best broker for crypto perpetual CFDs
Verdict
- Pepperstone is our overall pick for crypto CFD trading from Australia, with a caveat: its perpetual CFD range covers indices, oil, gold and single stocks, and lists no crypto perpetual.
- For bitcoin, ether and other coins, Pepperstone offers ordinary crypto CFDs under its ASIC licence (AFSL 414530): no commission, BTCUSD averaging 15.15 on Razor, and 1:2 retail leverage.
- Pepperstone's perpetuals are funded by a rate set weekly in advance and applied daily at 5 pm New York time; its crypto CFDs instead carry overnight financing.
- If a platform offers you a bitcoin perpetual, check which company issues it and whether it holds an Australian financial services licence before you deposit.
Short answer: we still point Australian crypto traders to Pepperstone, but not for a crypto perpetual, because it does not list one. Its perpetual CFDs track stock indices, commodities and shares; its crypto exposure comes through standard crypto CFDs, which you can also hold open with no expiry date.
Why Pepperstone, even without a crypto perpetual
What most people want from a crypto perpetual is a position on bitcoin or ether with no expiry, the option to go long or short, and low trading costs. Pepperstone's crypto CFDs cover the first three points under Australian regulation: Pepperstone Group Limited holds AFSL 414530 from ASIC, retail clients get negative balance protection, and there is no commission on crypto CFDs, even on the Razor account. The ASIC tiered-margin table (September 2026) lists 44 coins against the US dollar, plus BTC and ETH against AUD, EUR and GBP. The account opens from $10.
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Perpetual CFD or crypto CFD: what Pepperstone actually lists
| Perpetual CFDs | Crypto CFDs | |
|---|---|---|
| Underlyings | AMD, BRENTOIL, CXMT, DRAM, GOLD, GOOGL, MSTR, MU, NAS100, NVDA, SKHYNIX, SMSN, SNDK, SPCX (SpaceX), TSLA, US500, WTOIL | BTC, ETH, SOL, XRP, ADA, DOGE and other coins (44 USD pairs on the ASIC table) |
| Holding cost | Funding rate set weekly in advance, applied daily at 5 pm New York | Overnight financing on positions held past rollover |
| Commission | 0.015% per side (0.03% on GOLD and MSTR perps) | None |
| Retail access in Australia | Not stated on Pepperstone's AU pages; ask before you plan around it | Yes, up to 1:2 leverage |
What a bitcoin position costs at Pepperstone
Pepperstone publishes BTCUSD at a minimum of 10 and an average of 15.15 on Razor, and 15 / 20.15 on Standard. With no commission, the spread is the whole trading cost. On a position of 0.5 BTC, the average spread costs about $7.58 on Razor and $10.08 on Standard. At 1:2 retail leverage you post half the position value as margin. ETHUSD averages 2.01 on Razor, so 10 ETH costs about $20 in spread.
Before you use a crypto perpetual somewhere else
Crypto perpetuals are mostly sold by offshore crypto venues, not by ASIC-licensed CFD providers. If you go that way, check:
- Which legal entity you contract with, and its licence number.
- Whether retail negative balance protection applies, as it does at Pepperstone.
- How funding is calculated and how often it changes.
- How you get money in and out in AUD.
Sources
Does Pepperstone offer a bitcoin perpetual?
Not on its published list. Pepperstone's perpetual CFDs track indices, oil, gold and single stocks; bitcoin is offered as a standard crypto CFD.
Do Pepperstone's crypto CFDs expire?
No. You can keep a crypto CFD open until you close it, paying overnight financing for each night it stays open.
How much leverage do I get on crypto CFDs in Australia?
Up to 1:2 for retail clients. Pepperstone's professional clients can get up to 1:10 on BTCUSD and ETHUSD, and 1:2 on other coins.
Crypto CFDs and perpetual CFDs are complex, leveraged instruments; prices move fast and you can lose money quickly. Nothing here is investment advice. Read Pepperstone's PDS and TMD and decide whether the product suits you.