Hyperliquid vs other exchanges
How Hyperliquid stacks up against the largest centralised and decentralised derivatives exchanges.
Last reviewed:
| Feature | Hyperliquid | Binance | OKX | Bybit | dYdX |
|---|---|---|---|---|---|
| Self-custody | ✓ | — | — | — | ✓ |
| No KYC | ✓ | — | — | — | ✓ |
| Gasless orders | ✓ | ✓ | ✓ | ✓ | ✓ |
| Fully on-chain order book | ✓ | — | — | — | ✓ |
| Perpetuals Taker | 0.045% | 0.050% | 0.050% | 0.055% | 0.050% |
| Referral discount | 4% | varies | varies | varies | varies |
Hyperliquid
Binance
OKX
Bybit
dYdXPerpetual fees (base tier) — Last reviewed: 2026-11-10
- Hyperliquid + RABAT0.0432%
- Hyperliquid0.0450%
- Binance0.0500%
- OKX0.0500%
- dYdX0.0500%
- Bybit0.0550%
Hyperliquid vs Binance, OKX & Bybit
Centralised exchanges offer more fiat ramps and assets, but require KYC and custody your funds. Hyperliquid matches their user experience with self-custody and a transparent on-chain order book at comparable fees.
Hyperliquid vs dYdX
Both run app-specific chains with order books. Hyperliquid leads in volume and open interest, adds a native spot market and HyperEVM, and requires no gas for orders.