Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now ! 🔥
At some point in their learning journey, every crypto trader has to confront the limitations of their chosen tools. Whether you’re Team CEX or Team DEX, you’ve probably wondered if the grass might be greener on the other side, after all. Which is why it’s time to take a peek at this list of the best hybrid crypto exchanges!
As the name itself suggests, these trading platforms claim to offer the best of both worlds by combining the efficiency and low prices of centralized exchanges like Binance and Bybit with the unparalleled user autonomy that has become the hallmark benefit of decentralized ones.
Here’s the complete list of platforms I’ll be delving into in this guide:
- dYdX - Best for Perpetuals & Earning Rewards
- Coinbase - The Beginner’s Choice
- Hyperliquid - Best for Perpetual Trading
- Raydium - Best for Price Routing
- Crescent - Best for Market Makers
- Blum - Best for Telegram Users
- KUMA - Best for Multiple Order Types
Are these hybrid exchanges really good enough to prove that the crypto trading scene has evolved beyond the need for compromises? Let’s find out!
1. dYdX - Best for Perpetuals & Earning Rewards
Ranks #1 out of 7 Crypto Exchanges
- + Fast transactions with reduced gas fees
- + Perpetual trading with up to 50x leverage
- + Non-custodial system
- + Enhanced decision-making with DYDX
- + Easy-to-use mobile app
- + Various ways to earn
- - Not available for users in the US
- - No spot trading
With its selection of 200+ cryptocurrencies, flexible yield farming, and permissionless key system, dYdX comes out as one of the best hybrid crypto exchanges for traders of every level.
While dYdX is primarily a DEX, some aspects of its infrastructure, like the orderbook and matching engine, are managed by dYdX Trading Inc. and other partners.
This exchange runs on its own dYdX Chain, built on the Cosmos SDK, which uses a Proof-of-Stake (PoS) system with 60 active validators. Like most other DEXs, dYdX’s governance is fully community-driven: it’s the token holders who decide on protocol upgrades, fee structures, and risk parameters.
dYdX’s Permissionless Key system allows users to set custom access levels, automate transactions, and maintain full control over their account, whether they’re running their own personal account or managing one on behalf of their client.
On top of all that, dYdX also has one of the most competitive rewards programs out there. The exchange’s affiliate program offers exclusive VIP benefits, including higher commission rates and personalized support, with instant payouts in USDC.
📚 Read More: dYdX Affiliate Program
Key Features
Check out dYdX’s main characteristics:
- MegaVault. It's dYdX’s main liquidity pool. Users can deposit USDC, which is then distributed to sub-vaults to run automated market-making strategies across dYdX Chain markets. You can start earning yields immediately or withdraw them anytime, with no lock-in.
- Advanced Trading Options. dYdX supports perpetual contracts with up to 50x leverage and allows you to open positions across 198+ markets, including cryptocurrencies, real-world assets and forex.
- Instant Listing. If you have your own crypto project coming up, dYdX features a token listing platform with a permissionless framework.
- Low Trading Fees. dYdX has a 0.01% maker fee and a 0.05% taker fee for users with a 30-day trading volume of less than $1 million. Though, the fees go lower as the volume increases.
- User-Friendly Mobile App. Switch between Lite and Pro mode to access whatever features you want without cluttering the interface.
- Extensive Wallet Support. You can connect some of the most popular non-custodial wallets, like Ledger and MetaMask.
dYdX easily comes out on top as one of the best hybrid cryptocurrency exchanges compared to its competitors.
2. Coinbase - The Beginner’s Choice
Ranks #2 out of 7 Crypto Exchanges.jpg "Coinbase - The Beginner’s Choice")
- + Accepts fiat currencies
- + Simple to use
- + Supports only trusted cryptocurrencies
- + Very secure
- - Some of the less-known altcoins aren't supported
GET $200 REWARD
Claim Your Coinbase Sign-Up Bonus
Score up to $200 in BTC or USD – just sign up and make your first crypto purchase to get a go at the Reward Wheel. Instant spin. Instant reward. Follow this Coinbase referral link to activate the deal!
Coinbase is one of the most well-known and user-friendly cryptocurrency exchanges globally, especially popular in the United States. Founded in 2012 and headquartered in San Francisco, it has grown into a publicly traded company (NASDAQ: COIN), which adds to its credibility and transparency. Coinbase is often the first choice for beginners due to its simple interface and straightforward buying process.
As of 2025, Coinbase supports over 290 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and a wide range of altcoins. It caters to different user levels through two platforms:
- Coinbase (Standard Platform): Focused on beginners, offering easy buying, selling, and holding of crypto.
- Coinbase Advanced (formerly Coinbase Pro): Designed for more experienced traders, providing advanced charting tools, lower fees, and a range of order types.
Coinbase places a strong emphasis on security to protect user funds and data. It secures approximately 98% of customer assets in cold storage, keeping them offline and away from potential hackers. Additionally, two-factor authentication (2FA) is required for account access, adding an extra layer of protection.
For US-based customers, USD balances are FDIC-insured up to $250,000, providing a safety net in case of platform issues. Sensitive user data is safeguarded through encryption protocols, ensuring that personal and financial information remains private. Coinbase also runs a bug bounty program, encouraging security researchers to report vulnerabilities, which helps maintain the platform’s robust defense systems.
3. Hyperliquid - Best for Perpetual Trading
Ranks #3 out of 7 Crypto Exchanges
- + Advanced trading options
- + Community-owned liquidity pools
- + Blazing-fast transactions
- + Low gas and trading fees
- - No fiat deposits
- - No multi-chain support
- - Too complicated for beginners
This is, hands down, one of the most famous names in the hybrid crypto exchange scene. Hyperliquid took the crypto community by storm with the release of its official HYPE token airdrop in November 2024, and while the actual hype (no pun intended) might have died down since then, the exchange has still retained plenty of fans, thanks to its diverse trading options and high-powered liquidity pools.
Like all the other best hybrid crypto exchanges on this list, Hyperliquid’s distinguishing feature is managing transactions with an order book, which provides a CEX-like trading experience in terms of low slippage and high execution speed.
Hyperliquid offers spot trading with 20 cryptocurrencies and 130+ perpetual contracts with up to 50x leverage. The exchange’s native Layer-1 blockchain can handle up to 200,000 transactions per second, and the gas fees, too, are much lower than what you’d find on many regular DEXs.
Staking fans will enjoy Hyperliquid’s advanced liquidity pool (“vault”) system. The community-owned HLP vault acts as the platform’s market-maker and liquidation vault. Users can open their own vaults and earn a 10% profit share from them, while other users can provide their own deposit and share the vault’s P&L.
The only areas this hybrid crypto exchange falls short in are beginner-friendliness and fiat support (although there are some third-party on/off-ramp solutions available). There’s no option to deposit fiat currency, only USDC, and Hyperliquid only bridges to the Arbitrum network, which makes it a less flexible option for a lot of users.
Key Features
Let’s see what advantages Hyperliquid brings to the table:
- Fully On-Chain Order Book. Hyperliquid manages all trades, funding, and liquidations on its eponymous Layer-1 blockchain, specifically designed with this hybrid exchange in mind.
- Perpetual Contracts. This exchange offers coin-margined (USD) perpetual contracts with an hourly funding rate and up to 50x leverage.
- One-Click Trading. Not having to deal with wallet approvals creates an easy and frictionless trading experience.
- Low Trading Fees. For spot trading, the base maker and taker fees are 0.04% and 0.07%, respectively, while perpetual trading costs 0.015% for makers and 0.045% for takers.
- Third-Party Wallet Support. Hyperliquid accepts WalletConnect, OKX Wallet, and Coinbase Wallet.
With these features, Hyperliquid is one of the best hybrid crypto exchanges for users who prefer futures trading with high leverage and a generous selection of tokens.
Did you know?
All Crypto Exchanges may look similar to you but they're NOT all the same!
4. Raydium - Best for Price Routing
Ranks #4 out of 7 Crypto Exchanges
- + High performance with Solana
- + Unique hybrid AMM design
- + Low transaction fees
- + Extensive educational resources
- + Earning features
- - Past security concerns
- - Limited accessibility in some countries
Launched in 2021, this Solana-based exchange supports lightning-fast trades, permissionless pool creation, and flexible yield earning. With a daily trading volume of over $274 million and 1,200+ cryptocurrencies, this is likely the most mainstream option in this round-up of the best hybrid crypto exchanges.
Raydium can be considered a hybrid crypto exchange because it functions as an automated market maker (AMM), but also integrates an on-chain central limit order book to improve trading efficiency and liquidity.
Raydium’s AMM model integrates with the central limit order book of OpenBook (another decentralized exchange on Solana), giving users access to the liquidity of the entire OpenBook ecosystem.
And that’s not all, Raydium’s Best Price Swaps feature finds the best swap route among all the available pools in order to provide the most optimal price for users, and executes the order accordingly.
Raydium’s concentrated liquidity pools are good for experienced providers who prefer a more customizable approach instead of making do with the basic default settings. This type of pool lets users deposit crypto in their specified price range and get better yields this way.
The only blemish in this otherwise attractive package is Raydium’s security concerns. While being decentralized makes it pretty safe for general use, it did fall under attack in December 2022, in which several liquidity pools were compromised and $5.5 million worth of assets were stolen.
Key Features
Raydium gives some of the other best hybrid exchanges a run for their money with this set of perks and advantages:
- No Maker Fees. Raydium charges a 0.025% taker fee, but makers can trade completely free of charge. Withdrawals cost 1 USDC.
- Permissionless Pool Creation. Any user can create a concentrated liquidity pool (CLMM) or constant product pool (CPMM) for any asset.
- Launch Lab. Radium features a token launch platform where creators can launch a new token for free in just a few minutes, with no coding knowledge required, and attract early buyers.
- Referral Program. Refer your friends and earn 0.1% on every trade they make (paid in SOL, or the quote token used in the specific AMM pool).
- Integration With Solana Wallets. Raydium supports some of the most popular Solana wallets, including Phantom and Solflare.
As you can see, Raydium caters to both crypto traders, stakers, and creators, as well as those willing to put in a good word to their friends.
5. Crescent - Best for Market Makers
Ranks #5 out of 7 Crypto Exchanges
- + Flexible AMM pool system
- + Market Maker rewards program
- + User-friendly interface
- - Few wallet integrations
Built on the foundation of Gravity DEX, Crescent is marketed as the next evolutionary milestone for hybrid exchanges, operating both with an AMM and an order book. It supports 27 cryptocurrencies, although, unlike some other players on this list, it lacks perpetual trading.
Crescent’s approach to liquidity is balanced between catering to both new and experienced traders. You can simply deposit your funds into an AMM and have them automatically spread across ticks on the order book, or provide liquidity directly into the order book without depositing into an AMM.
Speaking of liquidity pools, Crescent goes the extra mile by utilizing auto-rebalancing ranged pools that allow users to provide liquidity within a predefined price range for a token pair. This is especially useful for stablecoin pairs like USDT/USDC.
Users who apply to become market makers become eligible for the Crescent liquidity rewards program. Every month, the platform evaluates their performance off-chain (measuring parameters like liquidity contribution, uptime, and order quality) and pays incentives in the form of CRE tokens.
Crescen’t interface lets you switch between the Swap panel, which looks exactly like that of your typical DEX, and the Orderbook view you’ll find familiar if you’re more used to centralized exchanges.
Key Features
Let’s see what Crescent has in store for the fans of hybrid crypto exchanges:
- Spot Trading. Place market or limit orders on Crescent’s order book.
- No Lock-In. Withdraw your funds from the liquidity pool anytime you want, with no minimum bonding period.
- Decent fees. Crescent’s swap fees for makers and takers vary by market, while the liquidity pool creation is free of charge.
- Staking. Stake CRE tokens on Crescent for an APY of ~10% or simply swap them to bCRE instead of liquid staking.
- Wallet Integrations. As of writing this, Crescent only supports 3 non-custodial wallets: Cosmostation, Leap, and Keplr.
If you’re on the testnet version, feel free to take advantage of Crescent’s faucet to get free CRE tokens.
6. Blum - Best for Telegram Users
Ranks #6 out of 7 Crypto Exchanges
- + Cross-chain trading
- + Frequent rewards campaigns
- - Unclear regulatory status
- - Reported technical issues
Telegram is an irreplaceable companion of many crypto enthusiasts – but have you ever tried a crypto exchange that runs as a Telegram mini-app? Blum seeks to become the best hybrid crypto exchange for users who’d like to do some crypto trading without leaving their Telegram app.
It features a simple and user-friendly cross-chain trading experience across 30 networks. You can try derivatives trading (including perpetual futures and options), and even NFT and pre-market trading.
What’s more, this exchange integrates P2P fiat trading, letting users buy and sell crypto to each other directly, using their local currencies. Blum’s team has mentioned plans to add fiat on/off-ramps for perpetual trading, too.
If you’ve ever dreamed of seeing your own token listed, Blum features a convenient token launchpad for meme coins. You can set up your pet project in just a few minutes and find your first buyers.
A Telegram-based hybrid exchange wouldn’t be complete without some gamification in the mix, though – and Blum doesn’t disappoint there. You’ll get BP (Blum Points) just for checking in daily, and find a selection of quests you can complete to earn more.
Some of the tasks will have you interact with the platform, while others include educational activities like watching YouTube videos about Blum.
Key Features
Here’s what makes Blum a rising star in the hybrid crypto exchange landscape:
- Automated Trading. Explore advanced trading options like copy trading and auto-snipe orders.
- Universal Token Access. This hybrid exchange automatically lists tokens with sufficient liquidity from various exchanges and protocols.
- Auto Farming. Toggle the “Auto” option on Farming settings and get hourly points without so much as a single click.
- Flat Trading Fee. Blum charges a status fee of 1% for every transaction.
- Secure Trading. Blum utilizes multi-party computing (MPC) wallets and lets you connect to 24 non-custodial wallets, including SafePal, Binance Wallet, and Bybit Wallet.
If you decide to give Blum a chance, I recommend logging in daily to take advantage of its generous points system.
7. KUMA - Best for Multiple Order Types
Ranks #7 out of 7 Crypto Exchanges
- + Advanced order types
- + Maker rebates
- + Referral rewards
- + Session Keys system
- - Only 5 available cryptocurrencies
- - Only perpetual trading
Previously known as IDEX, this perpetual exchange is built on XCHAIN, a custom Arbitrum Orbit Layer-2 network. While it might not meet the hybrid exchange definition to the T, it leverages a hybrid architecture by combining an off-chain matching engine with on-chain settlement. This helps deliver gas-free transactions with practically instant execution.
KUMA offers five perpetual contracts with up to 50x leverage between USD and the following cryptocurrencies: BTC, ETH, SOL, XRP, and BERA. While this doesn’t exactly make for an impressive selection, the list still includes 4 out of 5 of the most popular tokens.
Like most exchanges, it integrates TradingView and supports several order types: Market, Limit, Stop-loss, Take-profit, Post-only, Fill-or-Kill (FOK), Immediate-or-Cancel (IOC), Good-till-Cancelled (GTC), and Reduce-only.
To ensure price integrity, KUMA sources its crypto price data from Pyth Network, one of the largest and fastest-growing first-party oracle networks. As a backup, the platform also runs its own internal index, using the data from high-volume major exchanges, including Binance, Kraken, and Bybit.
Loyal fans can take advantage of KUMA’s generous referral program. They are entitled to 10% of trading fees from every friend they refer (paid in USDC), while the referred user gets a 5% discount on their own trading fees.
Key Features
Here are some of the major features that earned KUMA a spot on this list of the best hybrid crypto exchanges:
- High-Performance. Trade 20x faster than on most other perpetual DEXs with millisecond latency and instant execution, thanks to the exchange’s off-chain order book.
- Affordable Trading Fees. Makers get a -0.005% rebate, while the taker fee is 0.03%.
- Session Keys. Secure, wallet-linked session keys facilitate a more seamless trading experience without constant signature prompts.
- Smart Contract Custody & Escrow. The escrow system ensures that your funds are held securely until a trade settlement is confirmed, reducing the risks found in traditional CEXs.
- Market Maker Rewards. Earn points and daily rewards of up to 1,000 BGT for contributing to KUMA’s liquidity.
All in all, KUMA is an excellent entry point into the world of hybrid cryptocurrency exchanges.
Comparing the Best Hybrid Crypto Exchanges
Feeling overwhelmed? Here’s a handy overview of the key features and characteristics of all the platforms I’ve covered in this guide:
Best For | Trading Fees | Supported Coins | Key Features | |
|---|---|---|---|---|
dYdX | Perpetual trading and reward programs | 0.01% maker fee and a 0.05% taker fee | 198+ | Perpetual trading with up to 50x leverage, liquidity pools with sub-vaults, and Permissionless Keys |
Hyperliquid | Perpetual trading | Spot trading - 0.04%/0.07 maker/taker fee; perpetual trading - 0.015%/0.045% maker/taker fee | 130+ for perpetual trading, 20 for spot trading | Spot trading, perpetual trading with up to 50x leverage, community and user-owned liquidity vaults |
Raydium | Best crypto prices | 0% maker fee, 0.025% taker fee | 1,200+ | Token swapping, automated price routing, concentrated liquidity pools, token launchpad |
Polkadex | Security and flexible KYC | Free for the first 6 months, then a 0.1% maker/taker fee | 8 | Spot trading, staking, decentralized KYC |
Crescent | Market maker rewards | Vary by market | 27 | Spot trading, flexible liquidity provision |
Blum | Telegram users | 1% for every transaction | 100+ | Spot trading, copy trading, P2P fiat trading, token launchpad |
KUMA | Advanced order types | -0.005% maker rebate, 0.03% taker fee | 5 | Perpetual trading with up to 50x leverage, staking, Session Keys, escrow system |
Table: An overview of the best hybrid exchanges
As you can see, all of these best hybrid exchanges have their own strengths and specialities, so feel free to take a deeper look and discover your best fit!
Alternatives to Hybrid Crypto Exchanges
If you’ve never tried a hybrid crypto exchange before, they’re certainly worth a shot – but if it’s the CEX-like features you’re mainly drawn to, you might be better served by well-known industry leaders. Here are my top recommendations for centralized exchanges:
- Binance is the largest exchange by trading volume as of writing. It offers competitive fees, a large cryptocurrency selection, and advanced trading options like P2P. Overall, taking all of its features into account, it provides users with a vast crypto trading and earning hub.
- Kraken comes with a flexible yet intuitive interface, well-suited for beginners. It operates in 190+ countries and has 360+ cryptocurrencies, as well as futures and copy trading.
- Bybit is known for its multiple rewards and earning programs and robust security. With its clean interface and a choice of different trading options, it’s suitable for both beginners and advanced traders.
- MEXC supports over 4,300 crypto assets and a number of different trading types, including demo and copy trading. It’s available in 170+ countries.
It goes without saying that hybrid trading platforms have a lot to live up to.
📚 Read More: Best Cryptocurrency Exchange
What is a Hybrid Crypto Exchange?
Do you still feel like you need some more clarity on the concept of a hybrid cryptocurrency exchange, even after going through this whole list? I wouldn’t blame you! This type of platform is still relatively new to the game, and the demand for them is only just starting to emerge; at this point, there isn’t even a strict definition of what constitutes a hybrid exchange.
In a nutshell, a hybrid cryptocurrency exchange is a type of crypto exchange that blends features from both centralized and decentralized exchanges. Strictly speaking, though, a hybrid exchange is still a DEX: it runs on a smart contract directly on-chain and requires connecting a non-custodial crypto wallet.
The most common element borrowed from CEXs is an order book. Some hybrid exchanges handle transactions exclusively on an order book, while others incorporate a mix of AMM and an order book and allow users to choose one or the other, depending on their needs. AMM only allows simple buying and selling,[1] while the order book offers a CEX-like spot trading experience with multiple order types.
Let me reiterate one key difference between the way order books function on HEXs and CEXs, though. On CEXs, the order book is maintained centrally, and users' funds are custodial, meaning they’re managed by the exchange itself, and orders are matched within the exchange's internal systems.[2]
In contrast, even if a HEX’s order book is managed internally by the platform, the actual settlement (final transfer of assets) happens through decentralized smart contracts, meaning that, as a user, you always have control over your assets.
Either way, having an order book opens up a much wider net of possibilities for hybrid exchanges – such as adding futures and derivatives trading, for instance, since the execution of this type of contract depends on precise price matching. That’s another advantage hybrid exchanges hold over regular DEXs that only allow swapping at the current market rate based on liquidity in the pool.
Interface-wise, hybrid exchanges' crypto trading experience looks indistinguishable from CEXs, featuring a TradingView chart and a Buy/Sell panel with order types. You’ll also likely find a full-fledged portfolio management page.
While regular DEXs don’t allow depositing or trading fiat currencies, some hybrid exchanges like Polkadex come pretty close to your typical CEX experience by offering on/off-ramps for fiat. This usually goes hand in hand with the availability of KYC verification.
There’s just one question left, then: are hybrid crypto exchanges safe? Unfortunately, that’s where the mixed approach presents a bit of a catch. Even if HEX users retain control over their assets, some parts of the exchange may still be centralized (e.g., order matching or trading fees), which could expose the platform to centralized risks such as hack attacks, regulatory compliance issues, or platform failures.
How to Choose the Best Hybrid Crypto Exchange?
With the hybrid crypto exchange market still at its infancy, you won’t exactly have to wade through an ocean of choices – but still, if you’re still trying to find the best tool for your needs, here are the key factors to consider:
- Flexibility. Do you only need an on-chain order book, or would you prefer to have an AMM at hand, too? Look for a hybrid exchange with the combination that suits your approach to crypto trading.
- Interoperability. Does the platform in question support cross-chain trading? If you’re only interested in tokens from a specific chain, cross-chain support will probably be less relevant to you. Keep in mind that, on hybrid exchanges, cryptocurrency selection is typically lower.
- User-Friendliness. To less experienced users, a hybrid crypto exchange probably won’t feel as intuitive as the CEXs or DEXs they’re used to. Prioritize exchanges with a clean interface, a user-friendly onboarding process, and a decent knowledge base.
- Low Fees. DEXs usually edge out CEXs in terms of trading fees but have higher gas fees. Look for a hybrid exchange with cost-efficient transactions and reasonable maker/taker fees.
- Staking & Yield Farming. If you’re interested in becoming a market maker, make sure the exchange offers high staking rewards. Experienced traders might want to look for platforms with Concentrated Liquidity Market Maker (CLMM) pools.
- Security. Most hybrid exchanges won’t have typical CEX features like 2FA, but some have decentralized KYC. Look for exchanges with additional safeguards like Session Keys and hardware wallet (like Trezor or Ledger) support.
Don’t just stick to this basic template, though – feel free to develop your own customized set of requirements and don’t be too quick to settle for an exchange that just doesn’t feel right for you.
Conclusions
If you still find yourself perched on the fence when it comes to choosing between CEXs and DEXs, the best hybrid crypto exchanges like dYdX might just be the answer. Combining the benefits of both, they help users get rid of a compromise or two and develop their own unique approach to crypto trading.
Most of such exchanges feature both an order book and AMM liquidity pools and offer perpetual contracts with high leverage. They can make a good alternative for users who enjoy mixing it up a little and trying out different trading strategies.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Xu J., Paruch K., Cousaert S., Feng Y.: 'SoK: Decentralized Exchanges (DEX) with Automated Market Maker (AMM) Protocols';
2. Hägele S.: 'Centralized exchanges vs. decentralized exchanges in cryptocurrency markets: A systematic literature review'.
About Article's Experts & Analysts
Disclosure: To keep our site running & free of charge, we may sometimes receive a small commission if a reader decides to purchase services via some links on site, at no extra cost.
