Reya vs Hyperliquid
Pick Reya if you want the lowest base-tier fees, a 10% referral discount; code U0GP283SX gets 10% off fees.
Pick Hyperliquid if you want to start trading today on an established order book; code DEXSHEET gets 4% off fees.
On a $1,000 buy and sell, Reya costs $0.54 in platform fees vs $0.86 on Hyperliquid (checked 2026-10-30).
Open Reya — 10% off fees Open Hyperliquid — 4% off fees
Checked 2026-10-30 · full table belowReya is a perpetual futures exchange on its own Ethereum rollup, Reya Network, running a central limit order book for about 30 crypto, US stock and index perps that trade 24/7, with gold, silver and oil listed to open. Its order book went live on mainnet on September 28, 2026, and new users currently join through a waitlist.
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.
Reya saves $0.32 per $1,000 round trip.
Our take
Both run perps on an on-chain order book from your own wallet, and both bar US persons. Reya is cheaper at the base tier, 0.03% taker and 0% maker against Hyperliquid's 0.045% and 0.015%, and its referral discount is larger. Hyperliquid is the established venue with open sign-up; Reya's order book only went live on September 28, 2026 and admits new wallets from a waitlist.
Choose Reya if
You want the lowest base-tier fees, a 10% referral discount, and 24/7 US stock and index perps such as AAPL, NVDA, SPY and QQQ, and you can wait for waitlist access.
Choose Hyperliquid if
You want to start trading today on an established order book with HIP-3 builder-deployed markets, maker rebates that are already live, and a public track record since 2023.
Key differences
- Fees: Reya charges 0.03% taker and 0% maker at the base tier, with the taker fee falling to 0.02% on volume. Hyperliquid's tier 0 is 0.045% taker and 0.015% maker.
- Worked example, $10,000 position opened and closed as a taker: $6.00 on Reya and $9.00 on Hyperliquid at base tiers, before any referral discount.
- Maker rebates: live on Hyperliquid for its top maker-volume shares. Reya's are planned but not live.
- Referrals: a Reya code takes 10% off trading fees, with no volume cap documented. A Hyperliquid code takes 4% off fees on the first $25M of volume.
- Access: Reya v2 admits new wallets from a waitlist. Hyperliquid has open sign-up.
- Chain: Hyperliquid runs on its own layer-1. Reya runs on its own rollup, today a customised Arbitrum Orbit stack, moving in stages to a based zk rollup on Ethereum.
- Track record: Hyperliquid has had market-manipulation incidents, including the JELLY delisting in March 2025. Reya's order book is a month old, and we found no reported exploit.
How to choose
- Lowest base-tier fee: Reya.
- Want to trade today without a waitlist: Hyperliquid.
- Want 24/7 US stock and index perps on the venue's own book: Reya.
- Market maker who wants rebates now: Hyperliquid.
- US resident: both are off limits under their terms.
Editorial view based on the fee and policy data on this page. Updated 2026-10-29.
Side by side
| Reya | Hyperliquid | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | beta | live |
| Chains | Reya Network | Hyperliquid |
| Platforms | web | web |
| Custody | Self-custody | Self-custody |
| KYC | none | none |
| Platform fee, round trip | 0.06% | 0.09% |
| $1,000 round trip | $0.60 | $0.90 |
| Sign-up perk | 10% discount on trading fees | 4% discount on fees for the first $25M of volume |
| Perps taker / maker | 0.03% / 0% | 0.045% / 0.015% |
| United States | Not available | Not available |
| United Kingdom | Unverified | Unverified |
| European Union | Unverified | Unverified |
| Launched | — | 2023-02 |
| Reported incidents | 0 | 4 |
Features
| Feature | Reya | Hyperliquid |
|---|---|---|
| perps | ✓ | ✓ |
| crypto perps | ✓ | — |
| stock perps | ✓ | — |
| index perps | ✓ | — |
| commodity perps | ✓ | — |
| order book | ✓ | ✓ |
| 24/7 trading | ✓ | — |
| portfolio margin | ✓ | — |
| cross-collateral | ✓ | — |
| API/SDK | ✓ | — |
| points | ✓ | — |
| LP vault | ✓ | — |
| spot | — | ✓ |
| limit orders | — | ✓ |
| vaults | — | ✓ |
| staking discounts | — | ✓ |
| builder codes | — | ✓ |
| HIP-3 builder-deployed perps | — | ✓ |
"—" means the feature was not in the sources we checked, not proof it's missing.
Reya: watch out for
- US persons are barred by the Terms & Conditions, which also prohibit using a VPN to get around the geofence.
- The v2 app admits new wallets from a waitlist, and the order book only went live on mainnet on September 28, 2026.
- Maximum leverage is 40x on BTC and BNB, 25x on ETH, SOL, SPY and QQQ, and 5x to 15x on single stocks.
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, Reya or Hyperliquid?
Both run perps on an on-chain order book from your own wallet, and both bar US persons. Reya is cheaper at the base tier, 0.03% taker and 0% maker against Hyperliquid's 0.045% and 0.015%, and its referral discount is larger. Hyperliquid is the established venue with open sign-up; Reya's order book only went live on September 28, 2026 and admits new wallets from a waitlist.
Is Reya better than Hyperliquid?
Reya is cheaper: a $1,000 buy-and-sell costs $0.54 in platform fees vs $0.86 on Hyperliquid. Pick Reya if you are traders outside the US who want low taker fees on an on-chain order book for crypto and 24/7 US stock and index perps. 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, Reya or Hyperliquid?
Reya. On a $1,000 round trip: Reya $0.54 vs Hyperliquid $0.86, platform fees only.
Can I use Reya or Hyperliquid in the US?
Reya: 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.
- Reya Docs - Fees — checked 2026-10-29
- Reya API - fee tiers (live) — checked 2026-10-29
- Reya API - global fee parameters: referee discount and referrer rebate (live) — checked 2026-10-29
- Reya Docs - Reya Chain Points FAQs (referrals) — checked 2026-10-29
- Reya app - referral landing and v2 waitlist gate — checked 2026-10-29
- Reya Labs Limited Terms & Conditions (4 April 2024) — 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