Venues / Perp DEX

Perp DEX · Hyperliquid

Hyperliquid

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.

Cost: Perps base tier is 0.045% taker / 0.015% maker, falling to 0.024% / 0% at the top volume tier (>$7B 14-day weighted volume). Staking HYPE cuts fees 5-40%, and makers with large volume share can earn rebates up to -0.003%. A $1,000 buy-and-sell costs about $0.90 in Hyperliquid fees.

Referral: 4% discount on fees for the first $25M of volume.

Checked 2026-10-16 · sources below

Open HyperliquidGoes to Hyperliquid's site. DexSheet has no referral deal with Hyperliquid yet. How we earn.

More on Hyperliquid: Is it legit? · Referral code · Fees · Alternatives

Status: live
Custody: non-custodial
KYC: none
Platforms: web
Round trip fee: 0.09%
Launched: 2023-02
Fees paid, 30d: $88.5M

Users paid Hyperliquid about $88.5M in fees in the 30 days to 2026-10-16 (DefiLlama) — a rough measure of how much it is actually used.

Best for: Perps traders outside the US who want onchain order-book trading from their own wallet, with fees that drop by volume and HYPE staking.

Hyperliquid fees

Fee	Type	Rate	Applies to	Note
Perps taker fee (base tier)	protocol	0.045%	Buy and sell	Tier 0, no staking discount
Perps maker fee (base tier)	protocol	0.015%	Buy and sell	Tier 0, no staking discount
Spot taker fee (base tier)	protocol	0.07%	Buy and sell	Spot maker is 0.040% at tier 0
Builder fee (third-party front-ends)	platform	—	Buy and sell	Optional, set by the builder and approved by the user; capped at 0.1% on perps and 1% on spot

Fee tiers

Tier	Rate	Requirement
Tier 0	0.045%	default (14d weighted volume below $5M); maker 0.015%
Tier 1	0.04%	>$5M 14d weighted volume; maker 0.012%
Tier 2	0.035%	>$25M 14d weighted volume; maker 0.008%
Tier 3	0.03%	>$100M 14d weighted volume; maker 0.004%
Tier 4	0.028%	>$500M 14d weighted volume; maker 0%
Tier 5	0.026%	>$2B 14d weighted volume; maker 0%
Tier 6	0.024%	>$7B 14d weighted volume; maker 0%
Wood (staking)	0.043%	>10 HYPE staked: 5% discount (tier 0 taker shown)
Bronze (staking)	0.041%	>100 HYPE staked: 10% discount
Silver (staking)	0.038%	>1,000 HYPE staked: 15% discount
Gold (staking)	0.036%	>10,000 HYPE staked: 20% discount
Platinum (staking)	0.032%	>100,000 HYPE staked: 30% discount
Diamond (staking)	0.027%	>500,000 HYPE staked: 40% discount

Perps: taker 0.045%, maker 0.015% — Tier 0 base rates. Maker rebates of -0.001% to -0.003% apply above 0.5% / 1.5% / 3.0% share of 14d weighted maker volume. HIP-3 (builder-deployed) perps can carry an extra deployer fee share of 0-300%; growth-mode HIP-3 markets have reduced protocol fees.

Platform fees only. On-chain network/priority fees, pool (LP) fees and price impact are extra and vary by trade.

Full Hyperliquid fee breakdown →

Is Hyperliquid legit?

Users trade from their own wallet against onchain order books on the Hyperliquid L1. Deposits from other chains are bridged; some (BTC, ETH, SOL and others) are handled by Unit Protocol per the support docs.

Backers: Self-funded (Hyperliquid Labs states it has not taken any external capital).

Incidents on record

2025-03-26: JELLY market manipulation and validator delisting. A trader used the thinly traded JELLYJELLY perp to push liquidation losses onto the HLP vault. Validators voted to delist the JELLY perpetual and settled positions at $0.0095; the Hyper Foundation said non-flagged affected users would be compensated. ForkLog reports the platform ended about $700,000 in surplus. Source
2025-11-12: POPCAT manipulation; deposits and withdrawals paused. An onchain analyst alleged a trader built a roughly $30M POPCAT long across 19 wallets, pulled the buy wall, and left HLP to absorb the liquidation for an estimated $4.9M loss. Deposits and withdrawals were shown as paused for maintenance the same day. Source
2025-07-29: API outage of about 37 minutes. API servers were overwhelmed by a spike in traffic between 14:10 and 14:47 UTC, delaying orders reaching the nodes. Hyperliquid said it was not a hack or exploit. Source
2026-05-28: Faulty oracle data crashes Ventuals SPACEX perp by about 45%. On Ventuals, a third-party market deployed on Hyperliquid, the pre-IPO SpaceX perp fell from about $2,277 to about $1,254 within minutes after an offchain data provider returned incorrect prices, then partly recovered. The Block reports 484 users liquidated; Ventuals said it would compensate affected traders. This was the market deployer's feed, not Hyperliquid's core markets. Source

The full "is Hyperliquid legit?" check →

Where Hyperliquid is available

Region	Status
United States	Not available
United Kingdom	Unverified
European Union	Unverified

Terms of Use (last updated 2026-06-15) section 1.6: the Interface is not available to 'Restricted Persons', defined as persons or entities residing, located, incorporated or registered in the United States or Ontario, Canada, or in sanctioned jurisdictions, plus citizens of sanctioned territories. Section 3.1.5 prohibits using VPNs or proxies to conceal location. Section 1.7 separately blocks outcome markets for 'Excluded Persons' in jurisdictions the company designates from time to time. The UK and EU are not named as restricted in the Terms; local rules may still apply. Status 'unknown' for unnamed regions means the Terms do not list them as restricted; the venue does not affirmatively confirm availability there. (source)

We report what the venue's own terms say. Don't use a VPN to get around restrictions; venues can freeze accounts that do.

Pros and cons

Pros

Base perps fees are 0.045% taker / 0.015% maker, falling to 0.024% / 0% at the top volume tier.
Staking HYPE gives a 5% to 40% fee discount, and high-share makers can earn rebates.
Order books, trades and liquidations run onchain on HyperCore with one-block finality, per the docs.
Hyperliquid Labs says it is self-funded and has taken no external capital.

Cons

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.
Third-party front-ends using builder codes can add up to 0.1% per perps trade on top of protocol fees.

Features

perpsspotorder booklimit ordersvaultsstaking discountsbuilder codesHIP-3 builder-deployed perpsoutcome marketsHyperEVMAPI

Hyperliquid referral code

What you get: 4% discount on fees for the first $25M of volume.

What the referrer gets: 10% of referred users' fees (net of any discount they receive), on each referee's first $1B of volume

How the Hyperliquid referral code works →

Open HyperliquidGoes to Hyperliquid's site. DexSheet has no referral deal with Hyperliquid yet. How we earn.

Alternatives to Hyperliquid

Lighter

Non-US, non-UK retail perps traders who want zero trading fees and can accept slower taker execution than paid accounts.

Round trip: 0%

Paradex

Non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.

Round trip: 0%

Ostium

Traders who want onchain leveraged exposure to stocks, forex, commodities and indices from a self-custodied wallet, outside the US.

Round trip: 0.06%

Aster

Non-US, non-UK traders who want zero maker fees on order-book perps, very high leverage modes, or privacy-shielded orders.

Round trip: 0.08%

All Hyperliquid alternatives compared →

Head to head

Where Hyperliquid ranks

#1 in Best perp DEXesof 10
#4 in Lowest-fee perp DEXesof 10

Explainers related to Hyperliquid

Hyperliquid FAQ

Is Hyperliquid legit?

Hyperliquid is a live layer-1 chain running onchain perps and spot order books, built by self-funded Hyperliquid Labs. It is non-custodial. It has had manipulation incidents: the JELLY market was delisted by validator vote in March 2025, and HLP took a reported $4.9M loss on POPCAT in November 2025.

Can US residents use Hyperliquid?

No. Section 1.6 of the Terms of Use (updated June 15, 2026) lists persons residing, located or incorporated in the United States or Ontario, Canada as Restricted Persons who may not use the Interface. The Terms also prohibit using VPNs or proxies to conceal location.

What are Hyperliquid's trading fees?

At the base tier, perps cost 0.045% taker and 0.015% maker, and spot costs 0.070% taker and 0.040% maker. Rates fall with 14-day weighted volume down to 0.024% taker and 0% maker on perps above $7B. Staking HYPE adds a 5% to 40% discount.

How does the Hyperliquid referral program work?

Referrers who have traded $10,000 can create a code and earn 10% of referred users' fees on each referee's first $1B of volume. Referees get a 4% fee discount on their first $25M of volume. Discounts do not apply to vaults or sub-accounts.

What are Hyperliquid builder codes?

Builder codes let third-party apps route orders to Hyperliquid and charge their own builder fee. Users must approve a maximum fee per builder from their main wallet and can revoke it anytime. Builder fees are capped at 0.1% on perps and 1% on spot.

Sources

Last checked 2026-10-16. 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
Decrypt: What Is Hyperliquid? (mainnet closed alpha February 2023) — checked 2026-10-16
ForkLog: The price of popularity, and a lesson for all: Hyperliquid (JELLY) — checked 2026-10-16
The Block: Hyperliquid pauses deposits and withdrawals amid POPCAT trading scheme speculation — checked 2026-10-16
The Block: Hyperliquid API outage — checked 2026-10-16
The Block: Ventuals SpaceX perp plunge — checked 2026-10-16