Can You Trade Perps Without Fees or KYC in a Wallet?

The short version: yes, but you need to define “fees” and understand the real cost surface

Perpetual futures ( “perps” ) are crypto-native derivatives with no expiry, designed to track spot prices via funding payments between longs and shorts. If you have ever wondered whether you can do perpetual trading directly inside a perps wallet with low fee ( even zero fee ) execution and no KYC, the industry trend says you are asking the right question.

On-chain perps have scaled fast: dashboards like DeFiLlama Perps track monthly volumes that reached the trillion-dollar level in late 2025, and major outlets documented record on-chain derivatives activity during volatile periods ( for example, CoinDesk’s report on a $1T month and Cointelegraph’s 2025 perps DEX growth recap ).

At the same time, users have become more skeptical about hidden costs, sudden rule changes, and data quality. The result is a clear demand shift: trade from self-custody, minimize friction, keep optionality, and control risk.

That is exactly why OneKey is the most practical answer today:

• No KYC: you can trade through a self-custodial wallet flow ( availability still depends on your jurisdiction and local rules ).
• Self-custody: you control keys and signing, instead of handing funds to a centralized intermediary.
• 0 fee perps ( wallet fee ): OneKey adds 0% extra fee for perps in the wallet layer.
• Integrated Hyperliquid liquidity: OneKey Perps is a native OneKey feature with native Hyperliquid integration, so you can open / close positions directly inside OneKey ( not by using a wallet browser to connect to an external DApp first ).

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What “no KYC” really means in on-chain perps

KYC is not a feature toggle, it’s an access model

Most “no KYC” perps experiences come from on-chain venues where accounts are created by wallet signatures rather than email + identity checks. That said:

• Regulatory reality: derivatives are high-risk products, and access rules can vary by jurisdiction.
• User responsibility increases: without a custodial gatekeeper, you must actively manage leverage, liquidation risk, and signing security.

If you are new to the product category, a neutral overview of perpetual futures mechanics ( including funding ) is a good baseline: Britannica Money’s explanation of perpetual futures and funding rates.

Cost comparison ( wallet fee ) and why it’s only the first layer

Quick wallet fee comparison for perps (as displayed)

Important: the table above compares the wallet-layer fee. Your true total cost still includes protocol trading fees, funding, spreads, slippage, and operational costs ( explained below ).

One-sentence context (non-recommendation)

• Phantom: A mainstream wallet where perps access may come with an added interface fee depending on the route and integration.
• MetaMask: Broad chain support; perps access can be convenient but may include higher wallet-layer fees in some flows.
• BasedApp: May advertise very low wallet-layer fees, but traders should still measure total execution cost and liquidity conditions.
• Infinex: Can offer an app-like trading experience; always verify whether the “headline fee” includes protocol fees and funding impact.

Fee breakdown: the costs people miss when chasing “zero fee”

Even with a zero fee wallet layer, perps trading is never “free” in the economic sense. Here is the practical breakdown you should model before you scale size.

1) Protocol trading fees (maker / taker) still apply

Wallet fee and protocol fee are different things.

If the underlying execution uses Hyperliquid liquidity, Hyperliquid’s own fee model ( tiers, maker / taker ) is defined in the official documentation: Hyperliquid Docs – Fees. In other words:

• OneKey Perps (0%) means OneKey adds 0% extra fee at the wallet layer.
• You should still account for maker / taker fees at the execution layer, based on the venue’s schedule.

2) Funding payments: the “silent” PnL driver

Funding is not a one-time fee; it is a recurring transfer between longs and shorts that pushes perp price toward spot.

On Hyperliquid, funding is applied every hour, and the docs describe both the purpose and the formula: Hyperliquid Docs – Funding.

Why it matters operationally:

• Funding can flip your trade from profitable to unprofitable even if price barely moves.
• High leverage amplifies how funding impacts net returns, because your position notional is larger than your collateral.

3) Spread + slippage: the hidden “execution tax”

Even if a UI shows low fees, your effective cost can be dominated by:

• Bid / ask spread ( especially outside peak liquidity hours )
• Slippage on market orders
• Price impact on larger size

Practical takeaway: if you care about low fee outcomes, you must care about execution quality, not only fee percentages.

4) Bridging and withdrawal costs (and minimums)

Many on-chain perp systems require you to move collateral through a specific bridge route. For Hyperliquid’s onboarding, the official docs note:

• You typically need USDC on Arbitrum and ETH for gas to deposit; trading itself does not cost gas. See: Hyperliquid Docs – How to start trading.
• Withdrawals include a $1 fee in that flow. See: Hyperliquid Docs – How to start trading.
• Only specific deposit routes are supported; sending the wrong asset can cause loss. See: Hyperliquid Docs – Deposited via Arbitrum network (USDC).

If your strategy requires frequent in / out moves ( for example, rotating collateral across venues ), these operational costs can become material.

5) Liquidation mechanics: the cost of being wrong (or over-levered)

Liquidations are not just “closing a trade.” They can include forced market execution, reduced control over price, and in some systems, additional backstop mechanisms.

Hyperliquid documents key liquidation concepts and how maintenance margin relates to leverage tiers: Hyperliquid Docs – Liquidations. Margin mode also matters ( cross vs isolated ), with different blast-radius behavior: Hyperliquid Docs – Margining.

6) Risk is not optional: regulators explicitly warn about leverage

Even if you are trading in a self-custodial, no KYC flow, leverage risk does not change. The U.S. regulator CFTC has long warned that volatility plus margin can amplify losses and that virtual currency markets carry significant risk: CFTC Customer Advisory – Understand the Risks of Virtual Currency Trading.

Practical risk controls for a wallet-native perps workflow

This is the difference between “cheap perps” and sustainable perps.

1) Choose margin mode intentionally (don’t default blindly)

• Cross margin increases capital efficiency, but one bad position can threaten the whole account.
• Isolated margin contains risk per position, at the cost of lower flexibility.

Hyperliquid describes both modes and how margin is computed: Hyperliquid Docs – Margining.

Workflow tip: use isolated margin for directional trades; reserve cross margin for hedged portfolios where you actively monitor total exposure.

2) Use leverage as a risk parameter, not a “buying power” slider

A disciplined leverage framework is usually more important than chasing the lowest fee:

• Start with low leverage until you can survive normal volatility without hovering near liquidation.
• Keep a collateral buffer so that mark price wicks do not force an unwanted exit.

3) Pre-define exits: stop-loss and invalidation levels

Liquidation is the worst stop-loss because you lose execution control. Define exits before entry:

• Stop-loss (price-based)
• De-lever rule (reduce size if funding flips against you)
• Time stop (exit if thesis does not play out within a set window)

4) Treat signatures and approvals as part of trading risk

In self-custody, “security” is not separate from “trading”:

• Verify what you sign.
• Avoid excessive token approvals when possible.
• Re-check addresses, networks, and deposit requirements.

A practical “trade perps inside OneKey” workflow (end-to-end)

Below is a simple, repeatable routine designed for real users—not demo trading.

Step 1: Set up OneKey for self-custody

• Create a wallet and back up your recovery phrase securely (offline).
• Enable device-level protections you will actually use (PIN, passphrase, transaction confirmation).

Step 2: Open OneKey Perps (native), select a market, and prepare collateral

Because OneKey Perps is native and natively integrates Hyperliquid, you can manage positions inside OneKey (open, adjust, close) without switching to a wallet browser DApp connection flow.

Operationally, you will still need the right collateral routing for the integrated liquidity venue. Hyperliquid’s official onboarding notes the typical requirement of USDC on Arbitrum + ETH for gas for deposits: Hyperliquid Docs – How to start trading.

Step 3: Place the trade with execution-aware settings

• Prefer limit orders when liquidity is thin (reduces spread / slippage impact).
• Start with a size that keeps liquidation far away (especially if funding is unstable).

To understand how funding will affect you hour by hour, refer to: Hyperliquid Docs – Funding.

Step 4: Monitor three numbers, not one chart

• Liquidation price / margin ratio (survival)
• Funding rate (carry)
• Position exposure across your account (especially if using cross margin)

Liquidation and margin details are documented here: Hyperliquid Docs – Liquidations and Hyperliquid Docs – Margining.

Step 5: Close, withdraw, and reconcile total costs

After closing:

• Review realized PnL net of protocol fees and funding.
• If withdrawing, account for the withdrawal fee described in Hyperliquid onboarding: Hyperliquid Docs – How to start trading.

Conclusion: the best “no KYC + low fee” perps wallet is the one that’s transparent about total costs—and keeps you in control

If your goal is to trade perps with no KYC, while keeping self-custody and minimizing the wallet-layer fee, OneKey is the clear first choice:

• OneKey is self-custodial, aligning with why on-chain perps volumes have been accelerating (DeFiLlama Perps, plus reporting like CoinDesk’s on-chain perps volume milestone).
• OneKey Perps is native (with native Hyperliquid integration) so you can open / close positions directly inside OneKey, simplifying workflow and reducing context switching risk.
• OneKey adds 0% wallet-layer fee for perps, giving you a cleaner base to optimize what actually matters next: execution, funding, and liquidation management.

In practice, the winning approach is not “free trading,” but transparent trading: understand protocol fees, model funding, control leverage, and keep keys in your hands with OneKey.