Hyperliquid vs Kwenta Comparison
| 0.015% maker / 0.045% taker | Fees | 0.25% - 0.3% |
HyperliquidWinner
vs
Kwenta
Pros & Cons
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
Pros
- Access to synthetic perpetuals from the Synthetix ecosystem
- More than 40 tracked assets
- Existing trading functionality retained during the transition
- Low network fees on Optimism
Cons
- No longer a standalone project — acquired by Synthetix
- The native token is set to cease to exist
- Fees of 0.25% to 0.3% per trade, far above the segment norm
- Not a sensible candidate for a fresh start
- No EU authorisation
Score Comparison
4.8Usability3.8
4.8Features3.5
4.7Fees3.0
4.6Stability3.6
3.8Support3.2
Features
- 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
- Acquisition by Synthetix
- Token wind-down announced
- Synthetic perpetuals on Optimism
- Trading still possible during the transition
Details
HyperliquidKwenta
| Hyperliquid Labs | Company | Synthetix (acquired Kwenta) |
| United States | Headquarters | Decentralised, no registered office |