Perpetual futures — "perps" — are the highest-volume product in crypto trading, and also the fastest way to get liquidated if you don't understand what you're using. A perp is a futures contract with no expiration date, kept tethered to the underlying spot price through a funding-rate mechanism paid between longs and shorts. Leverage on these products routinely runs into triple digits, which means small price moves against a position can wipe it out fast.
Here's how the major venues stack up as of September 2026, based on published fee schedules and platform documentation.
The comparison
| Platform | Perp markets | Max leverage | Maker / taker fee | US traders |
|---|---|---|---|---|
| Kraken | 300+ | Up to 100x* | 0.020% / 0.050% | Yes — via Kraken Derivatives US (NFA-regulated) |
| Binance | 300+ | Up to 125x (BTC) | 0.02% / 0.04% | No (futures unavailable to US residents) |
| Bybit | 400+ | Up to 100x (BTC) | 0.02% / 0.055% | No |
| OKX | 300+ | Up to 100x (BTC) | 0.02% / 0.05% | No |
| Coinbase Advanced | BTC, ETH (expanding) | 10x (crypto), 20x (metals) | 0.02% / 0.02% | Yes — CFTC-regulated |
*Leverage limits vary by asset and by the trader's region/verification tier. Fee tiers shown are baseline rates and typically decrease with higher 30-day volume.
Kraken — the compliance play
Kraken's pitch for US-based traders is fairly unique: Kraken Derivatives US operates under National Futures Association oversight, making it one of the few venues where a US resident can legally access leveraged crypto futures on a major, well-capitalized exchange rather than routing through an offshore platform. Fees are competitive with the larger offshore venues, and the market list has grown past 300 pairs.
Binance and Bybit — the volume leaders
Binance remains the largest derivatives exchange by trading volume, with the deepest liquidity on major pairs, which matters directly for slippage on large orders. Bybit runs a close second by volume and offers the widest market selection of the group at over 400 perpetual pairs — but it's also the platform that suffered a reported $1.5 billion hack in February 2025, a data point worth weighing against its size and market depth. Neither platform accepts US-resident accounts for derivatives products.
OKX — the middle path
OKX sits just behind Binance and Bybit on volume, with a comparable fee structure and leverage ceiling. It's frequently cited as the best-rounded of the non-US offshore venues for traders who want deep liquidity without Binance's regulatory profile or Bybit's security history.
Coinbase Advanced — the on-ramp for regulated exposure
Coinbase's perpetuals product is the most conservative of the five by design: a 10x cap on crypto (20x on metals), a smaller market list currently limited to BTC and ETH with more pairs reportedly in progress, and CFTC oversight. It's the least useful venue for a trader chasing maximum leverage and the most useful one for a US-based trader who wants exposure to perpetuals without leaving a regulated, familiar platform.
What actually matters when you pick one
Fee schedules and leverage caps get all the attention in comparison charts, but the two factors that matter more in practice are (1) whether the platform is legally available to you at all, and (2) how the platform has handled security incidents and liquidations during high-volatility events. A slightly better maker fee is irrelevant if the exchange isn't licensed to serve you, or if it has a track record of outages during the exact moments positions need to be managed.
Sources: Kraken, Koinly, ChainUp, and platform fee documentation. Fee and leverage figures as published at time of writing and subject to change — always verify current terms directly with the platform.