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 |
| Paradex Decentralised exchange, Starknet appchain | 0% | 0% | 0% | 50x | Self-custodial | None |
| MEXC Centralised exchange | 0.02% | 0% | 0.016% | 500x | Custodial | Required |
| Extended Decentralised exchange, Starknet | 0.025% | 0% | 0.025% | 50x | Self-custodial | None |
| Coinbase Advanced Centralised exchange | 0.03% | 0% | 0.03% | 50x | Custodial | Required |
| 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 |
| edgeX Decentralised exchange, StarkEx rollup | 0.045% | 0.04% | 0.045% | 100x | Self-custodial | None |
| OKX Centralised exchange | 0.05% | 0.02% | 0.05% | 100x | Custodial | Required |
| Kraken Centralised exchange | 0.05% | 0.02% | 0.05% | 50x | Custodial | Required |
| dYdX Decentralised exchange, own chain | 0.05% | 0.01% | 0.05% | 20x | Self-custodial | None |
| Bybit Centralised exchange | 0.055% | 0.02% | 0.055% | 125x | Custodial | Required |
| Bitget Centralised exchange | 0.06% | 0.02% | 0.06% | 150x | Custodial | Required |
| GMX Decentralised exchange, oracle-priced pool | 0.06% | no split | 0.06% | 100x | Self-custodial | None |
| Jupiter Perps Decentralised exchange, oracle-priced pool | 0.06% | no split | 0.06% | 250x | Self-custodial | None |
Detailed comparisons
Hyperliquid alternatives: which exchange fits which trader
Every venue we have verified against Hyperliquid, grouped by what each is for: custodians with fiat, self-custodial books, pools and regulated US routes.
Hyperliquid outcome markets vs Polymarket
Polymarket is the deepest prediction market; Hyperliquid's HIP-4 outcome markets are new and fee-free for now. Settlement, fees, access and depth, compared.
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 Bitget for perpetual futures
Bitget's entry-tier futures fees are above Hyperliquid's on both sides. Bitget wins on copy trading, fiat rails and support. Which suits which trader.
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 Coinbase Advanced for perpetual futures
Coinbase Advanced's promotional perpetuals rates undercut Hyperliquid's, for now. What the promotion leaves out: custody, eligibility and a US split.
Hyperliquid vs dYdX for perpetual futures
dYdX beats Hyperliquid on maker fees and loses on taker fees at the entry tier. Both are self-custodial chains with no KYC; here is what separates them.
Hyperliquid vs edgeX for perpetual futures
edgeX's published rates are above Hyperliquid's for makers and level for takers. Both are self-custodial with no KYC; here is what actually separates them.
Hyperliquid vs Extended for perpetual futures
Extended charges makers nothing and takers less than Hyperliquid's entry tier. What you give up: depth, market count and access from the UK and Canada.
Hyperliquid vs GMX for perpetual futures
GMX fills trades against a liquidity pool with one position fee per trade; Hyperliquid runs an order book. Which model fits which trader, and at what cost.
Hyperliquid vs Jupiter Perps for perpetual futures
Jupiter Perps charges a flat fee plus impact and hourly borrow fees, on three markets. Hyperliquid runs an order book across hundreds. Which one fits you.
Hyperliquid vs Kraken for perpetual futures
Hyperliquid undercuts Kraken's futures schedule on both sides at the entry tier. Kraken wins on fiat rails, a long record and a regulated US product.
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.
Hyperliquid vs MEXC for perpetual futures
MEXC publishes lower futures fees than Hyperliquid on both sides. What you trade for that: custody, identity checks to withdraw, and a leverage ceiling.
Hyperliquid vs OKX for perpetual futures
Hyperliquid is cheaper than OKX on both sides at the entry tier, before any discount. Where OKX still wins, and which of the two suits which trader.
Hyperliquid vs Paradex for perpetual futures
Paradex charges web-app orders nothing and API orders a schedule near Hyperliquid's. Where the zero applies, what it leaves out, and who should pick which.
The best no-KYC perpetuals exchanges, compared
Self-custodial venues that verify nobody, compared on fees, leverage and custody — plus what you give up by leaving the verified world.
The perpetual venues worth comparing in 2026
Hyperliquid, the big centralised exchanges and the other perpetual DEXs on one scale: fees, custody, identity checks and leverage.
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 14 Sept 2026. Read our editorial policy for how pages are checked, or the corrections page for figures other guides get wrong.