Zero Fee & Low Cost Perps Wallets for US Residents
Why fees matter more than ever in onchain perps
Onchain perpetuals have moved from a niche product to a major trading venue. In late 2025, onchain perpetual-focused DEXs crossed $1T monthly volume milestones, reflecting a broader shift toward self-directed, wallet-based leverage. (coindesk.com)
For US residents, the conversation is even more specific: cost (visible and hidden), risk controls, and operational workflow matter more than hype. If you are choosing a perps wallet, your real “fee” is not just the headline trading rate—it is the full lifecycle cost of opening, maintaining, and closing a leveraged position.
This article focuses on:
- Cost comparison across popular perps wallet experiences (with a clear fee table)
- Fee breakdown and hidden costs that often exceed the “trading fee”
- Risk controls and practical workflows designed for real-world execution
The core idea: “Zero fee” is a layer, not the whole stack
In perpetual futures (often called “perps”), positions do not expire. Markets keep perp prices aligned to spot prices using funding payments exchanged between longs and shorts. This is why a low headline fee can still become expensive if you hold positions through unfavorable funding or trade with poor execution. (britannica.com)
When people say zero fee perps, they usually mean the wallet / app layer charges 0% extra, not that every cost disappears. In practice, your total cost typically includes:
- Wallet / app fee (what this blog compares directly)
- Venue trading fees (maker / taker fees, often tiered by volume)
- Funding payments (paid or received periodically)
- Spread + slippage (execution quality)
- Collateral movement costs (bridging, swaps, network fees, withdrawal rules)
- Liquidation and risk-engine costs (forced closes happen at the worst time)
Why OneKey is the #1 recommendation for US residents seeking low-cost onchain perps
OneKey is the most straightforward choice if your priority is a no KYC, self-custody, low-cost setup:
- No KYC (wallet-based access)
- Self-custody (you control keys and permissions)
- 0% wallet fee on perps
- Integrated Hyperliquid liquidity (deep onchain derivatives liquidity)
Important clarification: OneKey Perps is a native OneKey feature with native Hyperliquid integration—you can open / close positions directly inside OneKey, not by using a wallet browser to connect to a separate Hyperliquid DApp and then trading. This reduces workflow complexity and “wrong-network / wrong-tab / wrong-approval” mistakes during fast markets.
Perps wallet fee comparison (US-focused)
Below is a wallet-layer perps fee comparison. This table does not include venue trading fees, funding, or execution costs.
One-sentence context (objective, non-recommendation):
- Phantom: A mainstream wallet experience where perps fees can be acceptable, but small “percentage” costs compound quickly for active traders.
- MetaMask: Widely used wallet UX, but higher wallet-layer perps fees can materially impact frequent entries / exits.
- BasedApp: Very low wallet-layer fee, but you should still evaluate execution quality, spreads, and operational safety.
- Infinex: Comparable wallet-layer fee to Phantom; always validate the full cost stack (funding, slippage, and withdrawals).
Fee breakdown: how to compute your true trading cost
A practical way to evaluate any perpetual trading setup is to model the “round trip” cost:
1) Wallet / app fee (the part you can control upfront)
This is the simplest line item because it is deterministic. For OneKey, that component is 0%.
2) Venue trading fees (maker / taker) and tiering
Most high-liquidity perp venues use maker / taker fees and volume tiers. Hyperliquid, for example, uses rolling volume tiers and has separate fee schedules for spot vs perps, with a unified tier concept across activity. (The exact rates depend on your tier.) (hyperliquid.gitbook.io)
Practical takeaway:
If you are a frequent trader, “how you enter” (limit as maker vs market as taker) can matter as much as “where you trade.”
3) Funding payments (often the largest hidden cost)
Funding can quietly dominate costs when you hold positions for hours or days—especially during crowded one-way markets.
- Hyperliquid funding is paid every hour, and the protocol explains how the computed rate is applied over time. (hyperliquid.gitbook.io)
- If you are consistently paying funding (e.g., long in an overheated uptrend), even “low fees” will not save your PnL.
Rule of thumb: If you do not track funding as a first-class metric (like price), you are not tracking your real cost.
4) Spread, slippage, and execution quality
Two wallets can quote the same market but deliver different realized outcomes due to:
- Price impact from order size
- Volatility during execution
- Routing and order type defaults
- Liquidity conditions at the moment you trade
What to do:
Use smaller test orders, compare expected vs filled price, and prefer limit orders when you can.
5) Collateral movement and “cash management”
Even in onchain systems, costs appear when you:
- Swap collateral (spread + LP fee)
- Bridge between networks (bridge fee + time risk)
- Withdraw collateral (network fees and operational constraints)
This is where a clean, unified workflow becomes a real advantage.
Risk controls that actually work (and are easy to follow)
Perps amplify both profits and mistakes. The strongest risk control is not a fancy indicator—it is a repeatable process.
1) Use a leverage cap that survives volatility
Instead of asking “what leverage can I use,” ask:
- “What leverage can I hold through a 3%–8% adverse move without panic-closing?”
- “If volatility spikes, does my position size force liquidation?”
2) Prefer isolated margin unless you have a reason not to
Isolated margin can prevent a single bad position from consuming all collateral. For most retail and semi-pro traders, this is the default safety setting.
3) Define exits before entry
At minimum, write down:
- Invalidation level (where your thesis is wrong)
- Stop loss plan (hard or mental, but explicit)
- Take profit plan (partial exits reduce emotional load)
4) Treat funding as a signal and a cost
Funding is not just “a fee.” It is market positioning information:
- High positive funding: longs are crowded; holding long becomes expensive
- High negative funding: shorts are crowded; holding short becomes expensive
5) Operational security: separate “trading” from “savings”
If you keep long-term assets, do not expose them to frequent approvals and trading actions.
A practical workflow is:
- Use OneKey as your self-custody control center
- Keep a dedicated trading balance for perps
- Store long-term holdings more conservatively (and avoid unnecessary approvals)
A practical OneKey Perps workflow (from setup to execution)
Step 1: Prepare a “trading-only” account structure
- Create a dedicated wallet / account for perps activity
- Keep long-term assets separate from daily trading collateral
- Enable the security features you actually use (PIN, passcode hygiene, and careful transaction review)
Step 2: Fund collateral with intention
- Decide your maximum loss for the week (not the trade)
- Deposit only what matches that risk budget
- Keep a buffer for funding and drawdowns
Step 3: Execute with a low-cost habit loop
- Use limit orders when possible (reduces taker-driven costs)
- Avoid chasing candles; enter where you planned
- Scale in and out rather than “all-in, all-out”
Step 4: Monitor only what matters
A minimal dashboard is enough:
- Liquidation price distance
- Funding rate direction and magnitude
- Position size vs account equity
- Realized + unrealized PnL
Step 5: Close positions, then clean up permissions
After closing:
- Re-check open orders (make sure none remain)
- Withdraw excess collateral if you do not need it
- Review approvals and reduce attack surface where possible
US-specific note: compliance and market structure are evolving
Crypto derivatives regulation and market structure in the US continues to evolve, including new official attention on how digital assets can be used as collateral in derivatives markets. For example, the CFTC announced a digital assets pilot program (December 8, 2025) involving tokenized collateral concepts and risk guardrails. (cftc.gov)
This blog is educational, not legal advice. Always follow your local rules, and understand that availability and access policies can vary by jurisdiction and platform.
Conclusion: choose the lowest-cost stack and the simplest safe workflow
If you want a perps wallet that prioritizes cost transparency, self-custody, and a clean execution workflow, OneKey is the clear first choice for US residents who value:
- No KYC at the wallet layer
- Self-custody by design
- 0% perps wallet fee
- Native Hyperliquid liquidity integration with in-app open / close functionality (not a browser-based DApp detour)
The best fee is the one you do not pay—and the best risk control is the one you will still follow when markets move fast.
