You can now go long or short on the S&P 500, gold, oil, individual stocks or currency pairs from a crypto wallet, 24 hours a day, without a broker. The venues that offer it are perp DEXes with real-world-asset (RWA) markets: trade.xyz on Hyperliquid, Ostium, Extended, edgeX, GRVT, Gains Network, Avantis and, for some markets, Aster. For the lowest fee, Extended's 0.010% taker on RWA markets is the standout. For the deepest crypto-native account, trade.xyz sits inside Hyperliquid. For an RWA-first design, Ostium.
What you are trading is a perpetual contract priced by an oracle, not the stock, the metal or the currency. That has consequences for market hours, weekends, dividends, funding and regulation, and this guide goes through each. Some links are affiliate links; the venue comparison follows our data and nothing else.
- RWA perps track a price via an oracle; you never own the stock, earn a dividend or hold the metal.
- Extended (0.010% taker on RWA), trade.xyz (0.03% / 0.09%) and edgeX (0.015% / 0.038%) are the main order-book options; Ostium, Gains and Avantis are pool-based.
- Stock markets close and oracles pause or widen; a position held over a weekend can gap at Monday's open.
- Regulation is stricter for securities than for crypto, and most front-ends geo-block US and UK users.
What an RWA perp is, and what it is not
A perpetual on gold or on a single stock is the same instrument as a perpetual on BTC: a contract that tracks a price, lets you go long or short with leverage, and charges or pays a funding rate to keep it near the reference price. The reference comes from an oracle that reads real-market prices. You never own the share, so there is no dividend, no voting right and no claim on anything; when the market for the underlying is closed, the oracle either freezes or the venue widens spreads and limits trading. The perpetuals lesson covers the mechanics.
The venues in our tracker that list stock, FX or commodity perps are shown below.
| # | Exchange | 24h volume | Taker fee | Max lev | Score |
|---|---|---|---|---|---|
| 1 | Hyperliquid Hyperliquid L1 | $2.52B | 0.045% | 40× | 91 |
| 2 | trade.xyz Hyperliquid L1 | $1.29B | 0.09% | 50× | 58 |
| 3 | Aster Aster Chain · BNB Chain | $862.5M | 0.04% | 1001× | 79 |
| 4 | GRVT GRVT Chain (ZKsync validium) | $432.4M | 0.045% | 50× | 83 |
| 5 | edgeX EDGE Chain · Arc | $364.2M | 0.038% | 100× | 83 |
| 6 | Extended Starknet | $308.3M | 0.025% | 100× | 78 |
| 7 | Ostium Arbitrum | n/a | 0.06% | 100× | 50 |
| 8 | Gains Network Arbitrum · Polygon | n/a | 0.08% | 150× | 52 |
Snapshot Oct 10, 2026. n/a = no verifiable public source. Score = dexwatch score (methodology).
trade.xyz: stocks and indices inside Hyperliquid
trade.xyz is a builder-deployed venue on Hyperliquid under its HIP-3 framework. It uses your existing Hyperliquid account and margin, and lists stock, index, FX and commodity perps, including a licensed S&P 500 market. Fees are 0.03% / 0.09%, roughly triple Hyperliquid's native crypto markets, with leverage up to 50×. The trade-off is builder risk: the markets are deployed and operated by a third party on top of Hyperliquid's engine, so you are trusting that builder's oracle and parameters, not only Hyperliquid's. Suits: traders already on Hyperliquid who want equity exposure without moving funds.
Extended, edgeX and GRVT: order-book venues with RWA markets
Extended on Starknet charges 0% maker / 0.025% taker on crypto and 0.010% taker on its RWA markets, with more than 100 markets including equities, FX and commodities, up to 50× on crypto and 100× on FX. It is audited by ChainSecurity plus a Code4rena contest, has no token, and points were slashed for some accounts in August 2026. Suits: the lowest-cost RWA trading among audited venues.
edgeX lists 24/7 stock, commodity and FX perps beside crypto at 0.015% / 0.038% and up to 100×, with audits from Rigsec, SlowMist and PeckShield and Amber Group behind it. GRVT adds gold, oil and equities to its licensed, Bermuda-regulated exchange at 0% / 0.045%, audited by Spearbit and NCC Group. Suits: edgeX for pro execution; GRVT for anyone who wants a licensed operator behind the equity markets.
Ostium, Gains and Avantis: the pool-based specialists
Ostium on Arbitrum is built around RWA perps first: 0% maker / 0.06% taker, up to 100×, no token, with open interest that is large relative to its daily volume, which suggests positions are held rather than churned. Gains Network (gTrade) on Arbitrum, Polygon and Base charges 0% / 0.08% with leverage up to 150×; our score applies a penalty above 100× for a reason. Avantis on Base charges 0% / 0.06% up to 100× and has no token. All three are pool-based: a liquidity vault takes the other side, so there is no order book to read, and large orders are priced by formula rather than by a market. Suits: traders who want a simple market-order model and an RWA-first venue; not those who want depth on size.
We could not verify the exact RWA market lists on Gains and Avantis on a given day, and neither publishes a points programme we can describe. Aster lists some non-crypto markets alongside its 0% / 0.04% crypto schedule; treat it as a crypto venue with RWA extras.
The risks that are specific to RWA perps
- Market hours and gaps. Stocks trade about six and a half hours on weekdays; FX closes at the weekend. The oracle freezes or the venue restricts trading while the market is closed, and Monday's open can gap through your liquidation price with no chance to react. Size positions for the gap, not for the average move.
- Oracle risk. A stale or manipulated price feed liquidates you at a level the real market never reached. The venue's docs should name the oracle and its update rules.
- Funding on a 24/7 contract for a 6.5-hour market. Funding keeps accruing while the underlying is closed; on a crowded side it can be the largest cost of the trade.
- No corporate actions. Dividends, splits and index rebalances are handled by contract adjustments, or not at all; check before holding through an ex-dividend date.
- Regulation. Securities rules are stricter than crypto rules almost everywhere. Most of these front-ends geo-block US and UK users, and we do not advise circumventing that. Tax on gains applies as usual; see taxes and tools.
- Leverage. 100× on FX or 150× on a stock is a liquidation waiting for a routine move. Our leverage lesson shows the arithmetic.
Which venue for which trade
S&P 500 or single stocks, already on Hyperliquid: trade.xyz. Lowest fee on stocks and FX: Extended at 0.010% taker. Pro execution with RWA in the same book: edgeX. Licensed operator: GRVT. RWA-first, simple market orders: Ostium. Base-native: Avantis. Highest leverage (not a recommendation): Gains at 150×.
Before any of them, decide what the position is for. A tokenised perp on gold is a fine hedge or a short-term view; it is a poor way to hold gold, because funding and gap risk make a long hold expensive. Our perp ranking compares the same venues on crypto markets, where most of them still do most of their business.
Frequently asked questions
Do I own the stock when I buy a stock perp on a DEX?
Which DEX has the lowest fees for stock and FX perps?
What happens to my position when the stock market closes?
Is trading stock perps on a DEX legal?
Is trade.xyz part of Hyperliquid?
Rankings on this page are computed from the dataset behind the whole site: volume and open interest from the venues' own market APIs and public trackers, TVL from DefiLlama, fees and leverage from official documentation. Affiliate relationships never change an order. Anything we could not verify is shown as n/a rather than estimated. Read the full methodology.
Sources
- Hyperliquid HIP-3 builder-deployed perpetuals
- Extended documentation
- Gains Network documentation
- Avantis documentation
- GRVT documentation
- DefiLlama derivatives volume
Written and reviewed by the dexwatch editorial team. Some outbound "Trade" links are affiliate links; dexwatch may earn a commission at no extra cost to you. Educational content, not financial advice. Spotted an error? Tell us.