Hyperliquid vs MetaMask Comparison
Hyperliquid and MetaMask are practically level in our overall rating, 4.8 to 4.7 out of 5 points. If you care most about usability, features, fees, and support, Hyperliquid has the better sub-scores, and the two are level in the other areas.
| 0.015% maker / 0.045% taker | Fees | 0.114% maker / 0.143% taker (base tier, incl. MetaMask fee) |
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 A price markup in the spread is not included, because most providers do not publish it.
| 0.015% maker / 0.045% taker | Fees | 0.114% maker / 0.143% taker (base tier, incl. MetaMask fee) |
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.
MetaMask Perps routes every order to Hyperliquid. The rates MetaMask lists in its help centre include Hyperliquid's fee and MetaMask's markup, and they apply when you open and when you close a position.
| Transaction | Cost at MetaMask Perps |
|---|---|
| Taker order, e.g. a market order | 0.1432% |
| Maker order, e.g. a limit order that does not fill immediately | 0.1144% |
| Breakdown, calculated | Hyperliquid entry tier after a 4% referral discount (0.0432% taker, 0.0144% maker) plus 0.1% MetaMask |
| Deposit, from USD 10 | no MetaMask fee; network and bridge fees depend on the chain |
| Withdrawal as USDC on Arbitrum | flat USD 1, charged by Hyperliquid |
| Example: open and close USD 1,000 with a market order | USD 2.86, directly on Hyperliquid at tier 0: USD 0.90 |
How to save: Limit orders cost 0.1144% instead of 0.1432%. If you trade larger amounts regularly, trading directly on Hyperliquid costs just under a third at the entry tier; all tiers are in our Hyperliquid review. We compare other decentralised derivatives exchanges in our perp DEX comparison.
As of 22 October 2026 according to the MetaMask help centre, How to trade perps.
Pros & Cons
- 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
- Perpetual trading without leaving the MetaMask wallet
- Execution through the Hyperliquid order book
- Fee openly disclosed, no hidden spread
- One-click funding from various EVM chains
- Self-custody, no KYC
- 0.1% builder fee on top of the executing order book's own fee
- Trading directly on Hyperliquid is noticeably cheaper
- No EU authorisation
- Blocked in several countries including the US and the UK
Score Comparison
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
- Out of beta since April 2026
- One-click funding from any EVM chain
- Transparently disclosed additional fee
- Leverage up to 40x on Bitcoin
The five areas head to head
AI AnalysisFees & Costs
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.
MetaMask lists 0.1432% taker and 0.1144% maker per order for perps, charged when a position is opened and when it is closed. That rate contains Hyperliquid's fee and a 0.1% markup. MetaMask charges nothing on deposits, and Hyperliquid takes a flat USD 1 on withdrawals. Directly on Hyperliquid's order book the same order costs 0.045% taker and 0.015% maker at the entry tier. As of 22 October 2026.
Usability & User Experience
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.
The main advantage is skipping account opening and bridge transfers: existing MetaMask users can start without registration. The perpetuals interface is deliberately leaner than a full futures terminal, which eases entry but limits advanced functionality. As of October 2026.
Features & Offering
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.
Trading runs from the MetaMask interface and is executed through Hyperliquid. Positions can be funded in one click from various EVM chains. Alongside market, limit, stop-loss and take-profit orders, partial position closes are possible, and leverage reaches 40x on Bitcoin. All orders use isolated margin. As of October 2026.
Details
| Hyperliquid Labs | Company | Consensys (provider: Hyperliquid) |
| Singapore | Headquarters | United States |
Verdict
Both providers are practically level in our overall rating (4.8 to 4.7).
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.
MetaMask brought perpetual trading into its own wallet and took it out of beta in April 2026. Execution is not handled by MetaMask but by Hyperliquid in the background, so users trade on the largest perpetual order book without leaving the wallet and without a separate account.
Convenience carries a clearly stated price: MetaMask charges an openly disclosed builder fee of 0.1% on top of Hyperliquid's own fee, which starts at 0.015% maker and 0.045% taker. Trading directly on Hyperliquid is therefore markedly cheaper; what you give up is one-click access from inside the wallet.
Access is blocked in the US, the UK, Ontario and Belgium. The platform holds no EU authorisation; perpetuals sit outside MiCA in any case, and tax reporting rests entirely with the user. The route makes sense for users already working inside MetaMask who value convenience over the last few basis points.