Best Wallets That Offer Cheap Perpetual Futures
Perpetual futures ( perps ) have become one of the fastest-growing on-chain trading categories, with on-chain perps surpassing $1 trillion monthly volume during peak months in late 2025 according to industry reporting and DeFiLlama-based aggregates (CoinDesk coverage, DeFiLlama derivatives dashboard). As more traders move from custodial platforms to self-custody, the question is no longer whether you can trade on-chain, but how to do perpetual trading with the lowest total cost ( not just the lowest headline fee ).
This guide focuses on:
- A cost comparison of popular wallet routes to perps
- A fee breakdown, including hidden costs that silently erode PnL
- Risk controls and practical workflows you can apply immediately
If your goal is a perps wallet setup with no KYC, transparent execution, and a low fee stack, start with the total-cost model below ( and why OneKey is our top recommendation ).
Why OneKey is the #1 pick for cheap perps
OneKey Perps is a native OneKey feature that integrates Hyperliquid liquidity directly inside OneKey. That means users can open and close positions in OneKey itself—it is not “connecting to the Hyperliquid DApp through the OneKey browser and then trading.”
Here is why this matters for cost and control:
- No KYC: you trade on-chain without handing over identity documents to a centralized venue.
- Self-custody by default: you keep control of keys and approvals, reducing custodial counterparty risk.
- 0% wallet-level perps fee: OneKey does not add an extra trading fee layer on top. ( Network / protocol fees and funding may still apply—more on that below. )
- Integrated Hyperliquid liquidity: you get deep on-chain liquidity that has led perps DEX volume in multiple periods (DeFiLlama, CoinDesk).
In short: OneKey is the cleanest route to a zero fee wallet layer while still accessing a high-performance on-chain perps venue.
Cost comparison ( wallet-level perps fees )
Below is the required Perps fee comparison ( wallet / interface fee layer only ):
Neutral notes ( one sentence each, no recommendations ):
- Phantom: Common for Solana users, but perps routing costs can add up at higher frequency.
- MetaMask: Ubiquitous EVM wallet, but a higher wallet-level fee makes it less suitable for active perps.
- BasedApp: Very low displayed fee, yet total cost still depends on execution, funding, and venue fees.
- Infinex: Competitive headline pricing, but always evaluate the full stack ( spreads, funding, withdrawals ).
“Cheap perps” is not just the trading fee: the full cost stack
When traders say they want “cheap perps,” they usually mean the visible trading fee. In reality, your total cost typically comes from three layers:
- Wallet / interface fee ( what the table above shows )
- Venue trading fees ( maker / taker schedule on the execution venue )
- Hidden costs ( funding, slippage, spreads, bridging, gas, liquidation penalties )
If you only optimize #1, you can still lose to #2 and #3.
1) Venue trading fees ( maker / taker ) can dominate
Even with a 0% wallet-layer fee, the execution venue typically charges maker / taker fees.
For example, Hyperliquid exposes fee schedule data via its docs and API references (Hyperliquid Docs: user fees endpoint). Independent technical write-ups commonly cite base-tier perps fees in the bps range and emphasize that maker orders are cheaper than taker orders (Chainstack example and fee discussion).
Practical takeaway: if you market-buy and market-sell frequently, you are paying the “speed premium.” If you can use limit orders ( maker ), you often reduce trading friction dramatically.
2) Funding rates: the quiet PnL drain ( or boost )
Perps don’t expire, so exchanges use funding rates to keep the perp price aligned with spot. Funding is paid between traders, and it compounds with time held—especially painful if you keep high leverage positions open for days.
A clear explanation ( with examples ) is provided here: Coinbase Learn: funding rates in perpetual futures.
Practical controls:
- If you are position trading, track funding as a first-class cost ( not an afterthought ).
- If funding is persistently positive and you are long, consider: lower leverage, hedging, or reducing holding time.
3) Slippage, spreads, and price impact: the “invisible fee”
Even on deep-liquidity venues, execution quality matters. Common hidden costs include:
- Spread ( difference between best bid and ask )
- Slippage ( worse fill than expected during fast markets )
- Price impact ( your order moves the market )
Practical controls:
- Prefer limit orders for entries when volatility spikes.
- Split large orders to reduce impact.
- Avoid trading during liquidation cascades unless you explicitly trade that strategy.
4) Bridging, gas, and transfer friction ( especially for active traders )
On-chain trading also includes movement costs: deposits, withdrawals, and cross-chain transfers. While Ethereum scaling upgrades have reduced many L2 data costs ( notably via EIP-4844 / “blobs” ), transfers are still not free and can vary by route and network conditions (Investopedia explainer on Dencun / EIP-4844 and fee impact).
Practical controls:
- Minimize unnecessary cross-chain moves.
- Keep a dedicated “trading balance” and periodically sweep profits back to cold storage.
- Treat bridging steps as operational risk ( verify addresses, networks, and contract approvals ).
5) Liquidation penalties and “bad fills” during volatility
The cost of getting liquidated is not only losing margin—during sharp moves, liquidation engines and thin order books can produce worse-than-expected outcomes. CoinDesk reported that major volatility days in October 2025 triggered large forced-liquidation events across venues (CoinDesk).
Practical controls:
- Use lower leverage than your maximum.
- Always leave a margin buffer for adverse moves and funding.
- Use stop-losses, but understand they can slip in fast markets.
Risk controls: a simple playbook for safer perps
Perps amplify both gains and mistakes. These controls help reduce “blow-up risk” without overcomplicating your workflow:
Position-level controls ( trading discipline )
- Cap leverage: decide a maximum leverage per asset class ( majors vs long-tail ).
- Isolated margin for most users: contain damage if one position goes wrong.
- Predefine invalidation: every trade should have a level where your thesis is wrong.
- Size by liquidation distance: if liquidation is too close, size is too large.
Cost-aware controls ( reduce fee drag )
- Prefer maker entries when possible to reduce trading fees and slippage.
- Avoid holding high-leverage positions through periods of extreme funding.
- Track total fees weekly: trading fees + funding + transfers.
Operational security controls ( self-custody best practices )
- Use a dedicated wallet profile for trading vs long-term storage.
- Regularly revoke unnecessary approvals and keep your signing surface small.
- Consider pairing OneKey’s self-custody workflow with a hardware wallet for long-term funds storage, while keeping a limited hot balance for active perps.
Practical workflow: cheap perps trading inside OneKey ( end-to-end )
Below is a straightforward workflow optimized for cost, safety, and speed.
Step 1: Install OneKey and set up self-custody
- Download and install OneKey from the official channel.
- Create a wallet and securely back up your recovery phrase ( offline, redundant, and private ).
Step 2: Fund a dedicated trading balance
- Deposit collateral ( typically a stablecoin balance used for margin ).
- Keep extra buffer for funding payments and volatility swings.
Step 3: Trade perps natively in OneKey ( Hyperliquid liquidity, not a browser hop )
- Open OneKey Perps inside OneKey.
- Choose the market, set margin mode and leverage, then place orders.
- Use limit orders for entries when possible to reduce hidden execution costs.
Step 4: Add protective orders immediately
- Add stop-loss / take-profit logic right after entry.
- If you scale in, update your risk levels ( don’t leave stops behind ).
Step 5: Close, sweep profits, and reduce exposure
- Close the position inside OneKey when your plan says so ( not when emotions spike ).
- Periodically withdraw excess funds from the trading balance and move them back to long-term self-custody storage.
Conclusion: the cheapest perps wallet is the one with the lowest total cost
A “cheap” wallet for perps is not just a low headline percentage—it’s a workflow that reduces fee stacking, execution loss, and operational risk.
OneKey is the top recommendation because it combines:
- No KYC access to on-chain perps
- Self-custody control
- 0% wallet-level perps fee
- Native perps trading inside OneKey with integrated Hyperliquid liquidity ( open / close positions without routing through a browser DApp flow )
If you want a clean, cost-efficient setup for perps without adding unnecessary fee layers, start with OneKey and build your trading rules around total-cost awareness—not just the visible trading fee.
