The terms of dYdX, Flash Trade, Hyperliquid, GMX, Lighter and Jupiter all exclude US residents or US persons. The CFTC states that the Commodity Exchange Act treats certain leveraged retail commodity transactions as if they were futures, subject to on-exchange trading and broker registration requirements. Coinbase, Kraken and Robinhood offer crypto futures to US customers through firms registered with the CFTC as futures commission merchants. This page describes what those terms and the CFTC state. It is not legal advice.
Quick answer
US users cannot use the DEX futures platforms we checked because their own terms exclude US residents or US persons. Coinbase, Kraken and Robinhood offer crypto futures to US customers through CFTC-registered futures commission merchants.
- 01Coinbase: best for US perps
- 02Kraken: best for crypto and CME
- 03Robinhood Crypto: best for app users
The 3 best DEX futures and US access
Coinbase Financial Markets, a CFTC-registered futures commission merchant and NFA member, holds US derivatives balances. It offers short-dated futures and perpetual-style futures that can stay open up to five years, with hourly funding payments.
- US availability
- Licensed in New York (BitLicense) and other states
- Trading fees
- Maker/taker tiers by 30-day volume, shown after sign-in
- Simple buy fee
- Coinbase fee plus spread, shown in order preview
- Debit card purchase
- Debit card accepted; fee varies by payment method, shown in the trade preview
- Coins available (US)
- Not verified
Pros
- Parent company is public and files with the SEC
- Stablecoin pairs on Advanced cost 0.00% maker / 0.0045% taker
- Separate self-custody app: Coinbase Wallet
Cons
- Entry fees on Advanced of 0.40% maker / 0.60% taker
- A 2025 data breach exposed customer ID images and partial SSNs
- Simple-buy spread is not published on a page we could check
Skip it if you want a contract with no expiry at all: Coinbase perpetual-style contracts expire after five years.
Kraken Derivatives US is a CFTC-registered futures commission merchant and NFA member. Kraken states crypto perpetual futures are available to US clients, alongside CME micro Bitcoin and micro Ether futures.
- US availability
- All states except NY and ME
- Trading fees
- 0.40% maker / 0.80% taker
- Simple buy fee
- 1% + spread
- Debit card purchase
- $0.25 + 3.75% (debit card deposit)
- Coins available (US)
- 574 (654 listed, 80 restricted for US clients)
Pros
- Kraken Pro entry fee 0.40% maker
- Wyoming-chartered bank (SPDI), SEC broker-dealer and CFTC futures affiliates
- Fee schedule and licenses published openly
Cons
- Not available in New York or Maine
- 1% fee plus a spread on instant buys
- Paid $30M to the SEC over US staking in 2023
Skip it if you are outside the US: Kraken Derivatives US is only available to clients in the United States.
Robinhood Derivatives, LLC is a CFTC-registered futures commission merchant and NFA member. Its crypto futures track Bitcoin, Ether, Solana and XRP prices. Futures accounts there are not FDIC insured or SIPC protected.
- US availability
- Most states; some coins limited in NY and TX
- Trading fees
- No commission (spread); 0.50% / 0.95% on Exchange Routing
- Simple buy fee
- No commission, spread in price
- Debit card purchase
- 0.0% to 1.5% with a debit card (Robinhood Connect)
- Coins available (US)
- 90 on the availability page
Pros
- No commission on default routing
- Over 140 tradable coins
- Holds a New York BitLicense
Cons
- Spread on default routing is not published
- 25% commission on staking rewards
- Fined $30M by NYDFS in 2022
Skip it if you need a perpetual contract: the Robinhood pages we read describe futures, not perpetuals.
Not on this list
dYdX: Terms exclude US residents: dYdX's compliance page prohibits persons in the US and Canada.
Flash Trade: Terms exclude US residents: Flash Trade's terms of service prohibit US persons.
Hyperliquid: Terms exclude US residents: Hyperliquid's terms exclude US residents and US-incorporated entities.
GMX: Terms exclude US residents: GMX's terms exclude US persons, and its perps are closed to US persons.
Lighter: Terms exclude US residents: Lighter's terms exclude US residents and US-incorporated entities.
Jupiter: Terms exclude US residents: Jupiter's Terms of Use list the US as a prohibited locality.
DEX futures and US access compared
Select a name to jump to its review.
| Name | Best for | US availability | Trading fees | Simple buy fee | Staking (US) |
|---|
| Coinbase | Perpetual-style futures | Licensed in New York (BitLicense) and other states | Maker/taker tiers by 30-day volume, shown after sign-in | Coinbase fee plus spread, shown in order preview | Yes, 35% standard commission on rewards |
|---|
| Kraken | Perps plus CME micro futures | All states except NY and ME | 0.40% maker / 0.80% taker | 1% + spread | Yes, 17 assets; onchain staking only in 37 states plus DC and PR (not CA, NY, TX) |
|---|
| Robinhood Crypto | Crypto futures in one app | Most states; some coins limited in NY and TX | No commission (spread); 0.50% / 0.95% on Exchange Routing | No commission, spread in price | Yes, 25% commission on rewards |
|---|
US availability: States the exchange does not serve, from its own page. Trading fees: Lowest-volume tier on the advanced order book: maker / taker. Simple buy fee: Fee or spread on the one-click buy screen. “Not verified” means we could not confirm the value on the project’s own pages.
How we rank DEX futures and US access
- 01CFTC registration: the venue names the CFTC-registered futures commission merchant that carries US futures accounts, on its own page.
- 02Crypto futures for US customers: the venue's own US page says crypto futures are offered to US customers.
- 03Contract type: dated futures, perpetual-style futures, or both, as each venue describes them.
- 04Terms of DEX platforms: whether each DEX's own terms exclude US residents or US persons.
No project paid to be listed or ranked. Full rules: methodology.
What we did not test
- We did not open accounts, deposit money or place trades with these services.
- We did not audit smart contracts, reserves or security claims ourselves; we report what the project and its auditors publish.
- Fees, limits and availability change; the list date shows when we last checked them.
Rubric last updated Sep 26, 2026. Crypto assets are not insured by the FDIC or SIPC, and you can lose all the money you put in. This page is educational content, not financial advice.
How to choose
01Why DEX futures exclude US users
Each DEX we checked excludes US residents or US persons in its own terms. The CFTC states that certain leveraged retail commodity transactions are treated as if they were futures, including on-exchange trading and broker registration requirements.
02Check the registration yourself
The CFTC advises that if someone offers you futures on virtual currencies, including Bitcoin, you verify they are registered with the CFTC. The entity names on this page are the ones to look up.
03Perpetual-style is not the same as perpetual
Coinbase contracts expire after five years and use hourly funding. DEX perps have no expiry. Read the contract specs before you trade.
04Margin follows clearinghouse rates
Coinbase sets margin by clearinghouse rates, with an opt-in intraday window for increased leverage. Increased leverage can mean increased losses.
Who should skip all of these
- Non-US traders who want DEX perps: the venues on this list serve US customers.
- Traders who want to keep custody in their own wallet: these venues hold your margin through a futures commission merchant.
- Beginners who have not traded spot: futures add liquidation risk on top of price risk.
Bottom line
The six DEX futures platforms we checked exclude US residents or US persons in their own terms.
In the US, Coinbase, Kraken and Robinhood offer crypto futures through CFTC-registered futures commission merchants.
Educational content, not financial advice. Crypto assets are volatile; do your own research.
FAQ
Why can't US users trade on DEX futures platforms?
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The terms of dYdX, Flash Trade, Hyperliquid, GMX, Lighter and Jupiter exclude US residents or US persons. The CFTC states that certain leveraged retail commodity transactions are treated as if they were futures, including on-exchange trading and broker registration requirements. This describes what those pages state and is not legal advice.
Can I use a VPN?
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Jupiter's Terms of Use say you must not use a VPN to change your IP address to get around its prohibition, and must not access the interface to circumvent its terms. The other DEX terms we read exclude US persons by residence or location, so a VPN does not change that status.
Where can US residents trade crypto perpetual futures?
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Coinbase offers perpetual-style futures through Coinbase Financial Markets, and Kraken says crypto perpetual futures are available to US clients through Kraken Derivatives US. Both are CFTC-registered futures commission merchants.
Does Robinhood offer crypto futures?
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Yes. Robinhood's page says its crypto futures track Bitcoin, Ether, Solana and XRP, offered through Robinhood Derivatives, LLC, a CFTC-registered futures commission merchant.
How do I check that a futures broker is registered?
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The CFTC advises verifying that anyone selling futures or options on virtual currencies is registered with the CFTC. Look up the entity name, such as Coinbase Financial Markets or Robinhood Derivatives, LLC.
What changed in this list
2026-09-26First version: 6 perp DEXs, fees and US terms checked on each exchange's own pages.
2026-09-26Rewritten for US users: why DEX futures are blocked and which CFTC-regulated venues offer crypto futures
Who made this page
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Fact check
Checked against 12 sourcesLast check: Sep 26, 2026
A value we could not confirm on the project’s own pages is marked “Not verified” instead of estimated.
How we review