Hyperliquid vs Bybit for perpetual futures
Verified against Hyperliquid docs: Fees and Bybit: trading fee structure · by Hyperliquid Academy
The short answer
Bybit is a large custodial exchange with a polished retail product. Hyperliquid is an on-chain order book with your funds in your own account. On cost, Hyperliquid is the cheaper of the two before any discount at all, which is not the case against every centralised venue.
| What you are comparing | Hyperliquid | Bybit |
|---|---|---|
| Entry-tier taker fee | 0.045% | 0.055% |
| Taker fee with the discounts a beginner can get | 0.0432% with a referral code | 0.055%, no beginner discount |
| Entry-tier maker fee | 0.015% | 0.02% |
| Who holds your funds | You do. Balances sit in your own account on the chain. | They do, in an exchange account. |
| Identity verification | None | Required |
| Maximum leverage | 40x on BTC | 125x on BTC |
| Live perpetual markets | 178 | See their market list |
| Gas cost per trade | $0 | $0 |
| Deposit money from a bank or card | No, crypto in only | Yes |
| Available to US residents | No | No |
Fees
Bybit’s entry taker rate is the higher of the two, and its maker rate is also above Hyperliquid’s. That is unusual: most centralised venues match or undercut on the maker side.
Apply a referral code on Hyperliquid and the gap becomes substantial rather than marginal, because that discount needs no volume history and no token.
Cost of a $10,000 taker order as each discount is added
- Base rate, no discounts $4.50 0.045% Tier 0, nothing staked
- With referral code $4.32 0.0432% 4% off, applies from trade one
- Referral + Silver staking $3.67 0.03672% Over 1,000 HYPE staked and linked
- Referral + Diamond staking $2.59 0.02592% Over 500,000 HYPE staked
- Everything, at the top volume tier $1.38 0.01382% Over $7B of 14-day volume as well
The caveat that applies to every fee comparison: on a position held for more than a day, funding costs more than the trading fee on either venue. Hyperliquid settles funding hourly. Work out what your holding period actually costs with the funding calculator before optimising basis points.
Custody, support and what breaks
Bybit holds your funds and gives you the things that come with that: account recovery, a support desk, and a company that is accountable for your balance. Hyperliquid holds nothing and gives you sole control, which means no recovery and no support desk either.
The failure modes are different rather than one being strictly safer. With Bybit you are exposed to their solvency and their decisions. With Hyperliquid you are exposed to your own key management and to the bridges you use getting funds in and out. Our risk page ranks those honestly.
Access
Bybit requires identity verification, with limits that depend on how far you complete it. Hyperliquid requires none, and instead excludes residents of the United States and Ontario, Canada, along with sanctioned jurisdictions, under its Terms of Use.
Where Bybit is genuinely better
- Fiat in and out, in many currencies, with card support.
- Built-in copy trading, a real product rather than a workaround.
- Account recovery and human support.
- A far longer asset list, including spot, earn and options products.
- Higher leverage ceiling, if you want it, which you probably should not.
- Deeper books on obscure pairs.
Where Hyperliquid is genuinely better
- Cheaper on both sides, before any discount.
- You keep custody.
- No identity check.
- Maker fees fall to zero at higher tiers and then pay a rebate.
- Hourly funding, no gas on trades.
- Everything verifiable on-chain, including the vault that absorbs liquidations.
Who should pick which
Pick Bybit if you want to fund from a bank card, want copy trading built in, or value a support desk and password recovery above holding your own keys.
Pick Hyperliquid if cost matters, you already hold crypto, you work limit orders, or you want to keep custody and be able to audit the venue.
If you are choosing between the two purely on price, Hyperliquid wins that argument on the published schedules. If you are choosing on convenience, Bybit does.
Frequently asked questions
Is Hyperliquid cheaper than Bybit?
Yes, on both sides of the book at the entry tier, and the gap widens once a referral code is applied on Hyperliquid. Bybit's taker rate is the higher of the two.
Does Bybit require KYC?
Yes. Hyperliquid asks for no identity documents at all and limits access by region instead.
Which has better liquidity?
On major pairs both are deep enough that the fee schedule matters more than the spread. On obscure altcoins Bybit generally lists more and holds more depth.
Can I copy trade on either?
Bybit has a built-in copy trading product. On Hyperliquid the closest equivalent is depositing into a user vault, where the vault leader takes a share of profits.
Sources
- Hyperliquid docs: Feeshyperliquid.gitbook.io
- Bybit: trading fee structurebybit.com
- Hyperliquid Terms of Useapp.hyperliquid.xyz
We link the primary source for every number on this page. If a figure here disagrees with the official documentation, the documentation is right and we want to know.