Hyperliquid Reviews
Perpetual DEX on its own layer 1 with a fully on-chain order book, 170+ markets and CEX-level fees, with no KYC and no EU authorisation.
Hyperliquid Rating
Our Opinion
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. Through HIP-3, third parties can also run their own perpetual markets on the layer 1, such as trade[XYZ]; at the end of October 2026 NYSE owner ICE announced plans to bring Hyperliquid-based perpetuals to the US together with trade[XYZ], subject to regulatory approval.
The regulatory picture is straightforward: Hyperliquid holds no EU authorisation, and perpetuals sit outside MiCA in any case. The UK Financial Conduct Authority has listed Hyperliquid on its warning list of unauthorised firms since 21 May 2026. 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.
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; the UK's FCA has listed Hyperliquid on its warning list since May 2026
- 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
Costs & Discounts
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 1 November 2026 according to the Hyperliquid documentation on fees.
User Experiences
AI AnalysisOur AI collects and analyzes user reviews of Hyperliquid from the web and summarizes the key findings.
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.
Provider details (fees, licences, pros and cons) editorially reviewed: November 2026. Editorial assessment based on publicly documented provider information and independent industry sources. Perpetual contracts are leveraged products carrying a high risk of loss. This comparison is not investment or tax advice. All information without guarantee.
Features
Highlights
- 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
Tradeable Assets
- 170+ perpetual contracts
- Spot markets on the native layer 1
- USDC as collateral
Trading Options
- Market and limit orders
- Stop-loss and take-profit
- TWAP execution
- Isolated and cross margin
About Hyperliquid
Cheaper or safer: alternatives to Hyperliquid
Exchanges authorised in the EU under MiCA, each with the trading fee from our comparison and a head-to-head with Hyperliquid.
- Go to CoinbaseCoinbaseListed US group, MiCA authorisation via Coinbase Luxembourg S.A.Trading fee in our comparison: up to 1.875% + spread (as of 01/11/2026)Coinbase review
- Go to BitpandaBitpandaVienna-based, MiCA authorisation from the Austrian FMA for Bitpanda GmbH.Trading fee in our comparison: from 0.99% (as of 01/11/2026)Bitpanda review
- Go to OKXOKXMiCA authorisation in Malta via OKX Europe Limited.Trading fee in our comparison: 0.2 % (as of 01/11/2026)OKX review
Partner links: we earn a commission if you become a customer through one of these links. Not investment advice. Crypto assets are volatile and you can lose all of your money.
Compare Hyperliquid
Recent articles about Hyperliquid
November 10, 2026 7:19 PM
Hyperliquid: Upbit lists HYPE, yet the price falls to $71
Analysis: Upbit, South Korea's largest crypto exchange, has traded HYPE against the won, bitcoin and Tether since November 10. The Hyperliquid price has nonetheless fallen to its lowest level since August 20, and the figures from the first trading day show why.
November 6, 2026 5:15 AM
Hyperliquid buybacks against the sell-off: HYPE tests $76 as the Assistance Fund holds 48.7 million tokens
Analysis: Hyperliquid (HYPE) has fallen 7.8 percent with the wider market to around $77 and is testing the $76 level. Our data shows how much the Assistance Fund, holding 48.7 million HYPE and buying back daily, is pushing back.
November 5, 2026 5:20 PM
Hyperliquid slides 6.8 percent before the unlock, and only 180,000 HYPE go to the team
Analysis: Hyperliquid falls 6.8 percent a day before the core team receives 180,000 HYPE from vesting. The schedule listed almost ten million, and the payout alone does not explain the daily loss.
November 4, 2026 10:12 AM
CFTC Approves Stock Perpetual Futures: What It Means for Hyperliquid and US Traders
The CFTC just cleared perpetual futures on single stocks for US exchanges. Here is how equity perps work and why Hyperliquid is at the center of it.
November 2, 2026 6:01 PM
Hyperliquid: why HYPE is up 13 percent while Binance pauses withdrawals
HYPE trades at $89.42, up around 13 percent, while bitcoin loses 4.1 percent and ether 5.3 percent. The trigger is the withdrawal halt at Binance: we counted all 235 markets on Hyperliquid and show what the inflow really means for volume, open interest and funding costs.
November 2, 2026 4:10 PM
Hyperliquid: ICE plans regulated US perpetuals, HYPE outperforms the market
NYSE owner Intercontinental Exchange is taking a stake in trade[XYZ] and wants to bring perpetual futures on equities, indices, commodities, currencies and crypto assets into a CFTC-regulated US market running on Hyperliquid's technology. HYPE trades at $90.97, 14.3 percent higher than the day before, while bitcoin and ether slip.
October 28, 2026 3:30 PM
315 perpetual markets on stocks, gold and oil: what to watch on Hyperliquid's HIP-3 exchanges
Outside operators now run 315 futures markets on stocks, indices, gold and oil on the Hyperliquid blockchain, with $4.08 billion in open interest between them. The S&P 500 runs there at up to 50x leverage, while BaFin caps the same index at 20:1 for German providers.
October 28, 2026 12:18 AM
Anthropic files for Nasdaq listing: is the ANTH perp a stock substitute?
Anthropic has filed its S-1 with the SEC and wants to trade on the Nasdaq under the ticker ANT. On Hyperliquid the bet on it is already running, across four markets with three different prices.
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Hyperliquid: why HYPE is up 13 percent while Binance pauses withdrawals
HYPE trades at $89.42, up around 13 percent, while bitcoin loses 4.1 percent and ether 5.3 percent. The trigger is the withdrawal halt at Binance: we counted all 235 markets on Hyperliquid and show what the inflow really means for volume, open interest and funding costs.
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November 2, 2026 4:10 PM
Hyperliquid: ICE plans regulated US perpetuals, HYPE outperforms the market
NYSE owner Intercontinental Exchange is taking a stake in trade[XYZ] and wants to bring perpetual futures on equities, indices, commodities, currencies and crypto assets into a CFTC-regulated US market running on Hyperliquid's technology. HYPE trades at $90.97, 14.3 percent higher than the day before, while bitcoin and ether slip.
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