When you trade on a decentralized perpetual exchange, a type of crypto trading platform that lets users bet on price movements without owning the underlying asset, using smart contracts instead of banks or brokers. Also known as a perpetual DEX, it removes the need for counterparty risk and gives you 24/7 access to leveraged trades. Unlike traditional exchanges, there’s no central company holding your funds. You connect your wallet, pick a pair like BTC/USDT, and start trading with leverage—sometimes up to 100x—without ever depositing money into a company account.
This system relies on three key pieces: perpetual contracts, derivative financial instruments that have no expiry date and are settled in real time using funding rates to keep prices aligned with the spot market, on-chain order books, a system where buy and sell orders are recorded directly on the blockchain, offering full transparency and resistance to manipulation, and DeFi trading protocols, the underlying software that powers automated market-making, liquidations, and collateral management without human intervention. These aren’t just buzzwords—they’re what make platforms like DeepBook Protocol or Position Exchange possible. You’re not trusting a CEO or a customer support team. You’re trusting code, liquidity pools, and public ledgers.
But here’s the catch: not every DEX that calls itself "perpetual" is built to last. Some have zero volume, no audits, or fake liquidity. Others, like DeepBook on Sui or SushiSwap on BSC, actually work—offering real trading depth, low fees, and community-driven upgrades. The difference? One is a marketing page. The other is a functioning market. That’s why the posts below don’t just list exchanges—they expose which ones are dead, which ones are risky, and which ones are quietly changing how crypto is traded. You’ll find reviews of platforms that actually move, scams that pretend to be real, and a few hidden gems that let you trade derivatives without handing over your keys. If you want to trade perpetuals without getting ripped off, this collection cuts through the noise.
Level Finance (LVL) is a decentralized perpetual exchange on BNB Chain and Arbitrum that lets traders use leverage while rewarding liquidity providers with real fees. The LVL token powers incentives and rewards, with a unique dual-token model tied to platform revenue.