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.
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.
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
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 22 October 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.
Editorial assessment based on publicly documented provider information and independent industry sources. As of October 2026. 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
Compare Hyperliquid
Recent articles about Hyperliquid
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.
October 25, 2026 1:37 AM
NEAR opens cross margin for 50 Hyperliquid perp markets at up to 40 times leverage
NEAR released a cross-margin mode for its Hyperliquid perps on October 22, 2026: more than 50 markets, leverage up to 40 times, collateral at account level instead of per position. The price falls 9.9 percent the same day, and in the backstop procedure cross margin puts the whole account on the line.
October 21, 2026 7:15 PM
What is Hyperliquid? Its own blockchain, the HYPE token and access from Germany
Hyperliquid ranks 11th with a market value of $18.12 billion and runs its order book on a layer-1 blockchain of its own. What HyperCore, HyperEVM and the HYPE token do, what trading costs, and what applies to access from Germany.
October 21, 2026 4:14 AM
Pump.fun launches perpetual futures with 40x leverage: what to watch now
Pump.fun has traded perpetual futures on Bitcoin and Ethereum since October 16, 2026, with leverage of up to 40 times and Hyperliquid as the technical operator. At that leverage a 2.5 percent price move is enough for liquidation, and a MiCA licence for the EU market is missing.
October 13, 2026 10:18 PM
Papertrade loses $1.28 million on launch day: the reference price came from Hyperliquid
The perpetuals venue Papertrade launched on October 10 with leverage of up to 1,000 and drew its execution prices from the Hyperliquid order book. One trader moved the Ether price there by around three dollars and took between $1.28 million and $1.54 million out of the liquidity pool, according to several trade publications.
October 13, 2026 10:26 AM
Hyperliquid falls 5.9 percent while Bitcoin loses 0.8: $1.66 billion of leverage sits on HYPE
HYPE drops to $82.61 while Bitcoin gives up only 0.8 percent. An own survey of the exchange shows why: $1.66 billion of open leveraged positions stand against $611 million of daily turnover.
October 11, 2026 1:37 PM
Hyperliquid (HYPE): $14.58 Million From USDC Earnings Flows Into the Buybacks, and What to Watch Now
Since the start of October, Hyperliquid has paid for its HYPE buybacks not only out of trading fees but also out of the earnings on its USDC reserves. The first payment came to around 14.58 million USDC, while the price sits 13 percent below its record.
Similar articles on this topic
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 12:34 PM
Solana price prediction: DEX volume down 24 percent, can the price hold?
Solana is holding at $101.91 on Wednesday morning, yet decentralised exchange volume fell 24 percent in seven days and network fees 18.8 percent. What the blockchain's shrinking revenue means for the price before the Fed decision.
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.
October 25, 2026 1:37 AM
NEAR opens cross margin for 50 Hyperliquid perp markets at up to 40 times leverage
NEAR released a cross-margin mode for its Hyperliquid perps on October 22, 2026: more than 50 markets, leverage up to 40 times, collateral at account level instead of per position. The price falls 9.9 percent the same day, and in the backstop procedure cross margin puts the whole account on the line.
October 21, 2026 4:14 AM
Pump.fun launches perpetual futures with 40x leverage: what to watch now
Pump.fun has traded perpetual futures on Bitcoin and Ethereum since October 16, 2026, with leverage of up to 40 times and Hyperliquid as the technical operator. At that leverage a 2.5 percent price move is enough for liquidation, and a MiCA licence for the EU market is missing.
October 19, 2026 10:30 AM
2.2 times Ethereum's volume on an eighth of the capital: Solana turns over 26.6 percent a day
Solana moved $1.57 billion through its decentralised exchanges on Sunday, Ethereum $706 million, even though eight times the capital is committed there. What that divergence says about the price, and what it means for tax and custody in Germany.
October 18, 2026 1:17 AM
Aster (ASTER) and the claim window from October 28: what changes for holders
On October 28 at 12:00 UTC the claim window opens for Aster's fully vested Stage 6 allocation, and it stays open until November 28. The price stands at $0.70, and two thirds of total supply are not yet in circulation.
