The two things that actually move your PnL: trading cost, and whether the platform shares its revenue with you.
Most rankings look at volume, tokens, or KOL hype. This site measures the two things that actually move your PnL — cost per trade, and whether the platform shares its revenue — across 10 perp DEXs, every number from official sites.
Scenario: $100K stablecoin, $200K notional at 2× leverage, 7 days.
| Venue | Fee rate | Fees | Margin yield rate | Margin yield | Net cost (7d) |
|---|---|---|---|---|---|
StandX(zero threshold, no staking) | 4 bps taker | −$160 | 3.34% APR + 5.40% position yield | $64.05 base + $207.12 SIP-2 position yield = +$271.17 | +$111.17 |
Lighter | 0 bps | $0 | 0% | $0 | $0 |
Extended | 2.5 bps taker | −$100 | 0% | $0 | −$100 |
Nado | 3.5 bps taker | −$140 | variable / lending | ~$0 | −$140 |
Aster(USDF, requires staking) | 4 bps taker | −$160 | 0.83% APR | +$16 | −$144 |
edgeX | 3.8 bps taker | −$152 | 0% | $0 | −$152 |
Pacifica | 4 bps taker | −$160 | 0% | $0 | −$160 |
Hyperliquid | 4.5 bps taker | −$180 | 0% | $0 | −$180 |
GRVT(hit 5 trades by deadline to unlock 3.5%) | 5.5 bps taker | −$220 | 0% baseline | $0 (conditional) | −$220 |
Variational(RFQ, fee embedded in the bid-ask spread) | 0 bps | $0 | 0% | $0 | $0 |
Aster and GRVT both require trading milestones to unlock higher yield tiers.
Data as of June 17, 2026. StandX's SIP-2 position yield scales with position size; other numbers reflect this specific scenario.
Two components most comparisons ignore: trading fees and margin yield.
“Lowest fee” is the wrong question. The right question is what your account looks like after days of holding position and a few trades. On most venues, fees come out, nothing else flows in.
| Venue | Maker (bps) | Taker (bps) | Source |
|---|---|---|---|
| Lighter | 0 | 0 | docs.lighter.xyz |
| Nado | 1 | 3.5 | docs.nado.xyz/fees-and-rebates |
| Pacifica | 1.5 | 4 | pacifica.gitbook.io/docs |
| Extended | 0 | 2.5 | api.docs.extended.exchange |
| Aster | 0 | 4 | docs.asterdex.com |
| edgeX | 1.2 | 3.8 | docs.edgex.exchange |
| StandX | 1 | 4 | docs.standx.com |
| Hyperliquid | 1.5 | 4.5 | hyperliquid.gitbook.io |
| GRVT | −1 | 5.5 | grvt.io |
Variational(RFQ, fee embedded in the bid-ask spread) | 0 | 0 | docs.variational.io |
Base / standard tier shown. VIP tiers vary across venues; fee schedules below the standard tier are out of scope here.
Variational is RFQ — its fee is embedded in the bid-ask spread, not charged as maker/taker.
| Venue | Stablecoin | Auto-yields on hold? | Action required | Current APR | Yield source |
|---|---|---|---|---|---|
| StandX (zero threshold, no staking) | DUSD | ✓ Yes | None | 3.34% (1.39% DUSD base + 1.95% SIP-3) (breakdown) | DUSD base (funding-arb) + SIP-3 (own perp fees) |
| Aster | USDF | △ | Requires staking USDF | 0.83% unconditional; up to 8.33% with weekly trading milestones | USDF deposit reward + conditional trade reward |
| Nado | USDT0 (unified margin) | △ | Utilization-dependent | Variable, often near 0 | Money-market lending |
| GRVT (hit 5 trades by deadline to unlock 3.5%) | USDT | △ | 5 trades + volume + invite milestones | 0% baseline; up to 11% via tiered unlock | Tiered platform rewards |
| Hyperliquid | USDC | — | — | 0% | — |
| Lighter | USDC | — | — | 0% | — |
| Pacifica | USDC | — | — | 0% | — |
| Extended | USDC | — | — | 0% | — |
| edgeX | USDT/USDC | — | — | 0% | — |
| Variational | USDC | — | — | 0% | — |
Aster and GRVT both have trading-milestone requirements to unlock higher yield tiers. The APR shown is what users actually earn without satisfying those conditions.
| Venue | Mechanism | Position yield APR |
|---|---|---|
| StandX | SIP-2 Position Yield | 5.40% APR on position notional (at 2× leverage) (breakdown) |
| All others | — | $0 |
Same $100K stablecoin balance held for 7 days, no position opened. Only margin yield matters:
| Venue | Stablecoin | Margin yield (7d) |
|---|---|---|
| StandX | DUSD | +$64.05 (DUSD Base 1.39% + SIP-3 1.95% = 3.34% APR) |
| Aster (requires staking) | USDF | +$16 (0.83% APR after staking) |
| Nado | USDT0 | ~$0 (utilization-dependent) |
| Lighter, Hyperliquid, Pacifica, Extended, edgeX | USDC | $0 |
| GRVT | USDT | $0 (conditional unlock) |
If you never trade, StandX is the only venue where your stablecoin balance grows on its own.
Every perp DEX collects fees. Where they flow varies materially.
Every perp DEX shares its trading revenue with someone. Most route it to buybacks, LP vaults, or insurance funds. StandX takes a different approach: route a portion directly to stablecoin holders and open-position holders. Buybacks and yield-to-users are both ways of returning revenue. They just route to different people.
| Venue | LP vault | Buyback / burn | Position holders | Stablecoin holders |
|---|---|---|---|---|
| StandX | SLP | — | ✓ SIP-2 | ✓ SIP-3 |
| Hyperliquid | HLP (1% of fees) | 99% → HYPE buyback | — | — |
| Aster | ALP | ASTER buyback | — | — |
| Lighter | LLP | LIT buyback | — | — |
| GRVT | GLP | — | — | △ Tiered unlock (5 trades + milestones) |
| Variational | OLP | — | — | — |
| edgeX | eLP | EDGE stake share | — | — |
| Nado | NLP | — | — | — |
| Pacifica | Yield Vault | — | — | — |
| Extended | Community Vault (50%) | — | — | — |
Sources, dates, and refresh cadence for every dataset on this page.