Hyperliquid alternatives: which exchange fits which trader

One table, every venue we have verified

Every venue below has its own comparison page, and every figure comes from that venue’s fee documentation with the date we read it. The table sorts by the best taker rate a beginner can actually reach, which is the number people compare first and not the one that matters most.

If you want a custodian and fiat

You want to fund from a bank account, you want a support desk, and you are willing to prove your identity and let a company hold your balance. That is a coherent set of preferences, and it points at the centralised exchanges.

• Binance for the longest asset list and the deepest books on small pairs, with a token discount on fees.
• Bybit for copy trading and a polished retail product; Hyperliquid is cheaper on both sides.
• OKX for options, bots and spot on one account; Hyperliquid is cheaper on both sides.
• Bitget for copy trading above all; its taker rate is among the higher ones here.
• MEXC for the lowest published centralised fees and early small-cap listings, with verification required to withdraw.
• Kraken for fiat in many currencies, a long record and a regulated US product.
• Coinbase Advanced for promotional rates below Hyperliquid’s, for now, and the most familiar brand.

If you want to keep your keys

You want your balance in your own account, no identity documents, and a venue you can verify rather than trust. These are Hyperliquid’s direct competitors, and they are the ones where the fee comparison is closest.

• Lighter: standard accounts pay nothing. The question is what you pay in depth instead.
• Aster: zero maker fee, multi-chain access and a leverage ceiling nobody should use.
• dYdX: the other order book on its own chain, cheaper for makers and dearer for takers.
• Paradex: nothing to pay on web-app orders, plus options on the same account.
• Extended: zero maker fee, low taker fee, real-world asset markets, no UK or Canada.
• edgeX: Ethereum-settled custody with stock and forex perpetuals, but a maker rate close to its taker rate.

If you want a pool rather than an order book

Two well-known venues fill you against a liquidity pool at an oracle price instead of matching you with another trader. There is no maker side, size is charged as price impact, and holding a position costs a borrowing fee as well as funding.

• GMX on Arbitrum and Avalanche, with a position fee that depends on which way you push the pool.
• Jupiter Perps on Solana, with a flat fee in and out, three markets, and an hourly borrow fee.

Both are dearer than Hyperliquid’s maker rate on every trade, and GMX’s lower rate undercuts Hyperliquid’s taker fee only when your trade happens to balance the pool. People choose them because their funds already live on that chain, or because they prefer not to read an order book. Those are legitimate reasons; the fee schedule is rarely one of them.

If you are in the United States

Hyperliquid excludes US residents under its Terms of Use, and so does every self-custodial venue on this page that publishes a restriction. We do not describe ways around that. What exists instead is regulated and custodial: Kraken offers CFTC-regulated perpetuals to eligible US clients on Kraken Pro, and Coinbase offers nano perpetual-style futures on BTC and ETH through its US futures entity. Both require identity verification and neither uses the international fee schedule shown in the table. Our country pages cover the rest of the world.

If you want event markets rather than perpetuals

Polymarket is the prediction market, deep and mature, with a regulated US product of its own. Hyperliquid’s HIP-4 outcome markets are the same instrument in outline, new, thin, and currently fee-free. That page compares settlement, fees and access in full.

When to stay on Hyperliquid

The honest summary of every page linked above is that Hyperliquid loses on fees to a handful of venues, loses on fiat and support to every custodian, and wins on the combination that no single alternative matches: hundreds of markets, spot and perpetuals on one self-custodial account, deep books on the majors, a maker schedule that falls to a rebate, no gas, hourly funding, and a record under load that the newer venues have not yet had the chance to earn.

If one of the groups above describes exactly what you want, the venue in it is a reasonable choice, and the linked page will tell you where it is worse. If none of them does, you are probably already in the right place. Whichever you choose, apply any first-trade discount before your first trade; on Hyperliquid that is a referral code worth 4 % off, and it cannot be added to a wallet that has already traded.