Hyperliquid against the venues people actually weigh it against
Every comparison here states where the other venue is better, because one that always concludes in our favour would not be a comparison. Third-party figures come from each venue's own fee documentation, with the date they were checked.
| Venue | Taker | Maker | Best beginner taker | Max leverage | Custody | Identity check |
|---|---|---|---|---|---|---|
| Lighter Decentralised exchange, zero-knowledge proofs | 0% | 0% | 0% | 50x | Self-custodial | None |
| Aster Decentralised exchange | 0.04% | 0% | 0.04% | 1,001x | Self-custodial | None |
| Hyperliquid Decentralised exchange, own layer-1 | 0.045% | 0.015% | 0.0432% | 40x | Self-custodial | None |
| Binance Centralised exchange | 0.05% | 0.02% | 0.045% | 125x | Custodial | Required |
| Bybit Centralised exchange | 0.055% | 0.02% | 0.055% | 125x | Custodial | Required |
Detailed comparisons
Hyperliquid vs Aster: 1001x leverage in perspective
Aster advertises 1001x leverage and zero maker fees. What that leverage figure actually means for your margin, and how the two venues compare on real cost.
Hyperliquid vs Binance for perpetual futures
Binance is cheaper on paper only until a referral code is applied, and it holds your funds. Where each venue actually wins, with fees from both fee schedules.
Hyperliquid vs Bybit for perpetual futures
Hyperliquid is cheaper than Bybit on both sides of the book before any discount is applied. Where Bybit still wins, and which one suits which trader.
Hyperliquid vs Lighter: zero fees versus depth
Lighter charges retail nothing to trade. That is real, and it is not the whole cost. What zero fees leave out, and when each venue is the right answer.
The perpetual venues worth comparing in 2026
Hyperliquid, Lighter, Aster, Binance and Bybit on one scale: fees, custody, identity checks and leverage, from each venue's own published schedule.
How we compare
- Rates are the entry tier for a retail account with no volume history and no token holding, because that is the tier a reader comparing venues is actually on.
- Third-party figures are taken from each venue's own fee documentation, linked on every page, and stamped with the date they were verified. They change often.
- Every page has a section saying where the other venue is better. We earn a commission from Hyperliquid, which is exactly why that section exists.
- We do not compare on unprovable superlatives. Where depth or liquidity decides the answer, we say so rather than guessing.
Competitor figures last verified 9 Sept 2026. Read our editorial policy for how pages are checked, or the corrections page for figures other guides get wrong.