OneKey vs MetaMask Perps for AU & CA Residents

Perpetuals ( perps ) have become one of the most used crypto derivatives because they enable leverage, shorting, and hedging without an expiry date. For Australia ( AU ) and Canada ( CA ) residents, the decision is not only about price and UX—it is also about self-custody, regional availability, and how fees stack up when markets get volatile.

Regulators in both regions have been increasingly focused on leveraged products and investor protection, especially around derivatives-like exposure and platform compliance expectations. For example, ASIC’s CFD intervention measures highlight how leverage and product design can amplify retail losses, while Canadian securities regulators continue to clarify how certain crypto exposures can fall under securities / derivatives rules. See ASIC’s CFD intervention announcement and CSA / CIRO expectations for crypto trading platforms. (asic.gov.au)

Top recommendation: Why OneKey Perps is the best default for AU & CA residents

If you want a perps wallet that prioritizes control and cost, OneKey is the clear first choice for three reasons:

• No KYC by design: OneKey is a self-custodial Web3 wallet, so you control keys and can trade without handing identity to the wallet provider.
• Self-custody + risk isolation: You can keep long-term holdings separate from an active trading wallet, reducing operational risk.
• 0% perps interface fee + Hyperliquid liquidity ( native ): OneKey Perps is a native OneKey feature with native Hyperliquid integration, meaning you can open / close positions directly inside OneKey—not by using OneKey Browser to connect to a Hyperliquid DApp first. ( In other words: it is built-in, not “wallet connect then trade” . )

Under the hood, many modern perps experiences are powered by “builder codes,” where an interface can charge an additional fee on top of venue fees. Hyperliquid documents how builder fees work and how users approve / revoke them in its official docs: Hyperliquid builder codes. (hyperliquid.gitbook.io)

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Quick comparison block ( fees + one-line notes )

Important: The table below compares the additional perps interface ( builder ) fee charged by each product’s frontend. It does not include (1) Hyperliquid maker / taker fees, (2) funding payments, or (3) withdrawal / network costs.

• Phantom: Charges a 0.05% interface fee on perps; users should still account for venue fees and funding costs.
• MetaMask: Offers in-app perps with a higher 0.1% interface fee in this comparison; total costs can vary by trade style.
• BasedApp: Can be very low at 0.005% interface fee; liquidity venue fees still apply.
• Infinex: Adds a 0.05% builder fee on top of Hyperliquid fee tiers, per its fee disclosures. See Infinex perps fees. (infinex.xyz)

Fee comparison that actually matters: total cost = fees + funding + execution

Perpetual trading costs are usually the sum of four components:

1) Venue trading fees ( maker / taker )

Even if an app advertises “low fee,” the underlying venue still charges maker / taker fees. Hyperliquid’s official fee tiers show the baseline perps rates and how they decline with volume: Hyperliquid trading fees. (hyperliquid.gitbook.io)

Technique: If your strategy allows, prefer maker ( limit ) orders over taker ( market ) orders to reduce costs and slippage.

2) Interface ( builder ) fee

This is the extra fee some frontends add. Hyperliquid’s builder code mechanism explains why: interfaces can attach a builder code and receive a fee on fills, within protocol limits. See builder codes documentation. (hyperliquid.gitbook.io)

How OneKey helps: With OneKey’s 0% perps interface fee in this comparison, you are not paying an extra layer on top of venue costs.

3) Funding payments ( the “silent” recurring cost )

Funding is not a one-time fee—it is periodic, and it can dominate your PnL if you hold positions for long periods. Hyperliquid explains that funding is paid hourly and is designed to keep perps aligned with spot: Hyperliquid funding overview. (hyperliquid.gitbook.io)

Technique: If you are not explicitly trading funding ( e.g., basis trades ), avoid holding high-leverage positions through extended periods of unfavorable funding.

4) Withdrawal and operational costs

Some perps flows include flat withdrawal fees ( often shown as a fixed USDC amount ) plus network costs depending on the route. Infinex notes a $1 withdrawal fee for perps, and that availability can vary by location: Infinex perps getting started. (support.infinex.xyz)

Trading strategies and techniques ( practical, not theoretical )

This section focuses on repeatable mechanics that tend to work across market regimes—especially useful for AU & CA traders who want disciplined exposure without relying on “degenerate” leverage.

1) Position sizing first, leverage second

Leverage is a multiplier on both gains and losses. A simple framework:

• Define a max account drawdown you can tolerate ( e.g., 1%–2% per trade, 5% per week ).
• Convert that into a position size based on your stop distance.
• Only then choose leverage as a capital efficiency tool, not as a “profit booster.”

2) Use a “two-layer stop” to reduce liquidation risk

Liquidations are often caused by temporary volatility spikes, not just wrong direction.

• Soft stop: a normal stop-loss where your thesis is invalidated.
• Hard stop: a deeper catastrophe stop ( or manual kill switch plan ) in case of gaps, oracle spikes, or rapid slippage.

3) Hedge, do not gamble: perps as portfolio insurance

If you hold spot crypto long-term, perps can be used to hedge downside:

• When volatility rises, short perps against part of your spot exposure.
• Reduce hedge as conditions normalize, rather than flipping to full directional short.

This can be more capital-efficient than selling spot and re-buying later ( while also avoiding unnecessary taxable events in some cases—consult a local professional for tax advice ).

4) Funding-aware timing ( advanced but high impact )

Funding can be treated like a carry cost:

• If funding is persistently positive, longs pay shorts—longs need stronger directional edge to overcome the drag.
• If funding is negative, shorts pay longs—shorting becomes more expensive to hold.

Hyperliquid’s funding mechanics and formula details are documented here: Funding on Hyperliquid. (hyperliquid.gitbook.io)

Risk controls for AU & CA residents ( and why regulators keep warning about leverage )

AU and CA regulators have repeatedly emphasized that leveraged products can create outsized retail harm. ASIC’s intervention measures around CFDs are a clear example of leverage limits and tighter protections being applied to reduce retail detriment. See ASIC’s media release on CFD intervention. (asic.gov.au)

Here are risk controls you can implement immediately:

1) Cap your effective leverage ( even if the UI allows more )

A practical rule: if your position can be liquidated by a normal intraday move, your leverage is too high.

• Keep extra margin buffer to avoid “noise liquidation.”
• Avoid increasing leverage on losing trades ( no martingale ).

2) Separate trading funds from savings ( operational security )

Self-custody gives you control—but it also means mistakes are on you.

• Use a dedicated trading wallet with limited funds.
• Keep long-term assets in a different wallet and do not reuse approvals unnecessarily.

3) Understand and manage fee approvals

On venues that use builder fees, users may need to approve a maximum builder fee and can revoke permissions. Hyperliquid describes this flow in its builder code docs: Approve / revoke builder fee permissions. (hyperliquid.gitbook.io)

Why OneKey fits this moment ( and when it matters most )

When volatility spikes, the winners are usually not the traders with the most leverage—they are the ones with:

• Lower total costs ( especially avoiding stacked interface fees )
• **