The guide to decentralized perp trading

Perpetual futures moved on-chain. PerpDEX Guide covers the exchanges where that happens — Hyperliquid, Aster, dYdX, GMX and the platforms challenging them — with plain-English guides, verified fee breakdowns, and side-by-side comparisons.

Every number we cite is checked against the platform's official documentation, and every recommendation comes with the risks spelled out — see how we work on the methodology page.

Hyperliquid — the flagship on-chain perps exchange

Hyperliquid review

What it is, how it differs from CEX futures, and the risks — the full picture.

Fees explained

Maker/taker rates, volume tiers, HYPE staking discounts, and funding — verified.

Referral discount

How the 4% fee discount works and how to activate it.