# No KYC Exchange Comparison for Perpetual Futures

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

## What the door asks, and what the round trip costs

Cheapest first, by the taker cost of entering and leaving a $10,000 position at the entry tier. Only four
venues are in the comparison at all, because only four pass the test that puts a venue on this register:
the sign-in their own onboarding pages document is 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. ApeX Omni, Aster,
dYdX, edgeX, Hyperliquid and Paradex publish a second door and are out, two of them cheaper than anything
below. The score column stays in view: a free venue with weak custody does not become the better one by
being free.

| Place | Venue | Identity documents | Score of 5 | Maker / taker | Perp markets |
|---|---|---|---|---|---|
| 1 | Lighter | None in the documentation we read | 4.5 | 0% / 0% | 214 |
| 2 | Extended | Terms reserve the right to deny access after a KYT risk assessment | 3.9 | 0% / 0.025% | 325 |
| 3 | EVEDEX | None to trade; on-chain AML screening on deposits | 3.4 | 0.015% / 0.045% | 52 |
| 4 | Aevo | Terms: transactions only through your own wallet service | 3.3 | 0.050% / 0.080% | 102 |

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

## Verdict

This no KYC exchange comparison puts cost first: a $10,000 taker round trip is free on Lighter,
$5.00 on Extended, $9.00 on EVEDEX before cashback and
$16.00 on Aevo. Not one of the four asks a trader for a document. Whatever the door asks for, a leveraged position asks for margin and can take all of it.

## 1 · [Lighter](https://docs.lighter.xyz) — nothing at the entry tier (4.5 of 5)
The default account pays 0% maker / 0% taker and adds 300 ms to taker orders
([Lighter docs](https://docs.lighter.xyz/trading/trading-fees), checked 18 September 2026). A $10,000 round trip therefore costs the spread
alone. Registration is a wallet signature, and exits can be forced on-chain.

- For: 0% maker and taker on the default account; On-chain exit documented.
- Against: 300 ms taker delay on the free tier; No published screening policy in the docs we read.
- Not for: latency-sensitive takers.

## 2 · [Extended](https://docs.extended.exchange/) — the cheapest paid taker (3.9 of 5)
One rate for every account and no tiers above it: 0% maker / 0.025% taker
([Extended docs](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026), or $5.00 to enter and leave a
$10,000 position. The catch is in the terms, which keep the right to refuse access after a risk
assessment.

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

## 3 · EVEDEX — fixed rates with cashback on fees already paid (3.4 of 5)
The rate does not move with volume here — 0.015% maker / 0.045% taker, the same in month one as in month
twenty. What moves is how much of it comes back. EVEDEX pays cashback against fees a trader has
already handed over, on a base percentage that climbs with the gamification level, plus a flat five
points for Prime subscribers (stated in the EVEDEX documentation, 18 September 2026). Before any of that lands, entering and
leaving a $10,000 position costs $9.00. The door is a wallet signature, and what
arrives at it goes through automated AML screening.

- For: Cashback on fees already paid, up to 35% of a trader's own fees; Screening described in writing.
- Against: Headline taker rate above the cheapest venues here; Positions written to Arbitrum in batches rather than trade by trade.
- Not for: UK retail clients.

## 4 · [Aevo](https://www.aevo.xyz/docs) — the dearest bill on the register (3.3 of 5)
0.050% maker / 0.080% taker ([Aevo docs](https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/perpetuals-fees), checked 18 September 2026) is what a new account pays, which prices
a $10,000 in-and-out at $16.00 — more than three times the Extended figure, and the
highest on this page.
Staking the venue's token is the only published route to a discount. What the money does not buy is
depth: a median $3.8 million inside 10 basis points, on a median spread of 1.91 bps.

- For: Wallet connection with no account behind it; 102 perpetual markets over five asset classes.
- Against: 0.080% taker, the dearest round trip on this page; Median BTC depth of $3.8 million.
- Not for: traders who turn over size.

## What sets the order

1. Nothing to pay at the entry tier: Lighter's default account, bought with 300 ms of delay on every taker order.
2. Cheapest paid taker: Extended at 0.025%, then EVEDEX at 0.045% and Aevo at 0.080%.
3. Money back moves the order: EVEDEX hands a slice of already-settled fees back, to a ceiling of 35% of what the trader paid.
4. One of the four reserves a check in its terms: Extended, quoted in the cards below.

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 a no KYC exchange comparison misses if it stops at the fee

Three things, all of which cost money. The first is depth: a taker order that walks the book pays the
spread plus the impact, and our snapshots put $3.8 million of BTC within 10 basis points on the
thinnest venue here against $17.9 million on EVEDEX at the other end of the range. On a
$100,000 order that difference
dwarfs any fee on this page. The second is funding, charged on every open position and unrelated to the
trading fee. The third is the exit: a venue that cannot be forced to release funds has a cost that only
shows up on the day it matters.

## How cashback and rebates change the number

Two of the four give something back, by different routes. On EVEDEX what comes back is cashback against
fees the trader has already settled: the base percentage climbs through a gamification level anyone can
work up, and a Prime subscription adds a flat five points on top of it, which at full stretch returns
35% of a trader's own fees and pulls the effective taker rate down to 0.02925%
(stated in the EVEDEX documentation, 18 September 2026). Lighter's zero is simply what the default account costs, bought with
300 ms of extra latency on taker orders. Monthly volume has no part in either, and both are working
from the first fill.

## The cheaper venues this comparison will not show you

Two venues outside the register are worth naming here, because price is exactly where their absence
shows. Paradex takes nothing on orders placed through its web interface. edgeX charges takers
0.045% and sat on a median $29.6 million of resting BTC inside 10 basis points
while we sampled it. Neither appears above, and the reason has nothing to do with what they charge:
Paradex's wallet overview documents an embedded wallet opened from an email or a social account beside
its two signature routes, and edgeX's user terms offer an MPC login as an alternative to connecting a
wallet. Each of those is a second door, and a second door is what this register is drawn to exclude.

A comparison page is the place where that boundary costs the most, so it is worth saying plainly what
the reader is giving up by trusting it: cheaper rates exist on venues that would rank well here. What
they do not offer is an account that is nothing but an address the trader already controlled.

## Quoted

> "EVEDEX Core Engine ensures that the deposit meets a minimum threshold (6 USDT) and passes the AML checks through external vendor API." — EVEDEX documentation, deposit and withdraw, read 18 September 2026, 18 September 2026.
> "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
> "Taker fees: 0.08% of the notional Maker fees: 0.05% of the notional" — Aevo documentation, Perpetuals fees, 18 September 2026. https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/perpetuals-fees
> "Extended is compatible with all EVM and Starknet wallets. When connecting a new wallet, we require two signatures" — Extended documentation, Account creation, 18 September 2026. https://docs.extended.exchange/extended-resources/account-operations/account-creation
## 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. A round trip here means going into a $10,000 position and straight back out
again, both fills charged at the taker rate a new account pays, worked out from each venue's own
published schedule.

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. Cashback and rebate programmes change the effective rate and are described in
the cards rather than scored.

## FAQ

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

Of the four here, Lighter's default account charges nothing at the entry tier, so a round trip costs
only the spread it crosses. Among the venues that do charge, Extended is cheapest at
0.025% taker, which is $5.00 on a $10,000 round trip, against
$16.00 at the expensive end.

### How much are dex fees?

Across this page a new account's taker rate sits somewhere between zero and 0.080%, and
its maker rate between zero and 0.050%. Put through a $10,000 taker round trip, the gap
from the cheapest venue to the dearest comes out at $16.00 — real money on a single
trade, and small beside what a thin book costs in impact.

### Do no-KYC exchanges charge more?

Not systematically. One venue here charges nothing at the entry tier, which is cheaper than the
standard taker fee on a large centralised exchange, and venues outside this register go lower still.
What none of them offers is fiat rails, spot markets or an account that can be recovered.

### What is a taker fee?

The fee for an order that fills immediately against a resting one, removing liquidity from the book. A
maker fee applies to orders that rest and wait. Most venues here charge takers more, and two of the
four charge makers nothing at all.

### Are non-KYC exchanges safe?

Fees and safety are different questions, and a free venue is not automatically the safer one. What
matters for the second is custody: whether collateral sits in audited contracts, and whether a
withdrawal can be forced without the operator — which of these four only Lighter documents, in its own
technical pages.

### Which crypto exchange has the lowest fees?

Among wallet-only perpetual venues, Lighter at zero on its default account. Cashback changes the
picture on EVEDEX, where part of the fees already paid comes back, up to 35% of a trader's own fees at
the maximum level, which puts the effective taker rate below the headline one.

### Is there a fee to withdraw?

Withdrawal costs on these venues are network costs plus whatever the venue's bridge charges, not a
percentage of the balance. Because funds return to the wallet that sent them, there is no verification
step and no withdrawal whitelist to maintain.

### What is funding rate?

A payment between long and short holders that keeps a perpetual near the underlying price. It is
charged periodically on the position, not on the trade, so a position held for days can pay more in
funding than it ever paid in fees.

### Does volume reduce fees?

On several venues yes, through tiers. On EVEDEX the mechanism is different: rates are fixed and part of
the fees already paid comes back as cashback, with the rate rising through a gamification level rather
than through monthly volume. The published rate is what a new account pays in the fee columns here.

### Which is cheaper, DEX or CEX?

On headline rates, the venues here can be cheaper — one charges nothing at the entry tier. On total
cost, depth decides: a thin book costs more in impact than any fee saves, and our snapshots ranged from
$3.8 million to $17.9 million within 10 basis points.

## Corrections

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

Publication here is paid for.