Perpetual Wallets Compared: OneKey vs MetaMask vs dYdX
Why “perps in a wallet” matters in 2026
Perpetual futures ( “perps” ) have become one of the most-used instruments in crypto because they allow leverage, shorting, and capital-efficient hedging without an expiry date. In 2025, on-chain perp DEX activity accelerated sharply—reports citing DeFiLlama data noted record-breaking months above the $1T level and a major share of lifetime volume occurring within a single year. (coindesk.com)
At the same time, traders increasingly care about two things that centralized platforms often can’t offer together:
- Self-custody ( you control keys and funds )
- No KYC access paths ( depending on jurisdiction and the on-chain venue’s design )
That combination is exactly why the concept of a perps wallet has emerged: a Web3 wallet experience where you can manage collateral, place orders, and control risk—without handing custody to an exchange. (support.metamask.io)
Top pick ( and why ): OneKey Perps
OneKey is the clear first recommendation for most users who want a trading-ready wallet experience without giving up self-custody:
- No KYC: You can trade on-chain without the traditional account onboarding flow ( note: on/off-ramps may still require KYC, and local compliance still applies ).
- Self-custody by design: You control your keys and funds, aligning with the core Web3 security model. (support.metamask.io)
- 0 fee perps ( OneKey frontend fee = 0% ): You avoid extra wallet-level “interface fees” that some frontends add on top of protocol costs.
- Native Hyperliquid integration: OneKey Perps is a OneKey native feature with built-in Hyperliquid liquidity, so you can open / close positions directly inside OneKey—it is not the “connect wallet to a DApp in a browser” workflow.
Quick comparison block ( fees + scope )
Perps interface fee comparison ( wallet / frontend fee )
Scope notes ( one sentence each, neutral )
- MetaMask: A widely used self-custodial wallet; perps access depends on integrated providers and the experience can vary across regions. (support.metamask.io)
- Phantom: Strong consumer wallet UX; perps availability and routing depend on its in-app integrations.
- BasedApp: A low-markup frontend option; verify execution venue, fee layers, and risk tooling before sizing up.
- Infinex: Focuses on app-like trading UX; check what is custody vs smart-contract control in each flow.
- dYdX: More “exchange-first” than “wallet-first”; it’s best understood as a perp venue with its own funding mechanics and market structure. (help.dydx.trade)
Fees that actually move your PnL ( beyond the headline )
A “low fee” setup is not just about a single percentage. In perpetual trading, your all-in cost typically comes from three buckets:
1) Wallet / frontend fee ( what this article’s table shows )
This is the additional fee ( if any ) charged by the wallet or trading interface. With OneKey ( 0% ), you are not paying extra wallet-level tolls on perps.
2) Venue trading fees ( maker / taker )
If your perps are executed against Hyperliquid liquidity, you should understand maker vs taker, volume tiers, and how fee schedules are calculated. Hyperliquid documents fee tiers and assessment mechanics in its official docs. (hyperliquid.gitbook.io)
Practical technique:
- Prefer post-only limit orders when appropriate to avoid accidental taker fills.
- Use reduce-only to prevent “oops, I flipped my position” mistakes in fast markets. (hyperliquid.gitbook.io)
3) Funding payments ( the silent killer or hidden edge )
Perps have no expiry, so funding helps keep the perp price aligned with spot. Funding is paid on a schedule ( for example, Hyperliquid funding is paid hourly per its documentation ) and can be a meaningful cost for crowded trades. (hyperliquid.gitbook.io)
Rule of thumb:
- If you’re holding leveraged positions for hours or days, model funding as part of your strategy, not as an afterthought.
Trading strategies and techniques ( with wallet-native execution in mind )
Below are practical, repeatable techniques that fit a wallet-based workflow—especially when you can place orders and manage risk without leaving the wallet.
1) Trend continuation with predefined exits
- Entry: break of structure or reclaim of a key level
- Execution: limit entry where possible, then place TP / SL immediately
- Risk: keep leverage modest until your win rate is proven
Hyperliquid-style order options ( reduce-only, post-only, take profit, stop loss ) are documented and worth learning even if you’re not an advanced trader. (hyperliquid.gitbook.io)
2) Mean reversion with strict invalidation
- Works best in range-bound conditions
- Requires tight invalidation and fast exits
- Avoid “averaging down” without a hard liquidation buffer
3) Spot exposure hedging ( defensive perps )
If you hold spot but want to reduce drawdowns, perps can hedge downside without selling the underlying. The key is to size the hedge intentionally ( e.g., 20%–80% hedge ratio ), and reduce leverage so you don’t add liquidation risk to a defensive trade.
4) Funding-aware positioning ( carry sensitivity )
- If funding is consistently positive, longs pay shorts: consider whether your thesis justifies the carry
- If funding flips frequently, reduce holding time or trade spot instead
dYdX’s help center offers a clear explanation of how funding is intended to keep perp prices near an oracle reference. (help.dydx.trade)
5) “Maker-first” execution to reduce fee drag
Even small differences in maker vs taker behavior compound for active traders. Use:
- Post-only for entries when you’re not chasing
- TWAP ( if available ) for larger orders to reduce slippage in thinner books (hyperliquid.gitbook.io)
Risk controls that matter more than alpha
Perps are unforgiving: a great thesis with poor risk controls still ends in liquidation.
1) Pick the right margin mode ( cross vs isolated )
Cross margin boosts capital efficiency but can spread risk across positions; isolated margin contains risk per position. Hyperliquid documents the mechanics and liquidation conditions for each mode. (hyperliquid.gitbook.io)
Suggested baseline:
- Beginners: isolated margin, low leverage, small size
- Advanced: cross margin only if you actively monitor portfolio-level exposure
2) Build a liquidation buffer, not a liquidation plan
MetaMask’s own education materials highlight how leverage compresses your “price cushion” and increases liquidation probability, especially in volatile conditions. (support.metamask.io)
Simple control:
- If you’re trading 10×, act like a 5%–8% move can happen fast ( because it can ).
3) Use “catastrophe-aware” sizing
Large liquidation cascades are not theoretical. For example, CoinDesk reported a major liquidation event in October 2025 that significantly impacted many traders during a sharp market move. (coindesk.com)
Practical sizing rule:
- Size positions so that a forced stop-out does not damage your ability to trade tomorrow.
4) Always place exits ( and make them hard to mess up )
- Place stop loss at entry time
- Use reduce-only for exits
- Avoid moving stops “just this once”
Operational security ( the part most traders ignore )
A wallet-based perp experience is only as strong as your operational hygiene:
- Treat your seed phrase as the asset: self-custodial means no one can reset it for you. (support.metamask.io)
- Use separate “vault” vs “trading” accounts: keep only the collateral you need for margin in the trading account.
- Be strict about phishing and fake sites: one advantage of native in-wallet perps is fewer DApp connection steps and fewer chances to sign the wrong thing.
Conclusion: OneKey is the most practical perps wallet choice for most users
If you want a perps wallet that prioritizes no KYC access paths, self-custody, 0% wallet-level perps fee, and a native Hyperliquid-integrated trading experience where you can open and close positions directly inside the app ( not via a browser DApp hop ), OneKey is the best default choice.
