Read this first. Leverage can take the money you were going to spend, and none of the on-chain desks here carries negative-balance protection or an investor-compensation scheme. On one card, Hyperbeat, the terms put card spending and trading margin on the same wallet. Five of the other eight are separate pots you move funds between by hand, and the issuer says so. On the last three — Ledger, xPortal and Jupiter — nobody has published which it is, so do not read them as safe. A card being listed here describes what its app contains. It is not a recommendation to trade with it.
9 of the 138 cards you can get today put a leveraged trading desk in the same app that issues the card, and the interesting part is who is actually behind them: seven of them execute on one venue, Hyperliquid. Based, Ledger, MetaMask, Tria, xPortal, Coin98 and Hyperbeat are seven front-ends, not seven venues. Every one of them documents it somewhere, several on the same page as the feature. The point is not that anyone hides it; it is that nobody adds it up. Two run their own book — Jupiter, on its own Solana program at up to 250x, and Revolut, trading CFDs through a brokerage authorised by the Bank of Lithuania rather than perpetuals on-chain.
Treat headline leverage as a ceiling on the best-supported market, not a rate you will get. Ledger publishes no ceiling at all that we could find. And read the ceiling as a cost, not a feature: on Hyperliquid a 40x position pays 0.045% of the position each way, which is 1.8% of your own margin, funding is charged hourly, and the liquidation threshold behind that 40x is a 1.25% move.
Check the country lists twice. The card and the desk are sold under different ones, and the region shown on each card below is the card's list, not the desk's. Revolut is the widest gap — the card covers the UK and the EEA, the CFDs are EEA-only — and Ledger sells the card in the UK while naming the UK among the jurisdictions its desk restricts. One card failed that test outright. Phantom ships in the US only and blocks its desk in the US, so no cardholder can reach it, and it is not on this page. Sourcing, balance models and the full rejection list are in the research write-up.
The rows below carry card facts and the rating that ranks them scores cards, not desks. Venue, leverage ceiling and one-pot-or-two are in the comparison table.
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