Avantis

If you have been hunting for a decentralized perpetuals platform that goes beyond crypto and into real-world assets, Avantis deserves a closer look in 2026. Built on the Base blockchain and backed by Pantera Capital, this exchange has grown from a small oracle-based trading venue into a full-blown RWA perpetuals hub offering up to 500x on forex, commodities, and indices. We spent several weeks trading on Avantis across multiple market conditions, and this review covers everything from fees and security to how it stacks up against the biggest names in the perp DEX space.

What is Avantis?

Avantis is a decentralized perpetual futures exchange that launched on the Base blockchain in early 2024. Originally focused on crypto perpetuals with an oracle-based pricing model, the platform has since evolved significantly. By mid-2025, Avantis had expanded its scope to include real-world asset (RWA) perpetuals, letting traders access forex pairs, commodities like gold and oil, and stock indices - all with high leverage and fully on-chain settlement.

The team behind Avantis raised $4 million in a seed round led by Pantera Capital in 2023, well before the platform went live. In June 2025, Avantis secured an additional $8 million in a Series A round, with participation from Founders Fund, Salt Fund, Symbolic Capital, and Flowdesk. That injection of capital helped fuel rapid development. By September 2025, the platform had launched its native AVNT token, distributed airdrops to roughly 48,000 wallets, and landed listings on major centralized exchanges including Coinbase, Binance, Bybit, Kraken, and OKX.

The technical architecture relies on decentralized oracle networks rather than an internal order book for price discovery. This approach means that trades execute at fair market prices aggregated from multiple external data feeds, reducing the risk of price manipulation that plagues lower-liquidity venues. Avantis runs exclusively on Base, which keeps gas costs extremely low - typically between $0.01 and $0.05 per transaction.

What really sets Avantis apart from most perp DEXes is its zero-fee perpetuals model. Instead of charging a standard maker/taker fee on every trade, the platform takes a fraction of profits only from winning trades and offers guaranteed loss rebates to traders who take contrarian positions. This is a genuinely different fee structure that we have not seen widely replicated elsewhere. The platform also features risk-tranche LP vaults that let liquidity providers choose their risk exposure level, improving capital efficiency on both sides of the trade.

As of early 2026, Avantis supports around 30 perpetual markets spanning crypto, forex, and commodities. Total value locked has climbed to roughly $23 million, and during peak periods in September 2025, the platform recorded over $1.5 billion in 24-hour trading volume. Those are impressive numbers for a protocol that is not yet two years old.

Features and Functionality

Trading Interface

We found the Avantis trading interface to be clean and focused. The layout puts the trading chart front and center, with order entry on the right side and position management below. There is no clutter from unnecessary widgets or social features - it is a purpose-built trading terminal.

The charting is powered by TradingView integration, so you get the full suite of technical indicators, drawing tools, and timeframes that experienced traders expect. We tested moving averages, Bollinger Bands, RSI, and MACD without any issues. The chart loads quickly on Base, and price updates feel responsive even during volatile market periods.

Order types include market orders and limit orders. We were able to set take-profit and stop-loss levels directly from the order entry panel, which is convenient for risk management. One thing we noticed is that the interface does not support more advanced order types like trailing stops or OCO (one-cancels-other) orders, which could be a drawback for algorithmic-minded traders.

The position management section shows all open positions with real-time PnL, entry price, liquidation price, and margin details. Closing a position or adjusting margin is done with a couple of clicks. Overall, the UI feels responsive and well-designed for its target audience of active perpetuals traders.

Supported Markets

Avantis currently lists around 30 perpetual trading pairs. The crypto selection covers the majors you would expect - BTC, ETH, SOL, ARB, and others. But the real differentiator is the RWA category. The platform offers forex perpetuals (EUR/USD, GBP/USD, USD/JPY, and more), commodity perpetuals (gold, silver, oil), and even stock index perpetuals.

The maximum offered is up to 500x on select pairs, though this varies by asset class. Major forex pairs and crypto blue chips support the highest multipliers, while more volatile or exotic assets have lower caps. We would caution newer traders that 500x is an extraordinarily high level of exposure, and even small price movements can trigger liquidation at those levels.

The RWA markets are particularly interesting because they let crypto-native traders access traditional financial instruments without leaving the on-chain environment. You do not need a brokerage account or KYC to trade forex or commodity perpetuals on Avantis. That said, the selection is still relatively limited compared to traditional brokers - you will not find individual stock perpetuals here, just broader market categories.

Liquidity and Order Book Depth

Avantis uses an oracle-based pricing model, which means there is no traditional order book to evaluate. Instead, prices are sourced from decentralized oracle networks that aggregate data from multiple exchanges and feeds. The practical benefit is that you generally get fair market prices regardless of the platform's own trading volume.

With a TVL of roughly $6 million as listed in the protocol data (though more recent figures suggest this has grown considerably), liquidity can be a concern for very large positions. During our testing, we did not experience significant issues with smaller to mid-sized trades. The oracle-based system means you avoid the slippage problems that plague AMM-based DEXes, but the available liquidity in LP vaults still sets an upper bound on position sizes.

Daily volume of approximately $12 million as recorded in the protocol data is modest compared to giants like Hyperliquid or GMX, though peak volume figures in late 2025 were dramatically higher. The liquidity situation is improving as more LPs deposit into the risk-tranche vaults, attracted by the fee-sharing model.

Advanced Features

The most notable advanced feature is the zero-fee perpetuals (ZFP) model. Unlike traditional perp DEXes that charge fees on every trade, Avantis takes a share only from profitable trades. Losing trades actually receive a rebate - the protocol pays back a portion of losses to traders who take positions against the prevailing market direction. This creates a built-in incentive for market balance and is genuinely novel.

The risk-tranche LP vault system is another standout. Liquidity providers can choose from different risk tiers, each offering different yield profiles. Higher-risk tranches earn more from trading fees but face greater exposure to trader profits. Lower-risk tranches earn less but have more protection. This is a more sophisticated approach than the single-pool models used by many competitors.

Avantis also runs a points-based rewards program that tracks trading activity and awards points that may translate into future token allocations or other benefits. With the AVNT token now live, staking functionality has been introduced, allowing token holders to earn a share of protocol revenue. The referral program offers 10% more points plus a 5% rebate on trading fees for users who sign up through a referral link.

Fees and Pricing

Fee Structure

The fee structure on Avantis is unconventional. The protocol data lists a 0.06% swap fee and a 0.02% protocol fee, but the platform has moved toward a zero-fee model for perpetual trading. Under the current system, traders do not pay traditional maker/taker fees. Instead, the protocol takes a small share of winning trades and redistributes a portion to losing traders as rebates.

Gas costs on Base are nearly negligible. During our testing, transaction fees ranged from $0.01 to $0.05, which is essentially rounding error even on small trades. This is one of the tangible benefits of building on Base rather than Ethereum mainnet or even some other L2s.

For liquidity providers, earnings come from a share of the protocol's take on winning trades. The risk-tranche system means your effective yield depends on which vault tier you choose. Higher-risk tranches can earn substantially more during periods when traders are net losers, but they also take larger hits when traders are profitable overall.

How Avantis Fees Compare

To put Avantis fees in context, here is how they stack up against several major perpetuals DEXes:

Avantis is competitive on paper, especially when you factor in the zero-fee perpetuals model. However, the effective cost depends heavily on your win rate. If you are a consistently profitable trader, you will pay more in profit-sharing than you would in flat fees elsewhere. If you are trading actively and breaking even, Avantis can be cheaper than traditional fee models. The ultra-low gas costs on Base are a genuine advantage over Arbitrum-based competitors.

Real-World Cost Examples

Here are some concrete examples of what trading on Avantis actually costs:

A $10,000 long position on BTC-USD at 10x (notional value $100,000) would incur a swap fee of approximately $60 (0.06%) plus a $20 protocol fee (0.02%). Gas would add roughly $0.03. Total cost to open: around $80.03. Under the zero-fee perps model, if this trade results in a $500 profit, the protocol takes a small percentage of that profit instead.

A $5,000 position on EUR/USD forex perpetuals at 100x (notional value $500,000) carries the same percentage-based fees. The swap fee comes to $300 and protocol fee to $100, for a total of $400 plus negligible gas. At these leverage levels, the fee as a percentage of your actual margin deposit is quite significant - 8% of your $5,000 margin. This is why many traders prefer the zero-fee model for high-leverage positions, where they only share a fraction of profits rather than paying upfront.

Compared to Hyperliquid, where that same $100,000 BTC notional would cost $50 (0.05% taker fee) with zero gas, Avantis is slightly more expensive on a per-trade basis. But the rebate system and zero-fee option can offset this depending on your trading pattern.

Security and Safety

Smart Contract Audits

Avantis has completed two independent security audits from well-regarded firms. The first was conducted by Zellic in May 2024, covering smart contracts and oracle integration. Zellic is a respected blockchain security firm that has audited protocols like Solana and LayerZero, so this carries meaningful weight.

The second audit was performed by OpenZeppelin in August 2024, focusing on the trading engine and vault system. OpenZeppelin is arguably the most recognized name in smart contract security, having audited projects like Compound, Aave, and Ethereum itself. Having both Zellic and OpenZeppelin sign off on different aspects of the protocol provides a solid dual-layer of assurance.

Both audit reports are accessible through the platform's documentation, which is a positive transparency signal. We reviewed the scope of each audit and noted that they cover the core trading functionality and oracle integration - the most critical components for user fund safety. However, the audits date from mid-2024, and given the significant feature expansion since then (RWA markets, zero-fee model, AVNT token), we would like to see updated audits covering the newer smart contract code.

Security Track Record

As of early 2026, Avantis has not suffered any publicly reported exploits or security breaches. This is encouraging, though the platform is still relatively young - it has been operating for roughly two years. The longer a protocol runs without incident, the more confidence the community gains in its security posture.

The open-source codebase is a significant trust factor. Anyone can review the smart contract code on GitHub, and the transparency this provides allows independent security researchers to flag potential vulnerabilities before they can be exploited. Several community members and third-party researchers have reviewed portions of the codebase, which adds an informal layer of security beyond the formal audits.

That said, Avantis does not currently operate a formal bug bounty program. This is a notable gap. Most mature DeFi protocols offer financial incentives for white-hat hackers who discover vulnerabilities. GMX, for example, runs a $1 million bug bounty, and Vest Markets offers $300,000. The absence of a bug bounty program means there is less financial incentive for security researchers to proactively hunt for bugs, which is a legitimate concern.

User Protection Features

The oracle-based pricing model itself is a user protection mechanism. By sourcing prices from multiple external feeds rather than relying on the platform's own order book, Avantis reduces the risk of price manipulation attacks that have plagued other DEXes.

Liquidation mechanics are handled on-chain with transparent parameters. Traders can see their liquidation price before entering a position, and the system uses oracle prices for liquidation triggers - meaning you cannot be liquidated by a flash crash on Avantis alone if the broader market price remains stable.

The platform does not appear to use a multisig wallet structure or timelock delays for admin functions, at least not prominently documented. This is another area where increased transparency would help build user confidence. Protocols like GMX use a 48-hour timelock and multisig governance, which gives users advance warning of any contract changes.

Getting Started with Avantis

Connecting Your Wallet

Getting started on Avantis is quick. You will need a Web3 wallet that supports the Base network. MetaMask is the most common choice, though Coinbase Wallet, Rainbow, and other wallets work as well.

First, visit avantisfi.com and click the connect wallet button in the top right corner. Select your wallet provider and approve the connection. If your wallet is not already configured for the Base network, you will be prompted to add it. Base uses ETH for gas, so you will need a small amount of ETH on Base to cover transaction costs.

The entire connection process took us less than 30 seconds during testing. There is no KYC, no account creation, and no email required. You connect your wallet and you are ready to trade.

Making Your First Deposit

Avantis operates on Base, so you need funds on the Base network. If your assets are on Ethereum mainnet, you can use the official Base bridge at bridge.base.org to transfer ETH. The bridge typically takes a few minutes for deposits.

Alternatively, you can use third-party bridges like Across, Stargate, or Orbiter for faster transfers from other chains. Coinbase users can withdraw directly to Base, which is the simplest option.

Once you have ETH on Base, you may need to swap it for USDC if you want to deposit stablecoin collateral for trading. Avantis accepts both ETH and USDC as collateral depending on the market. Uniswap on Base or the Coinbase Wallet swap feature can handle this conversion.

Placing Your First Trade

With funds in your wallet, select a trading pair from the market selector. You will see the TradingView chart load for that pair. On the right side, choose whether you want to go long or short, enter your position size, and select your multiplier level.

We recommend starting with a low multiplier (5x or 10x) for your first trade to get familiar with how the platform handles entries and exits. Set a take-profit and stop-loss before confirming the order. Click the trade button, confirm the transaction in your wallet (gas will be a few cents), and your position opens within seconds.

Monitor your position in the panel below the chart. You can add margin, reduce position size, or close entirely at any time. When you close, profits or losses are settled to your wallet automatically. The whole experience from wallet connection to first trade took us under five minutes.

User Experience

Desktop Platform

The desktop experience on Avantis is solid. The interface loads fast on Base, with chart updates feeling nearly instant. The dark theme is easy on the eyes for extended trading sessions. Page navigation is smooth - switching between markets, checking positions, and accessing vault information all happen without noticeable delay.

Layout customization is limited compared to professional-grade terminals like the Hyperliquid interface. You cannot rearrange panels or create custom workspaces. The fixed layout works well enough for most traders, but power users who want to monitor multiple charts or data feeds simultaneously may find it restrictive.

One area that impressed us is the transaction confirmation speed. Because Base produces blocks quickly and gas is cheap, trade executions feel nearly instant. We rarely waited more than two or three seconds from clicking the trade button to seeing the position appear. This is a noticeably better experience than trading on Ethereum mainnet or even some slower L2s.

Mobile Experience

Avantis does not offer a dedicated mobile app as of early 2026. The web interface is responsive and works on mobile browsers, but it is not optimized for smaller screens. Chart interactions in particular are clunky on a phone - pinching to zoom and placing orders requires some patience.

For quick position checks and simple closes, the mobile web version is adequate. For active trading with technical analysis, you will want to use a desktop. This is an area where Avantis trails competitors like Hyperliquid, which offers a more polished mobile experience through its progressive web app.

Customer Support

Support is primarily through Discord and the documentation portal at docs.avantisfi.com. The Discord community is active, and team members respond to questions within a few hours during peak times. We found the documentation to be reasonably comprehensive, covering trading mechanics, fee structures, and vault operations.

There is no live chat, ticket system, or email support. For a DeFi protocol, Discord-only support is the norm rather than the exception, but it does mean that complex issues can take time to resolve. The community is generally helpful, with experienced traders often answering questions from newer users.

Avantis vs Competitors

Here is how Avantis compares against some of the most prominent perpetuals DEXes in 2026:

Avantis vs Hyperliquid: Hyperliquid dominates in liquidity, market selection, and overall trading volume. It is the clear leader in the perp DEX space by most metrics. However, Avantis offers something Hyperliquid does not - RWA perpetuals. If you want to trade forex and commodities on-chain, Avantis fills that gap. The zero-fee model is also unique. Hyperliquid wins on depth and market selection; Avantis wins on asset diversity and fee innovation.

Avantis vs GMX: GMX is a battle-tested veteran with $600 million in TVL and a strong fee-sharing model through GLP/GM pools. GMX offers better liquidity and a longer security track record. Avantis counters with lower gas fees (Base vs Arbitrum), higher maximum multipliers, and RWA markets. For pure crypto perpetuals, GMX is the safer and more liquid choice. For traders wanting RWA exposure, Avantis is more versatile.

Avantis vs dYdX: dYdX offers the widest market selection with 180+ pairs and zero gas fees on its own appchain. It is the closest thing to a centralized exchange experience in the DEX world. Avantis cannot match dYdX on breadth of crypto markets, but it offers RWA perpetuals that dYdX lacks. The zero-fee model versus dYdX's volume-tiered fees is an interesting tradeoff depending on your trading style.

Who Should Use Avantis?

Avantis is best suited for a few specific types of traders. If you are looking for on-chain access to forex and commodity perpetuals without KYC or a traditional brokerage account, Avantis is one of the few DEXes that actually offers this. The RWA market selection, while still growing, fills a genuine gap in the DeFi ecosystem.

Traders who prefer high-multiplier positions will appreciate the 500x maximum, though we strongly caution that such extreme levels are appropriate only for experienced traders with strict risk management. The zero-fee perpetuals model is particularly attractive for active traders who execute many trades - not paying upfront fees on each position can add up to significant savings over time.

Base-native DeFi users will find Avantis fits naturally into their existing workflow. If you are already using Base for other DeFi activities, adding Avantis as your perpetuals venue avoids the need to bridge to other chains.

Avantis is not ideal for traders who prioritize maximum liquidity depth. Hyperliquid and GMX simply offer deeper pools and more consistent execution on large positions. It is also not the best choice for traders who want the widest possible crypto market selection - 30 pairs is on the smaller side compared to the 150+ offered by Hyperliquid or 180+ on dYdX. And the absence of a bug bounty program may concern security-conscious users who prefer protocols with more comprehensive safety nets.

Frequently Asked Questions

What is Avantis and how does it work?

Avantis is a decentralized perpetual futures exchange on the Base blockchain. It uses oracle-based pricing from multiple external data feeds to execute trades at fair market prices. Traders connect a Web3 wallet, deposit ETH or USDC, and can trade crypto, forex, and commodity perpetuals with up to 500x. No KYC or account creation is required.

What fees does Avantis charge?

Avantis has moved toward a zero-fee perpetuals model where traders do not pay traditional maker/taker fees. Instead, the protocol takes a small share from winning trades. The legacy fee structure lists a 0.06% swap fee and 0.02% protocol fee. Gas costs on Base are minimal at $0.01 to $0.05 per transaction.

Is Avantis safe to use?

Avantis has been audited by Zellic (May 2024) and OpenZeppelin (August 2024), two respected security firms. The codebase is open source and there have been no reported exploits. However, the platform does not currently offer a bug bounty program, and as a relatively young protocol, it carries more risk than battle-tested alternatives. Only trade with funds you can afford to lose.

What is the AVNT token?

AVNT is the native governance and utility token of Avantis, launched in September 2025 with a fixed supply of 1 billion tokens. Over 50% of the supply is allocated to community incentives including airdrops, staking rewards, and ecosystem growth. AVNT is listed on major exchanges including Coinbase, Binance, Bybit, and Kraken.

Can I trade forex and commodities on Avantis?

Yes. Avantis offers RWA (real-world asset) perpetuals including forex pairs like EUR/USD and GBP/USD, commodities like gold and oil, and stock indices. These are synthetic perpetual contracts settled on-chain - you do not own the underlying asset but can speculate on its price with high multipliers.

How does the Avantis referral program work?

Users who sign up through a referral link receive 10% more points in the rewards program plus a 5% rebate on trading fees. The points track trading activity and may translate into additional token rewards. Both the referrer and the new user benefit from the program.

Does Avantis have a mobile app?

Avantis does not have a dedicated mobile app as of early 2026. The web interface works on mobile browsers but is not fully optimized for smaller screens. Desktop remains the recommended platform for active trading.

What wallets work with Avantis?

Any Web3 wallet that supports the Base network works with Avantis. MetaMask, Coinbase Wallet, Rainbow, and WalletConnect-compatible wallets are all supported. You need a small amount of ETH on Base for gas fees to get started.

Final Verdict

Avantis earns a 7.1 overall rating in our assessment, and we think that is fair for where the platform stands in early 2026. The zero-fee perpetuals model and RWA market access are genuine innovations that set it apart from the crowd. The dual audits from Zellic and OpenZeppelin provide a reasonable security foundation, and the ultra-low gas costs on Base make it accessible for traders of all sizes.

But there are real gaps. The lack of a bug bounty program is a concern for a platform handling user funds. Liquidity is still thin compared to established players. The market selection, while unique in its RWA offerings, is limited at roughly 30 pairs. And the mobile experience needs work.

We recommend Avantis for traders specifically interested in on-chain forex and commodity perpetuals, or for those drawn to the zero-fee trading model. For pure crypto perpetuals trading with maximum depth and market selection, Hyperliquid or dYdX remain stronger choices. Avantis is carving out a real niche, and if the team continues executing on its roadmap - including planned cross-margin enhancements and multi-chain expansion - it could climb significantly in the rankings over the coming year.