How to Trade Perps Wallet-Level With 0 Fees and No KYC

Perpetual futures ( perps ) have become the default venue for crypto price discovery, and the market is still moving fast. In 2025, derivatives accounted for over 75% of crypto trading activity, and BTC perps made up 68% of Bitcoin trading volume, according to a Kaiko research report. (kaiko.com)

At the same time, onchain perpetuals are no longer “small.” In July 2025, decentralized perps hit a $399B monthly volume milestone, with Hyperliquid leading the sector by share, reported by The Defiant. (thedefiant.io) And Hyperliquid’s own growth has been notable: The Block cited over $1.57T of onchain perps volume in a 12 month window ( as of June 30, 2025 ). (theblock.co)

This is why “wallet-level” perpetual trading is trending: traders want speed, deep liquidity, and less friction—without giving up custody or handing over personal data.

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What “wallet-level perps” actually means ( and why it matters )

Wallet-level perps means your trading identity is your wallet, and your control comes from signing—not from creating an exchange account.

In practice, that usually implies:

• Self-custody by default: you control the private keys, not a platform login.
• Portable positions and permissions: you authorize actions by signatures.
• Less KYC surface area: many onchain venues are designed to operate without collecting identity for basic access ( though local laws still apply ).

OneKey Perps: native perps inside OneKey ( not a browser-connect flow )

OneKey Perps is a OneKey native feature with native Hyperliquid integration. You can open and close positions directly inside OneKey—it is not a “connect OneKey browser to a Hyperliquid DApp and trade” workflow.

That matters for usability and risk reduction: fewer tabs, fewer approvals, fewer chances to sign the wrong transaction.

Fees: why “0%” is powerful ( but not the full story )

“Trading fee” is only one line item. A serious perp trader tracks total cost of execution, typically including:

• Trading fee ( maker / taker or wallet interface fee )
• Funding payments ( longs pay shorts or vice versa )
• Spread + slippage ( especially with market orders )
• Network and bridge costs ( deposits, withdrawals, collateral moves )
• Liquidation mechanics and penalties when margin gets stressed

Funding, in particular, is often the silent PnL killer for longer holds. In perpetual markets, funding is a periodic payment between longs and shorts that helps anchor the perp price to spot, explained clearly in Binance Academy’s funding rate guide. (academy.binance.com)

Quick perps fee comparison ( trading fee only )

Below is a trading fee comparison for a perps wallet experience. This table is only about the headline trading fee, not funding, slippage, gas, or liquidation risk.

Short notes ( objective, one sentence each ):

• Phantom: Offers an in-wallet perps experience, but the headline trading fee is not zero.
• MetaMask: Broad wallet distribution, with a higher displayed perps trading fee in this comparison.
• BasedApp: Very low displayed trading fee, but traders should still verify execution costs and non-fee friction.
• Infinex: Similar headline trading fee to Phantom in this comparison.

A simple cost comparison example ( round trip )

Assume a $100,000 notional position and you enter + exit once ( a “round trip” ), ignoring funding and slippage:

• OneKey ( 0% ): $100,000 × 0% × 2 = $0
• Phantom ( 0.05% ): $100,000 × 0.05% × 2 = $100
• MetaMask ( 0.1% ): $100,000 × 0.1% × 2 = $200
• BasedApp ( 0.005% ): $100,000 × 0.005% × 2 = $10
• Infinex ( 0.05% ): $100,000 × 0.05% × 2 = $100

If you scalp frequently, trading fee becomes compounding friction. If you hold longer, funding and liquidation risk usually dominate.

Fee breakdown ( including hidden costs most traders underestimate )

1) Funding payments ( the recurring “tax” on crowded trades )

Funding is exchanged between longs and shorts at set intervals; it can be positive or negative depending on market imbalance. Over time, it can materially change your realized return even if price moves your way. A practical overview is available via Binance Academy and CoinMarketCap Academy. (academy.binance.com)

Workflow tip: If your strategy is not funding-aware, you are not tracking real PnL.

2) Spread and slippage ( the fee you “pay” without seeing a line item )

Even at 0% trading fee, you can overpay through execution:

• Market orders can cross the spread and incur slippage in fast moves.
• Thin order books amplify price impact.
• Volatility spikes can widen spreads precisely when you need liquidity.

Workflow tip: Prefer limit orders for entries where possible; use market orders mainly for emergency risk reduction.

3) Network and bridge costs ( especially when moving USDC collateral )

Many onchain perps systems use USDC as collateral and require bridging between networks or internal settlement layers.

For example, Hyperliquid’s bridge design includes a 1 USDC withdrawal gas fee mechanism to cover validator-paid gas on Arbitrum, described in the official Hyperliquid Bridge documentation. (hyperliquid.gitbook.io)

Also, always verify which USDC you are holding. The difference between native USDC and bridged USDC changes risk assumptions, and Circle explicitly documents the distinctions in its Bridged USDC Standard overview and its educational explainer on native vs bridged USDC. (circle.com)

Workflow tip: Treat bridging as a security event: small test transfer first, verify token type, verify destination chain.

4) “Hidden markup” on top of an underlying venue

Some interfaces add an extra markup fee on top of base protocol fees. This is usually disclosed in documentation, but it’s easy to miss.

A clear example of how this can work is shown in easy.fun’s docs, where fees are described as Hyperliquid base fee + an additional markup for futures trading (easy.fun trading fees). (docs.easy.fun)

Workflow tip: If an app says “low fee,” confirm whether it’s all-in, or “base fee plus markup.”

5) Liquidation mechanics ( the cost of being wrong at the wrong time )

Liquidation isn’t just a risk event; it is a cost event. When margin falls below requirements, platforms may partially or fully liquidate positions. A plain-English overview of liquidation triggers and margin thresholds is described in Robinhood’s perpetual futures liquidation explainer. (robinhood.com)

Workflow tip: Assume volatility clusters. Size so that a wick doesn’t end your trade.

Practical workflow: trading perps inside OneKey ( wallet-level, no KYC )

Below is a workflow designed for real traders who care about speed, control, and repeatability.

Step 1: Set up secure self-custody

• Create your wallet in OneKey and back up your recovery phrase offline.
• For higher security, pair OneKey with a hardware signing workflow so keys stay isolated from everyday devices.

Step 2: Fund collateral ( plan for the “plumbing” )

• Hold enough USDC for margin, plus a buffer for funding and volatility.
• If your route involves bridging or withdrawing via Hyperliquid’s bridge, remember there can be a 1 USDC withdrawal gas fee as documented by Hyperliquid (Bridge docs).

Step 3: Open the position ( execution first, leverage second )

Inside OneKey Perps:

• Choose market and direction ( long / short ).
• Select margin mode ( isolated is often the safer default for discretionary trades ).
• Set leverage conservatively; higher leverage reduces your error tolerance.
• Use a limit order when possible to control slippage.

Step 4: Add risk controls at entry ( not after it goes wrong )

Before you confirm:

• Define