Hyperliquid vs MEXC for perpetual futures

The short answer

This is one of the comparisons where the other venue wins on price. MEXC’s published futures schedule is cheaper than Hyperliquid’s on both the maker and the taker side, and it has been for long enough that it is a fair basis for comparison. What Hyperliquid offers instead is custody, no identity check at any stage, and a schedule that is a schedule rather than a promotion.

Fees

MEXC lists futures fees pair by pair. The most-traded contract, BTCUSDT, shows 0% to makers and 0.02% to takers, and MEXC’s own fee guide states those same figures as its general futures rate. Paying fees in MX takes a further cut off, which the table shows as the best beginner rate. Hyperliquid’s tier 0 is 0.015% maker and 0.045% taker, or 0.0432% taker with a referral code.

Two things are worth knowing about the MEXC figures. Most pairs carry the label “Special Rate”, and a few are promoted at zero on both sides, so the schedule is a live promotion that MEXC can change. And MEXC’s own overview quotes a range of maker and taker rates across pairs, so the figure on a small altcoin may differ from the one on BTC. Check the pair you actually trade.

On anything held overnight, funding costs more than the trading fee on either venue. Hyperliquid settles funding hourly; the funding calculator shows what your holding period costs before the basis points matter.

Custody and identity

MEXC holds your funds, in an exchange account. Its own guide says you can open an account and trade without verification, and that identity verification is required to withdraw. For a trader that is the same as requiring it, just at the moment you want your money back rather than the moment you deposit. Read what no-KYC actually means before treating either venue as anonymous.

Hyperliquid holds nothing and asks for nothing. Your balance sits in your own account on the chain, you can withdraw at any time without anyone’s approval, and every fill is public. The trade-off is that there is no support desk and no recovery if you lose your key. Our risk page ranks those risks honestly.

Access

MEXC’s user agreement lists the United States, the United Kingdom, Canada, Singapore, Mainland China, Hong Kong and several other jurisdictions as prohibited. Hyperliquid excludes residents of the United States and Ontario, Canada, along with sanctioned jurisdictions, under its Terms of Use. If you are in the US, neither venue is an answer, and our country pages will not pretend otherwise.

Where MEXC is genuinely better

• Cheaper on both sides, on the published schedule, with a token discount on top.
• Fiat in, by card and third-party providers.
• A very long list of small-cap perpetuals, often listed before anyone else.
• Account recovery and a support desk.
• Trade without verification up to the point of withdrawal.
• Higher leverage ceiling, which is a marketing number and not a feature.

Where Hyperliquid is genuinely better

• You keep custody, and can withdraw without anyone’s approval.
• No identity check at any stage, including withdrawal.
• A published schedule, not a promotion, with the date it was verified.
• Maker fees fall to zero at higher tiers and then pay a rebate.
• Everything verifiable on-chain, including the vault that absorbs liquidations.
• Hourly funding, no gas on trades.

Who should pick which

Pick MEXC if the fee is the only number you care about, you trade small-cap listings early, and you are comfortable verifying your identity when you withdraw.

Pick Hyperliquid if you want your funds in your own account, you do not want to hand over documents at any point, or you want a fee schedule that is not labelled a special rate.

On price, MEXC wins this one. On custody and identity, Hyperliquid does. Those are the two things being traded against each other here, and only you know which one you are buying.