dYdX vs Hyperliquid Comparison
| 0.05% taker / 0.01% maker | Fees | 0.015% maker / 0.045% taker |
Cost comparison
The basis is a Bitcoin purchase worth €1,000, calculated from the disclosed trading fee. A price markup in the spread is not included, because most providers do not publish it.
| 0.05% taker / 0.01% maker | Fees | 0.015% maker / 0.045% taker |
Not enough reviews available.
Hyperliquid sets the trading fee by your weighted volume over the last 14 days, with spot volume counting double. Perpetuals and spot have separate tiers, and fees are assessed daily at the end of the day (UTC).
| Transaction | Cost at Hyperliquid |
|---|---|
| Perpetuals, entry tier 0 | 0.015% maker, 0.045% taker |
| Perpetuals, tier 1 above USD 5 million | 0.012% maker, 0.040% taker |
| Perpetuals, tier 4 above USD 500 million | 0% maker, 0.028% taker |
| Perpetuals, tier 6 above USD 7 billion | 0% maker, 0.024% taker |
| Spot, entry tier 0 | 0.040% maker, 0.070% taker |
| Maker rebate above 0.5% share of maker volume | credit of 0.001% to 0.003% |
| HYPE staking | 5% discount above 10 HYPE up to 40% above 500,000 HYPE |
| Referral code | 4% discount on the first USD 25 million of volume |
| Orders and trading on the native layer 1 | no gas fee |
| USDC deposit | network fee of the source chain, e.g. Arbitrum |
| First transfer to a new Hyperliquid account | one-off activation fee of 1 USDC |
How to save: Limit orders as a maker cost a third of the taker fee in the entry tier: on a USD 10,000 position that is USD 1.50 instead of USD 4.50. Staking just over 100 HYPE cuts both rates by 10%, and a referral code takes off another 4%. We compare other decentralised derivatives exchanges and their fees in our perp DEX comparison.
As of 22 October 2026 according to the Hyperliquid documentation on fees.
Pros & Cons
- 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
- 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
- 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
- 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
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
The five areas head to head
AI AnalysisFees & Costs
Fees run around 0.01% for makers and 0.05% for takers, tiered by trading volume, plus very low network fees on the native Cosmos chain. Against the fee-free newcomers in the segment that is no longer competitive; against centralised exchanges it remains inexpensive. As of August 2026.
The entry tier is 0.015% maker and 0.045% taker. Across six further tiers based on 14-day volume, the taker fee falls to 0.024% and the maker fee drops to 0% above USD 500 million; market makers with more than 0.5% of maker volume also receive a rebate. Further discounts come from HYPE staking (5 to 40%) and a referral code (4%). Orders on the native layer 1 cost no gas, so the trading fee reflects the actual cost. As of 22 October 2026.
Usability & User Experience
The interface is aimed squarely at professional users and assumes experience with margin and funding. Access runs through a wallet connection. As of August 2026.
The interface follows classic futures terminals and assumes working knowledge of margin, funding and liquidation prices. Access is by wallet connection or email login, with no account opening. As of October 2026.
Features & Offering
More than 200 perpetual markets run on a purpose-built Cosmos chain. The architectural distinction is that the order book is not operated centrally but by the network's validators. Market and limit orders are joined by stop-loss, stop-limit and take-profit. As of August 2026.
More than 170 perpetual markets trade against USDC collateral. Besides market and limit orders there are stop, take-profit, scale and trailing-stop orders as well as TWAP execution, which splits larger positions into suborders at least 30 seconds apart. That feature is usually reserved for institutional interfaces. Margin can be run cross (the default) or isolated. As of October 2026.
Details
| dYdX Operations Services Ltd. (app) | Company | Hyperliquid Labs |
| Cayman Islands (website operator) | Headquarters | Singapore |
Verdict
In our overall rating Hyperliquid leads with 4.8 against 4.3 for dYdX.
For most investors Hyperliquid is therefore the better choice.
dYdX set the standard in decentralised derivatives for years and made the most consistent architectural move in the sector with version 4: away from Ethereum, onto a purpose-built Cosmos chain where validators run the order book themselves. Matching, not just settlement, is decentralised — something most competitors still do not offer.
Market position has shifted drastically. From clear leadership in 2023, dYdX has fallen to a low single-digit share of perpetual volume while Hyperliquid and newer order-book DEXs absorbed the liquidity. For traders that mainly means thinner books in secondary markets and more noticeable slippage than at the volume leaders.
Technically the platform remains solid and fees of around 0.01% maker and 0.05% taker are reasonable. Traders who weight decentralisation highly find the most consistent implementation here; those chasing tight spreads are better served elsewhere. The platform holds no EU authorisation; perpetuals sit outside MiCA in any case, and tax reporting rests entirely with the user.
Hyperliquid is the reference point among perpetual DEXs. Trading runs through an order book held entirely on-chain on a purpose-built layer 1 rather than through an AMM pool, which in practice delivers execution close to a centralised exchange while custody stays with the user.
Entry-tier fees are 0.015% maker and 0.045% taker and fall further across volume tiers; staking HYPE reduces them again. No network fees apply on the native layer 1. Leverage is tiered by market: up to 40x on Bitcoin and considerably lower on smaller markets.
The regulatory picture is straightforward: Hyperliquid holds no EU authorisation, and perpetuals sit outside MiCA in any case. There is no withholding at source, so tax reporting rests entirely with the user. The platform suits experienced traders who weight self-custody and execution quality above regulatory protection.