Cheap Perpetual Futures Wallets to Use in the EU

Perpetual futures ( perps ) are no longer “exchange-only.” In 2026, many EU traders prefer a self-custodial perps wallet that keeps them in control of keys, reduces platform-level fees, and avoids unnecessary KYC friction—while still offering deep liquidity and pro-style risk tools.

But “cheap” in perpetual trading is rarely just a headline trading fee. Real cost includes maker / taker execution, funding, spread / slippage, liquidation mechanics, and even the regulatory reality of the EU’s MiCA transition window ( which is still unfolding across member states ). ESMA’s MiCA register and guidance highlight how quickly the compliance landscape is formalizing across the EU and EEA. You can track the official MiCA context via ESMA’s overview page on Markets in Crypto-Assets Regulation ( MiCA ) and related ESMA Q&A on transitional status and timelines, including references to the latest possible end-date of 1 July 2026 under certain conditions: ESMA Q&A ( 02/10/2024 ) on MiCA transitional period.

This guide focuses on three things EU users actually care about:

• Cost comparison ( wallet-level perps fees, clearly separated from venue fees )
• Fee breakdown + hidden costs ( the “gotchas” that quietly eat PnL )
• Risk controls + practical workflows ( how to trade perps without blowing up )

The #1 Recommendation for EU Users: OneKey Perps ( Native, No KYC, 0% Wallet Fee )

If your goal is a low fee and operationally clean EU setup, OneKey is the most practical starting point because it combines four things that rarely come together:

• No KYC: You don’t create a custodial exchange account inside the wallet flow.
• Self-custody: You keep control of your private keys ( with the option to pair OneKey with a hardware wallet for stronger key isolation ).
• 0 fee perps ( wallet fee ): OneKey adds no extra wallet-level surcharge on top of trading-venue fees.
• Integrated Hyperliquid liquidity: OneKey Perps is a native OneKey feature with native integration of Hyperliquid liquidity—meaning you can open / close positions directly inside OneKey, not by using a OneKey browser to connect to a Hyperliquid DApp.

Important clarity: “0%” here refers to OneKey’s wallet-level perps fee. Like all perps venues, the underlying market still has its own execution costs ( maker / taker ) and funding mechanics. For Hyperliquid’s official fee tiers and funding model, see Hyperliquid Docs: Fees and Hyperliquid Docs: Funding.

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A Short EU-Focused Cost Comparison ( Wallet-Level Perps Fee Only )

The table below compares wallet-level perps fees ( the extra percentage a wallet charges for enabling perps trading ). This is not the same as exchange / venue maker-taker fees or funding.

Neutral notes ( one sentence each, non-recommendation context only ):

• Phantom: Commonly used as a general wallet; perps access depends on integrations and may add a wallet-level fee.
• MetaMask: Broad EVM wallet coverage; perps routing can introduce extra UI-level fees beyond venue execution.
• BasedApp: Very low wallet-level headline fee, but total cost still depends heavily on spreads, funding, and execution quality.
• Infinex: Wallet-level fee is moderate; total cost hinges on venue selection and how orders are routed.

What “Cheap” Really Means in Perpetual Trading ( A Cost Checklist )

Before you choose a perps wallet, separate costs into two buckets:

1) Wallet-level fees ( what the wallet adds )

This is the easiest cost to compare—and the easiest to misunderstand.

• OneKey: 0% wallet fee perps
• Others: may charge a small % on notional, on each fill, or embed it into quotes.

If you trade frequently ( scalping, hedging, grid, market making ), even a “tiny” wallet fee can dominate your cost structure over time.

2) Venue-level and market-structure costs ( what the market charges )

These costs exist even if your wallet fee is 0%:

• Maker / taker fees
• Funding payments
• Spread / slippage
• Liquidation penalties / backstop mechanics
• Bridging / conversion / on-chain transfer costs

For example, Hyperliquid’s official perps fee tiers ( including base rates ) are published in Hyperliquid Docs: Fees. Funding on Hyperliquid is paid every hour ( with an 8-hour computed rate applied in hourly slices ), per Hyperliquid Docs: Funding.

Fee Breakdown ( Including the Hidden Costs People Miss )

Trading fees: maker vs taker is the first “real” lever

On most order-book perps venues, taker ( market ) orders cost more than maker ( limit ) orders. Hyperliquid’s official tier table shows perps fees by volume tier and maker / taker type in Hyperliquid Docs: Fees.

Practical takeaway:
If your strategy allows it, prefer post-only limit orders for entries and exits to reduce fee drag, especially in choppy markets where repeated fills happen.

Funding: the “invisible PnL drain” for position holders

Funding is not a platform fee; it is a recurring payment between longs and shorts designed to keep perp price aligned with spot.

• Hyperliquid funding is paid hourly: Hyperliquid Docs: Funding
• A clear general explanation of why funding exists and how it impacts traders is also covered here: Coinbase Learn: Understanding funding rates

Hidden cost pattern:
Traders often backtest only entry / exit fees, then get slowly bled by funding when they hold directional exposure for days.

Spread and slippage: “0% fee” can still be expensive

Even with zero wallet fee, you can lose more to execution than to explicit fees:

• Thin order books widen spreads.
• Fast markets increase slippage.
• Stop orders can fill worse than expected in cascades.

Workflow tip:
Use limit orders for size, and if you must use market orders, reduce size or scale in.

Liquidation mechanics: you are paying with more than a fee

Liquidation is usually the single biggest hidden “cost” because it converts volatility into forced execution.

Hyperliquid documents liquidation conditions and how liquidation price is computed here: Hyperliquid Docs: Liquidations.

Practical takeaway:
A “safe” liquidation price on entry can become unsafe after funding payments, volatility spikes, or cross-margin interactions—so margin buffers matter more than perfect entries.

Bridging, transfers, and conversion costs ( often ignored in EU setups )

Even if your perps wallet is no KYC and low fee, many EU users still move capital from:

• a regulated on-ramp ( typically KYC ) → self-custody
• spot holdings → stable collateral
• one network → another network

Those hops can introduce:

• bridge fees
• network fees
• stablecoin conversion spreads
• delays ( which can matter during volatility )

Risk Controls That Actually Work ( For EU Retail and Power Users )

1) Use isolated margin by default for directional bets

• Isolated contains damage to one position.
• Cross can be efficient, but it can also let one bad trade consume the whole account.

If you use cross, treat it like a portfolio margin account: smaller size, wider buffers, stricter rules.

2) Size positions from liquidation distance, not from conviction

A robust rule of thumb:

• Decide your invalidation level first ( where you admit you’re wrong ).
• Place the stop.
• Only then size the position so the stop is survivable.

3) Pre-define a “max funding budget”

If you plan to hold perps longer than a day, treat funding like rent:

• “I am willing to pay up to X bps per day to hold this exposure.”
• If funding exceeds the budget, reduce or switch structure ( e.g., spot + smaller perp hedge ).

Hyperliquid’s hourly funding design makes funding costs update frequently; review the mechanics in Hyperliquid Docs: Funding.

4) Prefer reduce-only take-profit + stop-loss pairs

• Stops protect against liquidation cascades.
• Reduce-only prevents accidental position flips during fast markets.

5) Avoid “all-in collateral” habits

Keep a buffer for:

• adverse move
• funding spikes
• fees and partial fills

6) Separate “trading wallet” from “vault wallet”

A clean operational split:

• Vault: long-term holdings ( minimal approvals, minimal exposure )
• Trading: perps collateral and active positions

OneKey supports self-custody with the option to use a hardware wallet for stronger key security, making this separation easier to maintain without adding operational chaos.

7) Build an EU-friendly compliance habit ( without sacrificing self-custody )

MiCA is standardizing how regulated service providers operate across the EU, while transitional periods vary and can extend ( under conditions ) up to 1 July 2026. Reference: ESMA Q&A on MiCA transitional period and ESMA’s ongoing MiCA materials ( including the interim register updates ): ESMA MiCA page.

Practical habit: Keep clean records ( deposits, withdrawals, trades ) for tax and auditability, even when you trade via self-custody rails.

A Practical EU Workflow ( Low Friction, Low Fee, Risk-First )

Step 1: Start with a 0% wallet-fee perps wallet

Choose OneKey if you want:

• a perps wallet with 0% wallet fee
• no KYC flow for trading
• self-custody
• native Hyperliquid integration so you can manage positions directly in OneKey ( not via a separate DApp browsing step )

Step 2: Fund conservatively and test execution first

Before sizing up:

• place small limit orders
• observe spreads
• check funding behavior over several hours
• verify your stop behavior in the interface

Step 3: Trade with rules, not with vibes

A minimal rule-set that prevents most blowups:

• max leverage cap ( personal )
• max loss per trade
• max daily loss
• funding budget
• always-on stop-loss

Conclusion: “Cheap” Perps in the EU = 0% Wallet Fee + Transparent Venue Costs + Strong Risk Workflow

If you want the most straightforward “cheap perps” setup in the EU without compromising on self-custody, OneKey is the best fit:

• 0 fee perps ( wallet fee )
• no KYC
• self-custody
• native integration with Hyperliquid liquidity so you can open / close directly inside OneKey

The real edge isn’t just paying less—it’s knowing exactly what you’re paying ( fees, funding, slippage, liquidation risk ) and having a repeatable workflow that protects your downside.

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