List of derivative exchanges

It’s not just ethical veksláks who use derivatives exchanges. Due to frequently changing conditions, I try to update the exchanges that support derivatives trades. Last updated: September 2026.

Derivative exchanges, unlike fiat exchanges, allow derivatives to be traded, most commonly perpetual swaps, options and futures with expiry. Their advantage over spot exchanges is that they do not have to be involved in the fiat system and bank transfers and allow interest to be earned (funding rate or contango/backwardation). Ethical veksláks use them to hedge the exchange rate.

Please note: This is not a U.S. centric website. I do not live in the USA and many of these projects are not accessible from USA due to U.S. regulations. Always read terms and conditions of a particular exchange in order to determine if you are allowed to use it.

Important: I do not endorse these exchanges, do your own research, it is just a list to start your own research.

Exchanges operating (so far) without KYC

At the time of writing, these exchanges are operating (often with some restrictions) without the need to prove identity. Always check the exact terms and conditions before using a given exchange – how much you can deposit, withdraw and trade and under what circumstances. Unfortunately, the terms and conditions of exchanges change frequently and what was OK at the time of adding an exchange can suddenly be a problem. If you find any inaccurate information on this page, I would be happy to be informed.

• Hyperliquid – the biggest on-chain perp exchange. Its own L1 chain, the order book lives on-chain, no KYC, just a wallet. There is a pile of altcoins, but the BTC and ETH perps have liquidity you won’t find elsewhere. It is a young project, so don’t keep more there than you need for trading. The link is affiliate (code JRJ) and gives you a 4% discount on fees.
• Synthetix – a perp exchange on Ethereum Mainnet. Kwenta as a standalone frontend is gone (kwenta.io now redirects to synthetix.io), Synthetix took it back and you trade on exchange.synthetix.io. You can post a portfolio of assets as margin.
• Derive.xyz – formerly Lyra. You can use WBTC, stablecoins and Ether on Arbitrum, Optimism, Ethereum as collateral. Provides perpetual swaps and options. You can have WBTC as collateral and BTC/USD pair, although it runs on its own optimistic rollup.
• dYdX – a decentralized exchange with perpetual swaps. Both the address and the architecture changed: dYdX v4 no longer runs on top of Ethereum but on its own chain, and you trade on dydx.trade. You don’t need an account, just a wallet and USDC for collateral.
• GMX.io – another decentralized perpetual swap exchange, this time on the Avalanche network (AVAX) and Arbitrum, both have lower fees than Ethereum. Collateral is in ETH/AVAX, which makes it less useful.
• EMDX – once perpetual swaps on BTC, ETH and AVAX, now shifted toward derivatives on real-world assets (FX, equities) and prediction markets. They still have the BTC and ETH crypto perps, the rest is “coming soon”.
• Sovryn – decentralized exchange on the bitcoin sidechain Rootstock. It does not yet have direct derivative trades, although it does allow leveraged trading, a form of derivative trading.
• CoinEx – The exchange supports perpetual swaps on Bitcoin (also with collateral in BTC). No KYC up to a daily withdrawal of 10000 USD. Perpetual swaps with USDT collateral are more varied than with coin collateral, for example also XMRUSDT. Note though, that it got hacked in September 2023 and funds were stolen, so don’t keep more there than you need (the “be careful of hacks” part applies to all exchanges!)
• LN Markets – an exchange without KYC that now describes itself as an aggregation layer for Bitcoin derivatives. You log in with your lightning wallet or create an account, deposits and withdrawals go through the Lightning network. It is custodial, even if the name doesn’t suggest it at first glance.

Exchanges with KYC

• Deribit – a Panamanian derivatives exchange with perpetual swaps, expiring futures and options. Coinbase bought it in 2025, so it is no longer independent, though the brand and the products stayed. Under pressure it has also introduced mandatory KYC.
• Binance Futures – a lot of futures products – both expiring and perpetual for BTC. Collateral is either in the coin itself or in USDT (more exotic coins only have the option of collateralizing USDT). The link is affiliate, it will give you a discount on the fees. The exchange has already implemented KYC.
• ByBit – supports both perpetual swaps and futures with expiration. They have products with both BTC and USDT collateral. The link is affiliate and it will give you lower fees to start with. The exchange has very good liquidity and is out of Singapore. Unfortunately, they also introduced mandatory KYC.
• Kucoin Futures – Unfortunately, they also introduced mandatory KYC
• BitGet – has an inverse perpetual swap, a few futures with delivery, also XMRUSDT perp.
• Phemex – it’s also a spot exchange. Among derivatives it has only perpetual swaps. BTC/USD is settled in BTC, others in USD. The link is affiliate, it will give you lower fees. The exchange is from Singapore. Unfortunately, they also introduced mandatory KYC

Learn more about Bitcoin futures

For up-to-date information on the futures premium, there’s a great Bitcoin Futures Info page, and for more detailed information on the derivatives market, check out CoinGlass.

Exchange crypto to crypto

Thanks to the The law of cryptocurrency isomorphism, you can easily swap between different cryptocurrencies without KYC.

If you need a Lightning swap to pay for something that accepts another cryptocurrency, use my project Anypay.Today. It is a progressive web app that lets you use a Lightning wallet to pay almost any crypto payment QR code through swap services, without having to hold the altcoin yourself.

If you need other Lightning swap options, you can also try Sideshift (they delisted Monero) or FixedFloat (supports Monero).

And last but not least Trocador, also available via Tor onion address. It supports Lightning, Monero and even sells prepaid payment cards.

Another partially decentralized swap service is called ThorSwap, but it does not support Monero nor Lightning.

More information on how to apply these lists in my book