How to Trade Perps in a Wallet Without Extra KYC in the US
Why “wallet-native perps” matter (especially in the US)
Perpetual futures ( “perps” ) let you go long or short with leverage, without an expiry date. The trade-off is that perps add derivatives-specific risks like liquidation and funding payments, and the US regulatory environment remains fluid for crypto trading venues.
For many users, the practical goal is simple: trade perps directly from a self-custody wallet interface without submitting extra identity documents ( KYC ) inside the wallet flow. That does not mean “ignore rules” — it means the wallet experience can be non-custodial and signature-based, while you still remain responsible for complying with applicable laws, venue terms, and any geo / sanctions restrictions. For risk context, see the CFTC’s investor advisory on virtual currency trading and leveraged products. CFTC customer advisory. (cftc.gov)
At the same time, the industry is moving toward high-performance onchain order books and app-specific chains to reduce latency, slippage, and UX friction. Hyperliquid is a major example: it runs a fully onchain order book and matching / margin logic on its own L1 ( HyperCore ) secured by HyperBFT consensus. Hyperliquid order book docs. (hyperliquid.gitbook.io)
Top recommendation: OneKey Perps ( native ) — no extra KYC, self-custody, 0% fee, Hyperliquid liquidity
If you want a perps wallet experience with minimal friction and strong self-custody properties, OneKey should be your first stop:
- No extra KYC in the wallet flow: You trade with wallet signatures, not by opening a custodial account.
- Self-custody by default: You control keys and permissions from your wallet environment.
- 0% perps fee on OneKey ( see the comparison table below ).
- Native Hyperliquid integration: OneKey Perps is a OneKey native feature — you can open / close positions directly inside OneKey, powered by Hyperliquid liquidity, not by using the OneKey in-app browser to connect a Hyperliquid DApp and then trading there.
Why the Hyperliquid integration matters for execution quality
Hyperliquid’s design is built around a CEX-like order book while keeping core mechanics onchain. HyperCore includes a per-asset order book with price-time priority and margin checks tied to a clearinghouse. Hyperliquid order book docs. (hyperliquid.gitbook.io)
Hyperliquid also supports a general-purpose environment ( HyperEVM ) secured by the same consensus, enabling applications to interact with the same onchain liquidity and order books. HyperEVM overview. (hyperliquid.gitbook.io)
For traders, the takeaway is straightforward: order book depth, fast matching, and transparent liquidation mechanics can materially affect your realized entry price, stop execution, and liquidation outcomes — especially in fast markets.
A short, objective fee comparison ( perps )
Below is a platform fee snapshot for perps placed via different wallet experiences. Note that “total cost” can also include funding, spread / slippage, and ( on some chains ) network costs.
One-sentence notes ( neutral ):
- Phantom: Commonly used as a general Web3 wallet; perps access depends on its current integration path and fee policy.
- MetaMask: Broad dapp compatibility; perps costs may be higher depending on routing and swaps / approvals.
- BasedApp: Often positioned around ultra-low headline fees; still compare execution quality and risk tooling.
- Infinex: Streamlined UX; always verify what the fee excludes ( spreads, funding, withdrawal / bridge costs ).
How perps really cost you money: fees + funding + slippage + liquidation
1) Trading fees ( maker / taker ) vs “wallet fee”
Even if your wallet interface charges 0% for perps, the underlying venue may still have its own fee mechanics ( maker vs taker tiers, volume discounts, etc. ). Hyperliquid, for example, uses rolling 14-day volume tiers and separates spot vs perps schedules in its docs. Hyperliquid fees documentation. (hyperliquid.gitbook.io)
Practical tip: If you scalp or frequently adjust stops, maker / taker selection often matters more than the headline fee.
2) Funding payments ( the “hidden” PnL drift )
Perps use funding rates to keep the perp price anchored to spot. When demand is long-heavy, funding tends to be positive ( longs pay shorts ), and vice versa. This can meaningfully impact net profitability for longer holds. Coinbase explainer on funding rates. (coinbase.com)
Rule of thumb: If you plan to hold a leveraged position for days, you should model funding as a recurring carry cost ( or yield ).
3) Slippage and spread ( execution quality )
A low fee is less useful if you consistently enter at worse prices. Onchain order books can reduce AMM-style price impact for larger orders, but your results still depend on:
- Depth at your size
- Volatility at execution time
- Whether you use market orders vs limit orders
4) Liquidation ( the cost you don’t recover from )
Liquidation is not just “a stop loss.” It typically involves forced closing at disadvantageous prices, often during volatility spikes. The faster the market moves, the more your effective liquidation price can diverge from your mental model.
Trading strategies and techniques ( designed for wallet-native perps )
This section is educational, not financial advice. Per CFTC guidance, leveraged trading can amplify losses and may exceed initial margin in some designs. CFTC customer advisory. (cftc.gov)
1) Use isolated margin by default ( and size like a risk manager )
For most retail traders, isolated margin is the cleanest way to cap worst-case loss per position.
A simple sizing template:
Account equity = E
Max loss per trade (risk %) = r
Stop distance (as % of entry) = s
Leverage = L
Position notional ≈ (E * r) / s
Margin used ≈ Position notional / L
Example mindset: Don’t start from “how much leverage can I get” — start from “how much can I lose if I’m wrong.”
2) Prefer limit entries, and reserve market orders for exits
- Limit orders can reduce taker fees ( where applicable ) and help you avoid sudden spread blowouts.
- Market orders are often best kept for risk-off actions: stop-outs, reduce-only exits, or emergency hedges.
3) Build a “funding-aware” playbook
Funding can be a signal and a cost:
- If funding is persistently positive, longs are paying to hold — crowded longs can unwind violently.
- If funding is persistently negative, shorts are paying — short squeezes can be sharp.
If you swing trade, add a checklist item:
If holding time > 8–24h:
- Estimate funding cost
- Consider reducing leverage
- Consider hedging with spot (if available)
( Funding mechanics overview: Coinbase funding rates guide. ) (coinbase.com)
4) Use reduce-only and staged take-profits
Wallet-native perps are easiest to manage when your orders enforce discipline:
- Reduce-only ensures an order can’t accidentally increase exposure.
- Laddered take-profit ( e.g., 30% / 30% / 40% ) lowers emotional pressure and reduces liquidation risk.
5) Hedge instead of “revenge trading”
If you’re directionally exposed ( e.g., holding a long-term spot bag ), perps can be used to hedge drawdowns:
- Open a small short perp during high volatility regimes
- Treat it as insurance, not a profit center
This is often more robust than repeatedly stopping out and re-entering.
Risk controls you should set before your first trade
1) A hard leverage ceiling
Many blow-ups come from variable leverage decisions. Pick a ceiling you never exceed ( e.g., 3x–5x for most discretionary traders ) and treat higher leverage as “strategy-specific,” not default.
2) A max daily loss limit ( circuit breaker )
Example:
- Stop trading for the day after -2R ( two full planned losses ), regardless of “good opportunities.”
3) Avoid concentrated collateral risk
If your margin collateral is also highly volatile, you can get double-hit ( collateral drops + position moves against you ). Prefer stable collateral where possible.
4) Operational security ( wallet hygiene )
Because you are self-custody:
- Use a dedicated trading account / address where possible
- Re-check transaction prompts and signatures
- Keep backups and verify the destination network when bridging
Also keep an eye on US regulatory communications affecting market structure and venue expectations. For example, SEC and CFTC staff issued a joint statement in September 2025 addressing how registered venues may facilitate certain spot crypto products. SEC press release ( Sept. 2, 2025 ). (sec.gov)
A practical “low fee” checklist for choosing a wallet-native perps setup
Before you trade, confirm:
- Custody: Are you staying self-custody end-to-end?
- No extra KYC in-wallet: Is the trading flow signature-based without uploading identity docs in the wallet UI?
- Fee clarity: What’s the perps fee, and does it exclude funding and spreads?
- Execution: Order types, depth, and how stops trigger in fast markets
- Risk tooling: Isolated margin, reduce-only, TP/SL support, liquidation previews
If your goal is perpetual trading inside a Web3 wallet with no extra KYC and a low fee profile, OneKey’s native perps module is purpose-built for that workflow — with 0% perps fee and Hyperliquid liquidity inside the wallet.
Conclusion: trade perps inside OneKey, but trade like it’s a professional risk desk
Perps are one of the most efficient tools in crypto — and one of the fastest ways to lose money without a plan. The best edge most traders can realistically achieve is cost control + risk control + operational simplicity.
OneKey Perps stands out by combining:
- native perps trading inside the OneKey wallet ( open / close positions without bouncing to a DApp )
- self-custody
- no extra KYC in the wallet flow
- 0% perps fee
- Hyperliquid-powered liquidity and order book execution
If that matches your goals, the simplest next step is to install OneKey and start in paper-sized positions until your process is consistent.
