dYdX vs Hyperliquid Comparison
| 0.05% taker / 0.01% maker | Fees | 0.015% maker / 0.045% taker |
dYdX
vs
HyperliquidWinner
Pros & Cons
Pros
- Fully decentralised order book — matching runs through validators
- Purpose-built Cosmos chain rather than a rollup dependency
- Long operating history and mature market structure
- 200+ markets
- Low network fees
Cons
- Market share has fallen sharply as liquidity moved to newer venues
- Thinner books and higher slippage in secondary markets
- No EU authorisation
- Support runs through community channels
Pros
- Order book held fully on-chain on a purpose-built layer 1
- CEX-level fees from 0.015% maker / 0.045% taker
- No network fees on trades
- 170+ perpetual markets with order types including TWAP
- Self-custody, no mandatory KYC
Cons
- No EU authorisation and no regulated counterparty
- Support runs through community channels only
- Leverage is capped tightly on smaller markets — headline figures apply to major markets only
- Tax reporting rests entirely with the user
Score Comparison
4.2Usability4.8
4.2Features4.8
4.2Fees4.7
4.5Stability4.6
3.6Support3.8
Features
- Decentralised matching at validator level
- Purpose-built Cosmos chain
- Established name in derivatives
- 200+ perpetual markets
- Largest perpetual DEX by trading volume
- Purpose-built layer 1 rather than a rollup dependency
- Fee discount through HYPE staking
- TWAP orders available to retail users
Details
dYdXHyperliquid
| dYdX Trading Inc. | Company | Hyperliquid Labs |
| United States | Headquarters | United States |