PERP DEX getting started guide

1. Set up a self-custody wallet

PERP DEXs use your own wallet to log in instead of a username and password. Pick a wallet that matches the chain the exchange uses.

• EVM wallets (MetaMask, Rabby): work with Hyperliquid, Lighter, Aster, GMX and RISEx
• Solana wallets (Phantom, Backpack): Aster also supports connecting and depositing with a Solana wallet

2. Move your margin (USDC / USDT)

1. Buy USDT or USDC on a centralized exchange such as Binance, OKX or Coinbase. If the network you need isn't supported, buy a coin with low withdrawal fees and swap it in your wallet or on another exchange.
2. Withdraw to your self-custody wallet on a network the wallet supports. Many exchanges require you to register/verify your withdrawal wallet address under the Travel Rule.
3. Double-check that the network matches the PERP DEX's deposit method (see the table on each details page). Example: Hyperliquid takes USDC on Arbitrum.

3. Open the referral link and connect your wallet

The 'Sign up' buttons in the exchange comparison table are links with the referral code built in. After opening one, click 'Connect Wallet', connect your wallet and approve the signature request to create your account. If a separate referral code field appears, copy the code from the table and paste it. On most exchanges it only applies before your first trade.

4. Place your first order

• Leverage: Start low, at 2–3x or less. The higher the leverage, the smaller the price move that can liquidate you.
• Cross vs. isolated margin: Isolated margin only puts that position's margin at risk. Cross margin puts your whole account balance at risk.
• Prefer limit orders: Limit (maker) orders cost less than market (taker) orders.
• Funding: Perpetual futures usually exchange funding payments between longs and shorts every 1 or 8 hours.

5. Withdraw

Use the exchange's Withdraw menu to send funds to your wallet. Then send them on the same network to your deposit address on a centralized exchange to convert to your local currency. Check first that the exchange supports deposits on that network.

Key risks of PERP DEXs

• Smart contract and bridge risk: Code bugs or bridge hacks can lock up or drain funds.
• Oracle and liquidity risk: Coins with thin order books can suffer price manipulation or sharp slippage, causing bigger losses than expected.
• Centralized operations: On some exchanges, sequencers or validators are held by a few parties, so trading can halt during an outage.
• Regulation and tax: You are responsible for whether you may use offshore services in your country and for reporting taxes on any gains.