# Best Non KYC Crypto Exchange for Perpetual Futures

Updated 24 September 2026, Terms read 18 September 2026, The Wallet First review desk

## Venues ranked for perpetual futures without documents

One test decides who is in the table before any of the five criteria touch them: the sign-in a venue's own
onboarding pages document has to be a signature from a wallet the trader already holds, with no email
account, no social login and no wallet the venue opens on their behalf. EVEDEX, Extended, Lighter and Aevo
pass it; ApeX Omni, Aster, dYdX, edgeX, Hyperliquid and Paradex publish a second door and do not. Within
the four, onboarding carries 30 of the weight and custody 25, so a venue with a documented exit outranks a
cheaper one that keeps withdrawals in its own hands.

| Place | Venue | Score of 5 | Maker / taker | Perp markets |
|---|---|---|---|---|
| 1 | Lighter | 4.5 | 0% / 0% | 214 |
| 2 | Extended | 3.9 | 0% / 0.025% | 325 |
| 3 | EVEDEX | 3.4 | 0.015% / 0.045% | 52 |
| 4 | Aevo | 3.3 | 0.050% / 0.080% | 102 |

Entry-tier fees on the BTC perpetual, read 18 September 2026.

## Verdict

The best non KYC crypto exchange for perpetual futures in our 24 September 2026 review is Lighter at
4.5 of 5: a wallet signature, 0% default fees and an exit written into the protocol.
Four venues passed the door test used here, and none of them asked for a document.

## 1 · [Lighter](https://docs.lighter.xyz) — 0% default fees and a protocol-level exit (4.5 of 5)
A signed message from an Ethereum wallet registers the account; there is no email step
([Lighter docs](https://docs.lighter.xyz/trading/api.md), checked 18 September 2026). The default account pays 0% maker / 0% taker and
accepts 300 ms of extra taker latency. Withdrawals and reduce-only orders can be submitted on-chain,
which the documentation describes as a forced exit path.

- For: 0% maker and taker on the default account; On-chain exit documented.
- Against: 300 ms taker delay on the free tier; No published notional tiers for leverage.
- Not for: latency-sensitive strategies on the free account.

## 2 · [Extended](https://docs.extended.exchange/) — the widest market list on a Starknet account (3.9 of 5)
Two wallet signatures create and register an Extended account
([Extended docs](https://docs.extended.exchange/extended-resources/account-operations/account-creation), checked 18 September 2026), which then trades 325
perpetual markets at 0% maker / 0.025% taker. Its terms of use are unusually direct: access can be
denied after a Know Your Transaction risk assessment ([Extended terms](https://docs.extended.exchange/extended-resources/legal/terms-of-use), checked 18 September 2026).

- For: 325 perpetual markets; 0.025% taker fee.
- Against: Terms reserve a risk assessment before access; No documented forced withdrawal.
- Not for: traders who want checks ruled out in writing.

## 3 · EVEDEX — markets beyond crypto with the checks written down (3.4 of 5)
EVEDEX signs in with a wallet and states what happens to a deposit: no traditional KYC to trade, and
automated on-chain AML screening (stated in the EVEDEX documentation, 18 September 2026). Orders match off-chain
and settle on Arbitrum. Its 52 markets include gold through XAUT, silver, crude
oil, EUR/USD, USD/JPY and US-listed shares, all open around the clock. Fees are 0.015% maker / 0.045% taker,
reduced by cashback on fees already paid.

- For: Screening described in writing; Six asset classes on one USDT account, all 24/7.
- Against: Positions written to Arbitrum in batches rather than trade by trade; No documented forced withdrawal.
- Not for: UK retail clients.

## 4 · [Aevo](https://www.aevo.xyz/docs) — the shortest sign-in and the longest bill (3.3 of 5)
Aevo asks for a wallet connection and nothing else, and its terms put that in writing: transactions run
only through the wallet service the trader selected ([Aevo terms](https://app.aevo.xyz/terms), checked 18 September 2026). What follows
is 102 perpetual markets over five asset classes at 0.050% maker / 0.080% taker, the dearest
rate on this page, and a BTC book that held a median $3.8 million inside 10 basis points while we
sampled it. Its margin engine is cross-margin, so every position draws on one balance. Whatever the door asks for, a leveraged position asks for margin and can take all of it.

- For: 102 perpetual markets across five asset classes; Wallet connection is the whole sign-in.
- Against: 0.080% taker, or $16.00 per $10,000 round trip; No documented forced withdrawal.
- Not for: traders sizing orders against a thin book.

## What sets the order

1. Cheapest round trip: Lighter's default account charges nothing on either side of the trade.
2. Resting depth inside 10 bps: $17.9 million on EVEDEX, $16.7 million on Lighter, $7.3 million on Extended and $3.8 million on Aevo.
3. Widest market list: Extended at 325 perpetual markets, Lighter at 214.
4. Markets beyond crypto from a wallet: EVEDEX lists gold, silver, crude oil, FX and US shares, all trading 24/7.

Weights: access 30, custody 25, cost 20, coverage 15, liquidity 10 (https://cafrodytes.com/how-we-score)

## Order books

BTC perpetual books sampled on 19 September 2026, ten minutes between readings, beginning just after midnight UTC; medians of all successful snapshots.

| Venue | $10,000 round trip | Spread | Depth, 10 bps | Impact, $100,000 | Snapshots |
|---|---|---|---|---|---|
| Lighter | $0.00 | 0.01 bps | $16.7 million | 0.62 bps | 56 |
| Extended | $5.00 | 0.12 bps | $7.3 million | 0.06 bps | 56 |
| EVEDEX | $9.00 | 4.12 bps | $17.9 million | 2.06 bps | 56 |
| Aevo | $16.00 | 1.91 bps | $3.8 million | 3.04 bps | 56 |

## What separates a best non kyc crypto exchange candidate from the rest

The door tells you nothing once all four have the same one, so the differences sit behind it. Custody is
the first: Lighter puts in writing a withdrawal that works whether or not the operator cooperates, while
the other three leave a trader trusting the sequencer to handle an exit. The second is what the book is
worth — the BTC books in our snapshots ran from $3.8 million on Aevo to $17.9 million on
EVEDEX within 10 basis points, and the spreads behind those figures ran the other way, from
0.01 bps on Lighter to 4.12 bps on EVEDEX. The third is cost:
Lighter charges nothing at the entry tier, the rest between
0.025% and 0.080% on takers.

## The six venues this ranking leaves out

ApeX Omni, Aster, dYdX, edgeX, Hyperliquid and Paradex are all marked by the same formula, and two of
them would take second and third place in the table if they were in it. They are not, because each documents a way
in that starts with an email address or a social account: ApeX Omni and Paradex mint a wallet through an
embedded-wallet provider, edgeX splits a key into shares and calls the result an MPC login, Aster pairs a
six-digit code with a password, Hyperliquid emails the code, and dYdX routes Google and Apple sign-ins
through a third party that creates the address.

Every one of those routes ends in a wallet, which is the argument usually made for treating them as the
same thing. This desk does not, because the wallet at the end of them is one the venue arranged, and the
question the register exists to answer is what a trader can reach with a key they already hold. Their
marks are published in full on [how we rate](/how-we-score#every-mark-on-the-site-in-one-table), so the
exclusion costs a reader no information.

## Quoted

> "Users can submit critical exit operations—such as withdrawals, public pool exits, or reduce-only IOC orders—on-chain, ensuring that the Sequencer must process them within a predefined timeframe." — Lighter documentation, Technical architecture, 18 September 2026. https://docs.lighter.xyz/about-lighter/technical-architecture-lighter-core
> "We reserve the right, at our sole discretion, to deny access to the Services if a Know Your Transaction (KYT) risk assessment" — Extended, Terms of Use, 18 September 2026. https://docs.extended.exchange/extended-resources/legal/terms-of-use
> "EVEDEX does not operate traditional KYC systems. Instead, we rely on: Automated AML screening via on-chain behavior analysis" — EVEDEX Help Center, AML and Compliance Standards, read 18 September 2026, 18 September 2026.
> "The margin system is cross-margin, meaning all positions contribute to the margin for an account, and may be put up for liquidation if an account falls below the maintenance margin" — Aevo documentation, Margin framework, 18 September 2026. https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework
## Method and limits

Not one of these figures was requested from a venue. The sign-up page, the terms of use behind it, the
fee schedule, the market list — each quoted as it stood on 18 September 2026, and where a marketing
line and a contract disagree the contract is what gets printed. All 4 venues here are
marked against [one rubric](/how-we-score), set down on 21 September 2026 before any had been read. Depth
is the exception: nobody publishes it usefully, so each venue's public BTC book was opened here and
sampled on 19 September 2026, ten minutes between readings, beginning just after midnight UTC. No account was registered, no order sent.

Which venues were eligible to be marked at all is settled before any of that, by the one test this
desk applies: the sign-in a venue's own onboarding pages document has to be a signature from a wallet
the trader already holds, with no email account, no social login and no wallet the venue opens for them
behind it. EVEDEX, Extended, Lighter and Aevo meet it and carry an order book we could sample. The
[admission test](/how-we-score#what-puts-a-venue-on-this-register) names the venues it keeps out, and
the front-page door count is where a reader can check the sorting venue by venue.

Silence in a column is not a clean finding: a venue that writes nothing about screening is recorded as
having written nothing. Every door and every custody line above is a venue describing itself, in a
document it wrote and may rewrite, and one address on one day can be asked for more than any page here
records.

Two narrower ones. Depth was read on BTC books alone; fee columns carry the rate a new account is
charged, nothing taken off.

## FAQ

### Which non-KYC exchange has the lowest fees?

Lighter, whose default account charges nothing on either side, so a $10,000 taker round trip costs only
the spread. Of the three that do charge, Extended sits lowest at 0.025% —
$5.00 on that same round trip — next to $9.00 on EVEDEX before
cashback and $16.00 on Aevo.

### Are non-KYC exchanges safe?

The question to ask is who can move your collateral. Lighter documents an exit that works without the
operator; the other three rely on the sequencer processing a withdrawal. Audited contracts and a public
bug bounty are the other two things our custody and security inputs count.

### Does Coinbase require KYC?

Yes, and that is the difference in one line. A verified exchange account holds your funds and your
documents; the venues here hold neither. They take a wallet signature, keep collateral in contracts and
handle restrictions through terms of use.

### Which crypto exchanges have no KYC?

Far more than the four ranked here. ApeX Omni, Aster, dYdX, edgeX, Hyperliquid and Paradex ask for no
documents either, and nor do the pool-priced GMX, gTrade, Ostium, Jupiter Perps and Drift's Velocity
fork. What separates the four is the sign-in, not the paperwork: no second door opened by an email.

### What type of crypto exchanges are no KYC?

Two kinds. Order-book venues match bids and offers the way an exchange does, but keep collateral in
contracts and sign you in with a wallet. Pool-priced venues quote against an oracle and fill from a
shared pool, with no book to rest orders in.

### Why might someone avoid KYC in crypto?

To keep documents off a third-party server, and to start trading without an approval queue. The cost is
support: there is no account to recover, a lost key is final, and terms still exclude sanctioned
persons and, on most venues here, a list of countries.

### Is KuCoin a non-KYC exchange?

Not since 2023: KuCoin made verification mandatory for new accounts, so an unverified account is no
longer a way to trade there. Perpetual futures venues took the other path — a wallet signature, no
documents, and collateral held in contracts rather than by a desk — which is the ground this ranking
covers.

### What is the best DEX for perps?

On our five criteria and inside this register, Lighter at 4.5 of 5, then Extended at
3.9 and EVEDEX at 3.4. For markets beyond crypto from the same
wallet, EVEDEX lists gold, silver, oil, FX pairs and US-listed shares. Ranks move when a venue reprices
or a book thins.

### Can you trade futures without verification?

On every venue in this ranking, yes: a wallet signature opens a perpetual position with no documents.
Verification enters the picture through terms of use rather than sign-up forms, and Extended is the one
of the four that reserves the right to run a check before granting access.

### Which exchange has no KYC for withdrawal?

None of these venues asks for documents to withdraw: funds return to the wallet that deposited them.
What differs is whether a withdrawal can be forced without the operator, which only Lighter documents
here. On the other three the request waits on the venue to process it.

## Corrections

One formula, fixed 21 September 2026. The Wallet First review desk, 24 September 2026. Corrections: desk@cafrodytes.com

Publication here is paid for.