Hyperliquid vs Jupiter Perps for perpetual futures

The short answer

Jupiter Perps is the perpetuals product of Solana’s dominant aggregator, and it is a pool, not an order book. Traders borrow from the Jupiter Liquidity Pool to open leveraged positions on three markets, pay a flat fee in and out, and pay the pool to keep the position open. Hyperliquid is an order book on its own chain with hundreds of markets and a maker/taker schedule. Both leave your funds in your own wallet and turn away US residents.

Fees

Jupiter charges a flat 0.06% of trade size when you open and again when you close, with no maker side. On top come a price impact fee, which grows with your size and with how lopsided the pool’s open interest is, and a borrow fee charged hourly for as long as the position is open, compounding and deducted from collateral.

Hyperliquid’s tier 0 is 0.015% maker and 0.045% taker. There is no borrow fee; the cost of holding is funding, settled hourly between longs and shorts, which can be paid to you as easily as by you. A referral code takes the taker rate to 0.0432% .

The borrow fee is the number to understand before choosing Jupiter. It is always a cost, never a receipt, and it rises when the pool is heavily used. Jupiter’s own documentation notes that it increases your liquidation price over time, which is a different risk shape from funding. Our funding guide explains how Hyperliquid’s mechanism differs, and the calculator prices a holding period.

Custody and what breaks

Both are self-custodial. Jupiter’s terms state that the interface and protocol are non-custodial and hold none of your assets; on Hyperliquid your balance sits in your own account on the chain. In both cases the risk is your key management and the bridge you use, and our risk page applies to both.

The counterparty differs. On Jupiter it is the JLP pool, whose depositors take the other side of every trade and earn most of the fees, so pool depth sets how much you can trade and at what impact. On Hyperliquid it is other traders, with a vault that absorbs liquidations. Jupiter’s model also means orders are fulfilled by keepers in a request-and-execute pattern rather than matched instantly, which is worth knowing before a fast market tests it.

Jupiter runs on Solana, so every action pays a Solana transaction fee. Hyperliquid charges no gas on orders.

Access

Neither asks for documents. Jupiter’s terms say it does not interact with wallets located in or resident in the United States, among other listed jurisdictions. Hyperliquid excludes residents of the United States and Ontario, Canada, plus sanctioned jurisdictions, under its Terms of Use. Our country pages cover Hyperliquid’s side.

Where Jupiter Perps is genuinely better

• You are already on Solana. Funds, wallet and habits transfer directly, with no bridge.
• Oracle pricing with no spread to cross, which suits small, quick trades in quiet markets.
• Very high leverage ceiling, which is a caution rather than a feature.
• One interface for swaps and perpetuals, inside Solana’s main aggregator.
• A way to be the pool, by depositing into JLP, if you would rather earn fees than trade.

Where Hyperliquid is genuinely better

• Cheaper to trade, with a maker side that Jupiter does not have.
• No borrow fee and no gas; funding can be paid to you as well as by you.
• Hundreds of markets against three, plus spot on the same account.
• Visible depth on an order book, so the cost of size is known before you trade.
• Limit, stop, scale and TWAP orders that a pool cannot offer in the same way.
• Maker fees fall to zero at higher tiers and then pay a rebate.

Who should pick which

Pick Jupiter Perps if you live on Solana, you trade SOL, ETH or BTC in small size, and you prefer a swap-like interface to an order book.

Pick Hyperliquid if cost matters, you hold positions long enough for the borrow fee to bite, you want markets beyond three, or you want to rest orders rather than always take.

Read our leverage page before you touch the top of either venue’s slider. Jupiter’s ceiling is a number that liquidates on a rounding error, and Hyperliquid’s lower one is still far more than most traders should use.