{ "version": "exchange-quality-2026.10.10.2", "reviewedAt": "2026-10-10", "meaning": "Editorial assessment of the named exchange product for eligible, self-directed crypto futures traders. Not research completeness, a safety probability, a live execution quote or a promise of returns.", "basis": "Source-backed editorial judgement. Component grades are judgements, not measurements stated by the linked sources. The arithmetic is reproducible; different editorial priorities can lead to a different assessment. No funded-account or withdrawal test is claimed.", "scale": { "5": "Excellent for the stated product and user; a distinctive practical advantage with no material limitation in this dimension established by this review.", "4": "Strong and useful, with identifiable trade-offs.", "3": "Usable but with a material cost, control or operational constraint.", "2": "Substantial disadvantages for ordinary use.", "1": "Severe limitations.", "0": "Unsuitable in this dimension.", "halfGrades": "Half-points distinguish a product between adjacent descriptions. They are editorial judgements, not statistical precision." }, "rubric": { "costs": "Regular trading charges, holding costs and fee exceptions for the named product. A temporary promotion or a private VIP tier is not the default.", "execution": "Practical pricing and trade capacity. Order books, pool quotes and synthetic pricing are assessed through their own execution rules; an absent connector or collection earns no penalty.", "controls": "Useful entry, exit, margin and position-management controls. More leverage and more token listings do not automatically mean a better product.", "funding": "How well the product supports collateral, deposits, transfers and withdrawals for its intended users. A DEX does not lose points for lacking bank deposits.", "resilience": "Mechanisms for liquidations, abnormal prices, failed transfers and access to funds, including relevant incidents and unresolved limitations. This is not a solvency or smart-contract security certificate." }, "weights": { "costs": 20, "execution": 25, "controls": 25, "funding": 15, "resilience": 15 }, "rules": [ "No points for having an API, a stored snapshot or more research pages.", "No automatic penalty for pool or oracle execution, wallet funding, or lower headline leverage.", "No affiliate, signup bonus or commercial relationship in any grade.", "Insufficient critical product evidence means no overall score, not a zero grade.", "A named page may recommend a lower-rated platform when it better meets its specific task.", "The same rated product has the same overall number across current site pages.", "Whole-number rounding is applied once, after summing grade / 5 × weight." ], "venues": { "binance-futures": { "name": "Binance", "status": "rated", "profile": "Global USDⓈ-M and COIN-M futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A strong all-round futures platform: competitive regular fees, substantial major-market capacity and extensive position controls.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The regular USDⓈ-M schedule is competitive for both resting and immediate orders. Funding and conversion costs still depend on the contract; a temporary promotion does not set the whole rating.", "sources": [ { "title": "Futures fee schedule", "url": "https://www.binance.com/en-BH/fee/futureFee" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The BTC and ETH books and size bands support a wide range of ordinary and larger trades. Altcoin depth varies, so this is not a claim that every Binance market fills equally well.", "sources": [ { "title": "USD-M public contract information", "url": "https://fapi.binance.com/fapi/v1/exchangeInfo" }, { "title": "BTCUSDT public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/binance-futures-BTCUSDT.json" }, { "title": "ETHUSDT public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/binance-futures-ETHUSDT.json" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 5, "maximum": 5, "weight": 25, "contribution": 25.0, "reason": "Reduce-only exits, price protection and separate position modes offer considerable control over entries and exits. Switching account modes can still create operational complexity.", "sources": [ { "title": "Failed and reduce-only orders", "url": "https://www.binance.com/en-ZA/support/faq/detail/360039707291?hl=en-ZA" }, { "title": "Price Protection", "url": "https://www.binance.com/en-AE/support/faq/detail/2b9dc811ce7340469357867122b975dc" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Stablecoin and coin settlement give traders useful collateral choices. Multi-Assets conversion and account liabilities require more care than a single-collateral position.", "sources": [ { "title": "Multi-Assets auto-exchange and wallet scope", "url": "https://www.binance.com/en/support/faq/detail/f80415bea8124f6494566f23c0bf9c38" }, { "title": "Deposit and withdrawal network schedule", "url": "https://www.binance.com/en/fee/cryptoFee" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Mark-price liquidation and price-protection rules address trading failure paths. Funds remain with a centralized operator and eligibility depends on the account entity.", "sources": [ { "title": "Price Protection", "url": "https://www.binance.com/en-AE/support/faq/detail/2b9dc811ce7340469357867122b975dc" }, { "title": "Funding rules", "url": "https://www.binance.com/en/support/faq/detail/360033525031" } ] } ], "total": 91, "executionObservationDate": "2026-10-10" }, "bybit": { "name": "Bybit", "status": "rated", "profile": "Global manual perpetuals and Unified Trading Account", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Excellent position management and partial exits, with competitive fees and flexible collateral. Shared-account borrowing requires attention.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The base 0.055% taker fee is competitive, although slightly above the 0.05% references at several major rivals. Maker orders and actual VIP tiers can change the comparison.", "sources": [ { "title": "Trading fee structure", "url": "https://www.bybit.com/en/help-center/article/Trading-Fee-Structure" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The observed major-market books and risk bands support meaningful trade sizes. Working orders also consume risk-limit capacity, which matters for staged entries.", "sources": [ { "title": "Risk limits and active orders", "url": "https://www.bybit.com/en/help-center/article/Risk-Limit-Perpetual-and-Expiry-Contracts" }, { "title": "BTCUSDT risk tiers, public API", "url": "https://api.bybit.com/v5/market/risk-limit?category=linear&symbol=BTCUSDT" }, { "title": "BTCUSDT public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/bybit-BTCUSDT.json" }, { "title": "ETHUSDT public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/bybit-ETHUSDT.json" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 5, "maximum": 5, "weight": 25, "contribution": 25.0, "reason": "Partial TP/SL, Close on Trigger and maintenance-margin close orders provide unusually detailed exit management. These are useful capabilities, not points for higher leverage.", "sources": [ { "title": "Position versus partial TP/SL", "url": "https://www.bybit.com/en/help-center/article/Introduction-to-Take-Profit-Stop-Loss-Perpetual-Futures-Contracts" }, { "title": "Close on Trigger", "url": "https://www.bybit.com/en/help-center/article/Close-On-Trigger-Order" }, { "title": "MMR Close Order", "url": "https://www.bybit.com/en/help-center/article/Maintenance-Margin-Rate-MMR-Close-Order" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Unified collateral makes multi-position trading convenient; isolated USDT positions offer a simpler alternative. Automatic borrowing can add interest and liabilities.", "sources": [ { "title": "Borrowing, interest and repayment in UTA", "url": "https://www.bybit.com/en/help-center/article/Borrowing-Repayment-UTA" }, { "title": "Collateral and borrowable assets", "url": "https://www.bybit.com/en/help-center/article/Collateral-and-Borrowable-Assets-List-Unified-Trading-Account" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Position safeguards are extensive, but the unified account can connect collateral and debt across trades. This grade does not certify custody or exclude exchange-wide service risk.", "sources": [ { "title": "Margin calculations by mode", "url": "https://www.bybit.com/en/help-center/article/Margin-Calculations-Under-Different-Margin-Modes" }, { "title": "Understanding assets in use", "url": "https://www.bybit.com/en/help-center/article/How-to-Understand-Your-Asset-In-Use" } ] } ], "total": 90, "executionObservationDate": "2026-10-10" }, "okx": { "name": "OKX", "status": "rated", "profile": "Global perpetuals and unified account", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A versatile futures platform with competitive fees, strong order controls and several margin modes.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The standard futures commission is competitive without requiring an introductory offer. Borrowing, conversions and funding can still outweigh a small fee advantage.", "sources": [ { "title": "September 2026 fee schedule", "url": "https://www.okx.com/en-gb/help/advance-notice-spot-and-futures-trading-fee-adjustment" }, { "title": "Trading-fee calculation rules", "url": "https://www.okx.com/en-us/help/trading-fee-rules-faq" }, { "title": "X-Perps product and fees", "url": "https://www.okx.com/en-eu/x-perps" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Major-contract books and risk tiers accommodate different position sizes. Each altcoin retains its own capacity and execution conditions.", "sources": [ { "title": "Portfolio risk-unit merge", "url": "https://www.okx.com/nl/help/portfolio-margin-mode-cross-margin-trading-risk-unit-merge" }, { "title": "BTC-USDT cross-margin position tiers", "url": "https://www.okx.com/api/v5/public/position-tiers?instType=SWAP&uly=BTC-USDT&tdMode=cross" }, { "title": "BTC-USDT-SWAP public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/okx-BTC-USDT-SWAP.json" }, { "title": "ETH-USDT-SWAP public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/okx-ETH-USDT-SWAP.json" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 5, "maximum": 5, "weight": 25, "contribution": 25.0, "reason": "Its order and margin modes support both straightforward isolated positions and more complex portfolios. Advanced modes add useful control but also setup complexity.", "sources": [ { "title": "Multi-currency cross-margin mechanics", "url": "https://www.okx.com/en-gb/help/iv-multi-currency-margin-mode-cross-margin-trading" }, { "title": "Portfolio margin comparison", "url": "https://www.okx.com/en-gb/help/vi-multi-currency-margin-mode-vs-portfolio-margin-mode" }, { "title": "BTC-USDT cross-margin position tiers", "url": "https://www.okx.com/api/v5/public/position-tiers?instType=SWAP&uly=BTC-USDT&tdMode=cross" }, { "title": "Basic and reduce-only orders", "url": "https://www.okx.com/en-us/help/x-basic-order-types" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Multiple collateral choices and unified-account transfers are flexible. Haircuts and automatic borrowing affect the amount that can actually be used or withdrawn.", "sources": [ { "title": "Borrowing and repayment", "url": "https://www.okx.com/cs/help/borrowing-and-repaying-in-multi-currency-and-portfolio-margin-account-modes" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Tiered liquidation and account controls make the failure process more structured. Centralized custody and portfolio-wide obligations remain material dependencies.", "sources": [ { "title": "Portfolio risk-unit merge", "url": "https://www.okx.com/nl/help/portfolio-margin-mode-cross-margin-trading-risk-unit-merge" } ] } ], "total": 91, "executionObservationDate": "2026-10-10" }, "kraken-futures": { "name": "Kraken", "status": "rated", "profile": "Eligible non-US Kraken Derivatives accounts", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A strong choice for collateral flexibility and controlled futures trading, with competitive standard fees and separate coin-settled products.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The standard 0.02% maker and 0.05% taker fees are competitive. Multi-M conversion charges and fees on uncovered non-USD losses can add cost.", "sources": [ { "title": "Global fees", "url": "https://support.kraken.com/articles/360048917612-fee-schedule" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Linear and inverse futures support both directional trades and coin hedges. Contract limits are product-specific; this grade does not claim that Kraken beats other books at every size.", "sources": [ { "title": "Linear specifications", "url": "https://support.kraken.com/articles/4844359082772-linear-multi-collateral-derivatives-contract-specifications" }, { "title": "Public instrument schedules", "url": "https://futures.kraken.com/derivatives/api/v3/instruments" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Stop, take-profit and reduce-only instructions provide a capable trading toolkit. Different global, European and US products should not be treated as one interchangeable account.", "sources": [ { "title": "Orders", "url": "https://support.kraken.com/articles/360031471211-derivatives-order-types" }, { "title": "US specs", "url": "https://support.kraken.com/articles/contract-specifications" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 5, "maximum": 5, "weight": 15, "contribution": 15.0, "reason": "Multi-M collateral and Coin-M settlement give traders a particularly useful choice of what backs a trade and what they receive afterward. Haircuts and conversion rules still apply.", "sources": [ { "title": "Collateral", "url": "https://support.kraken.com/articles/4843323030164-derivatives-collateral-currencies" }, { "title": "EEA collateral", "url": "https://support.kraken.com/articles/collateral-currencies-eea" }, { "title": "Transfers", "url": "https://support.kraken.com/articles/360022627692-transferring-funds-to-the-derivatives-wallet" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Partial liquidation, published suspension rules and a public service-status record provide concrete failure-handling mechanisms. They do not guarantee solvency or uninterrupted withdrawals.", "sources": [ { "title": "Multi-M liquidation", "url": "https://support.kraken.com/articles/4844463246100-margining-liquidations-multi-collateral-derivatives" }, { "title": "Service status", "url": "https://status.kraken.com/" }, { "title": "Kraken derivatives suspensions and delistings", "url": "https://support.kraken.com/articles/7526425887508-derivatives-contracts-trading-suspensions-delistings" } ] } ], "total": 89 }, "hyperliquid": { "name": "Hyperliquid", "status": "rated", "profile": "Native perpetuals on Hyperliquid", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A strong onchain trading venue with competitive native-market fees, visible liquidity and advanced exits from a wallet.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "Native-market base fees of 0.015% maker and 0.045% taker are competitive. Builder fees and separately deployed markets can have different economics.", "sources": [ { "title": "Hyperliquid: Fees", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees" }, { "title": "Hyperliquid: Builder Codes", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The onchain order book supports active trading and meaningful observed major-market depth. Depth and available margin remain specific to each market.", "sources": [ { "title": "Hyperliquid: Margin Tiers", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers" }, { "title": "Hyperliquid: Contract Specifications", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications" }, { "title": "BTC public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/hyperliquid-BTC.json" }, { "title": "ETH public book captured 10 October 2026 (one observation, not a live fill)", "url": "/research/snapshots/market-books/2026-10-10/round-3/hyperliquid-ETH.json" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Reduce-only orders, TP/SL and order-type choices give active traders practical control. Margin mode and builder-market differences still matter.", "sources": [ { "title": "Hyperliquid: Tpsl", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/take-profit-and-stop-loss-orders-tp-sl" }, { "title": "Hyperliquid: Order Types", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Wallet access and account abstraction make crypto-funded trading convenient. USDC deposit routes and bridge dependencies differ from an ordinary bank-funded account.", "sources": [ { "title": "Hyperliquid: Start", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading" }, { "title": "Hyperliquid: Abstraction", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes" }, { "title": "Hyperliquid: Deposited Usdc", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/deposited-usdc" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Explicit liquidation and ADL rules allow traders to understand forced exits. Validator, bridge and protocol dependencies remain, and positions are generally visible onchain.", "sources": [ { "title": "Hyperliquid: Liquidations", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations" }, { "title": "Hyperliquid: Adl", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/auto-deleveraging" } ] } ], "total": 89, "executionObservationDate": "2026-10-10" }, "aster": { "name": "Aster", "status": "rated", "profile": "Aster Pro, ordinary crypto perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Competitive Pro trading fees, hidden orders and flexible collateral. Shield and 1001x are separate products with different trade-offs.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "Ordinary Pro crypto pairs offer zero maker and 0.04% taker commission. Group B pairs cost more; Shield profit shares are not included as a free feature.", "sources": [ { "title": "Aster: Fees", "url": "https://docs.asterdex.com/trading/perpetuals/fees-and-specs/fees" }, { "title": "Aster: Fees And Slippage", "url": "https://docs.asterdex.com/trading/1001x/fees-and-slippage" }, { "title": "Aster: Shield Profit Share And Flat Fee", "url": "https://docs.asterdex.com/trading/shield-mode/profit-share-and-flat-fee" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The Pro order book and slippage-tolerance controls suit active trading. The 1001x execution model and its profit limits do not improve this Pro rating.", "sources": [ { "title": "Aster: Perps", "url": "https://docs.asterdex.com/trading/perpetuals" }, { "title": "Aster: Market Order Slippage Tolerance", "url": "https://docs.asterdex.com/trading/perpetuals/order-types/market-order-slippage-tolerance" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Hidden orders, position privacy options and adjustable price tolerance give Pro a useful trading toolkit. Those controls do not remove liquidation risk.", "sources": [ { "title": "Aster: Hidden Order And Hidden Position", "url": "https://docs.asterdex.com/trading/perpetuals/order-types/hidden-order-and-hidden-position" }, { "title": "Aster: Market Order Slippage Tolerance", "url": "https://docs.asterdex.com/trading/perpetuals/order-types/market-order-slippage-tolerance" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Single-asset and multi-asset modes let users choose simpler or more flexible collateral. Cross-margin transfer limits make available balance less straightforward.", "sources": [ { "title": "Aster: Collateral", "url": "https://docs.asterdex.com/trading/perpetuals/single-asset-mode-and-multi-asset-mode" }, { "title": "Aster: Calculating Maximum Transfers In Cross And Isolated Margin", "url": "https://docs.asterdex.com/trading/perpetuals/margin/calculating-maximum-transfers-in-cross-and-isolated-margin" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Margin and liquidation rules define forced-exit conditions, while wallet funding still depends on protocol and transfer infrastructure. The separate high-leverage products add restrictions rather than safety.", "sources": [ { "title": "Aster: Margin", "url": "https://docs.asterdex.com/trading/perpetuals/margin" }, { "title": "Aster: Calculating Maximum Transfers In Cross And Isolated Margin", "url": "https://docs.asterdex.com/trading/perpetuals/margin/calculating-maximum-transfers-in-cross-and-isolated-margin" }, { "title": "Aster: Liquidations", "url": "https://docs.asterdex.com/trading/perpetuals/fees-and-specs/liquidations" }, { "title": "Aster: Deposit And Withdrawal Guide", "url": "https://docs.asterdex.com/getting-started/deposit-and-withdrawal-guide" } ] } ], "total": 87 }, "lighter": { "name": "Lighter", "status": "rated", "profile": "Lighter Standard manual perpetual trading", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Particularly attractive for ordinary manual trades with zero commission, strong order controls and verifiable settlement; Standard timing delays are the main compromise.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 5, "maximum": 5, "weight": 20, "contribution": 20.0, "reason": "Standard ordinary orders have zero maker and taker commission. TWAP, perpRFQ and premium account types introduce exceptions; funding still exists.", "sources": [ { "title": "Lighter: Trading Fees", "url": "https://docs.lighter.xyz/trading/trading-fees" }, { "title": "Lighter: Perprfq", "url": "https://docs.lighter.xyz/trading/perprfq" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Order-book matching supports limit and market-style trading, but Standard taker and cancellation delays are a real execution compromise. Faster paid account types are assessed separately.", "sources": [ { "title": "Lighter: Types", "url": "https://apidocs.lighter.xyz/docs/account-types" }, { "title": "Lighter: Order Types And Matching", "url": "https://docs.lighter.xyz/trading/order-types-and-matching" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The order toolkit and unified-account features support active position management. Timing and order-type exceptions mean not every strategy behaves like a low-latency premium account.", "sources": [ { "title": "Lighter: Order Types And Matching", "url": "https://docs.lighter.xyz/trading/order-types-and-matching" }, { "title": "Lighter: Unified Trading Accounts", "url": "https://docs.lighter.xyz/trading/unified-trading-accounts" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Wallet transfers and multi-asset margin are useful for crypto-funded accounts. Collateral supply limits and withdrawal procedures can constrain otherwise available funds.", "sources": [ { "title": "Lighter: Transfers", "url": "https://apidocs.lighter.xyz/docs/deposits-transfers-and-withdrawals" }, { "title": "Lighter: Collateral Supply Limits", "url": "https://docs.lighter.xyz/trading/multi-asset-margin/collateral-supply-limits" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Verifiable execution architecture, published audits and liquidation/insurance mechanisms provide concrete safeguards. Audit coverage is not a guarantee against contract or availability failures.", "sources": [ { "title": "Lighter: Liquidations And Llp Insurance Fund", "url": "https://docs.lighter.xyz/trading/liquidations-and-llp-insurance-fund" }, { "title": "Lighter: Security Audits", "url": "https://docs.lighter.xyz/security/security-audits" } ] } ], "total": 88 }, "gmx": { "name": "GMX", "status": "rated", "profile": "GMX V2 wallet-based crypto positions", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A capable wallet-based alternative with pool-backed execution, adjustable exits and several collateral choices; holding costs matter more than a simple maker/taker fee.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "Opening and closing ordinarily cost 0.04–0.06% each. Borrowing, funding, network charges and price impact can make repeated short trades more expensive.", "sources": [ { "title": "GMX: Fees", "url": "https://docs.gmx.io/docs/trading/fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Oracle-priced, pool-backed execution is a legitimate alternative to a book. Pool capacity, imbalance and impact caps govern the trade, so the absence of a book earns no deduction.", "sources": [ { "title": "GMX: Overview", "url": "https://docs.gmx.io/docs/trading/overview" }, { "title": "GMX: Fees", "url": "https://docs.gmx.io/docs/trading/fees" }, { "title": "GMX: Providing Liquidity", "url": "https://docs.gmx.io/docs/providing-liquidity" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Limit and trigger orders, partial decreases and acceptable-price controls support deliberate position management. Keeper execution and oracle movement still affect timing.", "sources": [ { "title": "GMX: Fees", "url": "https://docs.gmx.io/docs/trading/fees" }, { "title": "GMX: Order Types", "url": "https://docs.gmx.io/docs/trading/order-types" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Direct-wallet trading and GMX Account routes offer useful collateral and chain choices. Cross-chain withdrawals can add bridge fees or require a retry.", "sources": [ { "title": "GMX: Overview", "url": "https://docs.gmx.io/docs/trading/overview" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Liquidation checks, impact constraints and ADL rules address pool solvency. Oracle, keeper and smart-contract dependencies remain distinct from centralized custody risk.", "sources": [ { "title": "GMX: Fees", "url": "https://docs.gmx.io/docs/trading/fees" }, { "title": "GMX: Liquidations", "url": "https://docs.gmx.io/docs/trading/liquidations" } ] } ], "total": 85 }, "jupiter-perps": { "name": "Jupiter", "status": "rated", "profile": "Jupiter JLP perpetuals on Solana", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Convenient Solana wallet trading backed by JLP liquidity, with straightforward long and short positions; borrowing costs and liquidation treatment deserve attention.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "JLP position fees and borrowing charges make holding time important. The trade preview is more informative than treating the headline fee as the entire bill.", "sources": [ { "title": "Jupiter: Fees", "url": "https://docs.jup.ag/user-docs/trade/perps/fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "JLP pool liquidity prices positions through an oracle rather than matching a book. Its asset and pool limits define capacity; it is not downgraded for using that design.", "sources": [ { "title": "Jupiter Perps product overview", "url": "https://docs.jup.ag/user-docs/trade/perps" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Position management and conditional exits cover the central directional-trading workflow. JLP and the separate Beta markets have different controls and settlement behavior.", "sources": [ { "title": "Jupiter Perps product overview", "url": "https://docs.jup.ag/user-docs/trade/perps" }, { "title": "Jupiter: Positions And Collateral", "url": "https://docs.jup.ag/user-docs/trade/perps/positions-and-collateral" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Direct Solana wallet funding fits users already holding assets on that network. Collateral conversion and network availability remain part of entry and exit.", "sources": [ { "title": "Jupiter Perps product overview", "url": "https://docs.jup.ag/user-docs/trade/perps" }, { "title": "Jupiter: Positions And Collateral", "url": "https://docs.jup.ag/user-docs/trade/perps/positions-and-collateral" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "JLP liquidation can consume all remaining collateral, and pool/oracle dependencies affect forced exits. The different Beta liquidation rule is not credited to JLP.", "sources": [ { "title": "Jupiter: Liquidation", "url": "https://docs.jup.ag/user-docs/trade/perps/liquidation" } ] } ], "total": 83 }, "dydx": { "name": "dYdX", "status": "rated", "profile": "dYdX Chain perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A capable USDC perpetual venue with cross and isolated trading controls, especially suited to deliberate limit-order trading.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "Its published trading schedule is competitive for ordinary perpetuals. Staking or reward benefits are optional and are not treated as a guaranteed reduction.", "sources": [ { "title": "Fee schedule, staking and reward changes", "url": "https://docs.dydx.xyz/concepts/trading/rewards" }, { "title": "Trading commissions and post-only instructions", "url": "https://help.dydx.trade/en/articles/166995-trading-fees-on-dydx" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Order-book markets and liquidity tiers provide usable execution choices. Margin requirements can rise with market-wide open interest, reducing capacity even without a larger personal position.", "sources": [ { "title": "Current perpetual market catalogue", "url": "https://indexer.dydx.trade/v4/perpetualMarkets" }, { "title": "Market-wide margin scaling", "url": "https://help.dydx.trade/en/articles/166993-default-liquidity-tiers-on-dydx-chain" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Cross and isolated modes, target leverage and reduce-only exits support deliberate risk management. Reduce-only compatibility differs by order type.", "sources": [ { "title": "Isolated positions and target leverage", "url": "https://help.dydx.trade/en/articles/172975-how-to-trade-in-isolated-markets-using-isolated-margin" }, { "title": "Reduce-only compatibility and defaults", "url": "https://help.dydx.trade/en/articles/166978-reduce-only-order" }, { "title": "Order types and trigger behavior", "url": "https://help.dydx.trade/en/articles/166981-perpetual-order-types-on-dydx-chain" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Wallet onboarding and USDC transfers work without a conventional exchange account. Chain routes and withdrawal limits add steps for users funding from elsewhere.", "sources": [ { "title": "Current wallet onboarding and deposits", "url": "https://help.dydx.trade/en/articles/166972-how-to-connect-your-wallet-and-start-trading-on-dydx-chain" }, { "title": "Withdrawal routes and protocol limits", "url": "https://help.dydx.trade/en/articles/166971-how-to-withdraw-on-dydx" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Liquidation and contract-loss mechanisms define how stressed positions are handled. Chain, validator and frontend dependencies remain, including possible restrictions on site access.", "sources": [ { "title": "Maintenance and liquidation treatment", "url": "https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain" }, { "title": "Contract loss and insurance mechanisms", "url": "https://help.dydx.trade/en/articles/166973-contract-loss-mechanisms-on-dydx-chain" } ] } ], "total": 85 }, "deribit": { "name": "Deribit", "status": "rated", "profile": "Standard and portfolio-margin crypto derivatives", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A strong derivatives specialist for traders combining futures and options, with competitive perpetual fees and extensive portfolio controls.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The published 0.015% maker and 0.035% taker references are competitive. Dated settlement and liquidation have separate charges.", "sources": [ { "title": "Deribit current fees and liquidation totals", "url": "https://support.deribit.com/hc/en-us/articles/25944746248989-Fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Inverse and linear contracts, dated futures and options support sophisticated hedging. Capacity is tied to the product and margin curve, not a universal leverage maximum.", "sources": [ { "title": "BTC instrument catalogue", "url": "https://www.deribit.com/api/v2/public/get_instruments?currency=BTC&kind=future&expired=false" }, { "title": "USDC instrument catalogue", "url": "https://www.deribit.com/api/v2/public/get_instruments?currency=USDC&kind=future&expired=false" }, { "title": "Standard-margin product groups and size curve", "url": "https://support.deribit.com/hc/en-us/articles/25944811528477-Standard-Margin" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 5, "maximum": 5, "weight": 25, "contribution": 25.0, "reason": "Portfolio margin and Position Builder offer considerable control for multi-leg portfolios. Their complexity is unnecessary for some simple directional trades.", "sources": [ { "title": "Portfolio-margin framework", "url": "https://support.deribit.com/hc/en-us/articles/25944756247837-Portfolio-Margin" }, { "title": "Position Builder capabilities and limitations", "url": "https://support.deribit.com/hc/en-us/articles/31238900906781-Position-Builder" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Cross-collateral valuation and settlement choices are flexible for existing crypto holdings. Haircuts and conversions affect available margin.", "sources": [ { "title": "Cross-collateral currencies and valuation", "url": "https://support.deribit.com/hc/en-us/articles/25944777203869-Cross-collateral-specifications" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Incremental liquidation can reduce risk without flattening every position, but may leave a hedge to manage. Centralized custody and account-transition requirements remain.", "sources": [ { "title": "Incremental and portfolio liquidation", "url": "https://support.deribit.com/hc/en-us/articles/25944769313309-Liquidations" }, { "title": "Coinbase and Deribit account-channel transition", "url": "https://help.coinbase.com/en/international-exchange/deribit/what-you-need-to-know" } ] } ], "total": 91 }, "mexc": { "name": "MEXC", "status": "rated", "profile": "Manual altcoin perpetual trading", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Useful for finding altcoin perpetuals and flexible order management. Manual fees, API fees and exit liquidity must be judged separately.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "Manual account offers can be competitive, but they do not establish a universal rate. The separate API schedule is more expensive and receives no assumed promotional discount.", "sources": [ { "title": "API futures fee adjustment effective 1 June 2026", "url": "https://www.mexc.com/announcements/article/updates-to-api-futures-trading-fees-jun-1-2026-17827791535742" }, { "title": "New-user BTC, ETH and gold fee conditions", "url": "https://www.mexc.com/announcements/article/fee-rate-adjustments-for-new-users-on-btc-eth-and-gold-futures-17827791535940" }, { "title": "Trading and withdrawal fees", "url": "https://www.mexc.com/fee" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "A broad active contract set and observed books create useful altcoin choice. Smaller markets can have much weaker exit capacity than BTC, so breadth does not equal uniform liquidity.", "sources": [ { "title": "Live contract specifications", "url": "https://contract.mexc.com/api/v1/contract/detail" }, { "title": "Public market-data API documentation", "url": "https://mexcdevelop.github.io/apidocs/contract_v1_en/" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "TP/SL and reverse orders support active position management, with risk limits tied to the contract. Extreme advertised leverage adds no points.", "sources": [ { "title": "Futures risk-limit rules", "url": "https://www.mexc.com/learn/article/what-are-futures-risk-limits-/1" }, { "title": "Take-profit, stop-loss and reverse orders", "url": "https://www.mexc.com/learn/article/setting-take-profit-and-stop-loss-for-futures-trading/1" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "A conventional futures account and crypto funding suit users already managing stablecoin balances. Withdrawal charges and account-specific conditions remain part of the workflow.", "sources": [ { "title": "Current MEXC user agreement", "url": "https://www.mexc.com/terms" }, { "title": "Trading and withdrawal fees", "url": "https://www.mexc.com/fee" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Fair-price marking and liquidation rules provide position safeguards. Centralized account controls and eligibility restrictions remain outside a trader’s direct control.", "sources": [ { "title": "Current MEXC user agreement", "url": "https://www.mexc.com/terms" }, { "title": "Index, fair and last prices", "url": "https://www.mexc.com/support/article/faq-on-index-price-fair-price-and-last-price-7950960183961" }, { "title": "Futures liquidation FAQ", "url": "https://www.mexc.com/support/article/faq-on-liquidation-for-futures-trading-8123281969561" } ] } ], "total": 81 }, "weex": { "name": "WEEX", "status": "rated", "profile": "Standard BTC and altcoin futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Strong observed BTC capacity and practical trigger orders; the standard taker fee is less attractive for frequent immediate trades.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "The 0.08% standard taker reference is relatively expensive for repeat market orders. Maker and qualified VIP rates can suit a different order pattern.", "sources": [ { "title": "WEEX standard fees and VIP tiers", "url": "https://www.weex.com/help/articles/eku5751ygo10r1j1vom9bc18" }, { "title": "WEEX execution fee calculation", "url": "https://www.weex.com/help/articles/4415852872601" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "The recorded BTC book and first risk band support substantial position sizes. That evidence is specific to BTC and does not establish equally deep altcoin markets.", "sources": [ { "title": "WEEX V3 contract catalogue", "url": "https://api-contract.weex.com/capi/v3/market/exchangeInfo" }, { "title": "V3 depth response documentation", "url": "https://www.weex.com/api-doc/contract/Market_API/GetDepthData" }, { "title": "V3 risk-limit documentation", "url": "https://www.weex.com/api-doc/contract/Market_API/GetRiskLimits" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Trigger orders and price-protection features support entry and exit planning. Trigger failure conditions still apply and no stop is assumed infallible.", "sources": [ { "title": "Trigger orders and failure conditions", "url": "https://www.weex.com/help/articles/4413171364249" }, { "title": "Guaranteed-price feature announcement", "url": "https://www.weex.com/help/articles/yians5niy9pknmgnpejy1ama" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Standard crypto funding and an exchange account are straightforward for existing CEX users. Verification and transfer rules still affect account access.", "sources": [ { "title": "Identity verification requirements", "url": "https://www.weex.com/help/articles/em0i6m5pe7htamftepiyrug5" }, { "title": "WEEX terms and excluded jurisdictions", "url": "https://www.weex.com/help/articles/4417379529241" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Reserve reporting and a protection-fund framework are useful safeguards, not deposit insurance or proof that every liability is covered. Centralized withdrawal control remains.", "sources": [ { "title": "Proof of reserves", "url": "https://www.weex.com/proof-of-reserves" }, { "title": "Protection fund", "url": "https://www.weex.com/protectfund" } ] } ], "total": 79 }, "bitget": { "name": "Bitget", "status": "rated", "profile": "Manual global crypto futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A capable futures account for partial exits and slippage limits, with copy trading available as a separate choice.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "Standard 0.02% maker and 0.06% taker fees are competitive but not the lowest for immediate trades. PRO offers and copying charges do not apply to every account.", "sources": [ { "title": "Trading fees and BGB discount scope", "url": "https://www.bitget.com/support/articles/12560603892734" }, { "title": "PRO campaign and expiry", "url": "https://www.bitget.com/support/articles/12560603896116/" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Its futures contracts and size tiers support multiple settlement routes. Slippage tolerance is a useful constraint on a market order, not a guarantee of a fill.", "sources": [ { "title": "USDT futures contract catalogue", "url": "https://api.bitget.com/api/v2/mix/market/contracts?productType=USDT-FUTURES" }, { "title": "USDC futures contract catalogue", "url": "https://api.bitget.com/api/v2/mix/market/contracts?productType=USDC-FUTURES" }, { "title": "Slippage tolerance and warning controls", "url": "https://www.bitget.com/support/articles/12560603891445" }, { "title": "BTCUSDT position tiers", "url": "https://api.bitget.com/api/v2/mix/market/query-position-lever?productType=USDT-FUTURES&symbol=BTCUSDT" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Partial TP/SL, hedge mode and explicit slippage controls give traders useful ways to stage exits and manage exposure.", "sources": [ { "title": "Slippage tolerance and warning controls", "url": "https://www.bitget.com/support/articles/12560603891445" }, { "title": "Partial TP/SL upgrade", "url": "https://www.bitget.com/support/articles/12560603846567" }, { "title": "One-way and hedge-mode rules", "url": "https://www.bitget.com/asia/support/articles/12560603817602" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Unified and multi-asset accounts offer flexible collateral. Debt and conversion rules can make the transferable balance differ from the displayed balance.", "sources": [ { "title": "Unified Trading Account scope", "url": "https://www.bitget.com/support/articles/12560603890654" }, { "title": "Multi-asset collateral, debt and conversions", "url": "https://www.bitget.com/asia/support/articles/12560603820416" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Position risk rules and a documented service-restoration process are relevant safeguards. A resolved withdrawal interruption still matters to operational history without requiring a warning on every page.", "sources": [ { "title": "Order cost by futures product", "url": "https://www.bitget.com/en-CA/support/articles/12560603828198" }, { "title": "Withdrawal service resumption completed", "url": "https://www.bitget.com/support/articles/12560603896369" } ] } ], "total": 85 }, "gate-futures": { "name": "Gate", "status": "rated", "profile": "Gate global crypto futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Useful for a wide choice of altcoin futures and capable order controls, with fees and capacity that differ materially by contract.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "The retained BTC default taker rate is higher than several major competitors. VIP and Points treatment can differ, so a stock-linked or account-specific fee is not used as the universal crypto price.", "sources": [ { "title": "Trading-fee calculation", "url": "https://miniapp.gate.com/help/futures/futures-logic/22079/futures-trading-fee-calculation" }, { "title": "September fee update", "url": "https://www.gate.com/announcements/article/101365" }, { "title": "Fee overview", "url": "https://miniapp.gate.com/fee" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Its broad active catalogue and observed books offer substantial choice. BTC, SOL and HYPE have different bands and exit depth; the broad catalogue is not itself a liquidity claim.", "sources": [ { "title": "BTC contract parameters", "url": "https://api.gateio.ws/api/v4/futures/usdt/contracts/BTC_USDT" }, { "title": "SOL contract parameters", "url": "https://api.gateio.ws/api/v4/futures/usdt/contracts/SOL_USDT" }, { "title": "HYPE contract parameters", "url": "https://api.gateio.ws/api/v4/futures/usdt/contracts/HYPE_USDT" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "TP/SL and futures order controls support staged exits and conditional trading. Contract-specific price and position restrictions still govern the instruction.", "sources": [ { "title": "TP/SL controls", "url": "https://www.gate.com/help/futures/Questions/28237" }, { "title": "Futures API and order controls", "url": "https://www.gate.com/docs/developers/apiv4/en/futures/" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Stablecoin and futures-account workflows are useful for existing exchange users. Account and network transfer conditions remain separate from contract fees.", "sources": [ { "title": "Risk-limit mechanics", "url": "https://miniapp.gate.com/help/futures/futures-logic/22162/risk-limit" }, { "title": "Fee overview", "url": "https://miniapp.gate.com/fee" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Risk-limit tiers and mark-based liquidation constrain exposure as positions grow. The account still relies on the operator and its withdrawal controls.", "sources": [ { "title": "Current BTC risk tiers", "url": "https://api.gateio.ws/api/v4/futures/usdt/risk_limit_tiers?contract=BTC_USDT" }, { "title": "Risk-limit mechanics", "url": "https://miniapp.gate.com/help/futures/futures-logic/22162/risk-limit" }, { "title": "HYPE risk tiers", "url": "https://api.gateio.ws/api/v4/futures/usdt/risk_limit_tiers?contract=HYPE_USDT" } ] } ], "total": 83 }, "kucoin-futures": { "name": "KuCoin", "status": "rated", "profile": "KuCoin Classic and eligible Unified accounts", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A useful altcoin futures venue with a choice between a separate futures wallet and shared collateral.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "The futures fee model is familiar for maker and taker trading; bots can have separate charges. The account structure is a stronger differentiator than an assumed lowest-fee claim.", "sources": [ { "title": "Futures fees", "url": "https://www.kucoin.com/support/26686077277721" }, { "title": "Bot fees", "url": "https://www.kucoin.com/support/5310983040025" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Its active contract catalogue and size limits support altcoin futures trading. Delistings and market-specific risk bands mean availability must be assessed per contract.", "sources": [ { "title": "Classic isolated and cross risk limits", "url": "https://www.kucoin.com/support/26693511734809" }, { "title": "BTC contract metadata", "url": "https://api-futures.kucoin.com/api/v1/contracts/XBTUSDTM" }, { "title": "SOL contract metadata", "url": "https://api-futures.kucoin.com/api/v1/contracts/SOLUSDTM" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Order types, hedge mode and isolated trading give users practical control. Unified features and eligibility vary by account tier.", "sources": [ { "title": "Unified account rules", "url": "https://www.kucoin.com/support/48142946141358" }, { "title": "Futures order types", "url": "https://www.kucoin.com/support/26686562304793" }, { "title": "Hedge Mode announcement", "url": "https://www.kucoin.com/announcement/ae-kucoin-futures-has-launched-hedge-mode-09-12" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Classic separates the futures balance; Unified shares collateral. That choice is useful, although debt and wallet behavior require a deliberate setup.", "sources": [ { "title": "Unified account setup", "url": "https://www.kucoin.com/support/48142946141359" }, { "title": "Unified account rules", "url": "https://www.kucoin.com/support/48142946141358" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Risk limits and explicit delisting processes describe how positions can be constrained or closed. Centralized custody and regional restrictions remain.", "sources": [ { "title": "Classic isolated and cross risk limits", "url": "https://www.kucoin.com/support/26693511734809" }, { "title": "BLAST futures delisting", "url": "https://www.kucoin.com/announcement/en-kucoin-futures-will-delist-the-blastusdt-perpetual-contract-and-related-services-2026-10-04" }, { "title": "Global terms and access restrictions", "url": "https://www.kucoin.com/support/47185419968079" } ] } ], "total": 83 }, "phemex": { "name": "Phemex", "status": "rated", "profile": "USDT perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Particularly useful for maker orders, hedge mode and partial exits; less distinctive for frequent taker trading.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The 0.01% maker reference is attractive for resting orders. The 0.06% taker reference is more ordinary, and funding remains separate.", "sources": [ { "title": "Phemex futures fee calculations", "url": "https://phemex.com/help-center/Phemex-Future-fee-structure-and-calculation" }, { "title": "Current fee conditions", "url": "https://phemex.com/fees-conditions" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "USDT contracts and risk limits support a conventional futures workflow. The BTC headline does not establish capacity for every altcoin or order size.", "sources": [ { "title": "Phemex public product and leverage schedules", "url": "https://api.phemex.com/public/products-plus" }, { "title": "Risk-limit explanation", "url": "https://phemex.com/help-center/risk-limit" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Hedge mode, partial TP/SL and reduce-only controls support more detailed exit management than a simple all-or-nothing close.", "sources": [ { "title": "Hedge Mode on the web", "url": "https://phemex.com/help-center/how-do-i-use-hedge-mode" }, { "title": "Order types, partial TP/SL and reduce-only", "url": "https://phemex.com/help-center/type-of-orders-on-phemex" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Multi-asset futures can make collateral more flexible. Collateral debt and account-transfer requirements add complexity to a simple USDT position.", "sources": [ { "title": "Multi-asset futures scope", "url": "https://phemex.com/help-center/futures-multi-assets" }, { "title": "Multi-asset collateral and debt rules", "url": "https://phemex.com/help-center/futures-multi-assets-risk" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Mark-price liquidation and risk tiers provide defined position safeguards. These controls do not eliminate custody or service-interruption risk.", "sources": [ { "title": "Risk-limit explanation", "url": "https://phemex.com/help-center/risk-limit" }, { "title": "Liquidation and mark price", "url": "https://phemex.com/help-center/what-is-liquidation" } ] } ], "total": 83 }, "bingx": { "name": "BingX", "status": "rated", "profile": "BingX Perpetual Futures, manual trading", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A capable manual-perpetual product with flexible exits; Standard Futures and copying have different costs and should be chosen separately.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "Perpetual maker/taker pricing is more directly comparable with other futures books than Standard’s spread model. Copying can add profit sharing and different fills.", "sources": [ { "title": "Standard fee and spread rules", "url": "https://bingx.com/en/support/articles/11263250154383" }, { "title": "Perpetual fee schedule", "url": "https://bingx.com/en/support/articles/360046487573-Perpetual-Futures-Fee-Schedule/" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "The Perpetual product uses an order book and contract-specific limits. Standard Futures execution is a separate product and does not strengthen this rating.", "sources": [ { "title": "Standard versus Perpetual products", "url": "https://bingx.com/en/support/articles/11264421893007" }, { "title": "Contract metadata", "url": "https://open-api.bingx.com/openApi/swap/v2/quote/contracts" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Position controls and optional guaranteed-stop features offer useful exit choices. The guarantee has terms; ordinary stops are not guaranteed fills.", "sources": [ { "title": "Dedicated liquidation rules", "url": "https://bingx.com/en/support/articles/16934295548441-Perpetual-Futures-Forced-Liquidation-Rules/" }, { "title": "Guaranteed Stop Loss terms", "url": "https://login.bingx.com/en/support/articles/11263317471887/" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "A centralized account supports manual trading and optional copying in one ecosystem. Copying adds allocation and settlement decisions rather than improving every account.", "sources": [ { "title": "Copy Trading 2.0 user guide", "url": "https://login.bingx.com/en/support/articles/12714265777807/" }, { "title": "Copy Trading 2.0 settlement and formulas", "url": "https://bingx.com/en/support/articles/12650619888271" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Forced-liquidation rules and stop conditions define product protections. They do not remove operator custody risk or the limits of copy-trading execution.", "sources": [ { "title": "Dedicated liquidation rules", "url": "https://bingx.com/en/support/articles/16934295548441-Perpetual-Futures-Forced-Liquidation-Rules/" }, { "title": "Guaranteed Stop Loss terms", "url": "https://login.bingx.com/en/support/articles/11263317471887/" } ] } ], "total": 81 }, "whitebit": { "name": "WhiteBIT", "status": "rated", "profile": "WhiteBIT USDT futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Convenient for existing WhiteBIT users and maker trading, with a separate collateral balance and contract-specific leverage.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The 0.01% maker and 0.055% taker references are competitive, particularly for resting orders. VIP eligibility is separate.", "sources": [ { "title": "Published trading fees", "url": "https://whitebit.com/trading-data/trading-fees" }, { "title": "Current VIP qualification rules", "url": "https://help.whitebit.com/hc/en-gb/articles/14556440496157-WhiteBIT-VIP-program" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Contract brackets scale capacity with exposure. The futures catalogue is useful, but a high maximum on one market is not a universal trading limit.", "sources": [ { "title": "Live futures catalogue and brackets", "url": "https://whitebit.com/api/v4/public/futures" }, { "title": "Incremental leverage-bracket method", "url": "https://help.whitebit.com/hc/en-gb/articles/11894306430621-Leverage-and-Bracket-in-Margin-and-Futures-trading" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Hedge mode and reduce-only instructions cover important trading needs. Reduce-only and TP/SL incompatibilities make some exit combinations less flexible.", "sources": [ { "title": "Reduce-only controls and TP/SL incompatibility", "url": "https://help.whitebit.com/hc/en-gb/articles/35218378341533-What-is-the-Reduce-only-order-parameter" }, { "title": "Hedge Mode and layout differences", "url": "https://help.whitebit.com/hc/en-gb/articles/27911295059741-Futures-Hedge-Mode-on-WhiteBIT" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Spot users can move funds into the Collateral balance for futures. Separate balances and collateral rules add an extra operational step.", "sources": [ { "title": "WhiteBIT balance functions", "url": "https://help.whitebit.com/hc/en-gb/articles/9786190290205-Balance" }, { "title": "Futures product, P&L and settlement", "url": "https://help.whitebit.com/hc/en-gb/articles/14308839429661-WhiteBIT-Futures" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Incremental brackets and defined liquidation behavior constrain position risk. The centralized account and eligibility requirements remain dependencies.", "sources": [ { "title": "Incremental leverage-bracket method", "url": "https://help.whitebit.com/hc/en-gb/articles/11894306430621-Leverage-and-Bracket-in-Margin-and-Futures-trading" }, { "title": "Identity verification and geographic product limits", "url": "https://help.whitebit.com/hc/en-gb/articles/13648869290269-How-to-pass-the-identity-verification-KYC" } ] } ], "total": 81 }, "crypto-com-exchange": { "name": "Crypto.com", "status": "rated", "profile": "Crypto.com Exchange derivatives, not the retail app", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Competitive standard derivatives fees and flexible cross or isolated collateral for eligible Exchange users.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "The observed standard 0.02% maker and 0.04% taker tier is competitive without requiring CRO. The retail app and Exchange are different products.", "sources": [ { "title": "Current fees table", "url": "https://crypto.com/exchange/document/fees-limits" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "The instrument catalogue and risk parameters support major-market futures. Higher catalogue values do not override the account’s effective margin limit.", "sources": [ { "title": "Instrument catalog", "url": "https://api.crypto.com/exchange/v1/public/get-instruments" }, { "title": "Public risk parameters", "url": "https://api.crypto.com/exchange/v1/public/get-risk-parameters" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Advanced orders, stops and isolated margin support deliberate position management. Account leverage and product eligibility can constrain available choices.", "sources": [ { "title": "Isolated margin", "url": "https://help.crypto.com/en/articles/13340634-isolated-margin-for-perpetuals" }, { "title": "Advanced orders", "url": "https://help.crypto.com/en/articles/4451025-advanced-order-types" }, { "title": "Stops and take profit", "url": "https://help.crypto.com/en/articles/4453247-stop-loss-and-take-profit-orders" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Smart Cross Margin and internal App transfers are useful for existing users. Collateral weighting and external withdrawal requirements still matter.", "sources": [ { "title": "Smart Cross Margin", "url": "https://help.crypto.com/en/articles/5311584-margin-balance-details-and-smart-cross-margin-policy" }, { "title": "Transfer to App", "url": "https://help.crypto.com/en/articles/3511927-how-to-withdraw-cryptocurrency-from-my-crypto-com-exchange-wallet-to-crypto-com-app-wallet" }, { "title": "External withdrawal", "url": "https://help.crypto.com/en/articles/3511870-how-to-withdraw-cryptocurrency-from-my-crypto-com-exchange-wallet-to-external-wallet-address" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Margin notifications and forced-liquidation rules define account protections. Cross-collateral exposure and centralized custody remain even with those controls.", "sources": [ { "title": "Current margin rules", "url": "https://crypto.com/exchange/document/margin-rules" }, { "title": "Liquidation", "url": "https://help.crypto.com/en/articles/4894440-initial-margin-notifications-and-forced-liquidation" } ] } ], "total": 86 }, "coinbase-international": { "name": "Coinbase", "status": "rated", "profile": "Eligible Coinbase Advanced Global Derivatives", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A practical futures route for existing Coinbase users with detailed exit controls; use Advanced pricing rather than assuming the simple app is cheap.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "Advanced fees depend on the account. The simple app’s 0.25% per-side rate is expensive for frequent trades, and an institutional Deribit tariff is not substituted for retail pricing.", "sources": [ { "title": "Simple app fees", "url": "https://help.coinbase.com/en/coinbase/derivatives/derivatives-fees" }, { "title": "Advanced fees", "url": "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Linear perpetuals and the Deribit-linked product transition provide a specialist derivatives route. The account channel determines which markets and conditions actually apply.", "sources": [ { "title": "Transition notice", "url": "https://help.coinbase.com/en/international-exchange/deribit/what-you-need-to-know" }, { "title": "Linear perpetuals", "url": "https://help.coinbase.com/en-gb/coinbase/derivatives/global-derivatives-linear-perpetuals" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Bracket orders, trailing stops and other order attributes provide a capable exit toolkit. US futures and global perpetuals have different terms.", "sources": [ { "title": "TP/SL", "url": "https://help.coinbase.com/en-gb/coinbase/derivatives/bracket-orders-derivatives" }, { "title": "Order attributes", "url": "https://help.coinbase.com/en-gb/coinbase/derivatives/global-derivatives-order-attributes" }, { "title": "Trailing stops", "url": "https://help.coinbase.com/en/coinbase/derivatives/global-derivatives-trailing-stop" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Existing Coinbase users have a familiar funding route and supported cross collateral. Haircuts and settlement rules still affect available funds.", "sources": [ { "title": "Retail onboarding", "url": "https://help.coinbase.com/en-au/coinbase/derivatives/global-derivatives-get-started" }, { "title": "Cross collateral", "url": "https://help.coinbase.com/en-gb/coinbase/derivatives/global-derivatives-cross-collateral" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Documented liquidation processes and a public status service support operational transparency. A familiar brand does not remove account, custody or transfer risk.", "sources": [ { "title": "Liquidations", "url": "https://help.coinbase.com/en-gb/coinbase/derivatives/global-derivatives-liquidations" }, { "title": "Service status", "url": "https://status.coinbase.com/" } ] } ], "total": 82 }, "paradex": { "name": "Paradex", "status": "rated", "profile": "Paradex Retail manual trading", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A strong choice for eligible manual traders seeking zero commission, private positions and retail price-improvement matching.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 5, "maximum": 5, "weight": 20, "contribution": 20.0, "reason": "Published Retail trading fees are zero; standard API flow has different pricing. Funding and withdrawals remain separate costs.", "sources": [ { "title": "Retail and Pro order classification", "url": "https://docs.paradex.trade/trading/trader-profiles.md" }, { "title": "Published trading fees and delisting fees", "url": "https://docs.paradex.trade/trading/trading-fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Retail Price Improvement adds liquidity for eligible interactive orders. VWAP protection helps bound market-order prices, without promising that every order will fill.", "sources": [ { "title": "Retail Price Improvement matching", "url": "https://docs.paradex.trade/trading/rpi.md" }, { "title": "Market-order price protection", "url": "https://docs.paradex.trade/trading/orders/vwap-price-protection.md" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "TP/SL, margin choices and protected market orders support active trading. Retail and Pro instructions must be kept distinct.", "sources": [ { "title": "Margin systems", "url": "https://docs.paradex.trade/risk/margin-system.md" }, { "title": "TP/SL order behavior", "url": "https://docs.paradex.trade/trading/orders/order-types/tpsl-order.md" }, { "title": "Market-order price protection", "url": "https://docs.paradex.trade/trading/orders/vwap-price-protection.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Wallet and embedded-wallet routes offer several ways to fund the account. Non-USDC collateral and bridge withdrawals add conditions.", "sources": [ { "title": "Non-USDC balances", "url": "https://docs.paradex.trade/trading/spot-trading/non-usdc-balances-collateral.md" }, { "title": "Wallet and bridge overview", "url": "https://docs.paradex.trade/docs/accounts/wallet-overview.md" }, { "title": "Ethereum wallet deposits and withdrawals", "url": "https://docs.paradex.trade/docs/accounts/deposits-and-withdrawals/ethereum-wallets.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Private positions and guardian-key protections address important user needs. Emergency disclosure, trade-bust powers and chain dependencies remain real limits.", "sources": [ { "title": "Trading privacy and emergency disclosure", "url": "https://docs.paradex.trade/trading/privacy.md" }, { "title": "Trade busts", "url": "https://docs.paradex.trade/risk/trade-busts.md" }, { "title": "Guardian keys", "url": "https://docs.paradex.trade/chain/security/guardian-keys.md" } ] } ], "total": 89 }, "edgex": { "name": "edgeX", "status": "rated", "profile": "edgeX V2 USDC perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A familiar futures workflow from a wallet, with conditional orders and several transfer routes; maker fees are not its main advantage.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "The 0.040% maker and 0.045% taker references favor neither an unusually cheap maker strategy nor a blanket zero-fee claim.", "sources": [ { "title": "Current VIP fee schedule", "url": "https://pro.edgex.exchange/vip" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "V2 order-book contracts and risk tiers provide a conventional trading experience. Network and product configuration set actual capacity.", "sources": [ { "title": "V2 contracts, risk tiers and transfer routes", "url": "https://edgex-prod-v2.edgex.exchange/api/v2/public/meta/getMetaData" }, { "title": "Current order handling", "url": "https://edgex-1.gitbook.io/edgex-documentation/api-v2/private-api/order-api.md" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Conditional instructions, subaccounts and margin controls support organized position management. Account-specific risk still needs attention.", "sources": [ { "title": "Current order handling", "url": "https://edgex-1.gitbook.io/edgex-documentation/api-v2/private-api/order-api.md" }, { "title": "Account margin and subaccounts", "url": "https://edgex-1.gitbook.io/edgex-documentation/trading/trading-accounts-and-margin.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "USDC transfers across supported networks and subaccounts add useful flexibility. The selected route’s withdrawal conditions govern the exit.", "sources": [ { "title": "V2 contracts, risk tiers and transfer routes", "url": "https://edgex-prod-v2.edgex.exchange/api/v2/public/meta/getMetaData" }, { "title": "V2 self-custody", "url": "https://edgex-1.gitbook.io/edgex-documentation/edgex-v2/self-custody.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "The V2 custody and settlement architecture provides defined control and withdrawal paths. Matching and infrastructure dependencies remain despite the wallet interface.", "sources": [ { "title": "V2 architecture", "url": "https://edgex-1.gitbook.io/edgex-documentation/edgex-v2/v2-technical-architecture.md" }, { "title": "V2 self-custody", "url": "https://edgex-1.gitbook.io/edgex-documentation/edgex-v2/self-custody.md" } ] } ], "total": 84 }, "gains-network": { "name": "gTrade", "status": "rated", "profile": "gTrade standard crypto pairs", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A useful synthetic alternative with collateral choice and no size-based liquidity impact on standard BTC/ETH; holding and early-close charges need care.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "Commission, spread and holding costs must be combined. The published early-close rule and retained configuration differ, so no unconditional cheapest-price claim is made.", "sources": [ { "title": "gTrade: Fees And Spread", "url": "https://docs.gains.trade/gtrade-leveraged-trading/fees-and-spread" }, { "title": "gTrade public Arbitrum pair configuration", "url": "https://backend-arbitrum.gains.trade/trading-variables/pairInfos" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Standard BTC/ETH synthetic pricing does not charge size-based liquidity impact. Oracle pricing, open-interest capacity and spread still govern the transaction.", "sources": [ { "title": "gTrade: Cryptocurrencies", "url": "https://docs.gains.trade/gtrade-leveraged-trading/asset-classes/cryptocurrencies" }, { "title": "gTrade: Pair List", "url": "https://docs.gains.trade/gtrade-leveraged-trading/pair-list" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Opening, closing and one-click controls support wallet-based directional trading. Fixed-leverage DEGEN variants are excluded from this standard-product rating.", "sources": [ { "title": "gTrade: Opening Closing Trades", "url": "https://docs.gains.trade/gtrade-leveraged-trading/opening-closing-trades" }, { "title": "gTrade: One Click Trading 1Ct", "url": "https://docs.gains.trade/gtrade-leveraged-trading/one-click-trading-1ct" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Collateral choices, gasless operation and chain-specific routes are useful for crypto-funded traders. A market and collateral must be selected together.", "sources": [ { "title": "gTrade: Trade Collaterals", "url": "https://docs.gains.trade/gtrade-leveraged-trading/trade-collaterals" }, { "title": "gTrade: Gasless Trading", "url": "https://docs.gains.trade/gtrade-leveraged-trading/gasless-trading" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Oracle and collateral rules describe the platform’s risk path. Configuration changes and unresolved early-close behavior justify caution about predictable exits.", "sources": [ { "title": "gTrade: Fees And Spread", "url": "https://docs.gains.trade/gtrade-leveraged-trading/fees-and-spread" }, { "title": "gTrade: V10 Migration", "url": "https://docs.gains.trade/developer/integrators/guides/v10-migration" }, { "title": "gTrade public Arbitrum pair configuration", "url": "https://backend-arbitrum.gains.trade/trading-variables/pairInfos" } ] } ], "total": 81 }, "apex-omni": { "name": "ApeX", "status": "rated", "profile": "ApeX Omni perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Useful for cross-collateral trading and configurable partial exits, with both ordinary and forced withdrawal routes.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "Trading and funding charges use the Omni schedule; VIP volume and staking terms are optional. Retired Pro pricing is not applied to Omni.", "sources": [ { "title": "Trading fees and hourly funding", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/trading-and-funding-fees.md" }, { "title": "Omni VIP volume and staking schedule", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/vip-program.md" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "The current Omni contract configuration supports USDT perpetuals with product-specific limits. Retired Spot and Pro services do not add to current futures capacity.", "sources": [ { "title": "Current Omni contract and collateral configuration", "url": "https://omni.apex.exchange/api/v3/symbols" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Configurable TP/SL and margin controls give traders useful ways to manage partial exits and account exposure.", "sources": [ { "title": "Order types and TP/SL controls", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/order-types.md" }, { "title": "Margin risk and liquidations", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/margin-risk-management-and-liquidations.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Supported crypto collateral can back USDT perpetuals, with normal and fast withdrawal routes. Funding and Perpetual balances must be managed separately.", "sources": [ { "title": "Cross-collateral, liabilities and repayment", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/cross-collateral.md" }, { "title": "Depositing into Omni", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/onboarding/how-to-deposit-funds-to-apex-omni.md" }, { "title": "Normal and fast withdrawals", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/onboarding/how-to-withdraw-funds-from-apex-omni.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "A forced-withdrawal path provides an important fallback, while margin liquidation and contract dependencies remain. It is not a promise of instant access in every failure.", "sources": [ { "title": "Forced withdrawal process", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/force-withdrawal.md" }, { "title": "Margin risk and liquidations", "url": "https://apex-pro.gitbook.io/apex-pro/apex-omni/margin-risk-management-and-liquidations.md" } ] } ], "total": 84 }, "aevo": { "name": "Aevo", "status": "rated", "profile": "Aevo crypto perpetuals with options", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Most useful for combining perpetuals and options; standard perp fees make it less appealing for simple high-turnover trades.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3, "maximum": 5, "weight": 20, "contribution": 12.0, "reason": "Published 0.05% maker and 0.08% taker perpetual fees are relatively expensive. Options-related fees and withdrawals add separate costs.", "sources": [ { "title": "Published perpetual trading fees", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/perpetuals-fees.md" }, { "title": "Options trading and settlement fees", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/options-fees.md" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Its derivatives design supports perpetuals alongside options, with market-specific limits. Many small crypto markets have low leverage; an options-chain count is not an altcoin liquidity measure.", "sources": [ { "title": "Current market catalog and instrument limits", "url": "https://api.aevo.xyz/markets" }, { "title": "Pre-launch market rules", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/trading-on-aevo/pre-launch-token-futures.md" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Perps+, portfolio margin and order controls are useful for combined strategies. Perps+ does not prevent liquidation and adds expiry considerations.", "sources": [ { "title": "Portfolio margin", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework/portfolio-margin.md" }, { "title": "Documented order controls", "url": "https://www.aevo.xyz/docs/api-reference/urls/private-api/postorders.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Supported collateral and withdrawal routes accommodate crypto-funded portfolios. Conversion and withdrawal timing differ by route.", "sources": [ { "title": "Collateral values and USDC conversion", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/collateral-framework.md" }, { "title": "Withdrawal routes and timing", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/withdrawals.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Standard and portfolio-liquidation rules provide explicit risk mechanisms. Rollup, matching and withdrawal dependencies remain.", "sources": [ { "title": "Standard margin", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework/standard-margin.md" }, { "title": "Liquidation process", "url": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/liquidations.md" } ] } ], "total": 79 }, "kiloex": { "name": "KiloEX", "status": "rated", "profile": "KiloEX BNB crypto perpetuals", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A practical oracle-priced wallet venue; its short-holding-period closing spread makes it less suitable for rapid scalping.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 3.5, "maximum": 5, "weight": 20, "contribution": 14.0, "reason": "The 0.05% fee per side is understandable and borrowing fees were removed. Profitable positions closed within ten minutes can face an extra spread, so frequent scalping is less attractive.", "sources": [ { "title": "Crypto commission, funding and closing spread", "url": "https://docs.kiloex.io/kiloex/trading/fees-and-spread" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Oracle-priced execution supplies an alternative to a book. Pair configuration, spread and capacity determine the trade; lacking an order book does not lower the grade.", "sources": [ { "title": "Crypto commission, funding and closing spread", "url": "https://docs.kiloex.io/kiloex/trading/fees-and-spread" }, { "title": "BNB production product configuration", "url": "https://api.kiloex.io/common/queryProducts?types=all" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Opening, margin and closing controls plus Fast Trading support an active wallet workflow. The fast mode introduces permissions that users must manage.", "sources": [ { "title": "BNB opening, margin and closing controls", "url": "https://docs.kiloex.io/kiloex/trading/how-to-trade-on-bnb-and-opbnb/opening-closing-trades.md" }, { "title": "Fast Trading permissions and gas payment", "url": "https://docs.kiloex.io/kiloex/trading/fast-trading-mode-upgraded-from-1ct.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Wallet funding and gas-handling options fit users on supported networks. Product and withdrawal routes remain chain-specific.", "sources": [ { "title": "BNB opening, margin and closing controls", "url": "https://docs.kiloex.io/kiloex/trading/how-to-trade-on-bnb-and-opbnb/opening-closing-trades.md" }, { "title": "Fast Trading permissions and gas payment", "url": "https://docs.kiloex.io/kiloex/trading/fast-trading-mode-upgraded-from-1ct.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Published audits and a post-mortem make safeguards and the 2025 failure visible. The previous oracle-related incident remains relevant; an audit does not erase it or guarantee future safety.", "sources": [ { "title": "Audit register", "url": "https://docs.kiloex.io/kiloex/about-kiloex/audit" }, { "title": "Official incident post-mortem · 21 April 2025", "url": "https://medium.com/@KiloEx/kiloex-security-incident-root-cause-analysis-post-mortem-3d899caac08c" } ] } ], "total": 77 }, "reya": { "name": "Reya", "status": "rated", "profile": "Reya v2 for users admitted to the beta", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "Promising collateral and order-management features for admitted users, with low base fees; it is still a gated beta product.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4.5, "maximum": 5, "weight": 20, "contribution": 18.0, "reason": "Zero base maker and 0.03% taker fees are competitive for admitted accounts. Volume and account discounts are not assumed for everyone.", "sources": [ { "title": "Thirty-day fee tiers", "url": "https://api.reya.xyz/v2/feeTiers" }, { "title": "Global account discount parameters", "url": "https://api.reya.xyz/v2/globalFeeParameters" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "The current v2 market definitions cover a focused crypto selection. Beta admission and product limits constrain practical availability rather than indicating absent liquidity.", "sources": [ { "title": "Current perpetual market definitions", "url": "https://api.reya.xyz/v2/perpMarketDefinitions" }, { "title": "Current public v2 access page", "url": "https://app.reya.xyz/trade" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "OCO, trigger activation and time-in-force options support controlled execution. Planned liquidation or ADL features are not counted as already delivered.", "sources": [ { "title": "Trigger activation, OCO and residual positions", "url": "https://docs.reya.xyz/developers/order-entry/trigger-orders.md" }, { "title": "Supported order types and time-in-force", "url": "https://docs.reya.xyz/developers/order-entry/order-types-and-tif.md" }, { "title": "Liquidation sequence and planned features", "url": "https://docs.reya.xyz/developers/risk/liquidations-and-adl.md" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4.5, "maximum": 5, "weight": 15, "contribution": 13.5, "reason": "Shared collateral and explicit smart-contract withdrawal paths are useful. Haircuts and auto-exchange conditions can alter the balance available for a trade.", "sources": [ { "title": "Collateral status, haircuts and conversion discounts", "url": "https://api.reya.xyz/v2/assetDefinitions" }, { "title": "Auto-exchange conditions", "url": "https://docs.reya.xyz/trading/cross-collateralization/auto-exchange-conditions.md" }, { "title": "USDC wallet and smart-contract withdrawal paths", "url": "https://docs.reya.xyz/developers/reference/smart-contract-withdrawals.md" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "Withdrawal fallback and margin rules provide safeguards, but gated beta access and planned features make this less established operationally than a fully open product.", "sources": [ { "title": "USDC wallet and smart-contract withdrawal paths", "url": "https://docs.reya.xyz/developers/reference/smart-contract-withdrawals.md" }, { "title": "Liquidation sequence and planned features", "url": "https://docs.reya.xyz/developers/risk/liquidations-and-adl.md" }, { "title": "Current public v2 access page", "url": "https://app.reya.xyz/trade" } ] } ], "total": 85 }, "htx": { "name": "HTX", "status": "rated", "profile": "HTX linear USDT futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A usable conventional futures account with account-dependent fees and contract controls; collateral and regional product differences matter.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "The applicable maker/taker tier depends on the account and contract. Prime benefits are not treated as a universal discount.", "sources": [ { "title": "Prime qualification and futures fees", "url": "https://www.htx.com/en-us/fee/" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Contract configuration and price controls support USDT perpetual trading. A contract’s current status and limits matter more than the venue’s maximum headline.", "sources": [ { "title": "USDT contract catalogue", "url": "https://api.hbdm.com/linear-swap-api/v1/swap_contract_info" }, { "title": "Dated contract catalogue", "url": "https://api.hbdm.com/api/v1/contract_contract_info" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Order and margin controls cover the standard futures workflow. Product-specific cross and isolated behavior requires deliberate selection.", "sources": [ { "title": "Coin-margined perpetual catalogue", "url": "https://api.hbdm.com/swap-api/v1/swap_contract_info" }, { "title": "New margin and order model", "url": "https://www.htx.com/es-la/support/55029524265440/" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Exchange-account funding is familiar to CEX users, with asset and product transfer conditions. Collateral does not move freely while backing positions.", "sources": [ { "title": "Coin-margined perpetual catalogue", "url": "https://api.hbdm.com/swap-api/v1/swap_contract_info" }, { "title": "New margin and order model", "url": "https://www.htx.com/es-la/support/55029524265440/" }, { "title": "July unrealized-profit transfer change", "url": "https://www.htx.com/en-us/support/35039459611002/" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3.5, "maximum": 5, "weight": 15, "contribution": 10.5, "reason": "The margin and account model defines exposure controls, while custody and withdrawal control remain centralized. The grade does not certify reserves or uninterrupted service.", "sources": [ { "title": "New margin and order model", "url": "https://www.htx.com/es-la/support/55029524265440/" }, { "title": "User agreement and eligibility", "url": "https://www.htx.com/support/en-us/detail/360000298561" } ] } ], "total": 79 }, "orderly-network": { "name": "Orderly", "status": "rated", "profile": "WOOFi Pro on Orderly, not every Orderly frontend", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "A useful shared-liquidity futures route through WOOFi Pro; frontend fees and the unresolved transfer-delay notice limit the overall assessment.", "criteria": [ { "id": "costs", "label": "Trading costs", "grade": 4, "maximum": 5, "weight": 20, "contribution": 16.0, "reason": "WOOFi Pro’s entry-level commission is lower than Demo DEX’s flat schedule. A network base fee is not automatically the price paid at every frontend.", "sources": [ { "title": "WOOFi fee qualification and link to the live tier table", "url": "https://learn.woo.org/user-guides/pro/trading-fees" }, { "title": "Network base fees versus user fees", "url": "https://orderly.network/docs/introduction/trade-on-orderly/trading-basics/trading-fees" } ] }, { "id": "execution", "label": "Execution and capacity", "grade": 4, "maximum": 5, "weight": 25, "contribution": 20.0, "reason": "Shared network liquidity supports multiple trading interfaces. Builder-specific markets and separate accounts mean not every frontend offers an identical execution route.", "sources": [ { "title": "Official trader FAQ and frontend directory", "url": "https://orderly.network/faq" }, { "title": "Builder-managed Perp Anything market operations", "url": "https://orderly.network/docs/build-on-omnichain/perp-anything/market-operations" } ] }, { "id": "controls", "label": "Trading and risk controls", "grade": 4.5, "maximum": 5, "weight": 25, "contribution": 22.5, "reason": "Cross and isolated margin plus the frontend’s position workflow support active futures trading. Controls must be assessed on the interface actually used.", "sources": [ { "title": "WOOFi Pro account, deposits and trading workflow", "url": "https://learn.woo.org/user-guides/pro" }, { "title": "Cross and isolated margin availability", "url": "https://orderly.network/docs/introduction/trade-on-orderly/perpetual-futures/isolated-margin" } ] }, { "id": "funding", "label": "Collateral and moving funds", "grade": 4, "maximum": 5, "weight": 15, "contribution": 12.0, "reason": "Multi-collateral and supported chains provide flexible funding, but frontend accounts remain separate. Transfers add network dependencies.", "sources": [ { "title": "Separate accounts for separate builders", "url": "https://orderly.network/docs/build-on-omnichain/user-flows/accounts" }, { "title": "Supported collateral, weighting and conversion rules", "url": "https://orderly.network/docs/introduction/trade-on-orderly/multi-collateral" }, { "title": "Supported networks", "url": "https://orderly.network/docs/introduction/trade-on-orderly/supported-chains" } ] }, { "id": "resilience", "label": "Operational safeguards", "grade": 3, "maximum": 5, "weight": 15, "contribution": 9.0, "reason": "The emergency offboarding path is valuable. The retained 5 October transfer-delay notice has no verified resolution in this review and is a concrete operational constraint.", "sources": [ { "title": "Withdrawal-delay investigation", "url": "https://orderly.network/docs/troubleshooting/user-issues/withdrawal-issues" }, { "title": "Offboarding sequence and its consequences", "url": "https://orderly.network/docs/introduction/trade-on-orderly/emergency-exit-offboarding-tool" }, { "title": "WOOFi live crypto/RWA tier table and service notice", "url": "https://pro.woofi.com/en/portfolio/fee" }, { "title": "Demo DEX public interface and service notice", "url": "https://demo.orderly.network/" } ] } ], "total": 80 }, "alphax": { "name": "AlphaX", "status": "not-rated", "label": "Not rated", "profile": "AlphaX futures", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "The fee advantage and order tools can be described, but unresolved custody and forced-withdrawal claims prevent a defensible overall exchange rating.", "criteria": [], "total": null, "sources": [ { "title": "Current zero-fee policy and exclusions", "url": "https://www.alphax.com/en-us/zero-fees" }, { "title": "BTC effective fee response", "url": "https://bapi.alphax.com/bapi/v1/basic/trade/fee-rate?symbol=BTC-SWAP-USDT" }, { "title": "Contract catalogue and market-specific limits", "url": "https://bapi.alphax.com/capi/v3/basic/symbol/futures" }, { "title": "Per-contract funding rates and periods", "url": "https://bapi.alphax.com/api/contract/funding_rates" } ] }, "drift": { "name": "Drift", "status": "not-rated", "label": "Not trading", "profile": "Drift recovery account", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "The current dossier concerns recovery claims rather than a venue for opening new futures positions.", "criteria": [], "total": null, "sources": [ { "title": "1 October: DFX claims and redemption rules", "url": "https://www.drift.trade/updates/dfx-claim-and-redemptions" }, { "title": "Incident recovery update, including July Insurance Fund update", "url": "https://www.drift.trade/updates/incident-recovery-update-april-16-2026-now" }, { "title": "5 May: historical recovery proposal and snapshot methodology", "url": "https://www.drift.trade/updates/recovery-plan-for-affected-users" }, { "title": "DFX public recovery dashboard", "url": "https://dfx.drift.trade/recovery-pool" } ] }, "orvex": { "name": "Orvex", "status": "not-rated", "label": "Spot only", "profile": "Orvex spot and liquidity pools", "reviewedAt": "2026-10-10", "sourceRecordDate": "2026-10-06", "summary": "No documented futures product is being rated; liquidity-provider capital efficiency is not trader leverage.", "criteria": [], "total": null, "sources": [ { "title": "About Orvex: MetaDEX product scope", "url": "https://docs.orvex.fi/introduction/about-orvex" }, { "title": "Concentrated liquidity and capital efficiency", "url": "https://docs.orvex.fi/protocol-overview/concentrated-liquidity" }, { "title": "Smart routing and execution costs", "url": "https://docs.orvex.fi/protocol-overview/smart-routing" }, { "title": "Swap documentation", "url": "https://docs.orvex.fi/dex-functionalities/swap/" } ] } } }