Perpetual futures, or perps, have become the default way to trade crypto with leverage, and it is easy to see why. Unlike a traditional futures contract, a perpetual has no expiry date, so you can hold a long or short position for as long as your margin lasts, and a funding payment exchanged between longs and shorts keeps the contract price anchored to the underlying spot price. That combination of no expiry, leverage, and the ability to short makes perps enormously flexible, but it also means the exchange you choose matters, since funding intervals, the range of markets, leverage caps, and fees all shape what a perpetual position actually costs you.
This guide compares six leading perpetual-futures venues on the things that decide a perps trader’s outcome: the breadth of markets, leverage, funding cadence, and the fees you pay on every fill. Every figure was checked against exchange documentation and independent data, and where access is restricted by region, we flag it.
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A note on availability: These venues primarily serve non-US markets, and retail perpetuals are restricted or capped in the United States, the UK, Canada, and the post-MiCA EU, so confirm your own jurisdiction before signing up.
Risk warning: Perpetual futures are leveraged and can be liquidated on a small adverse move, so never trade with funds you cannot afford to lose. This article is informational and is not financial advice.
The perpetual venues at a glance
The table weighs market range, leverage, funding, and reachable fees together, the factors a perps trader feels most. Fees are standard entry-tier rates before discounts, checked against each venue’s fee schedule and cross-referenced with independent trackers like CoinGecko’s derivatives rankings and CoinMarketCap’s derivatives ranking.
| # | Platform | Best for | Perpetual pairs | Max leverage | Funding | Maker / taker |
|---|---|---|---|---|---|---|
| 1 | Bitget | Widest market range | 822 | Up to 125x | 8h | 0.020% / 0.060% |
| 2 | BloFin | Highest leverage, reachable fees | 490 | Up to 150x | 8h | 0.020% / 0.060% |
| 3 | Binance | Depth and tight fills | 590 | Up to 125x | 8h | 0.020% / 0.050% |
| 4 | Bybit | Fast execution | 805 | Up to 125x | 8h | 0.020% / 0.055% |
| 5 | OKX | Balanced all-rounder | 447 | Up to 125x | 8h | 0.020% / 0.050% |
| 6 | Hyperliquid | Lowest taker, on-chain | 377 | Up to 50x | 1h | 0.015% / 0.045% |
Market count, depth, and funding cadence do not always line up, so the profiles below explain who each venue suits.
How the venues compare
1. Bitget: the widest range of perpetual markets
Bitget gives perps traders the broadest playground, listing more perpetual markets than almost any rival, including commodity perpetuals such as crude oil and natural gas added in 2026, all margined from a single USDT account. Its regular rate is 0.020% maker and 0.060% taker with up to 125x leverage and the standard 8-hour funding, and it pairs the range with one of the largest copy-trading ecosystems in crypto for traders who prefer to follow. The quirk to know is that its first VIP badge does not cut the futures taker, which only falls at VIP 2, so budget for the regular rate. If your edge comes from trading a wide set of markets rather than a few majors, it is the natural home.
Best for: traders who want the broadest set of perpetual markets, plus copy trading.
Watch out for: the first VIP tier does not lower the taker, and depth thins on the most exotic listings.
2. BloFin: the highest leverage and most reachable fees
BloFin appeals to perps traders who want more leverage and a friendlier fee ladder than the majors offer. This perpetual futures exchange tops the set at up to 150x on its most liquid perpetuals such as BTCUSDT and ETHUSDT, above the 125x ceiling elsewhere, and lists its USDT-margined, USDC-margined, and coin-margined perps on one screen with the standard 8-hour funding. Its regular rate of 0.020% maker and 0.060% taker is at the higher end, but the discount is the most reachable here, cutting the taker to 0.0500% at $50,000 in account assets, half of what the comparable Bybit tier requires. That combination suits a funded account that trades actively without moving millions in volume.
Best for: traders who want the highest leverage and a fee discount a mid-size account can reach.
Watch out for: its order books are thinner than the largest venues, so large market orders can see more slippage.
3. Binance: the deepest books and tightest fills
Binance holds the deepest perpetual book in crypto across 590 perpetual pairs, which is why a market order of real size fills closer to the mark here than anywhere else, and BTC/USDT is the pair that book is deepest on. Its regular rate is 0.020% maker and 0.050% taker, among the lowest here, with up to 125x leverage, 8-hour funding, and a BNB fee discount on top. For a perps trader whose priority is that entries and exits land at the price they expect, especially in size, its liquidity is the decisive advantage, even if the interface is heavier than the specialists.
Best for: perps traders who prioritize tight spreads and reliable fills at size.
Watch out for: the sprawling interface has a learning curve, and access is restricted in a number of jurisdictions.
4. Bybit: the fastest, cleanest experience
Bybit is a perps-first exchange, and its fast matching engine and clean, purpose-built interface make it a favorite for active traders who live on the screen. It lists 805 perpetual pairs, including BTC/USDT, at 0.020% maker and 0.055% taker with up to 125x leverage and 8-hour funding, so the trading experience is a genuine strength. The catch is the discount path, since its first VIP tier needs $100,000 in assets, so most retail accounts stay on the regular rate. If execution quality matters more to you than the last basis point, it is a compelling home for perps.
Best for: active traders who value execution speed and interface quality.
Watch out for: the first fee discount is expensive to reach, and access is restricted in several markets.
5. OKX: the balanced all-rounder
OKX is the steady middle ground, pairing a deep perpetual book with 447 pairs, a full derivatives suite, and a self-custody wallet at 0.020% maker and 0.050% taker with up to 125x leverage. Its futures VIP 1 is reachable at 50,000 USDT in assets, one of the friendlier asset paths, and the integrated wallet lets you move between centralized perps and on-chain positions from one login. It does not lead on any single metric, but it is rarely weak on any either, which suits a trader who wants one dependable venue.
Best for: traders who want a deep, well-rounded venue with on-chain access.
Watch out for: it requires full identity verification upfront, with derivatives restricted in several regions.
6. Hyperliquid: the on-chain challenger
Hyperliquid is the decentralized venue in the set, running an on-chain order book with self-custody, and its base rate of 0.015% maker and 0.045% taker is the tightest regular taker here. Two structural differences stand out: leverage caps at 50x on BTC and ETH, lower than the centralized venues, and funding settles every hour rather than every 8 hours, which changes how a held position accrues cost. It suits traders who want low fees and would rather not leave funds on a centralized exchange, at the cost of a steeper setup and a smaller catalog of 377 perps.
Best for: fee-sensitive traders who want the lowest taker and an on-chain, self-custody venue.
Watch out for: leverage tops out lower at 50x, the catalog is the smallest here, and the on-chain setup has a learning curve.
Questions about perpetual futures
What is a perpetual future? It is a leveraged derivative with no expiry date, so you can hold it indefinitely while your margin lasts, and a periodic funding payment between longs and shorts keeps its price tethered to spot. Binance Academy has a clear explainer on perpetual futures contracts.
How does funding work, and is it a fee? Funding is a payment exchanged directly between long and short holders, not a fee paid to the exchange, and it flips positive or negative depending on which side is more crowded. Over several intervals it can cost more than the trading fee, so budget for it separately. Bybit Learn covers how funding rates work in plain terms.
How often is funding charged? Most centralized venues settle funding every 8 hours, while Hyperliquid settles hourly, which changes how quickly a held position accrues or earns funding, so check the interval on the venue you use.
How much leverage should I use on perps? Far less than the maximum. The 125x and 150x ceilings apply only to the most liquid pairs at small size, and high leverage moves your liquidation price close to entry, so size to the volatility of the asset rather than to the headline.
How to choose a perpetuals venue
- Start with the markets you trade. If you range across many coins, breadth points to Bitget or Bybit, whereas majors-only traders are well served by Binance or OKX.
- Weigh leverage against the fee you can reach. High leverage matters only on the assets you trade, and a reachable discount, like BloFin’s $50,000 path to a 0.050% taker, beats a headline VIP rate you never reach.
- Factor funding, not just the fee. Check the funding interval and recent rates on your pairs, since on a held position funding can outweigh the trading fee.
- Check depth on your specific contracts. A deep book on BTC perps does not guarantee good fills on a thin altcoin, so look at the markets you actually trade.
The bottom line: Bitget leads on market range and Binance on depth, but if you want the highest leverage with a discount a mid-size account can actually reach, BloFin is a standout, with Bybit strong on execution, OKX on all-round balance, and Hyperliquid on low fees for on-chain traders.