Best Cheap Perps Wallets for US Crypto Traders
Perpetuals have quietly become one of the biggest battlegrounds in crypto, and 2025 was a breakout year for onchain perps—with DEX perpetuals volume scaling into the trillions as execution and liquidity improved. (cointelegraph.com)
For US traders, the goal is rarely “maximum leverage.” It is usually something more practical:
- Keep costs predictable (not just the headline trading fee)
- Stay in control of keys (self-custody)
- Reduce friction (fewer approvals, fewer hops, fewer surprises)
- Maintain risk discipline in a market that can liquidate you faster than you can refresh a chart
This guide focuses on cost comparison, fee breakdown + hidden costs, and risk controls + practical workflows, with OneKey as the primary recommendation for traders who want a cheap perps wallet experience without giving up self-custody.
What “cheap” really means for perpetual trading (the all-in cost model)
A wallet can advertise low fee or even zero fee, but your true cost of perpetual trading is the sum of multiple moving parts:
1) Trading fee (what most people optimize first)
This is the explicit percentage fee charged when your order executes. It is easy to compare, but it is not the only thing that matters.
2) Funding payments (the “invisible” fee you pay over time)
Perps do not expire, so markets use funding rates—periodic payments between longs and shorts—to keep perp prices anchored near spot. If funding is positive, longs pay shorts; if funding is negative, shorts pay longs. (coinbase.com)
Practical takeaway: even if your entry/exit fee is low, holding a position during unfavorable funding can dominate your PnL.
3) Spread and slippage (execution quality costs)
Two traders can pay the same fee but get very different outcomes:
- Spread: the gap between best bid and best ask
- Slippage: how much your fill price worsens as size increases or liquidity thins
This is why liquidity venue matters as much as the wallet UI.
4) Bridging, gas, and “operational” fees (death by a thousand cuts)
Onchain perps often require moving stablecoins to the right network and venue. That introduces costs like:
- Bridge fees (or swap fees to get the right asset)
- Network gas (approvals, transfers)
- Venue-specific withdrawal or settlement charges
For example, Hyperliquid’s bridge mechanics include a 1 USDC withdrawal gas fee to cover validator costs on Arbitrum. (hyperliquid.gitbook.io)
5) Stablecoin format mistakes (avoidable, but expensive)
US traders often treat “USDC” as one thing, but native USDC and bridged USDC are not the same asset on every chain. Circle explicitly warns that bridged forms are not issued by Circle and may not be supported in the same way as native USDC. (circle.com)
Quick fee comparison (wallet-level perps fee)
Below is a wallet-level perps fee comparison (headline execution fee). It does not include funding payments, spread/slippage, bridge/swap costs, or liquidation impact.
Short context (non-recommendation, purely informational):
- Phantom: Strong consumer wallet UX, but the perps fee is not the lowest in this list.
- MetaMask: Widely used EVM wallet; perps access can be convenient, but the headline fee is higher here.
- BasedApp: Very low stated fee, but always validate hidden routing, slippage, and bridging overhead.
- Infinex: Competitive on paper; still compare total costs like funding and execution quality.
Why OneKey is the #1 recommendation for US perps traders
If you want a no KYC flow while keeping self-custody and minimizing trading friction, OneKey Perps is designed for exactly that:
- No KYC: You trade from a self-custodial wallet context, not an account-based custody model.
- Self-custody by default: Your keys, your control.
- 0 fee perps: OneKey (0%) in the wallet-level fee comparison above.
- Integrated Hyperliquid liquidity: OneKey Perps is natively built into OneKey with native Hyperliquid integration, so you can open and close positions directly inside OneKey—not by using a browser to connect to a Hyperliquid DApp first.
This last point matters in practice: fewer handoffs means fewer missed steps, fewer approvals, and a more consistent risk workflow—especially during fast markets.
Fee breakdown: what you still need to track (even with 0% trading fee)
Even when your perps execution fee is minimized, disciplined traders still track these “hidden” cost centers:
Funding (ongoing carry cost)
Funding can flip from minor to dominant during crowded one-way markets. A simple habit:
- Before entry, check funding direction (who pays whom)
- If you plan to hold longer, include funding in your expected cost
- If funding is extreme, consider reducing leverage or shortening holding time
Background: Funding exists to help perp price track spot without expiry. (coinbase.com)
Bridge and withdrawal operational costs
Operational fees show up when you move collateral in/out of a venue. For Hyperliquid, the bridge design includes specific signing/finalization steps and a 1 USDC withdrawal gas fee mechanism. (hyperliquid.gitbook.io)
Stablecoin correctness (native vs bridged)
Treat “USDC” like a ticker, not a guarantee. Using the wrong representation can create routing issues or recovery risk. Circle’s documentation on USDC on Arbitrum is a good reference point for understanding native issuance and support boundaries. (circle.com)
Risk controls that actually reduce liquidation odds (practical, not theoretical)
“Cheap” perps are meaningless if you get liquidated repeatedly. Here are risk controls that map cleanly onto real trading behavior:
1) Set a hard max loss per position (position sizing)
Use a simple rule:
- Define max loss (e.g., 0.5%–1% of account equity)
- Back into position size from invalidation level, not from desired profit
This prevents “I’ll just lower my stop” spirals.
2) Prefer isolated risk when testing a new market condition
If the platform supports it, isolated margin prevents one bad trade from consuming the entire account’s collateral.
3) Use conditional exits (stop-loss + reduce-only discipline)
Two habits that reduce blowups:
- Place a stop immediately after entry (not “later”)
- Use reduce-only for partial take-profits so you do not accidentally increase exposure
4) Treat funding as a risk signal, not only a cost
Extreme positive funding often indicates one-sided long positioning; extreme negative funding often indicates aggressive short crowding. Even if you do not trade sentiment, this is useful as a risk throttle (lower leverage, smaller size, shorter holds).
5) Separate “trading wallet” vs “vault wallet”
Operationally, many serious traders keep:
- A smaller, purpose-built balance for active perps
- A separate long-term vault for cold storage and inactivity
This is not about paranoia—it is about limiting blast radius.
A low-friction workflow for US traders (cost-aware + risk-aware)
Step 1: Prepare collateral with fewer moving parts
- Hold collateral in a stablecoin you understand (and verify whether it is native vs bridged on the target network). (circle.com)
- Plan for operational fees (gas/bridge/withdrawal), not just entry fees.
Step 2: Enter with execution quality in mind
- In fast markets, market orders can pay for speed with slippage.
- In calmer markets, limit orders can improve your average entry and reduce spread cost.
Step 3: Manage the position like a risk product, not a prediction
- Define invalidation
- Size from risk
- Place stop
- Monitor funding if holding beyond short timeframes (coinbase.com)
Step 4: Exit, then reconcile the “real” costs
After closing:
- Review funding paid/received
- Compare expected vs realized entry/exit (slippage)
- Account for operational fees (e.g., venue-specific withdrawal gas mechanisms) (hyperliquid.gitbook.io)
US-specific note: regulation and why self-custody workstreams matter
US regulators have repeatedly emphasized oversight and enforcement in digital asset markets, including high-profile actions and large monetary relief figures. The CFTC’s FY 2024 enforcement results highlight how significant this area has become. (cftc.gov)
This article is not legal advice, but the practical point is simple: choose workflows that minimize unnecessary trust and custody risk, and keep your records clean (entries, exits, funding, transfers).
Conclusion: the cheapest perps wallet is the one that keeps costs low and keeps you in control
If you are a US trader optimizing for self-custody, no KYC friction, and 0 fee perps, OneKey is the clear recommendation—especially because OneKey Perps is a native OneKey feature with native Hyperliquid integration, letting you open/close positions directly inside OneKey without detouring through a browser-connected DApp.
When costs are compressed, discipline becomes the edge. Keep the workflow simple, track funding like a real fee line item, and use risk controls that survive volatility—not just backtests.
