Comparing perpetuals: the best EU exchange for futures trading

Introduction

Perpetual futures are the most traded crypto derivatives in the world. In the EU, however, not every exchange may offer them: a MiFID II licence is required. And among the licensed providers, costs, product structure and capital efficiency differ substantially. On this page we compare them all.

The contract specs matrix

Verified against each exchange's official documentation. Last updated: July 2026.

The most striking differences: funding frequency (hourly vs 8-hourly), account structure (unified wallet vs split accounts), and whether collateral earns yield during open positions. OKX's own risk disclosure notes that X-Perps carry product-specific risks — funding accumulation over the long tenor and basis risk from the ~5-year duration — that a true perpetual does not have. See Perpetuals vs expiry futures.

Who may offer perpetuals in the EU?

Perpetuals are derivatives and fall under MiFID II — not MiCA. Fewer than five major exchanges hold this licence. Providers without MiFID II serving EU users operate outside EU supervision. See Which exchanges hold MiFID II? for the current list.

In practice, Backpack was the first exchange to secure this: based in Cyprus and regulated by supervisor CySEC under MiFID II (the entity was formerly FTX EU). Since September 2025 it has offered regulated perpetuals to EU users. Note one legal detail that is often missed: under MiFID II, perpetuals in Europe are treated as CFDs. As a result, the ESMA rules apply, including a leverage limit of 2:1 on crypto CFDs for private (retail) investors and mandatory risk warnings. Backpack advertises leverage up to 10x; such higher leverage is generally reserved for clients classified as professional. An offshore platform that simply offers you 50x or 100x operates by definition outside that EU framework — with all the risks that entails (see our story 100x: the rise and fall of BitMEX).

True perpetuals vs X-Perps

Some licensed venues offer genuine perpetuals (no end date); others chose X-Perps: expiry futures with a tenor of, say, 5 years (60 months) that behave like perpetuals in practice. For most traders the difference is small, but with X-Perps basis risk exists towards expiry. The full explanation is in Perpetuals vs expiry futures.

In the table we label each product explicitly: true perp or X-Perp with tenor.

Fees and spreads

The advertised fee is only half the story. On BTC perpetuals, spreads range from lowest, ~$0.10 to highest, ~$1.00 — a factor of ten. For a day trader that means hundreds of euros of difference per month, on top of fees. See True Cost of Trading for the calculation.

BTC spread comparison (live)

Indicative snapshot:

For spot BTC/EUR or BTC/USDC:

Why spread matters

Spread is the price you pay to buy or sell immediately. Every time you place a market order, you "consume" the spread:

• Buy order: you pay the ask price
• Sell order: you receive the bid price

The difference between the two is the spread — and it is a cost you incur on top of trading fees.

What determines the spread?

1. Liquidity — more market makers = tighter spread
2. Volatility — higher volatility = wider spread
3. Competition between exchanges — the sharper the competition, the narrower the spread
4. Presence of professional market makers — high-frequency MMs compress spreads

On EU-licensed perpetuals, competition between serious exchanges is high, which leads to tighter spreads than on less liquid platforms.

Impact on different trader profiles

Day trader (10 trades per day, 0.1 BTC per trade)

At a $60,000 BTC price and a $0.10 spread: $1 per day = $365 per year. At a $1.00 spread: $10 per day = $3,650 per year. Difference: $3,285 per year from the spread alone.

Position trader (10 trades per month, 1 BTC per trade)

At a $0.10 spread: $2 per month = $24 per year. At a $1.00 spread: $20 per month = $240 per year. A smaller difference, but still noticeable with larger positions.

How to read spread data

1. Snapshot vs average — a one-second snapshot can mislead. Compare 24h averages.
2. Depth matters — top-of-book spread is not the same as spread at $100k volume.
3. Top level vs L2/L3 — professional traders look at multiple levels to estimate slippage.

Leverage limits under MiFID II

Under MiFID II, retail clients face leverage limits (typically around 10x for crypto derivatives, per exchange). Professional clients can often qualify for higher leverage after a suitability assessment — but not every exchange differentiates. In the table we show both retail and pro leverage per platform.

Yield on collateral while trading

The biggest hidden difference: does your margin earn interest while your positions are open? On some platforms your USDC collateral earns base APY range, ~3.5-4%; on others nothing. On a serious account that covers a large share of your trading fees. See Yield on Perp Collateral: the real comparison.

Frequently asked questions

Which exchange offers regulated perpetuals in Europe?

Backpack was the first exchange with a MiFID II licence (via CySEC in Cyprus) to offer perpetuals to EU users, live since September 2025. Other licensed parties may follow; the current list is at exchanges with MiFID II.

Can Dutch traders legally trade perpetuals?

Yes, at exchanges holding MiFID II with EU passporting. Outside that, you trade without EU protection.

What matters more: fees or spread?

High frequency: spread. Low frequency and larger size: fees and funding. The Cost Calculator covers both.

Why isn't my exchange listed?

We only show providers that may legally serve EU users.

Why is Backpack's spread so tight?

Presence of professional market makers and institutional participation.

Why is Bitvavo more expensive on USDC?

Bitvavo is a retail-focused Dutch exchange with good EUR rails, but on USDC conversion the spread is higher than at pure crypto exchanges.

Do I measure spread in dollars or percentage?

On perpetuals usually in dollars (e.g. $0.10). On spot often as a percentage (e.g. 0.05%).