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MUX Perps Review 2026: Perps Aggregator With 100x Leverage

MUX Perps is a decentralized perpetuals trading protocol and aggregator that routes leveraged trades across several liquidity sources, with up to 100x leverage. It suits experienced derivatives traders outside the US, with the usual leverage and smart-contract risks.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

7.2/10

Good

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Our verdict on MUX Perps

7.2/10

MUX Perps suits experienced traders outside the US who want leveraged crypto exposure across several chains and like the idea of automated routing to reduce cost. Its main strength is combining a native zero-price-impact pool with aggregated liquidity from other perps protocols. The main caveat is risk: 100x leverage liquidates quickly, routed trades add third-party contract exposure, and the fee schedule is not shown on the homepage.

Score breakdown

How MUX Perps scores

Security: 6.5/10
Ease of use: 7.0/10
Fees: 6.0/10
Features: 8.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is MUX Perps?

MUX Perps is part of the MUX Protocol Suite, which combines a leveraged trading protocol with an aggregator. It is listed as a derivatives protocol on Arbitrum, Avalanche, BNB Chain, Optimism and Fantom, and has been tracked since November 2022. Its token is MCB.

The pitch is lower trading cost through routing and a native pool that offers zero price impact on ETH and BTC trades. The homepage reports $425M in aggregated liquidity, $54B in cumulative trading volume and $1M in current open interest. Tracking data shows about $9.4M in total value locked.

MUX also targets liquidity providers, offering pools with selectable markets and exposure, auto-rebalancing portfolio pools, and a market-neutral vault for yield-bearing assets such as sUSDe.

How MUX Perps works

A perpetual contract lets you bet on an asset's price with leverage and no expiry. You post collateral, open a long or short position, and pay or receive funding. If losses reach your collateral level, the position is liquidated.

MUX does this in two ways. Its native pool is a multi-asset liquidity pool where liquidity providers supply assets and act as the counterparty to traders. Its aggregator layer sends trades to other perps protocols when they offer better composite cost, in one order or split across sources.

The native pool is described as a P2Multi-Pool that unifies liquidity across deployed networks. For aggregated trades, MUX can add collateral to improve liquidation prices.

8 features

Key features

Smart position routing

MUX automatically chooses a route, or splits an order, across liquidity sources based on market, size, available liquidity, composite cost and user preferences.

Up to 100x leverage

The homepage claims up to 100x leverage on BTC, ETH, altcoins and meme coins.

Isolated and cross margin

Traders can choose isolated or cross margin depending on how they want to manage risk.

Zero price impact pool

The MUX native pool is described as letting ETH and BTC trades open with 0% spread and price impact regardless of position size.

Multi-chain liquidity pool

One pool unifies liquidity depth across the networks where MUX is deployed, so trading on any of them uses the same native pool.

Customizable LP strategies

Liquidity providers can pick the markets and long/short exposure they back, and supply stablecoins, ETH, WBTC, yield-bearing or restaking tokens.

1-click trading

Positions can be opened, closed or managed without signing each transaction.

Liquidation price optimization

For positions routed to aggregated protocols, MUX can add collateral to improve the liquidation price and enable leverage up to 100x.

Pros and cons

What we like

Routes orders across several liquidity sources to reduce composite trading cost
Native pool advertises 0% spread and price impact on ETH and BTC trades
Isolated and cross margin plus 1-click trading
Multi-chain deployment across five networks
Flexible LP options with many collateral types and a market-neutral vault
One audit is listed in tracking data, and the protocol has operated since 2022

Watch out for

Not available to US Persons or Restricted Persons under the terms and conditions
Leverage up to 100x can wipe out a position quickly, especially in volatile markets
Routed trades depend on third-party perps protocols, adding smart-contract risk beyond MUX's own contracts
Homepage open interest is small ($1M) compared with cumulative volume, which may point to modest current activity
Only one audit is listed in the tracking data; scope, auditor and date are not stated here
Fee schedule is not shown on the homepage, so total trading cost needs checking in the app or docs

MUX Perps fees

MUX does not publish a fee table on its homepage. It says routing is chosen for the lowest composite trading cost, and that the native pool has 0% spread and price impact on ETH and BTC trades.

Other costs such as trading fees, funding rates and network gas apply to perpetual trading in general. Users should check the app, stats page and docs for the current schedule on each market and chain. The homepage reports $34M cumulative protocol income, so fees do generate revenue for the protocol.

Is MUX Perps safe?

MUX is non-custodial: traders and liquidity providers interact through their own wallets. The main risks are smart-contract bugs, oracle or pricing issues, and dependence on the other perps protocols that receive routed trades. The tracking data lists one audit, but the auditor, scope and date are not stated here, so check the docs for the report.

The terms exclude US Persons and Restricted Persons. The project does not publish a licence or regulatory status on its homepage. Leveraged trading can cause rapid losses, and liquidity providers can lose money when traders profit. Past volume does not guarantee future safety.

7 steps

How to get started with MUX Perps

1
Confirm that you are not a US Person or Restricted Person and that derivatives trading is legal where you live.
2
Read the Terms and Conditions and the docs on margin, funding and liquidation.
3
Set up a self-custody wallet and bridge funds to a supported network such as Arbitrum.
4
Launch the MUX app and connect the wallet.
5
Pick a market, choose isolated or cross margin, and start with small size and low leverage.
6
Set stop-loss levels and monitor your liquidation price.
7
If you want to provide liquidity instead, review the pool options and collateral risks first.

Open MUX Perps

Who MUX Perps is for

MUX Perps is for derivatives traders who already understand margin, funding rates and liquidation, and who want routing across venues rather than one exchange. It also suits liquidity providers comfortable with counterparty exposure to traders. Beginners and US residents should look elsewhere or avoid leveraged products.

MUX Perps FAQs

What is MUX Perps?

MUX is a suite of two products: a leveraged trading protocol with its own liquidity pool, and an aggregator that routes trades to other perps protocols. Traders can open leveraged positions on crypto markets from a non-custodial wallet.

How much leverage does MUX offer?

The homepage says up to 100x leverage on BTC, ETH, altcoins and meme coins. Available leverage can vary by market and routing, so check the app for each pair. High leverage greatly increases liquidation risk.

Which chains does MUX run on?

The listed networks are Arbitrum, Avalanche, BNB Chain, Optimism and Fantom. The native liquidity pool is described as unifying liquidity across the networks where it is deployed.

Can US users trade on MUX?

MUX says its features and services are not available to Restricted Persons and US Persons. Anyone else should read the Terms and Conditions and confirm that derivatives trading is allowed where they live.

What is the MCB token?

MCB is the token listed for the protocol. The project does not detail its utility, so check the official docs before buying it or relying on any specific function.

Is MUX safe to use?

No. Perpetual trading with high leverage is high risk, and funds can be lost through liquidation or smart-contract failure. Only trade with money you can afford to lose.

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