Grvt vs Hyperliquid
Pick Grvt for traders outside the US, Canada, Singapore and Hong Kong; sign-up code dexsheet.
Pick Hyperliquid for perps traders outside the US; code DEXSHEET gets 4% off fees.
On a $1,000 buy and sell, Grvt costs $0.90 in platform fees vs $0.86 on Hyperliquid (checked 2026-10-30).
Open Hyperliquid — 4% off fees Open Grvt — code dexsheet
Checked 2026-10-30 · full table belowGrvt (pronounced "Gravity") is a hybrid exchange that matches orders off-chain and settles on its own Layer 2 built on the ZKsync stack, which posts validity proofs to Ethereum. It lists about 200 perpetual markets on crypto, stocks and commodities with up to 50x leverage, plus spot, and pays a base yield on USDT and USDC balances that also count as trading margin.
Hyperliquid is a layer-1 blockchain whose HyperCore layer runs fully onchain perpetual futures and spot order books, with a HyperEVM smart-contract layer alongside. It targets active perps traders who want order-book trading from a self-custodied wallet.
Hyperliquid saves $0.04 per $1,000 round trip.
Our take
Both are order-book perps venues where withdrawals need your own key's signature, and both start takers at 0.045%. Grvt pays makers a small rebate where Hyperliquid charges 0.015%, and it pays 3.5% APY on USDT and USDC margin. Hyperliquid matches every order onchain in public; Grvt matches off-chain and keeps positions off the public chain. Both bar the US, and Grvt also bars Canada, Singapore and Hong Kong.
Choose Grvt if
You live outside the US, Canada, Singapore and Hong Kong, mostly place limit orders, and want your idle USDT margin to earn yield, with stock and gold perps in the same account.
Choose Hyperliquid if
You want fully onchain order books, a 4% fee discount through a referral code, or a venue whose terms name Ontario rather than all of Canada.
Key differences
- Fees: both charge 0.045% taker at the base tier. Grvt's base maker rate is a -0.0001% rebate; Hyperliquid's is 0.015%. At the top tiers Grvt is 0.024% taker with a -0.003% rebate, and Hyperliquid is 0.024% taker and 0% maker before maker rebates.
- Worked example, $10,000 position opened and closed with market orders: about $9.00 on either venue at the base tier. With limit orders on both sides: about $3.00 on Hyperliquid, and a 2-cent rebate on Grvt.
- Architecture: Hyperliquid runs its order books on its own L1. Grvt matches orders off-chain and settles on a ZKsync-stack Layer 2 that posts validity proofs to Ethereum, so order and position data are not public.
- Yield: Grvt pays 3.5% APY on USDT and USDC balances that also count as margin.
- Referrals: a Hyperliquid code takes 4% off fees for the first $25M of volume. Grvt documents no discount for the referred trader.
- Geo: Hyperliquid's terms bar the US and Ontario. Grvt's bar the US, all of Canada, Singapore and Hong Kong. Neither names the UK or EU.
- Track record: Hyperliquid's HLP vault absorbed the JELLY (March 2025) and POPCAT (November 2025) manipulation episodes. We found no reported exploit of Grvt, which launched mainnet in December 2024.
How to choose
- Market orders at the base tier: a tie at 0.045% taker. Hyperliquid's 4% referral discount tips it slightly.
- Mostly limit orders: Grvt, which pays a rebate where Hyperliquid charges 0.015%.
- Idle USDT you want earning while it backs positions: Grvt.
- You want every order visible onchain: Hyperliquid. You want positions kept off the public chain: Grvt.
- In Canada outside Ontario: Hyperliquid's terms do not name you; Grvt's do.
Editorial view based on the fee and policy data on this page. Updated 2026-10-29.
Side by side
| Grvt | Hyperliquid | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | live | live |
| Chains | Grvt | Hyperliquid |
| Platforms | web, ios, android | web |
| Custody | Self-custody | Self-custody |
| KYC | unknown | none |
| Platform fee, round trip | 0.09% | 0.09% |
| $1,000 round trip | $0.90 | $0.90 |
| Sign-up perk | — | 4% discount on fees for the first $25M of volume |
| Perps taker / maker | 0.045% / 0% | 0.045% / 0.015% |
| United States | Not available | Not available |
| United Kingdom | Unverified | Unverified |
| European Union | Unverified | Unverified |
| Launched | 2024-12 | 2023-02 |
| Reported incidents | 0 | 4 |
Features
| Feature | Grvt | Hyperliquid |
|---|---|---|
| perps | ✓ | ✓ |
| spot | ✓ | ✓ |
| stock perps | ✓ | — |
| commodity perps | ✓ | — |
| yield on margin | ✓ | — |
| vaults | ✓ | ✓ |
| maker rebates | ✓ | — |
| privacy | ✓ | — |
| api | ✓ | — |
| builder codes | ✓ | ✓ |
| mobile app | ✓ | — |
| order book | — | ✓ |
| limit orders | — | ✓ |
| staking discounts | — | ✓ |
| HIP-3 builder-deployed perps | — | ✓ |
| outcome markets | — | ✓ |
| HyperEVM | — | ✓ |
| API | — | ✓ |
"—" means the feature was not in the sources we checked, not proof it's missing.
Grvt: watch out for
- US persons and US territories are banned, along with Canada, Singapore and Hong Kong.
- The referral program documents no fee discount for new users.
- Withdrawals to Ethereum take about 8 hours; faster networks go through the third-party Rhino bridge.
Hyperliquid: watch out for
- The Terms bar US and Ontario residents and prohibit VPN use to get around that.
- The HLP vault has absorbed manipulation losses, including a reported $4.9M on POPCAT in November 2025.
- Validators delisted the JELLY market and settled it at a fixed price in March 2025, an intervention critics questioned.
FAQ
Which is better, Grvt or Hyperliquid?
Both are order-book perps venues where withdrawals need your own key's signature, and both start takers at 0.045%. Grvt pays makers a small rebate where Hyperliquid charges 0.015%, and it pays 3.5% APY on USDT and USDC margin. Hyperliquid matches every order onchain in public; Grvt matches off-chain and keeps positions off the public chain. Both bar the US, and Grvt also bars Canada, Singapore and Hong Kong.
Is Grvt better than Hyperliquid?
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $0.90 on Grvt. Pick Grvt if you are traders outside the US, Canada, Singapore and Hong Kong who want order-book perps on crypto, stocks and gold from one self-custodied balance that earns yield while it sits as margin. Pick Hyperliquid if you are perps traders outside the US who want onchain order-book trading from their own wallet, with fees that drop by volume and HYPE staking.
Which is cheaper, Grvt or Hyperliquid?
Hyperliquid. On a $1,000 round trip: Hyperliquid $0.86 vs Grvt $0.90, platform fees only.
Can I use Grvt or Hyperliquid in the US?
Grvt: not available. Hyperliquid: not available. Based on each venue's own terms.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Grvt Help Center - How does Grvt's Fee Model work? — checked 2026-10-29
- Grvt Help Center - Restricted Jurisdictions — checked 2026-10-29
- Grvt Help Center - User Agreement — checked 2026-10-29
- Grvt Litepaper — checked 2026-10-29
- Grvt Help Center - What is GRVT's hybrid exchange model? — checked 2026-10-29
- Grvt Help Center - What does self-custody of funds mean on Grvt? — checked 2026-10-29
- Hyperliquid Docs: Fees — checked 2026-10-27
- Hyperliquid Docs: Referrals — checked 2026-10-27
- Hyperliquid Docs: Builder codes — checked 2026-10-27
- Hyperliquid Terms of Use (last updated June 15, 2026) — checked 2026-10-27
- Hyperliquid Docs: About Hyperliquid — checked 2026-10-16
- Hyperliquid Docs: Core contributors — checked 2026-10-16