Top perps DEXs in 2026
Hyperliquid, Aster, Lighter, and more: learn how the leading decentralized perpetual futures trading platforms compare on volume, fees, and design.
Metamask Learn
Metamask Learn
Intermediate | Perps
Understand perpetual futures: leverage, funding rates, liquidation, and how to trade them.
Spot or perps: How to pick the right crypto instrument
Spot trades cap losses at the amount invested. Perps offer up to 40x leverage and shorting but risk liquidation. Side-by-side comparison with examples using ETH.
Essential perpetual futures concepts for every trader
Learn about perps topics like funding rates, leverage, and liquidation.
Understanding perpetual futures' no-expiry mechanism
Explore how perpetual futures allow indefinite trading without expiry, and the ways funding payments keep contract prices in line with the underlying asset.
What is open interest in perps and why does it matter?
Learn how open interest works, key differences from volume, common misinterpretation risks, and steps for using OI data responsibly.
Perps vs spot Bitcoin trading explained
Compare perps and spot BTC trading by ownership, leverage, fees, common risks, and market roles.
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