The perps venue
that only charges
when you win.
Veranta, formerly Avantis, runs leveraged trading on crypto, gold, FX and stocks on Base. Its Upside Perps charge nothing on a losing trade. Collateral is USDC, gas is covered, and it's backed by Pantera, Founders Fund and Coinbase's Base Ecosystem Fund.
Avantis grew up, and renamed itself.
$12M raised from Pantera, Founders Fund, Galaxy, Coinbase's Base Ecosystem Fund, Symbolic and Flowdesk.
USDC on Base for collateral, deposits and payouts. Gas is sponsored by the protocol, so you never hold ETH.
Roughly $115B in lifetime perp volume and 100,000+ users. Open interest tripled during the Veranta beta.
Pay nothing to lose. Pay a slice to win.
Classic perps
- Open
- Maker/taker fee on notional
- Hold
- Funding plus borrow
- Close
- Fee on notional plus spread
- You lose
- The move, plus every fee on top
Upside Perps
Pay on profit- Open
- $0
- Hold
- Funding only
- Close
- $0. No trading fee on a losing trade
- You lose
- The move. Nothing else
Desk noteThis is the whole pitch. Most retail trades lose, and on Upside Perps a loss costs you no trading fees at all.
Try Upside PerpsGold at 200x, Nvidia at 3 a.m.
Crypto
BTC, ETH, SOL + long-tail
US equities
META, AMD, PLTR, NFLX, MSTR, AVGO
Metals
Gold, silver
FX
Majors and crosses
Indices & energy
Index perps, oil
Korean equities
KRX names, PnL shown in won
39 new assets landed on September 28, 2026, 26 of them onchain for the first time, at up to 25x. Positions stay open while a market is closed, and funding can still accrue.
Priced off the index, not the book.
- Veranta$1,815
- Lighter$10,887
- Hyperliquid$14,547
Fill per side on Veranta, quoted off the Pyth index
Walking an orderbook for the same size
Cheaper than Hyperliquid on this one trade
Veranta's own analysis, with no published methodology. Treat it as a directional claim about large RWA orders, not a guarantee for your size.
Equity funding is TradFi's
Longs pay the real stock-loan rate, shorts pay 0%. It's fixed, with no floating funding.
Skew-based fees
Joining the lighter side of open interest earns the maker rate. Piling onto the heavy side pays taker.
No keeper fee
Veranta runs its own relayer. AVNT stakers unlock further fee discount tiers.
Wallet optional. Gas not required.
- 1
Sign in
Email, Google, X, SMS or your own wallet. Social logins get a wallet created for you.
- 2
Fund with USDC
Send USDC on Base, swap another stable in-app, or onramp with Apple Pay / Google Pay.
- 3
Size the trade
Collateral × leverage, or type the exact amount. Spread, fees and liquidation price are shown before you sign.
- 4
Protect it
Stack partial TP/SL levels, drag them on the chart. Guaranteed stops on selected markets, free.
Order types: market, limit, TWAP and scale. Add or remove margin, add size at a blended entry, or close part of a position and let the rest run.
Create an accountWho's on the other side? A vault.
In your favour
- +You can only lose the collateral you post
- +No margin calls, no negative balances
- +Guaranteed stops on selected markets, at no cost
- +Funding can pay you on the lighter side
Watch for
- −Vault TVL near $11M, down from a $119M peak in Nov 2025
- −Price gaps at reopen can liquidate 24/5 and KRX positions
- −Net rate keeps accruing while a market is closed
- −Not offered to US persons or restricted jurisdictions
AVNT stakers in the Security Module backstop the LPs and get fee discount tiers in return. Veranta says staking has saved traders $1M+ in fees. The protocol also buys AVNT on the open market and sends it to a burn address. You don't need the token to trade. It's a lever for heavy users, not a requirement.
Where it wins, where it's thin.
across six categories
- Fee model9.2
Upside Perps charge nothing on losers. Genuinely different.
- Market breadth8.8
100+ RWAs: FX, metals, indices, US and Korean equities.
- Onboarding8.9
Social login, gasless, Apple Pay onramp. No ETH needed.
- Execution & cost8.0
Oracle-priced fills. Strong claims, self-reported.
- Liquidity depth6.4
Vault TVL around $11M, far off its 2025 peak.
- Access6.6
Not offered to US persons or restricted regions.
Strengths
- +Upside Perps: no trading fee on a losing trade
- +0% commission on FX, metals, indices and equities
- +Gasless, no keeper fees, social login
- +Real-world markets 24/5, including overnight equities
- +Tight oracle-priced fills on large RWA orders
- +Can't lose more than posted collateral
Weaknesses
- −Not available to US persons
- −Vault TVL is small relative to volume
- −Upside pairs are market orders only
- −Upside skims 5–25% of every winner
- −Weekend gaps can liquidate 24/5 positions
- −Cost comparisons are Veranta's own numbers
If you trade often, size small, or want leverage on stocks and gold from a wallet, Veranta has the most forgiving fee structure on Base. If you run large size, stick to the classic pairs and keep an eye on the vault.
Our pick for each kind of trader.
Losers cost nothing extra, and you skip open/close fees entirely.
Start here→Paying fees upfront beats giving away a slice of a large profit.
Start here→Zero commission and a deep oracle-priced fill on size.
Start here→Rebuilt for agentic trading, with an MCP for AI agents.
Start here→Questions traders actually ask.
Is Veranta the same as Avantis?
Yes. Avantis rebranded to Veranta on September 14, 2026. Same team, same Base deployment, same AVNT token, with a wider push into real-world markets, new order types and a rebuilt SDK.
What chain is Veranta on, and what do I deposit?
Base, Coinbase's Ethereum L2. All trading collateral is USDC on Base. Other stablecoins can be converted to USDC in the app, and there's an Apple Pay / Google Pay onramp.
Do I need ETH for gas?
No. Trading is gasless: you sign, Veranta's relayer pays the gas. There's no keeper fee either.
How do Upside Perps (zero-fee perps) work?
No fee to open or close. If the trade loses, you pay no trading fee. If it wins, the protocol takes a share of the profit, and you typically keep 75–95% depending on ROI. They're separate pairs (e.g. BTC Upside), market orders only, funding-only holding cost, and liquidate around −85% ROI.
Who is on the other side of my trade?
A USDC vault. Profitable closes are paid out of it, and losses and most fees flow into it. That's why the vault's size matters: it is the house.
Can I lose more than my collateral?
No. You can only lose the collateral you post. There are no margin calls and no negative balances. You can still be liquidated if price gaps through your level at a market reopen.
What can I trade?
Crypto majors and long-tail, FX, metals, energy, indices and single-name equities such as META, AMD, PLTR and NFLX, plus Korean equities during KRX hours. That adds up to 100+ real-world markets, and the roadmap targets 500+.
Is it available in the US?
No. Veranta says the platform is not offered to persons or entities in the United States or other restricted jurisdictions. Check the terms for your country before depositing.
What is AVNT used for?
Staking AVNT in the Security Module backstops the LPs and unlocks trading-fee discount tiers. The protocol also runs buybacks, sending purchased tokens to a burn address.
Keep the downside clean.
Share only the upside.
Sign in with email, fund with USDC on Base, and place your first Upside trade in a couple of minutes.