PERP DEX fees and referral benefits compared
Base fees and referral sign-up benefits for leading decentralized perpetual futures exchanges, including Hyperliquid, Lighter, Aster, GMX and RISEx, in one table. Where a discount applies, we also show the discounted fee.
| Exchange | Referral code | Sign up | |||
|---|---|---|---|---|---|
4% On your first $25M of volume |
|||||
10% Weekly rebate on paid (Premium) account fees |
0% | 0% | |||
5% Referral code fee rebate |
0% | ||||
5% Up to 10% depending on referrer tier |
|||||
Invite access Gated mainnet, invite required |
0.01% | 0.03% | Link only, no code |
Latest announcements
All announcements →
Lighter weekly update: Binary options launch and referral program changesLighter · 2026.10.23 21:57 (UTC)- Lighter adds new perpetual futures for UNI, LINK, AAVE, XMR, and TRXLighter · 2026.10.23 18:15 (UTC)
- Lighter adds weETH as collateral for perps tradingLighter · 2026.10.23 17:14 (UTC)
Aster lists $IOST perpetual futures with 10x leverageAster · 2026.10.23 16:33 (UTC)
RISEx increases TAO leverage from 5x to 10xRISEx · 2026.10.23 14:59 (UTC)
Get started with a PERP DEX in 4 steps
- Set up a walletInstall a self-custody wallet such as MetaMask or Rabby (EVM) or Phantom (Solana). Write your recovery phrase down on paper.
- Fund your marginBuy USDT or USDC on a centralized exchange such as Binance, OKX or Coinbase, then withdraw it to your wallet on a network the DEX supports.
- Open the referral linkClick 'Sign up' in the table above and connect your wallet. If there is a code field, paste the referral code.
- Deposit and tradeDouble-check the deposit network, add your margin, and start with low leverage and a stop-loss order.
How to read referral benefits
- Discount rate: The share taken off your trading fees when you sign up with a referral code. Many exchanges cap it by time or cumulative volume.
- Points and bonuses: Some exchanges give extra points (airdrop score) or rewards instead of a discount.
- When to enter it: On most exchanges the code only applies when you first connect your wallet, before your first trade.
Order book vs. pool / oracle
Order book exchanges (Hyperliquid, Lighter, etc.) match buy and sell orders on an order book, like a centralized exchange. Limit orders are easy to place and fees tend to be low.
Pool / oracle exchanges (GMX, etc.) fill your trade against a liquidity pool at the oracle price. You can trade coins with thin order books, but the fee structure is different and borrow fees apply.
Frequently asked questions
What is a PERP DEX?
A PERP DEX is a decentralized exchange for trading perpetual futures. Instead of creating an account, you connect a self-custody wallet. Your margin sits in smart contracts or on the exchange's own chain, not with a company. Most use stablecoins such as USDC as collateral and require no identity verification (KYC).
What do I get by signing up with a referral code?
It depends on the exchange, but many give referred users a percentage off trading fees or extra points. The 'Referral benefit' column on this site lists what you get and any limits (time or volume caps). Where a discount applies, we also show the discounted fee.
Do I pay higher fees if I sign up through a referral link?
No. Base fee rates are the same as a normal sign-up, and on exchanges with a referral discount you actually pay less. The exchange pays the referrer's reward out of its own fee revenue.
Can I use a referral code if my wallet has already traded?
It depends on the exchange. Many, like Hyperliquid, only accept a code before your first trade, so a wallet that has already traded may need to sign up with a new address. Check the referral terms on each exchange's details page.
How do I move funds from a centralized exchange to a PERP DEX?
Usually you buy USDT, USDC or the chain's native coin on a centralized exchange such as Binance, OKX or Coinbase, withdraw it to a self-custody wallet (MetaMask, Rabby, Phantom, etc.), then deposit it on a network the DEX supports (for example, USDC on Arbitrum). Picking the wrong network can mean losing your funds, so always check the deposit network. The getting started guide walks through every step.
Are PERP DEXs safe?
The risks differ from centralized exchanges. The risk of a company freezing withdrawals is lower, but there are risks such as smart contract hacks, oracle price manipulation, bridge exploits and leaked wallet private keys. Leveraged trading itself is high risk, and you can lose your entire margin.
What are maker and taker fees?
A limit order that rests on the order book and then fills pays the maker fee. An order that fills immediately against existing orders, like a market order, pays the taker fee. Taker fees are usually higher. Fees in our tables are each exchange's lowest (base) tier.