Hyperliquid vs Paradex
Paradex is cheaper: a $1,000 buy-and-sell costs $0.00 in platform fees vs $0.86 on Hyperliquid. 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 Paradex if you are non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.
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.
Paradex is a perpetuals, dated-options and spot exchange running on its own Starknet-based appchain, with a unified margin account across 90+ markets. Orders placed through the web interface are classed as Retail and pay zero trading fees; API (Pro) orders pay a taker fee.
Paradex saves $0.86 per $1,000 round trip.
Side by side
| Hyperliquid | Paradex | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | live | live |
| Chains | Hyperliquid | Paradex |
| Platforms | web | web |
| Custody | non-custodial | non-custodial |
| KYC | none | none |
| Platform fee, round trip | 0.09% | 0% |
| $1,000 round trip | $0.90 | $0.00 |
| Sign-up perk | 4% discount on fees for the first $25M of volume | 5% XP bonus on trading activity |
| Perps taker / maker | 0.045% / 0.015% | 0% / 0% |
| United States | Not available | Not available |
| United Kingdom | Unverified | Unverified |
| European Union | Unverified | Unverified |
| Launched | 2023-02 | — |
| Reported incidents | 4 | 1 |
Features
| Feature | Hyperliquid | Paradex |
|---|---|---|
| perps | ✓ | ✓ |
| spot | ✓ | ✓ |
| order book | ✓ | — |
| limit orders | ✓ | — |
| vaults | ✓ | ✓ |
| staking discounts | ✓ | — |
| builder codes | ✓ | — |
| HIP-3 builder-deployed perps | ✓ | — |
| outcome markets | ✓ | — |
| HyperEVM | ✓ | — |
| API | ✓ | — |
| options | — | ✓ |
| zero-fee retail trading | — | ✓ |
| privacy | — | ✓ |
| unified margin | — | ✓ |
| api | — | ✓ |
| points | — | ✓ |
"—" 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.
Paradex: watch out for
- US persons, Canadian persons and US territories are restricted.
- Retail orders carry a 300ms speed bump and are capped at 1,000 orders per 24 hours.
- A January 19, 2026 pricing glitch liquidated positions and forced a chain rollback with about eight hours of downtime.
FAQ
Is Hyperliquid better than Paradex?
Paradex is cheaper: a $1,000 buy-and-sell costs $0.00 in platform fees vs $0.86 on Hyperliquid. 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 Paradex if you are non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.
Which is cheaper, Hyperliquid or Paradex?
Paradex. On a $1,000 round trip: Paradex $0.00 vs Hyperliquid $0.86, platform fees only.
Can I use Hyperliquid or Paradex in the US?
Hyperliquid: not available. Paradex: 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
- Paradex Docs - Trading Fees — checked 2026-10-16
- Paradex Docs - Retail and Pro Orders — checked 2026-10-16
- Paradex Docs - Home — checked 2026-10-16
- Paradex Docs - Trading on Paradex — checked 2026-10-16
- Paradex Docs - Affiliate & Referrals — checked 2026-10-16
- Paradex Docs - Starknet First Appchain — checked 2026-10-16