When you trade perpetual contracts crypto, a type of derivative contract that never expires and tracks the price of an underlying asset like Bitcoin or Ethereum. Also known as perps, they let you go long or short without owning the actual coin—making them popular for short-term bets and hedging. Unlike regular futures, there’s no settlement date. You hold them as long as you want, but you pay or receive funding rates every 8 hours to keep the contract price close to the real market price.
These contracts are built for leverage. Platforms like BloFin, a non-KYC crypto exchange offering up to 150x leverage and GroveX, a low-fee exchange with no identity checks let you control large positions with little capital. But that’s also where the danger lives. A 1% move against you can wipe out your entire stake if you’re using 100x leverage. Most people who trade perps without a solid strategy lose money fast. The key isn’t predicting the market—it’s managing risk, knowing when to exit, and avoiding platforms with no transparency or weak security.
Perpetual contracts are mostly traded on decentralized and offshore exchanges. That’s why many posts here focus on platforms like Kodiak v2, a DeFi platform on Berachain or Curve Finance on Polygon, used for stablecoin swaps but sometimes integrated into leveraged trading flows. You won’t find them on regulated U.S. exchanges like INX Digital. If you’re in Iran, India, or another country with strict crypto rules, your options are limited—and risky. Some exchanges, like Bittworld, are outright scams pretending to offer high-leverage trading. Others, like GroveX or BloFin, operate in legal gray zones with no oversight. You’re on your own.
What you’ll find below are real reviews of exchanges where perpetual contracts are actually traded. Some are safe for experienced users. Others are traps waiting to explode. We cover the platforms that work, the ones that don’t, and the hidden costs you won’t see until it’s too late. No fluff. No hype. Just what you need to know before you click ‘Buy’ on that 50x leveraged BTC position.
BitCoke is a crypto exchange built for advanced traders with ultra-low fees and strong perpetual contract tools. Not for beginners or U.S. users, but a top choice for active derivatives traders outside strict regulations.