Velocity vs Hyperliquid
Pick Velocity for Solana perp traders who want a Drift-style order book.
Pick Hyperliquid for perps traders outside the US; code DEXSHEET gets 4% off fees.
On a $1,000 buy and sell, Velocity costs $1.14 in platform fees vs $0.86 on Hyperliquid (checked 2026-11-07).
Open Hyperliquid — 4% off fees Velocity · velocity.exchange
Checked 2026-11-07 · full table belowVelocity is a Solana perpetual futures exchange and money market, rebuilt by the former Drift team as a fork of Drift v2 after the April 2026 exploit. It charges 0.06% taker at the base tier and pays makers a small rebate.
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 $0.28 per $1,000 round trip.
Side by side
| Velocity | Hyperliquid | |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Status | live | live |
| Chains | Solana | Hyperliquid |
| Platforms | web | web |
| Custody | Self-custody | Self-custody |
| KYC | none | none |
| Platform fee, round trip | 0.12% | 0.09% |
| $1,000 round trip | $1.20 | $0.90 |
| Sign-up perk | 5% off taker fees | 4% discount on fees for the first $25M of volume |
| Perps taker / maker | 0.06% / -0.003% | 0.045% / 0.015% |
| United States | Unverified | Not available |
| United Kingdom | Unverified | Unverified |
| European Union | Unverified | Unverified |
| Launched | — | 2023-02 |
| Reported incidents | 2 | 4 |
Features
| Feature | Velocity | Hyperliquid |
|---|---|---|
| perps | ✓ | ✓ |
| borrow-lend | ✓ | — |
| swaps | ✓ | — |
| cross-margin | ✓ | — |
| vaults | ✓ | ✓ |
| builder codes | ✓ | ✓ |
| api | ✓ | — |
| spot | — | ✓ |
| 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.
Velocity: watch out for
- The program is a rebuild after a $280M+ exploit of the predecessor, and its source code is not yet public.
- No Drift balances or referral links carry over; users start with new accounts.
- The Terms of Use did not render, so jurisdiction limits could not be confirmed.
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
Is Velocity better than Hyperliquid?
Hyperliquid is cheaper: a $1,000 buy-and-sell costs $0.86 in platform fees vs $1.14 on Velocity. Pick Velocity if you are solana perp traders who want a Drift-style order book with a published fee ladder and a maker rebate, and who accept a rebuilt protocol with a short track record. 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, Velocity or Hyperliquid?
Hyperliquid. On a $1,000 round trip: Hyperliquid $0.86 vs Velocity $1.14, platform fees only.
Can I use Velocity or Hyperliquid in the US?
Velocity: unverified. 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.
- Velocity Docs: Trading fees — checked 2026-11-06
- Velocity Docs: Referrals — checked 2026-11-06
- Velocity Docs: Introduction — checked 2026-11-06
- Velocity Terms of Use (did not render) — checked 2026-10-17
- Velocity Docs: Migrating from Drift — checked 2026-10-17
- CoinSpot: Drift relaunches as Velocity — checked 2026-10-17
- 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 2026-11-06
- Hyperliquid Docs: About Hyperliquid — checked 2026-10-16
- Hyperliquid Docs: Core contributors — checked 2026-10-16