Equity perps let you trade the price of a stock as a perpetual futures contract, often around the clock, with leverage, and without touching a traditional brokerage. It is one of the fastest-growing corners of crypto derivatives, and the number of venues offering it is climbing.
This guide explains how equity perps work, what actually matters when picking a venue, and the exchanges to consider in 2026.
What an equity perp is (and is not)
A stock perpetual is a derivative that tracks an equity reference price. It is not the same as owning the share.
- It generally gives you no voting rights and no ordinary shareholder protections.
- Its price can drift from the real stock, especially when traditional markets are closed.
- It usually charges funding, like any perpetual, and can be liquidated if you use margin.
The upside is obvious: exposure to stock moves 24/7, with leverage, settled in crypto. The catch is that when the underlying stock market is closed, the perp leans harder on its oracle and a thinner set of traders, so gaps can appear when the cash market reopens. Our tokenized stock perpetuals guide breaks this down in detail.
What to check before you pick a venue
The right exchange for equity perps comes down to a few concrete factors, not marketing.
- Which products are actually live. Confirm the specific equity markets are trading now, not just announced.
- The oracle and reference price. How each contract is marked, and how it behaves outside stock-market hours.
- Liquidity at your size. Thin books mean slippage in and painful exits.
- Fees and funding. The headline fee plus funding over your holding period is the real cost.
- Leverage and liquidation rules. How much room a position has before it is closed.
- Withdrawals and eligibility. Settlement times, limits, and whether your region is supported.
Venues to consider in 2026
There are two broad routes: large centralized derivatives exchanges, and on-chain venues built specifically for equity perps.
Deep-liquidity CEX route. For crypto perps and fast-moving markets, Bybit is one of the strongest all-round derivatives venues, with deep liquidity, quick new-market listings, and mature tooling. If you want a single account for crypto perps plus whatever equity-linked or pre-market products it currently lists, check Bybit's live product menu, and note new users can claim up to $30,000 in deposit bonuses through our Bybit link. Click here to sign up on Bybit (opens in a new window). Terms apply.
On-chain equity-perp route. Venues built specifically around 24/7 equity perpetuals are emerging fast. Arcus is one early example focused on crypto and equity-linked perps, using code BESTRADER at signup. On-chain venues remove the traditional broker, but they add smart-contract, oracle, and liquidity risk, so treat them as high-risk and test small. See our Arcus invite code guide for the full checklist.
| Factor | Deep-liquidity CEX (e.g. Bybit) | On-chain equity perp venue |
|---|---|---|
| Liquidity | Generally deeper | Varies, often thinner early |
| Custody | Exchange-held | Self-custody wallet |
| Product range | Broad, crypto-led | Equity-perp focused |
| Extra risks | Counterparty, eligibility | Smart-contract, oracle |
| New-user perk | Up to $30k bonus (Bybit) | Access code / early user |
Manage the added risk
Equity perps stack reference-market risk on top of normal perp risk. Prices can move while the underlying exchange is closed, then reprice sharply on reopen. That makes conservative leverage and tight sizing more important, not less.
Before entering, model how little room a leveraged position has with our liquidation calculator, and check funding cost over your intended hold with the funding calculator. Estimates are not guarantees; the venue's mark price and maintenance rules control real liquidations.
Bottom line
The best exchange for equity perps depends on what is live, how deep the liquidity is, and how each contract is marked outside market hours. For a deep-liquidity, all-round derivatives account, Bybit is a strong base and comes with up to a $30,000 bonus through our link. For pure on-chain equity perps, newer venues like Arcus are worth watching, with the usual early-venue caution. Verify live products yourself, use conservative leverage, and only risk what you can afford to lose. None of this is financial advice.