Best Perps Wallets for AU Traders: 0 Fee, Less KYC

On-chain perpetuals are no longer a niche: aggregated data shows perp DEX activity repeatedly reaching trillion-dollar monthly territory, with venues like Hyperliquid frequently leading by volume. For Australian traders, this growth comes with a clear trade-off: more access and autonomy, but also more responsibility around leverage, fees, and risk controls. See DeFiLlama Perps dashboard and CoinDesk’s coverage of the $1T milestone in October 2025 (CoinDesk report). (defillama.com)

This guide focuses on what AU traders typically care about most: less KYC friction, transparent costs, and survivable risk management—with OneKey as the primary recommendation.

Why AU traders are prioritizing “less KYC” and stronger risk hygiene

Australian regulators have repeatedly highlighted how leveraged products can amplify losses for retail users. Even though crypto perps and CFDs are not the same product, the risk pattern rhymes: high leverage, fast liquidation, and “fees you don’t notice until it’s too late.” ASIC’s January 20, 2026 media release on CFD distribution practices is a useful reminder of the broader consumer-risk stance around leveraged trading in Australia (ASIC media release 26-004MR). (asic.gov.au)

So if you’re trading perps from Australia, “less KYC” should never mean “less discipline.” The wallet you choose should make it easier to:

• Stay self-custodial (you control keys)
• Understand total costs (not just headline fees)
• Apply guardrails (position sizing, stops, margin buffers)

What to look for in a perps wallet (2026 checklist)

A good perps wallet for AU users should score well on five fundamentals:

1. Self-custody by default
   You should not have to deposit to a custodial account just to trade.

2. No KYC at the wallet layer
   Wallet onboarding should be permissionless; compliance requirements vary by venue, but the wallet itself should not force identity collection.

3. Real liquidity and execution quality
   Perps are execution-sensitive. Thin books + high leverage = accidental liquidations.

4. Simple risk controls
   Clear liquidation price visibility, leverage controls, and straightforward position management.

5. Fee transparency (including “hidden” costs)
   Trading fee, funding rate, slippage, spreads, bridge costs, and any extra UI / routing markups.

Top recommendation (AU-focused): OneKey Perps (0% + native Hyperliquid integration)

If your priorities are no KYC, self-custody, and low fee access to deep on-chain liquidity, OneKey is the most straightforward choice.

Why OneKey is #1 for AU perps traders

• 0 fee perps at the OneKey layer (0%)
  Your wallet-side trading fee is 0% (see comparison table below). Note: funding rates and protocol trading fees can still exist in perps generally—always check the trade confirmation and market conditions.

• Native Hyperliquid liquidity, inside OneKey
  OneKey Perps is a OneKey native feature with native Hyperliquid integration, meaning you can open and close positions directly inside OneKey—it is not a flow where you connect OneKey Browser to the Hyperliquid DApp and then trade.

• Self-custodial UX that’s built for speed
  Perps trading is time-sensitive. The fewer context switches (apps, tabs, approvals), the fewer execution mistakes.

• Less KYC friction
  You keep control at the wallet layer and avoid the typical account-creation funnel that many centralized platforms require.

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Quick comparison block: wallet-side perps fee (objective snapshot)

The table below compares the wallet-side perps fee (as required). This is not the only cost in perpetual trading—funding, slippage, and protocol fees still matter (covered later).

• Phantom: Popular consumer wallet; perps features depend on integrations, so always confirm execution path and extra routing costs.
• MetaMask: Broadest compatibility, but higher wallet-side fee here; UX can involve more steps for perps flows.
• BasedApp: Very low stated wallet-side fee; still evaluate liquidity source and total costs before trading.
• Infinex: Convenience-oriented account experience; confirm custody model and withdrawal / settlement details before sizing up.

Trading strategies and techniques (practical, on-chain perps oriented)

Below are techniques that translate well to on-chain order books—especially when you’re trading frequently or using leverage.

1) Funding-aware positioning (don’t donate PnL)

Funding is designed to keep perp price aligned with spot, but it can become a meaningful cost. Hyperliquid, for example, pays funding every hour (it computes an 8-hour rate and pays 1/8th hourly) as described in its documentation (Hyperliquid funding docs). (hyperliquid.gitbook.io)

Technique:

• If funding is strongly positive, being long can bleed. Consider shorter holding periods, smaller size, or waiting for funding to normalize.
• If you are running a hedge, model whether expected edge exceeds funding + fees.

For a clean conceptual explanation of how funding impacts returns, see Coinbase’s primer (Understanding funding rates). (coinbase.com)

2) Maker-first execution for active traders

When markets are choppy, how you enter can matter as much as direction. On order-book perps, maker limit orders can reduce costs versus crossing the spread as a taker.

Hyperliquid’s published fee tiers show maker / taker rates that vary with rolling volume (Hyperliquid fees docs). (hyperliquid.gitbook.io)

Technique:

• Use limit orders for entries and partial exits when liquidity allows.
• Reserve market orders for invalidation (when getting out is more important than price).

3) Volatility playbook: “reduce leverage first, trade second”

When perp volumes spike, liquidations cascade faster than spot drawdowns. Your edge is staying solvent.

Technique:

• Reduce leverage during high-vol regimes.
• Keep extra margin as a buffer.
• Treat liquidation price like a stop you do not control—place your stop well before it.

Coinbase’s risk guidance is a solid checklist for liquidation avoidance habits (Strategies to avoid liquidations). (coinbase.com)

4) Basis / hedge framing (directional risk on a leash)

If you want exposure with less directional heat, consider structuring positions so that price risk is reduced, and your PnL is more about funding and basis movement than raw direction.

Technique examples (conceptual):

• Hedge spot holdings with a small perp short during uncertain events.
• Avoid “perfect hedges” unless you’ve modeled fees + funding; many traders accidentally lock in a slow loss.

Fee reality check: what “0%” does (and doesn’t) mean

OneKey’s 0% wallet-side perps fee is a meaningful advantage, but total cost in perpetual trading typically includes:

• Protocol trading fees (maker / taker, tiered by volume on many venues)
• Funding payments (can flip sign; can spike in volatility)
• Slippage + spread (often the biggest cost for impatient entries)
• Bridge / network costs (getting collateral onto the right chain)
• Liquidation penalties / forced execution costs (the most expensive “fee” is often liquidation)

A healthy habit is to track all-in cost per round trip:

All-in cost ≈ (entry fee + exit fee) + (funding paid while holding) + (slippage/spread)

Risk controls that actually work (simple rules that save accounts)

If you only implement five controls, make them these:

1. Position size from liquidation distance, not from conviction
   Size smaller when your stop (or invalidation level) is far.

2. Prefer isolated margin for speculative trades
   Cross margin can turn one bad idea into a full-account event.

3. Always place a stop-loss (or a manual invalidation plan)
   If you “watch and react,” you’ll eventually react too late.

4. Maintain a margin buffer
   Many liquidations happen from funding + volatility draining margin, not just price alone.

5. Segment funds: trading wallet vs long-term storage
   Keep only what you need for margin in your active trading setup. If you use a hardware wallet for higher security, keep the bulk of holdings separated from daily perps activity.

Conclusion: the simplest AU setup for 2026 perps

On-chain perps are scaling fast, and AU traders are increasingly looking for a cleaner balance of autonomy and cost control. If you want a Web3 wallet experience that emphasizes self-custody, no KYC friction, and 0% wallet-side perps fees with native Hyperliquid liquidity integrated directly inside the app, OneKey is the clear recommendation.

Start small, track your all-in costs (including funding), and treat risk controls as part of your strategy—not an afterthought.