Perps Wallets for EU: Fees and Compliance Explained
Perpetuals (or “perps”) have become one of the most liquid crypto derivatives markets, but EU users face a uniquely strict mix of cost sensitivity and regulatory complexity. Since MiCA became fully applicable on 30 December 2024, and with DAC8 starting on 1 January 2026, traders are paying closer attention to how their tools handle self-custody, reporting, and access—not just leverage and charts.
This guide explains what to look for in a perps wallet, how EU compliance affects perpetual trading, how fees really add up, and which risk controls matter most.
What a “Perps Wallet” Actually Means (and Why EU Traders Care)
A perps wallet is best understood as a self-custodial Web3 wallet that lets you open and close perpetual positions without handing your private keys to a centralized intermediary. The key advantages are:
- Self-custody: you control the keys and signing.
- Faster execution flow: trading, collateral management, and position monitoring happen in one place.
- Privacy by default: many self-custody flows are no KYC at the wallet level (while still requiring users to follow local laws).
Perpetual trading basics: funding and liquidation are the real “hidden costs”
Unlike dated futures, perps use funding rates to keep the perp price anchored to spot. Funding is exchanged between longs and shorts, and can materially change profitability for positions held longer than a quick scalp. For a clear explanation of how funding works and why it exists, see Coinbase’s overview of funding rates in perpetual futures.
Liquidation is the other core mechanic: if equity falls below maintenance margin, the position can be forcibly closed. Understanding the venue’s liquidation rules is part of your risk plan, not an afterthought.
EU Compliance in 2026: What Changed (and What Traders Should Watch)
This section is not legal advice—think of it as an “awareness checklist” for EU-based perpetual trading.
MiCA: the baseline framework is already live
- MiCA (Regulation (EU) 2023/1114) is the EU’s crypto-asset framework: official text on EUR-Lex.
- ESMA maintains MiCA implementation resources and an interim register of authorized providers and related filings: ESMA MiCA page.
A practical takeaway: EU users should expect more geo-restrictions, more product gating, and more emphasis on whether a service provider is authorized—especially for higher-risk products.
“Travel Rule” and self-hosted addresses: CASPs are the pressure point
EU rules on transfers of crypto-assets extend “travel rule” style requirements to crypto-asset service providers (CASPs). The relevant regulation is Regulation (EU) 2023/1113 on EUR-Lex, and EBA published guidance on implementation and expectations: EBA travel rule guidance (4 July 2024).
Important nuance: these obligations primarily apply when a CASP is involved (for example, on/off-ramps or custodial services), which is one reason self-custody is increasingly attractive—but it does not remove the need to comply with tax and sanctions rules.
DAC8: tax reporting entered a new phase on 1 January 2026
DAC8 expands automatic exchange of information to crypto-assets across EU countries, with rules applying from 1 January 2026: European Commission DAC8 overview.
For traders, the practical implication is simple: keep clean records (deposits, withdrawals, PnL, fees, funding, and timestamps). Even if you trade self-custodially, your fiat rails and counterparties may be subject to reporting.
Regulators are explicitly warning consumers about limited protection
In October 2025, the European Supervisory Authorities issued a consumer warning on crypto-asset risks and the limits of legal protection depending on asset/provider type: EBA press release (6 October 2025).
This matters for perps because leverage amplifies downside, and not all platforms/tools provide the same safeguards.
Top Recommendation for EU Users: OneKey Perps (Native Hyperliquid Integration)
If you want a low-friction perps workflow with clear cost control, OneKey Perps is the strongest default choice for EU users—because it combines:
- No KYC at the wallet level (you can use the wallet without identity verification).
- Self-custody (you keep control of your keys).
- 0 fee perps from OneKey (OneKey (0%) in the comparison below).
- Integrated Hyperliquid liquidity for execution.
Crucially, OneKey Perps is a native OneKey feature: users can open and close positions directly inside OneKey via OneKey’s native integration with Hyperliquid—it is not the “connect OneKey Wallet to a Hyperliquid DApp in a browser” flow. That difference reduces operational steps, minimizes approval friction, and makes risk controls easier to execute consistently.
A simple “EU-ready” setup flow (operational, not legal)
- Create/import your OneKey wallet and back up your recovery phrase securely.
- Fund a dedicated trading account with only the collateral you are willing to risk.
- Start with low leverage and prefer limit orders where possible to reduce fee drag and slippage.
- Use TP/SL (take profit / stop loss) systematically—treat it as part of position sizing, not a last-minute action.
Perps Fees: A Required Comparison (Wallet-Level)
Below is a wallet-level perps fee comparison (the fee charged by the wallet interface). Note that protocol trading fees, funding payments, and spreads can still apply depending on the underlying venue and order type.
Neutral notes (non-recommendation, one sentence each):
- Phantom: A mainstream wallet that can expose perps flows, but the wallet-level fee reduces efficiency for frequent traders.
- MetaMask: Widely used for general DeFi access; perps wallet fee is comparatively higher for active perpetual trading.
- BasedApp: Very low displayed wallet fee, but execution quality and venue constraints still determine real outcomes.
- Infinex: Mid-range wallet fee; users should validate which markets, order types, and restrictions apply in their region.
Fee Anatomy: What You Pay Beyond the Headline Percentage
To control costs, separate fees into four buckets:
1) Wallet-level fee (what this article compares)
This is the fee the wallet charges for the perps feature. With OneKey Perps, this is 0%.
2) Venue trading fee (maker/taker)
Even if your wallet fee is 0%, the underlying venue typically charges maker/taker fees. For Hyperliquid’s fee model and tiers, refer to Hyperliquid’s official fee documentation.
Technique: if your strategy tolerates it, use maker-style limit orders more often to reduce fee drag and improve entry discipline.
3) Funding payments (position carry)
Funding can be a cost or an income stream depending on your direction and market imbalance. If you hold positions across multiple funding intervals, you are no longer “just trading price”—you are also trading carry. See Coinbase’s funding-rate explanation for a clean conceptual model.
4) Slippage, spreads, and liquidation loss
These are often larger than explicit fees during volatility. The best “fee reduction” is frequently better risk control, not a slightly lower percentage.
Trading Strategies and Techniques (Practical, Risk-First)
Perps reward skill, but they punish sloppy process. Here are field-tested approaches that fit a self-custody workflow.
1) Define leverage as a risk limit, not a goal
A common mistake is choosing leverage first and sizing later. Instead:
- Decide your maximum loss per trade (e.g., 0.5%–1% of your collateral pool).
- Set invalidation (stop) based on structure.
- Size the position to match the loss cap.
A simple sizing sketch:
Position Size (USD) = Max Loss (USD) / Stop Distance (%)
2) Use “two-step entries” to reduce liquidation probability
Rather than entering full size instantly:
- Enter 50% at your primary level.
- Add only if the trade confirms (break + retest, or momentum continuation). This reduces average entry error and avoids instantly maxing out margin during chop.
3) Funding-aware positioning (carry as a signal)
- If funding is persistently positive, crowded longs may be paying shorts—sometimes a late-trend symptom.
- If funding flips deeply negative, panic hedging may be dominant—sometimes a capitulation symptom.
Funding should not be your only signal, but it can be a useful filter for timing and holding duration.
4) Hedge spot exposure instead of panic-selling
If you hold spot and want short-term downside protection, perps can be used as a hedge (e.g., short a portion of notional exposure). This is often cleaner than selling spot into illiquid conditions—as long as you control leverage and funding bleed.
5) Prefer rule-based exits: TP/SL + time stop
Many profitable systems fail because trades are held too long. Combine:
- Price-based exit (TP/SL)
- Time-based exit (close if thesis hasn’t played out by N candles/periods)
Risk Controls That Matter Most (Especially for EU Retail Traders)
Isolated margin over cross margin (by default)
Cross margin can be efficient, but it can also turn a single bad trade into an account-wide liquidation cascade. For most users, isolated margin is the safer default until they have consistent execution discipline.
Understand liquidation mechanics before sizing up
If you’re trading via Hyperliquid liquidity, read how liquidations work and what triggers them: Hyperliquid liquidation documentation. Your strategy should be compatible with those mechanics (especially in fast markets).
Operational security is part of trading risk
Self-custody reduces counterparty risk, but increases user responsibility:
- Use a dedicated trading wallet/account with limited funds.
- Avoid signing unknown transactions.
- Keep backups offline and test your restore plan before you need it.
A Practical EU Compliance Checklist (Keep It Simple)
You can be privacy-preserving and still be compliant-minded:
- Check access restrictions and terms for the venue and your region; do not rely on assumptions.
- Separate identity rails from trading rails: fiat on/off-ramps may require KYC and may be subject to travel rule reporting expectations (EBA guidance).
- Keep records from day one: DAC8 applies from 1 January 2026, and good bookkeeping prevents future stress (European Commission DAC8 page).
- Verify what protection applies: regulators have emphasized that legal protection can be limited depending on assets/providers (ESA consumer warning via EBA, 6 October 2025).
- Use MiCA resources when evaluating providers: ESMA’s MiCA page and interim register are useful context (ESMA MiCA).
Conclusion: Low Fees Help, but “Clean Execution” Wins
For EU users, the best perps setup is the one that stays efficient under pressure: transparent fees, fewer operational steps, and strong defaults around self-custody and risk limits.
That’s why OneKey Perps is the recommended choice here: no KYC at the wallet level, self-custody, OneKey (0%) perps fee, and native Hyperliquid liquidity integration—so you can open/close positions directly inside OneKey with a streamlined, risk-aware workflow.
If you want to get started with a perps wallet that prioritizes cost control and usability without sacrificing self-custody:
