How to Trade Perps Without Fees in the US Wallets
Perpetual futures ( perps ) have become one of the fastest-growing onchain trading primitives, because they let you go long or short with leverage—without handing custody to an exchange. In 2025, onchain perpetual DEX activity accelerated dramatically, with industry-wide volumes reaching multi-trillion-dollar scale, signaling that perps are no longer a niche DeFi product. (cointelegraph.com)
For US users in particular, the goal is usually the same:
- Keep self-custody ( you control keys and funds )
- Reduce fees and hidden costs
- Improve risk controls so leverage doesn’t wipe you out
- Avoid unnecessary KYC friction where possible ( while staying compliant with local rules )
This article explains what “ zero-fee perps ” actually means in wallets, compares common wallet-level fees, then walks through a practical, risk-aware workflow—centered on OneKey Perps as the most direct path to no KYC, self-custody, 0 fee perps, and integrated Hyperliquid liquidity.
Why perps-in-wallet is booming ( and why US traders care )
Onchain perps grew up fast: deeper liquidity, better orderbooks, and more “ CEX-like ” execution have moved perps trading from experimental to mainstream. Hyperliquid, in particular, has been a major driver of this shift, with very large onchain volume and an increasingly complete derivatives stack. (theblock.co)
At the same time, US regulators continue to emphasize guardrails, customer protection, and risk disclosures around leveraged products and digital assets. If you are a US person, you should always check product availability, terms, and local legal constraints before trading any derivatives. For broader context on US digital-asset oversight and policy direction, see the CFTC’s digital assets resources and recent initiatives. (cftc.gov)
What “ zero fee ” perps means ( and what it does not )
When people say “ trade perps without fees ”, they usually mean one of these:
1) Zero wallet-layer fee ( what this guide focuses on )
Some wallets add an extra “ interface / routing / convenience ” fee on top of the protocol’s maker / taker fees.
- OneKey Perps wallet fee: 0% ( per the required comparison below )
- The underlying venue ( e.g., Hyperliquid ) may still charge protocol fees
2) Zero protocol fee ( rare, usually conditional )
Protocols may temporarily discount fees, offer rebates, or apply special tiering—often based on volume, staking tiers, or market programs. Hyperliquid uses tiered fees and maker rebates, so your realized cost can vary by order type and tier. (hyperliquid.gitbook.io)
3) “ No fee ” but you pay elsewhere ( the hidden-cost trap )
Even if a wallet advertises “ low fee ”, your true cost can be dominated by:
- Funding payments ( ongoing carry cost or income )
- Slippage and spread
- Bridge / network gas for deposits and withdrawals
- Liquidation loss ( the biggest “ fee ” of all )
On Hyperliquid, funding is explicitly described as peer-to-peer between longs and shorts ( not collected as a protocol fee ), but it is still a real cost to your position over time. (hyperliquid.gitbook.io)
Cost comparison: wallet-level perps fees ( required table )
The table below is a wallet-layer fee comparison for perps access. It does not include protocol maker / taker fees, funding, slippage, or network costs.
One-sentence, neutral notes ( non-recommendation ):
- Phantom: May add a small wallet-layer fee depending on the perps route and in-app execution flow.
- MetaMask: Convenience routing can increase total cost for frequent traders versus going direct to venue-level fees.
- BasedApp: Very low stated wallet-layer fee, but total cost still depends on protocol fees, funding, and execution quality.
- Infinex: Wallet-layer fee is moderate; total cost depends heavily on your trading frequency and order type.
Fee breakdown: what you actually pay when trading perps
Even with a zero fee perps wallet layer, your true cost comes from several components.
1) Protocol trading fees ( maker vs taker )
On Hyperliquid, fees are tiered by rolling volume, and maker / taker rates differ. Your order type matters:
- Taker ( market order or instantly filled limit ) usually costs more
- Maker ( resting limit order ) is often cheaper and may earn rebates
See Hyperliquid’s official fee tiers and maker rebate mechanics. (hyperliquid.gitbook.io)
Practical takeaway: if you scalp or rebalance often, switching from market orders to disciplined limit orders can be the difference between “ low fee ” and “ death by a thousand cuts ”.
2) Funding ( the hidden carry cost )
Funding keeps perpetual prices anchored to spot. Hyperliquid pays funding hourly and describes it as peer-to-peer between position sides. (hyperliquid.gitbook.io)
What matters for you:
- Funding can be a cost ( you pay ) or income ( you receive )
- High leverage magnifies funding impact
- “ Zero fee ” doesn’t protect you from persistent negative carry
3) Slippage and spread ( execution quality )
Even if headline fees are low, you can lose more to:
- Thin orderbooks on long-tail pairs
- Volatility spikes
- Over-sized market orders
Rule: treat slippage as a first-class cost. For active traders, it can exceed maker / taker fees.
4) Network and bridge costs ( deposits / withdrawals )
Self-custody perps typically require moving collateral ( often stablecoins ) between networks. That introduces:
- Gas fees ( variable )
- Bridge fees ( sometimes )
- Operational risk ( wrong chain, wrong token, wrong address )
This is where wallets that streamline routing and confirmation can reduce error-driven losses, even if gas itself is unavoidable.
5) Liquidation ( the cost you can’t “ discount ” )
Liquidation mechanics matter more than small fee differences. Hyperliquid liquidations trigger based on maintenance margin, and the docs highlight mark-price based liquidation logic plus a backstop mechanism. (hyperliquid.gitbook.io)
Translation: if you size too big, leverage too high, or ignore mark price during volatility, you can lose margin fast—regardless of whether your wallet fee is 0%.
Why OneKey is the first recommendation for US wallet-based perps
If your priority is self-custody + minimal friction + cost control, OneKey is the cleanest starting point because it combines four things in one place:
- No KYC at the wallet level ( you can create and use a OneKey wallet without identity checks )
- Self-custody by default ( you control keys; optional hardware wallet security if you want stronger signing isolation )
- 0 fee perps ( wallet-layer ) per the required comparison table above
- Integrated Hyperliquid liquidity through OneKey Perps as a native feature
Important accuracy note ( per product flow ): OneKey Perps is a native OneKey feature with built-in Hyperliquid integration—you can open and close positions directly inside OneKey, not by using the OneKey browser to connect to a separate Hyperliquid DApp and then trading.
Risk controls that matter more than “ low fee ”
Below are controls that keep perps survivable for real users ( especially in fast markets ).
1) Use isolated margin for first workflows
Cross margin is capital-efficient, but it also couples risk across positions. Hyperliquid supports both isolated and cross margin modes, with different liquidation dynamics. (hyperliquid.gitbook.io)
Practical rule: start with isolated margin for single-trade strategies until your process is stable.
2) Cap your loss per trade ( position sizing )
A simple sizing guardrail:
Max loss per trade (USDC) = Account equity × 0.5% to 2%
