The exchanges I farm.
My personal perpetuals shortlist. Explore each venue’s chain, strengths, backers and referral terms, with official sources you can check.
Arcus
Order booksA hybrid exchange on Robinhood Chain from a team with dYdX experience, offering crypto and traditional-asset perpetuals with cross and isolated positions. Perpetual access remains subject to beta eligibility.
1 active program
Aster
Order booksAster combines orderbook perpetuals, privacy controls and several separate trading modes. Its main orderbook infrastructure now runs on Aster Chain.
2 active programs
Avantis / Veranta
Oracle-priced marketsAvantis now operates as Veranta. The Base-based exchange uses USDC margin for crypto and traditional-asset perpetuals, with a liquidity vault taking the other side of trader exposure.
Entropy
Order booksA Hyperliquid market deployer focused on equities, commodities, indices and pre-IPO exposure. Its io markets use USDC collateral and market-specific oracle and margin rules.
1 active program
Extended
Order booksA self-custodial orderbook exchange founded by former Revolut builders, with Starknet settlement, USDC accounting and several eligible collateral assets.
1 active program
Hibachi
Order booksAn orderbook venue combining crypto perpetuals with segregated FX accounts. Hibachi uses offchain trading infrastructure and zero-knowledge verification for onchain collateral movements, with Arbitrum, Base and Arc funding routes.
1 active program
Hyperliquid
Order booksA perpetuals and spot exchange built into its own Layer 1, with an onchain order book, multiple margin modes and a growing ecosystem of independent market deployers.
Katana Perps
Order booksKatana’s native perpetual orderbook exchange, built by the team behind IDEX. It combines offchain matching with onchain custody and settlement, using vbUSDC as the primary margin asset.
Lighter
Order booksA perpetuals exchange using a dedicated Ethereum ZK rollup, with zero maker and taker fees for Standard accounts and a separate paid account tier designed for lower latency.
1 active programLighter on Robinhood Chain
Order booksA separate Lighter instance on Robinhood Chain, accessible through its own web interface and Robinhood Wallet, with USDG collateral and a deployment-specific points program.
1 active program
Nado
Order booksAn Ink-based exchange that puts perpetuals, spot balances and a money market into a shared margin system, using an offchain orderbook with onchain clearing.
3 active programs
Ondo Perps
Hybrid venuesA trading venue for equity, index and commodity perpetuals, with USDC and supported tokenized stocks as collateral. Execution uses the Ondo Network’s offchain enclave architecture rather than a conventional onchain DEX.
3 active programs