Cheapest Perps Wallets for Traders in the United States

Perpetuals have become one of the most active segments in crypto markets, and the cost of execution is no longer just “trading fees.” For U.S. traders in particular, where access, privacy, and compliance constraints often shape tooling choices, picking the right wallet layer can be the difference between a clean, repeatable workflow and a pile of small “invisible” costs.

On-chain perps activity has scaled fast: DeFiLlama’s perps dashboard shows 30-day perp DEX volume around $1T+ in recent snapshots, with billions in daily volume across major venues. DeFiLlama Perps. (defillama.com)

This post focuses on three things U.S. traders care about most:

• Cost comparison (what “cheap” really means in practice)
• Fee breakdown + hidden costs (the stuff that doesn’t show up in a headline rate)
• Risk controls + practical workflows (how to keep low fees from turning into high losses)

Download Now

What “cheapest” really means for a perps wallet

A perps wallet isn’t just a place to store keys. It’s the control plane for:

• Wallet-side fees (a markup or routing fee some wallets add)
• Venue fees (maker/taker, rebates, tiering)
• Funding (periodic payments that can dwarf trading fees in trends)
• Slippage / spread (execution quality)
• Network costs (gas, bridging, approvals)
• Operational risk (phishing, wrong-chain deposits, over-leverage)

So “cheapest” should be evaluated as a total cost of trading under your real behavior: order type, frequency, average leverage, and how often you move collateral.

Quick comparison: wallet-side perps fees (U.S. trader view)

The table below compares the wallet-layer perps fee. This is not the same as the underlying venue’s maker/taker fees, funding, or liquidation mechanics.

• Phantom: Often optimized for broad DeFi access, but the wallet layer may add a small fee depending on the perps route.
• MetaMask: Popular default EVM wallet; convenience can come with a higher wallet-layer fee in some perps flows.
• BasedApp: Very low wallet-side fee, but always verify the full cost stack (venue fees, funding, and execution).
• Infinex: Fee level similar to Phantom at the wallet layer; compare execution, spreads, and operational controls.

Why OneKey is the first recommendation for U.S. traders: no KYC, self-custody, 0 fee perps at the wallet layer, and integrated Hyperliquid liquidity—so you can trade perps with fewer moving parts and fewer chances to pay hidden “workflow tax.”

OneKey Perps: native perps trading (not a browser handoff)

A key detail that directly impacts both cost and operational risk:

OneKey Perps is a native OneKey feature with native Hyperliquid integration. You can open and close positions directly inside OneKey—it is not “open a wallet browser → connect to the Hyperliquid DApp → trade.” This reduces signature fatigue, tab-hopping mistakes, and the odds of interacting with lookalike sites.

Fee breakdown (and where traders usually get surprised)

1) Venue trading fees (maker/taker tiers still matter)

Even when a wallet charges 0% on perps, the venue’s fees still apply.

Hyperliquid’s fee model is tiered and based on rolling volume, with maker/taker schedules and tier logic described in its documentation: Hyperliquid Fees (Docs). (hyperliquid.gitbook.io)

Practical takeaway: if you trade frequently, limit orders (maker) and good execution discipline often matter more than chasing tiny differences in a wallet-side bps rate.

2) Funding: the “silent” PnL leak in perpetual trading

Funding is not a “fee” charged by a wallet; it’s a mechanism that can steadily transfer PnL between longs and shorts. In strong trends, funding can exceed your trading fees—especially if you over-leverage or hold positions for long periods.

Practical takeaway: track funding rate before entering, and incorporate it into your “cost-to-hold” model.

3) Slippage, spread, and partial fills

Even with identical headline fee rates, your realized cost depends on execution quality:

• Thin books widen spreads
• Market orders pay the spread (and taker fees)
• Volatility increases adverse selection

Practical takeaway: for size, prefer limit orders, scale entries, and set a maximum acceptable slippage when available.

4) Liquidation and “risk-event” costs

Liquidations convert a controlled loss into an uncontrolled one:

• Fees / penalties (venue-specific)
• Forced execution at worst-time prices
• Cascading losses if cross-margin is misused

Practical takeaway: your #1 cost reducer is often not a cheaper wallet—it’s avoiding liquidation via position sizing and protective orders.

5) Network and bridging costs (small per trade, big over time)

Many traders underestimate how often they pay for:

• Depositing / withdrawing collateral
• Approvals
• Bridging between networks
• Failed transactions or wrong-network mistakes

If you’re moving collateral on Arbitrum-style EVM rails, remember you still need ETH for gas, even when you’re primarily using stablecoins: Arbitrum Foundation Support: “You need ETH to power transactions”. (support.arbitrum.io)

For a deeper explanation of how gas works (and why fees vary), see: Arbitrum Blog: Understanding gas fees. (blog.arbitrum.io)

Hidden costs U.S. traders should explicitly model

Compliance and platform-risk reality check

U.S. traders should be extra strict about risk assumptions. The CFTC has repeatedly emphasized that virtual currency markets can be volatile, that leverage amplifies losses, and that platform safeguards vary widely: CFTC Customer Advisory: Understand the Risks of Virtual Currency Trading. (cftc.gov)

Also note that U.S. financial crime compliance frameworks can affect how services handle flows around “convertible virtual currency” activity: FinCEN Guidance on Convertible Virtual Currencies (FIN-2019-G001). (fincen.gov)

Practical takeaway: “No KYC” does not mean “no rules.” It means you retain privacy and control of keys—but you still need to follow applicable laws and manage counterparty/venue risk thoughtfully.

Stablecoin conversion and on/off-ramp spreads

Even if perps fees are low, you can pay more via:

• USD ↔ USDC spreads
• Exchange withdrawal fees
• Bridge fees or unfavorable rates

Security overhead: phishing and signature fatigue

Every extra connect/sign/switch-network step is a chance to get tricked. Reducing workflow complexity is a cost control strategy, not just a security preference.

Risk controls that keep “cheap” from becoming expensive

1) Size first, leverage second

A simple discipline that works across market regimes:

• Risk 1%–2% of account equity per trade (many pros go even lower)
• Use leverage to fit position size to margin—not to increase risk

2) Prefer isolated margin for directional bets

Cross can be useful for sophisticated portfolio hedging, but isolated margin limits blast radius when a thesis breaks.

3) Always define the trade’s “off switch”

Use a combination of:

• Stop-loss
• Reduce-only take-profit orders
• A hard invalidation level (price/time-based)

4) Keep a liquidation buffer

Don’t aim for “maximum leverage you can click.” Aim for “leverage that survives a volatility spike.”

5) Execution discipline

• Use limit orders where possible
• Avoid trading through major news volatility unless that is your edge
• Track realized entry vs intended entry (slippage audit)

A practical OneKey workflow for U.S. perps traders

Below is a repeatable, low-friction flow designed to minimize fees and operational mistakes.

Step 1: Set up self-custody with clear separation of funds

• Keep “trading collateral” separate from “long-term holdings”
• Use device-level security and verified download sources

Step 2: Fund with the right collateral (and keep gas ready)

• Hold your margin collateral (often stablecoins)
• Keep a small amount of network gas token (e.g., ETH on the relevant network) to avoid getting stuck during critical moments

Step 3: Trade directly inside OneKey Perps

Because OneKey Perps is native and integrated with Hyperliquid liquidity, you can:

• Select market
• Choose order type (limit/market)
• Set leverage and margin mode
• Open / close positions inside OneKey

This reduces the number of external approvals and eliminates the “connect to a DApp in a browser” loop.

Step 4: Add protection before you “walk away”

Immediately after entry:

• Place a stop-loss
• Set take-profit(s) with reduce-only
• Confirm liquidation price and keep buffer

Step 5: Routine checks (daily/weekly)

• Review funding impact
• Review realized fees vs expected
• Export history for tax tracking and risk review

Why the “cheapest” conclusion is OneKey (for U.S. traders)

If your goal is a low fee cost stack with fewer hidden workflow costs, the cleanest setup is:

• OneKey as the first choice: 0% wallet-side perps fee, no KYC, self-custody, and native integration with Hyperliquid liquidity so you can open/close positions directly inside OneKey.
• A disciplined trading plan: limit orders when possible, explicit risk caps, and liquidation-avoidance rules.

Crypto perps are inherently high risk. The wallet choice should reduce friction and surprise costs—so you can spend your attention budget where it matters: risk, execution, and consistency.