The best no-KYC perpetuals exchanges, compared

The venues

Every row is self-custodial and verifies nobody. Rates come from each venue’s own published schedule and are dated in the caption; when one changes, the data changes and this page changes with it.

Two columns deserve more attention than the one everyone reads first.

The maker rate. The taker fee is the headline, and it is the wrong number for anyone who rests orders. On a strategy that provides liquidity rather than taking it, the maker column decides the economics. Why the maker side is the largest lever.

Maximum leverage. A high figure is a marketing number, not a recommendation, and it usually applies only to the deepest market and only up to a small position. Reading it as a feature is how accounts get liquidated. What the multiplier actually changes.

What the table cannot show you

Three things decide more than any published rate, and none of them fits in a column.

Depth. A venue with a zero fee and a thin book is more expensive than one with a real fee and real liquidity, because the slippage exceeds the difference many times over. This is the single most common way a fee comparison misleads.

How long it has run. Every venue looks solid until a violent week. A record through one is worth more than any audit or any rate.

Where the volume actually is. Liquidity concentrates, and a market with real open interest behaves differently from the same ticker somewhere quiet.

What you actually give up

This is the part of the question that gets skipped, and it matters more than which venue wins the table.

Privacy is the reverse of what people assume. No identity check does not mean anonymous. Every order, fill, position and transfer sits on a public ledger under your address, permanently, readable by anyone. A centralised exchange knows who you are and shows the world nothing; here it is the other way round. The full comparison of the two privacy models.

Tax does not change. Gains are taxable where you live on the same rules as anywhere else. The absence of a form is not an exemption, and the public ledger is a better evidence trail than most exchanges keep. Getting the records out.

Restricted jurisdictions still apply. No identity check is not the same as no restriction. Hyperliquid’s terms name the United States, Ontario and sanctioned jurisdictions, and using the venue asserts you are not covered. The rules by country.

How to choose, honestly

Start from depth, not fees. Whichever venue has real liquidity in the markets you want costs less overall than one with a lower headline rate and a thin book. Check volume and open interest on the specific markets you intend to trade.

Then look at the maker rate, if you rest orders. Then the taker rate, if you cross.

Then check what happens when you need out. Withdrawal mechanics, and whether the venue has ever been tested under stress.

Then apply whatever discount is available before your first trade, because on most of these venues that is a one-time, irreversible opportunity. On Hyperliquid a referral code is 4 % off and cannot be added to a wallet that has traded.

Where to go next

All the venues, including the custodial ones, and what no-KYC actually means for your privacy — which is the assumption most people arrive with and most need to correct.