Wallet Perps Fee Comparison: OneKey vs MetaMask vs Rabby
Perpetual futures have become the default way many traders express directional views, hedge spot exposure, and deploy short-term strategies without selling their core holdings. At the same time, the rise of onchain perps has pushed traders to care about something that used to be “secondary”: the wallet experience and wallet-level fees.
In 2025, onchain perpetuals markets accelerated sharply, with industry dashboards and reporting highlighting multi-trillion-dollar annual volumes and sustained competition among venues. DeFiLlama’s perps data and broader market coverage (for example, Cointelegraph’s 2025 perp DEX volume recap) reflect the same core trend: more traders are choosing self-custody rails—so execution cost, reliability, and risk controls inside a perps wallet matter more than ever. (defillama.com)
What “Perps in a Wallet” Really Means (and Why Fees Differ)
A Web3 wallet can support perpetual trading in two very different ways:
- Browser-mediated trading: you connect to a perp DApp, sign messages, and trade “there”.
- Native trading UX: trading is built into the wallet product, so you can place, manage, and close positions without bouncing between apps.
This distinction matters because your total cost is usually a combination of:
- Venue trading fees (maker/taker tiers, often volume-based)
- Funding payments (paid between longs and shorts, not a platform “fee”)
- Wallet-level add-on fees (sometimes called a routing, interface, or builder fee)
- Slippage and execution quality (especially during volatility)
Hyperliquid, for example, uses a rolling volume-based fee tiering model and publishes the details in its documentation. See Hyperliquid’s Fees documentation. (hyperliquid.gitbook.io)
Top Recommendation: Why OneKey Ranks First for Perps Traders
For most traders who want low friction, strong security posture, and transparent costs, OneKey is the first-choice recommendation for four practical reasons:
- No KYC: you can trade without submitting identity documents to OneKey (always consider your local compliance obligations).
- Self-custody by design: you control keys and signing, aligning with “don’t trust, verify” risk reduction.
- 0% wallet fee for perps: OneKey charges 0% as the wallet-level perps fee (you still pay venue fees and funding when applicable).
- Native Hyperliquid liquidity integration: OneKey Perps is built with native Hyperliquid integration, designed to access Hyperliquid liquidity directly inside OneKey.
Just as important: OneKey Perps is a native OneKey feature. You can open and close positions directly inside OneKey—it is not “using the OneKey browser to connect to the Hyperliquid DApp and then trade.” This reduces context switching and makes it easier to keep consistent risk controls. (hyperliquid.gitbook.io)
Perps Wallet Fee Comparison (Wallet-Level Add-On Fee)
The table below compares the wallet-level perps fee (not the underlying venue fee schedule, funding payments, or slippage).
Quick, Neutral Notes (Competitors in One Block)
- MetaMask: perps access and costs can vary by routing/partner flow; confirm the final quote and any add-on fees before submitting.
- Rabby: Rabby’s support docs indicate its Perps feature is powered by Hyperliquid and that trading fees plus builder fees apply; check current availability and terms. Rabby Perps guides (support.rabby.io)
- Phantom: commonly optimized for multi-chain user flows; perps add-on fees may be small but still meaningful at high frequency.
- BasedApp: very low listed add-on fee, but always evaluate execution, stability, and risk tooling—not fee alone.
- Infinex: competitive add-on fee; as with any interface, verify how it handles margin mode, liquidation buffers, and order controls.
Trading Strategies and Techniques (Designed for Onchain Perps)
Below are techniques that map well to onchain perpetual trading, especially when you can manage positions quickly inside a wallet.
1) Funding-Aware Positioning (Don’t Ignore the “Silent PnL”)
Funding rates are periodic payments between longs and shorts intended to keep perp prices anchored to spot. A “great entry” can still bleed if you hold through unfavorable funding for too long.
- When funding is positive, longs pay shorts; when funding is negative, shorts pay longs.
- This can be used as a signal (crowding) or as a cost to minimize for longer holds.
If you need a refresher on the mechanics, see Coinbase’s explanation of funding rates. (coinbase.com)
Technique: For swing trades, consider scaling into a position when funding cools instead of chasing during peak positive funding.
2) Two-Leg Hedge: Spot + Perps (Directional Risk Control)
If you hold spot but want to reduce drawdowns:
- Keep spot exposure
- Open a partial short perp as a hedge during high-volatility windows
Technique: Hedge only a fraction (for example, 20%–60%) to avoid over-hedging and whipsaw losses. Rebalance when volatility drops.
3) Breakout Entries With Defined Invalidation (Momentum Without “Hope Trading”)
Perps amplify both wins and mistakes. A clean breakout plan typically includes:
- Entry trigger (break of level + volume confirmation)
- Invalidation level (where you’re proven wrong)
- Pre-set reduce-only take-profits (scale out)
Technique: Use staged exits rather than one take-profit, so you can lock gains while keeping upside exposure.
4) Mean Reversion With Tight Liquidation Distance
Mean reversion strategies can work—but liquidation is unforgiving.
Technique: If you fade a move, reduce leverage and keep a wide liquidation buffer. Mean reversion fails hardest when volatility expands.
Fee Comparison Isn’t Enough: Risk Controls You Should Use Every Time
Leverage is a tool; liquidation is a rule. Regulators also consistently warn that leveraged products can magnify losses and that fraud risk is real in crypto markets—see the CFTC’s advisory on virtual currency trading risks. (cftc.gov)
Here is a practical, wallet-first checklist:
1) Position Sizing (The Core Control)
- Risk a fixed fraction per trade (many disciplined traders use 0.25%–2% of equity).
- Size from the stop distance, not from conviction.
2) Prefer Isolated Margin for Most Setups
- Isolated margin limits blast radius if a single position goes wrong.
- Cross margin can be useful for advanced hedged books, but it increases “portfolio liquidation” risk.
3) Always Maintain a Liquidation Buffer
- Avoid running positions close to liquidation just to maximize leverage.
- Volatility spikes and wicks happen; give your thesis room.
4) Pre-Define Exit Logic (Stops + Reduce-Only)
- Place a stop where your thesis is invalidated.
- Use reduce-only take-profits to prevent accidental position flips.
5) Operational Security: Reduce the Real-World Attack Surface
Fraud remains a major user concern. The FBI and major outlets have repeatedly highlighted the scale of crypto-related scams and the difficulty of recovery once funds are gone (for example, CoinDesk’s coverage of FBI IC3 crypto scam loss figures). (coindesk.com)
Minimum habits:
- Never enter seed phrases on websites or “support” forms
- Verify domains and app sources
- Use separate accounts/addresses for trading vs long-term holdings
Putting It Together: How to Choose a Low-Fee Perps Wallet Without Losing Sight of Reality
A perps wallet decision should optimize for:
- Transparent costs (wallet add-on fee + venue fees + funding + slippage)
- Fast, consistent execution flow
- Risk tooling that supports disciplined trading
- Self-custody and reduced KYC friction when appropriate
Fee matters—but the cheapest interface is not “cheap” if it leads to poor execution, weak controls, or costly mistakes.
Conclusion: The Practical Case for OneKey (Low Fee, No KYC, Native Perps)
If your goal is perpetual trading in a self-custody workflow with no KYC friction from the wallet provider and a low fee structure, OneKey stands out: 0% wallet-level perps fee, and native Hyperliquid integration so you can open and close positions directly inside OneKey rather than hopping through a browser connection flow.
