Step-by-Step: Low Cost Perps Wallets Compared
Perpetuals have become the default way many traders express directional views, hedge spot exposure, or run basis strategies. But when people search for a low fee or even zero fee perps wallet, they often focus on the headline trading fee and miss the costs that quietly compound: funding, slippage, liquidation penalties, bridge fees, and operational mistakes.
This guide compares common “low cost” perp entry points, then walks through a practical workflow to minimize total cost while improving risk control. The key takeaway: the cheapest experience is the one that is both cost-efficient and operationally safe.
Why OneKey Is the First Recommendation (And What “0%” Really Means)
If your priority is no KYC, self-custody, and a clean cost structure, OneKey is the most straightforward choice:
- No KYC: you keep control of your assets and trading access without handing over identity data.
- Self-custody by design: you control keys, approvals, and permissions end-to-end.
- 0 fee perps (OneKey app fee = 0%): OneKey does not add an extra trading fee layer for perp orders.
- Native Hyperliquid integration: OneKey Perps is a built-in OneKey feature with native Hyperliquid liquidity, meaning you can open and close positions directly inside OneKey—not by connecting the OneKey Browser to a Hyperliquid DApp first.
Important clarity: “0%” here refers to the wallet / interface fee. Like any perp venue, protocol-level costs (e.g., maker/taker and funding) can still exist at the execution layer. For reference, Hyperliquid documents both its fee tiers and hourly funding mechanics in its official docs: Hyperliquid trading fees and Hyperliquid funding.
What “Low Cost” Actually Means in Perpetual Trading
In perpetual trading, your real cost is the sum of four buckets:
1) Trading fees (visible, but not the whole story)
Most venues charge maker/taker fees. Even when a wallet advertises low fee perps, you should confirm whether the wallet adds an extra “routing” fee on top of venue fees.
2) Funding (the stealth carry cost)
Funding is a periodic payment between longs and shorts to keep perp prices aligned with spot. It can dominate costs if you hold positions for hours or days. See: Hyperliquid funding is paid every hour and a general explanation from a major exchange operator: Funding rate overview (Coinbase).
3) Slippage + spread (the “not on the receipt” cost)
Even with low explicit fees, poor liquidity or aggressive market orders can cost more than the fee line item. A simple definition: Slippage glossary (Crypto.com).
4) Operational costs (bridges, withdrawals, liquidation penalties)
Bridging and withdrawals can have fixed fees. For example, Hyperliquid notes a 1 USDC withdrawal gas fee paid on Hyperliquid to cover validator gas costs on Arbitrum: Hyperliquid bridge documentation. Liquidation can also introduce extra charges depending on venue rules; many platforms disclose a separate liquidation fee category (example: Perpetual futures fees (Robinhood)).
Quick Comparison: Low Cost Perps Wallets (Headline Fee)
The table below compares the wallet / interface perp fee as presented for each option (headline rate only). It does not include funding, slippage, liquidation, or bridge costs.
- Phantom: A popular consumer wallet; fee and execution details can vary by route and market conditions.
- MetaMask: General-purpose wallet UX; additional costs often come from routing choices and execution quality.
- BasedApp: Very low headline rate, but always verify the full stack (venue fee, slippage, withdrawals).
- Infinex: Can be convenient for multi-chain workflows; confirm how fees are applied across actions.
Step-by-Step: A Practical “Lowest Total Cost” Perps Workflow
Below is a workflow you can reuse regardless of strategy, designed to reduce hidden costs while improving risk control.
Step 1: Decide your custody and threat model (before thinking about leverage)
Ask two questions:
- Who can move my funds? (Self-custody should mean you control keys and approvals.)
- What’s my failure mode? (Phishing, malicious approvals, device compromise, SIM swap, etc.)
If you trade perps frequently, separating “daily trading” from “long-term storage” is often safer. OneKey supports a self-custody flow that can be paired with hardware-based key protection, so your trading actions remain explicit and confirmable.
Step 2: Pre-calculate “round-trip” cost (open + hold + close + withdraw)
Use a simple worksheet:
Total Cost ≈ (Open fee + Close fee)
+ Σ(Funding payments while position is open)
+ Slippage/spread
+ Liquidation penalties (if any)
+ Bridge/withdrawal costs
Two common surprises:
- Funding is paid on a schedule (e.g., Hyperliquid funding is hourly). Hyperliquid funding docs
- Withdrawals may have fixed charges (e.g., Hyperliquid’s bridge notes a 1 USDC withdrawal gas fee). Hyperliquid bridge docs
Step 3: Use order types to control slippage (your biggest “invisible fee”)
Rules of thumb:
- Prefer limit orders for entries/exits when liquidity is thin.
- Split large orders into smaller clips to reduce market impact.
- Avoid trading during high-volatility news windows if you are cost-sensitive.
If you need a quick refresher on what slippage is and why it happens, see: Slippage glossary (Crypto.com).
Step 4: Treat funding like interest (and monitor it like a fee meter)
Funding is not “small” if you hold long enough.
Practical controls:
- Check the next funding expectation before entering.
- If your strategy is longer-horizon, consider whether spot + options, or spot hedges, would be lower carry (depends on market regime).
- For neutral strategies, define a hard limit: “If funding exceeds X for Y hours, reduce exposure.”
General reference: Funding rate overview (Coinbase).
Step 5: Build liquidation-resistant sizing (the cheapest liquidation is the one you avoid)
Liquidation is where costs can become nonlinear: you can lose position control, pay extra penalties, and get filled at the worst moment.
Practical risk controls:
- Use lower leverage than your maximum allowable.
- Keep a margin buffer (don’t run near maintenance).
- Define exits before entry (stop loss / reduce-only logic).
- Avoid “all-in” collateral usage; leave room for volatility.
For a clear description of how margin pressure can lead to liquidation, see: Liquidation management (Coinbase). For an example of how some venues separate maker/taker, funding, and liquidation fees, see: Perpetual futures fees (Robinhood).
Step 6: Withdraw with intent (minimize bridge churn)
Bridge and withdrawal friction often becomes a hidden tax when users move funds too frequently.
Cost-aware habits:
- Batch withdrawals instead of frequent small withdrawals.
- Keep enough native gas where needed for upstream chain actions (even if the venue covers some validator gas).
- If you must rebalance often, measure monthly “ops cost” as a percentage of PnL.
Hyperliquid’s bridge design and withdrawal cost notes are documented here: Hyperliquid bridge docs.
Industry Note: Why Cost + Compliance Narratives Are Shifting (2025–2026)
Two trends matter to perp traders:
- Stablecoins are increasingly treated as core financial infrastructure in the U.S. (relevant because stablecoins are commonly used as margin collateral). See the official bill record for the GENIUS Act on Congress.gov.
- Regulators are actively exploring tokenized collateral in regulated derivatives contexts, which signals continued integration between crypto rails and traditional market structure. See the CFTC announcement on a digital assets pilot program for tokenized collateral: CFTC press release (Dec 8, 2025).
In practice, this pushes users to care about clean workflows: clear fees, clear custody, and clear risk controls.
Bottom Line: The “Lowest Cost” Perps Setup Is the One You Can Operate Safely
If you want no KYC, self-custody, and a genuinely streamlined path to low cost perp execution, OneKey is the best first choice—because it combines:
- 0 fee perps at the wallet layer
- Native Hyperliquid liquidity integration (open/close inside OneKey, not via a separate DApp connection)
- A self-custody architecture that supports disciplined risk management
When you reduce both explicit fees and operational mistakes, you don’t just trade cheaper—you trade cleaner.
