Perp DEX risk scorecard
Short answer: As of 14 Nov 2026, Jupiter Perps (83) scores lowest risk out of 10 perp DEXs on Perpd's Real Risk Score, and Aster (52) scores highest risk. Hyperliquid, the biggest by volume, ranks 4 of 10 (tied) with 72/100: its weakest factor is exit risk (4/10).
| # | DEX | Score | Exit | Security | Liquidation | Volume | Access | Token | Cost | Biggest flag |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jupiter Perps Oracle pool (JLP) | 83 | 7 | 9 | 9 | 10 | 10 | 7 | 5 | Cost: 0.06% open and close, plus price impact of up to 0.44%, plus hourly utilisation-based borrow fees, which are expensive versus order books. |
| 2 | Variational RFQ (peer-to-peer) | 81 | 7 | 9 | 6 | 10 | 10 | 8 | 8 | Liquidation & ADL: There's no insurance fund: the team-seeded liquidity provider (OLP) is the backstop, its size isn't disclosed, and PnL owed after an OLP insolvency would become unpaid… |
| 3 | Lighter Order book | 75 | 5 | 9 | 8 | 7 | 10 | 6 | 10 | Exit risk: Lighter has a real escape hatch: if the operator ignores forced transactions for 14 days, users can exit to Ethereum with a ZK proof of funds (Desert Mode). |
| 4= | edgeX Order book | 72 | 4 | 9 | 8 | 10 | 7 | 7 | 7 | Exit risk: Trading moved to edgeX V2 on EDGE Chain in May 2026, and V2's forced-withdrawal mechanism isn't published, so we can't verify an exit path. |
| 4= | Extended Order book | 72 | 5 | 9 | 8 | 6 | 7 | 8 | 9 | Exit risk: Users hold their own keys on Starknet, and no withdrawal pauses were found. |
| 4= | Hyperliquid Order book | 72 | 4 | 9 | 6 | 10 | 10 | 8 | 6 | Exit risk: Hyperliquid runs on its own L1, so there's no escape hatch to Ethereum. |
| 7 | GMX Oracle pool (GM) | 69 | 6 | 7 | 10 | 4 | 7 | 7 | 6 | Volume quality: 93% of GMX's 30-day volume came from its Solana deployment (GMTrade, folded back into GMX on 23 Oct 2026), where DefiLlama's adapter maintainers flagged points-farming… |
| 8 | Paradex Order book | 63 | 3 | 6 | 8 | 7 | 7 | 8 | 9 | Exit risk: Paradex has no escape hatch: if its sequencer stops or censors, users can't force a withdrawal. |
| 9 | Pacifica Order book (operator-run matching) | 53 | 3 | 9 | 6 | 4 | 4 | 5 | 7 | Exit risk: Hybrid custody. |
| 10 | Aster Order book | 52 | 3 | 6 | 6 | 4 | 5 | 7 | 8 | Exit risk: Aster calls itself non-custodial, but withdrawals pass through its own Aster Chain bridge, signed by 2 of 3 team-run validators, with no external validators,… |
Scores run 0-100. Factor scores run 0-10, where 10 = lowest risk. Click a DEX for every reason and source behind its score.
How to read the scorecard
- 80+ Lower risk: fewer known red flags on our factors. Still not risk-free.
- 60-79 Some known risks: read the flags before you size up.
- Below 60 Read the flags: real issues on exits, custody, access or volume quality.
- Volume rankings tell you how big a DEX is. This tells you how it can hurt you: getting funds out, liquidations, who's blocked, the token, and fees.
What we score
| Factor | Weight | What it checks |
|---|---|---|
| Exit risk | 20% | Custody, bridge control, escape hatch, past withdrawal pauses |
| Security record | 15% | Audits, exploits and whether users were made whole, bug bounty, time live |
| Liquidation & ADL | 15% | Oracle design, backstop fund, ADL and manipulation events in the last 12 months |
| Execution check | 15% | Slippage plus taker fee on a $100K order (not scored yet, preview in Perp DEX fees compared: what a $100K trade really costs) |
| Volume quality | 10% | Volume vs open interest, wash-trading flags |
| Access & legal | 10% | Restricted countries, KYC, named entity, regulator actions |
| Token, unlocks & team | 10% | Insider share, upcoming unlocks, doxxed team |
| Cost | 5% | Base taker and maker fees |
Full method: How Perpd scores perp DEXs. Every change is logged in the Changelog.
Start here
- Best perp DEXs in 2026, ranked by risk
- Is Hyperliquid safe? What can go wrong
- Best Hyperliquid alternatives, ranked by risk
- Which perp DEXs block the US, UK, India and Canada?
- What is auto-deleveraging (ADL)? Real cases from 2025-26
FAQ
Which perp DEX has the lowest risk?
On Perpd's scorecard (14 Nov 2026), Jupiter Perps (83) scores lowest risk. No perp DEX is risk-free; see each DEX's flags before you deposit.
Is Hyperliquid safe?
No perp DEX is risk-free. Hyperliquid scores 72/100 (Some known risks); its weakest factor is exit risk. Details: Is Hyperliquid safe? What can go wrong.
How often are scores updated?
Monthly, plus within 72 hours of a major incident such as an exploit, a withdrawal pause or an ADL event. Every change is in the Changelog.
Can a DEX pay for a better score?
No. Scores are never for sale. Any paid placement is labeled and sits outside the score table.
Related
- Perp DEX fees compared: what a $100K trade really costsTaker and maker fees for 10 perp DEXs, plus measured slippage on $100K orders. Fees, not slippage, decide most of your cost.
- Best perp DEXs in 2026, ranked by risk10 perp DEXs ranked by the risks that cost traders money: exits, liquidations, access, token and fees. Every score sourced. Nov 2026.
- Is Hyperliquid safe? What can go wrongWhat can go wrong on Hyperliquid: its validator-run bridge, 5 incidents since March 2025, HLP and ADL losses, HYPE unlocks and who is barred.
- Best Hyperliquid alternatives, ranked by risk9 Hyperliquid alternatives ranked by risk score, from Jupiter Perps to Aster: what each is, why traders pick it and its main red flag.
Scores are never for sale. This page has no affiliate links and no paid placements. Not financial advice: perps are leveraged and you can lose more than you deposit.