewards activity via dual points systems: Au Points (asset holding) and Rh Points (trading).

👉 See how multi-chain leverage trading is evolving beyond single-network limits.

Drift – Solana’s Leading Perpetual DEX

Dominating Solana with a 95% market share, Drift Protocol uses a just-in-time (JIT) auction system to ensure deep liquidity and minimal slippage at execution.

Its hybrid architecture combines a decentralized limit order book (DLOB) with a dynamic AMM. Traders can deposit over 20 yield-bearing assets as collateral—earning lending yields while holding positions.

Innovations like Swift Protocol (gasless sub-second execution) and Amplify (recursive borrowing up to 5x) set Drift apart. With $841 million TVL**, 150,000+ daily users, and **$65.1 billion in cumulative volume, it's a Solana giant.

edgeX – Built for Pro Traders

Incubated by Amber Group, edgeX delivers a professional-grade trading experience using StarkWare’s zero-knowledge tech for ultra-low latency and high throughput.

Supporting up to 100x leverage, cross-chain deposits (Ethereum, Arbitrum, BNB Chain), sub-accounts, hedge modes, and split positions, edgeX caters to institutional and advanced retail traders alike.

With over $35 billion in all-time volume and strong traction via Galxe reward campaigns, edgeX is scaling fast. A dedicated Layer 2 blockchain is planned for 2025 to further boost performance.

Ostium – The RWA and Forex Perp DEX

Built on Arbitrum, Ostium is the first major decentralized platform offering synthetic real-world asset (RWA) perpetuals. Traders can speculate on S&P 500, Nikkei 225, gold, silver, and forex pairs with up to 200x leverage.

Its two-tier system includes a Liquidity Buffer and Market Making Vault (MMV) to protect LPs during volatility. Using a custom pull-based oracle for RWAs and Chainlink for crypto assets ensures accurate pricing.

After launching its points program in March 2025, TVL surged from $5.5M to **$53.6M, with weekly volume hitting $938 million**—making Ostium one of the top DeFi projects for potential airdrops this year.

Axiom – All-in-One Trading Hub on Solana

Axiom brings together memecoin trading, perpetuals, yield farming, and real-time analytics in one intuitive Solana-based interface.

Key features include:

Axiom commands 68% of Solana’s Telegram bot trading volume. Users earn Axiom Points through trading and quests—potentially convertible into future token airdrops.

Lighter – Zero-Knowledge Perpetual DEX

Running on Ethereum via its zkLighter rollup, Lighter offers CEX-level speed with full decentralization. Trades execute in under 5 milliseconds, with tens of thousands processed per second.

Retail users enjoy zero trading fees. The Lighter Liquidity Pool (LLP) serves as both yield generator (reportedly up to 200% APR) and future margin collateral.

Backed by top investors like a16z and Lightspeed, Lighter is currently in private beta—accessible via Discord or referral codes.

Frequently Asked Questions

Q: What is a perpetual DEX?
A: A perpetual decentralized exchange allows users to trade crypto futures contracts without expiration dates using self-custodied wallets—combining leverage with full asset control.

Q: Are perpetual DEXs safe?
A: Most top platforms undergo rigorous audits and use trusted oracles like Chainlink. However, risks include smart contract vulnerabilities and liquidation events during high volatility.

Q: How do I earn rewards on Perp DEXs?
A: Many platforms offer token airdrops, trading incentives, liquidity mining programs, or points systems that may convert into future tokens.

Q: Can I trade real-world assets on DeFi platforms?
A: Yes—platforms like Ostium offer synthetic exposure to indices, commodities, and forex pairs through decentralized perpetual contracts.

Q: Do I need to pay gas fees on all Perp DEXs?
A: Not always. Some platforms like HyperLiquid eliminate gas fees entirely through their custom chains or zk-rollups.

👉 Start exploring decentralized futures platforms that reward your activity today.

As competition intensifies in 2025, participation in these ecosystems isn’t just about better trading—it could unlock significant retroactive rewards. Whether you value speed (HyperLiquid), multi-chain access (AsterDEX), real-world assets (Ostium), or pro tools (edgeX), there’s a Perp DEX tailored to your strategy. Stay active, stay informed, and position yourself at the forefront of the onchain trading revolution.