Best Perpetual Futures Platforms
Compare the top perpetual-futures platforms by leverage, assets, fees and verification.
MaxPerpSponsored4.8 / 5Perpetual futures on crypto, gold & silver — up to 125× leverage, no-KYC signup.
Comparison
| Platform | Max leverage | Verification | Score | |
|---|---|---|---|---|
| MaxPerpSponsoredCentralized · Crypto · Gold · Silver | 125× | No KYC | 4.8 / 5 | Visit site |
 HyperliquidDecentralized · Crypto | 50× | No KYC | 4.6 / 5 | Visit site |
 BybitCentralized · Crypto | 100× | KYC required | 4.4 / 5 | Visit site |
 GMXDecentralized · Crypto | 100× | No KYC | 4.3 / 5 | Visit site |
 MEXCCentralized · Crypto | 200× | Light KYC | 4.1 / 5 | Visit site |
Affiliate disclosure: we may earn a commission from some links on this page, at no cost to you. MaxPerp is a paid partner and is marked Sponsored. Rankings of other platforms are our own opinion and specs are indicative — always verify the latest details on each platform. Not financial advice.
Understanding perpetual futures
What is a perpetual futures exchange?
A perpetual futures exchange lets you trade contracts that track an asset's price with no expiry date, so a position can stay open as long as you keep enough margin. Unlike spot trading — where you buy the actual coin — perps let you go long (betting the price rises) or short (betting it falls) with leverage, and settle in a stablecoin like USDT. A small periodic funding fee paid between longs and shorts keeps the contract price anchored to the underlying market.
What is leverage?
Leverage lets you control a position larger than your deposit (your margin). At 10× leverage, $100 controls a $1,000 position — so a 1% move in your favour is a 10% gain on your margin, and a 1% move against you is a 10% loss. Higher leverage means bigger gains but faster liquidation, which is why experienced traders keep it modest and always set a stop-loss.
CEX vs DEX — how to choose?
Centralized exchanges (CEX) like Bybit or MEXC offer deep liquidity, polished apps and customer support, but usually require identity verification (KYC) and may restrict some regions. Decentralized exchanges (DEX) like Hyperliquid or GMX let you trade straight from your own wallet with no account and no KYC, at the cost of needing some on-chain know-how. Compare the assets offered, maximum leverage, fees, verification and regional access before you pick.