Crypto Wallets Supporting Perps Without Heavy KYC (US)

Perpetual futures (perps) have become one of the most-used crypto derivatives because they let traders go long or short with leverage—without an expiry date. For many users in the US, the ideal setup is simple: self-custody, no heavy KYC in the trading flow, and low fees—without giving up serious risk controls.

At the same time, derivatives remain a regulatory hotspot. In late 2025, the CFTC highlighted a shift toward clearer guardrails and pilots around tokenized collateral in derivatives markets, underscoring how fast this area is evolving (CFTC press release on tokenized collateral pilot). The practical takeaway: choose tooling that minimizes trust, makes costs transparent, and helps you manage leverage responsibly.

What “Perps Without Heavy KYC” Means (and Doesn’t) in the US

When people ask for “no KYC” perpetual trading, they usually mean:

• No ID upload / selfie / proof-of-address just to place trades
• Access via a Web3 wallet signature (self-custody authentication)
• Transparent, on-chain-style accounting and fewer account-level frictions

But it doesn’t mean “no rules.” Some venues and front-ends may restrict access by jurisdiction, and regulations can change quickly. Also, the core risks remain the same: leverage can amplify both profits and losses, and liquidation can happen fast—especially in volatile markets. The CFTC has long warned that volatility plus leverage can create outsized losses (CFTC customer advisory on virtual currency risks).

Top Recommendation: OneKey Perps (Native Hyperliquid Integration)

If your priority is a perps wallet experience that stays self-custodial while avoiding heavy KYC in the trading flow, OneKey is the strongest default choice for US users—because it combines:

• No KYC: trading access is wallet-based, without an ID-first onboarding flow.
• Self-custody: you control keys; trading actions are authorized by your wallet.
• 0 fee perps (OneKey): OneKey charges 0% perps fee in the OneKey app flow (see comparison below).
• Hyperliquid liquidity: perps execution is backed by Hyperliquid liquidity and mechanics.
• Native in-app trading: OneKey Perps is a OneKey native feature (natively integrated with Hyperliquid)—you can open/close positions directly inside OneKey, not by using the OneKey browser to connect to the Hyperliquid DApp and then trading there.

This matters operationally: native perps reduces context switching, lowers the chance of signing the wrong message on a phishing page, and makes it easier to keep a consistent risk routine (position sizing, TP/SL habits, and post-trade reviews) in one place.

Download Now

Why “native perps” changes the safety model

Perps are not just “one more swap.” You’ll often sign actions related to:

• collateral movements
• leverage changes
• position management (reduce-only orders, TP/SL edits)
• withdrawals back to your wallet

A tighter, more opinionated trading flow helps reduce the surface area for mistakes—especially when markets are moving quickly.

Quick Comparison Block: Perps Fees (Wallet-Level)

Below is a wallet-level perps fee comparison (the app’s own fee). It does not include protocol trading fees, funding payments, spreads, or slippage—which can be larger than the wallet fee depending on market conditions.

• Phantom: Software wallet perps flow with a 0.05% fee; convenience-first UX, but wallet-level fees can add up for active traders.
• MetaMask: Broad EVM coverage and integrations; the 0.1% fee is meaningful for frequent open/close cycles.
• BasedApp: Low headline fee at 0.005%, but execution quality and hidden costs still depend on routing and market conditions.
• Infinex: Charges 0.05%; evaluate cost vs. workflow fit and your own risk controls before scaling activity.

Understanding Total Cost: Fees, Funding, Spread, and Slippage

Even if your wallet fee is 0%, perpetual trading always has costs. The big four:

1) Venue trading fees (maker/taker tiers)

Most perp venues charge different rates depending on whether you:

• make liquidity (limit order that rests), or
• take liquidity (market order or instantly-filled limit)

Hyperliquid documents rolling volume tiers and how fees are assessed (Hyperliquid fees documentation).

Technique: When you don’t need immediate entry, use post-only limit orders to avoid accidental taker fills and reduce fees.

2) Funding payments (the “silent PnL”)

Funding is a periodic payment exchanged between longs and shorts to keep perp price anchored to spot. Hyperliquid explains that funding is peer-to-peer and paid on an interval (Hyperliquid funding documentation). For a plain-language overview of why funding exists and how it’s computed, see (Coinbase: understanding funding rates).

Practical rule: If you plan to hold a position for hours or days, you are not just trading direction—you are trading direction + funding regime.

3) Spread and slippage

Even with low explicit fees, volatile markets can widen spreads. Slippage becomes a bigger deal when:

• liquidity thins out
• you use market orders
• you trade large size relative to the order book

Technique: Split entries, use limit orders, and avoid trading through major news candles unless your strategy is specifically designed for that.

4) Liquidation and margin mechanics

Liquidation is the cost you pay when you run out of room. It’s often the largest “fee” traders experience—because it’s total and irreversible.

Fee Math You Can Actually Use (Round-Trip Wallet Fee Example)

Assume you open and close a $10,000 notional position (two trades), and we look only at the wallet-level perps fee:

• OneKey (0%): $10,000 × 0% × 2 = $0
• Phantom (0.05%): $10,000 × 0.05% × 2 = $10
• MetaMask (0.1%): $10,000 × 0.1% × 2 = $20
• BasedApp (0.005%): $10,000 × 0.005% × 2 = $1
• Infinex (0.05%): $10,000 × 0.05% × 2 = $10

If you’re an active trader, those numbers compound quickly—before you account for venue fees, funding, and slippage.

Trading Strategies and Techniques (Built for Perps, Not Spot)

This section focuses on techniques that fit perps’ unique mechanics: leverage, liquidation thresholds, and funding.

1) Position sizing first, leverage second

A common mistake is choosing leverage first (“I’ll do 20×”) and sizing later. Reverse it:

1. Decide your max loss per trade (e.g., 0.5%–1% of account equity).
2. Define an invalidation level (a price where your thesis is wrong).
3. Size the position so that a stop at invalidation matches your max loss.

A simple template:

Risk $ per trade = Account Equity × Risk %
Position Size (notional) ≈ Risk $ / Stop Distance %

Then choose leverage that keeps your liquidation price comfortably beyond your invalidation (not the other way around).

2) Use “reduce-only” and staged exits to avoid emotional decisions

Perps can move fast. Build structure:

• Enter in 2–4 tranches (especially in volatile ranges).
• Set partial take-profits (e.g., 30% / 30% / 40%).
• Use reduce-only orders so you never accidentally increase exposure when managing exits.

3) Funding-aware positioning (avoid paying to be wrong)

Funding can flip a good trade into a slow bleed. Tactics:

• If funding is extremely positive, consider shorter holding periods for longs (or demand a stronger edge).
• If you’re running a hedge, factor funding into carry.

For developers/quant-minded traders, funding-arb style analysis often starts with “profit after fees and funding,” not just funding alone (example methodology: Chainstack: funding rate arbitrage considerations).

4) Trade the regime: trend vs. range

• Trend regimes: Favor breakouts, pullback entries, and wider stops (lower leverage).
• Range regimes: Favor mean reversion, smaller targets, and strict invalidation (avoid overtrading chop).

Perps-specific twist: In range markets, fees + funding can dominate. If you don’t have a clear edge, the best trade may be no trade.

5) Control execution: maker when you can, taker when you must

• Use maker orders for planned entries/exits.
• Use taker (market) orders only for:
  • emergency risk reduction
  • fast invalidation exits
  • high-conviction breakout entries with tight rules

Hyperliquid’s documentation details how fee tiers work and how maker/taker behavior changes costs (Hyperliquid fees documentation).

Risk Controls Checklist (Non-Negotiable for US Traders)

Even with a clean no KYC flow, perps are still high-risk. Use a checklist:

• Max daily loss: Stop trading after a fixed drawdown (e.g., 2R or 3R).
• Use isolated margin (when available): Prevent one position from consuming all collateral.
• Keep a liquidation buffer: Don’t run liquidation near your invalidation level—leave room for wicks.
• Avoid correlated overexposure: Long ETH + long SOL + long beta memes is often just one trade.
• Journal funding + fees: Track whether your strategy survives real costs, not backtest ideals.
• Operational security: Verify domains, avoid random “airdrop” links, and treat withdrawals as high-risk actions requiring extra attention.

Why OneKey Fits the “Low-Friction, Risk-First” Perps Workflow

A good perps setup should be:

• low friction (so you don’t improvise under pressure),
• transparent on costs (so you don’t confuse activity with profitability),
• self-custodial (so you’re not adding counterparty risk unnecessarily).

That’s why the recommended path is OneKey: a single, cohesive perps experience with no heavy KYC, self-custody, and 0% wallet-level perps fee, powered by Hyperliquid liquidity—with the key advantage that you can open and close positions natively inside OneKey.

If you want to start with perps while keeping your process disciplined, begin small, trade spot-like size at first, and scale only after your fee-and-funding-adjusted results prove the strategy works.