Hyperliquid vs dYdX
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $1.00 on dYdX. 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. Pick dYdX if you are non-US, non-UK, non-Canadian traders who want an open-source, order-book perps venue with volume-tiered fees.
Checked 2026-10-16 · both venues' fee pagesHyperliquid 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 $0.14 per $1,000 round trip.
Side by side
| Hyperliquid | dYdX | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | live | live |
| Chains | Hyperliquid | Dydx Chain |
| Platforms | web | web |
| Custody | non-custodial | non-custodial |
| KYC | none | none |
| Platform fee, round trip | 0.09% | 0.1% |
| $1,000 round trip | $0.90 | $1.00 |
| Sign-up perk | 4% discount on fees for the first $25M of volume | — |
| Perps taker / maker | 0.045% / 0.015% | 0.05% / 0.01% |
| United States | Not available | Not available |
| United Kingdom | Unverified | Not available |
| European Union | Unverified | Unverified |
| Launched | 2023-02 | — |
| Reported incidents | 4 | 2 |
Features
| Feature | Hyperliquid | dYdX |
|---|---|---|
| perps | ✓ | ✓ |
| spot | ✓ | ✓ |
| order book | ✓ | ✓ |
| limit orders | ✓ | — |
| vaults | ✓ | — |
| staking discounts | ✓ | ✓ |
| builder codes | ✓ | ✓ |
| HIP-3 builder-deployed perps | ✓ | — |
| outcome markets | ✓ | — |
| HyperEVM | ✓ | — |
| API | ✓ | — |
| api | — | ✓ |
| open source | — | ✓ |
"—" means the feature was not in the sources we checked, not proof it's missing.
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.
dYdX: watch out for
- dydx.trade terms block US, UK and Canadian persons.
- Malicious dYdX client packages were published to npm and PyPI in February 2026.
- Fee schedule and staking discounts can be changed at any time by governance.
FAQ
Is Hyperliquid better than dYdX?
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $1.00 on dYdX. 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. Pick dYdX if you are non-US, non-UK, non-Canadian traders who want an open-source, order-book perps venue with volume-tiered fees.
Which is cheaper, Hyperliquid or dYdX?
Hyperliquid. On a $1,000 round trip: Hyperliquid $0.86 vs dYdX $1.00, platform fees only.
Can I use Hyperliquid or dYdX in the US?
Hyperliquid: not available. dYdX: 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.
- Hyperliquid Docs: Fees — checked 2026-10-16
- Hyperliquid Docs: Referrals — checked 2026-10-16
- Hyperliquid Docs: Builder codes — checked 2026-10-16
- Hyperliquid Terms of Use (last updated June 15, 2026) — checked 2026-10-16
- Hyperliquid Docs: About Hyperliquid — checked 2026-10-16
- Hyperliquid Docs: Core contributors — checked 2026-10-16
- dYdX Docs - Rewards, Fees and Parameters — checked 2026-10-16
- dYdX Docs index (architecture, builder codes, revenue share) — checked 2026-10-16
- dydx.trade Terms of Use (last updated 12 March 2026) — checked 2026-10-16
- dydx.xyz Terms (last updated 6 June 2025) — checked 2026-10-16
- The Block - Spot trading rollout opens dYdX to US-based traders for first time — checked 2026-10-16
- CoinStats/BeInCrypto - dYdX Affiliate Booster and upgraded commission structure — checked 2026-10-16