In today’s crypto landscape, the struggle against the broader trend of centralization and loss of privacy has made the debate between centralized VS decentralized exchanges an increasingly contentious topic. But what if you didn’t need to settle for one or the other? Read my Hyperliquid review and learn all about this new innovative DEX that promises to be the best of both worlds.
Hyperliquid was launched in 2022 on the eponymous L1 blockchain, specifically designed to support its ambitious performance goals. Unlike most DEXs, it utilizes an order book to facilitate trading – a feature typically found in centralized exchanges like Bybit, Binance, and Kraken.
Hyperliquid offers spot, margin, and futures trading with perpetual contracts and up to 50x leverage, a unique spin on liquidity pools that gives all the control to users, and many more benefits I will unpack in this review. Dive in and find out if Hyperliquid is right for you!
Verdict at a Glance: Hyperliquid is a powerful perpetuals trading platform that offers spot trading and perpetual contracts for 20+ assets. It has advanced order types and community-owned liquidity pools. That said, due to its complexity, it might be a bit overwhelming for beginners.
Pros
- Advanced trading options
- Community-owned liquidity pools
- Blazing-fast transactions
- Low gas and trading fees
Cons
- No fiat deposits
- No multi-chain support
- Too complicated for beginners
Table of Contents
- 1. Hyperliquid Review: Quick Overview
- 2. Hyperliquid Alternatives
- 3. Who is Hyperliquid for?
- 4. Advantages
- 5. Limitations
- 6. Trading Tools
- 7. Fees and Limits
- 8. Staking and Earning Rewards
- 9. Bonuses and Special Offers
- 10. User Experience
- 11. Security
- 12. Customer Support
- 13. How to Use Hyperliquid
- 13.1. How to Create a Hyperliquid Account
- 13.2. How to Deposit on Hyperliquid
- 13.3. How to Withdraw From Hyperliquid
- 14. Comparison to Other Popular Exchanges
- 14.1. Hyperliquid VS Binance
- 14.2. Hyperliquid VS Kraken
- 14.3. Hyperliquid VS Bybit
- 15. Conclusions: Is Hyperliquid Right for You?
Hyperliquid Review: Quick Overview
Before we unpack the ins and outs of the Hyperliquid exchange, here's a handy cheat sheet of its key features:
Type | Hybrid DEX |
Is Hyperliquid safe? | YES |
Best for | Intermediate and advanced users |
Established in | 2022 |
Headquarters | Singapore |
KYC Verification | NO |
Security | Multi-sig |
Features | Spot trading, perpetual contracts, leverage, vaults |
Supported Coins | BTC, ETH, XRP, +130 more |
Funding Methods | Third-party wallet |
Maker/Taker Fees | 0.035% maker / 0.0100% taker |
Fiat Support | NO |
Customer Support | Tickets, Telegram, Twitter, Discord |
Privacy & Anonymity | Full anonymity |
Table: an overview of Hyperliquid's features
You can refer to this overview later or at any point while reading this article if you need a quick recap.
Hyperliquid Alternatives
The Hyperliquid exchange claims to bridge the gap between centralized and decentralized crypto trading platforms. When it comes to the biggest players in the CEX scene, however, it still falls a bit short:
- Binance supports all the trading types offered on Hyperliquid, plus options trading. It offers a higher leverage (up to 125x for futures trading) and a wider asset selection of 400+.
- Kraken features two types of interface, Standard and Pro, to cater to traders of all levels, unlike Hyperliquid, whose UI isn’t nearly as customizable.
- Bybit offers 500+ perpetual contracts, dwarfing Hyperliquid’s selection of 100+, as well as 65+ fiat currencies.
KRAKEN | BINANCE | BYBIT | |
Beginners | Advanced Users & Beginners | More Advanced Users | |
United States, Germany, United Kingdom, France, Canada, + 190 more | Turkey, Argentina, Vietnam, Ukraine, + 100 more | South Korea, United Kingdom, Ukraine, Turkey, +160 more | |
All Kraken Coupons | All Binance Coupons | All Bybit Coupons | |
One of the best crypto exchanges, especially in the US. | One of the leading crypto exchange platforms in the industry. | A popular crypto derivatives exchange with some super-low trading fees. | |
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Table: Comparison of Binance, Kraken, and Bybit
You'll find a more in-depth comparison of Hyperliquid VS these three exchanges in one of the chapters below.
Did you know?
All Crypto Exchanges may look similar to you but they're NOT all the same!
Who is Hyperliquid for?
One of the first things I noticed about Hyperliquid was the difficulty of categorizing this exchange. Hyperliquid DEX seems to defy labels – what it’s trying to be is one of a kind. Still, at the end of the day, every product needs a target audience – so let me try to pare down what kind of users would gain the most from this platform.
Once you take into account all of its features and quirks, it becomes apparent that the Hyperliquid exchange was made with pros in mind. It supports multiple types of trading: spot, futures and margin with up to 50x leverage, as well as some of the less common order types like TWAP. On top of that, it offers highly flexible liquidity pools.
Is Hyperliquid legit for beginners, too? It could be – with some caveats. For one thing, it has no KYC, which a lot of novices are initially wary of. The exchange’s extremely low fees make for a lower entry barrier for users who are worried about the financial requirements of crypto trading.
Here’s how Hyperliquid might benefit different types of users:
- Beginner users: Hyperliquid could be a breath of fresh air for newbies who don’t want to deal with KYC or high gas and transaction fees.
- Intermediate users: More experienced investors can increase their scope by trying out different types of trading and order types.
- Advanced users: Veteran traders might enjoy Hyperliquid’s community-oriented approach to platform governance and liquidity pools.
No matter which category you fall into, chances are Hyperliquid has something to offer for your specific use cases.
Advantages
Let’s take a look at Hyperliquid’s strong suits first. These are the benefits that stood out to me once I gave this exchange a thorough test drive (I'll go over each of them later in this Hyperliquid review):
- Advanced trading options;
- Community-owned liquidity pools;
- Blazing-fast transactions;
- Low gas and trading fees.
One of Hyperliquid's main selling points is a wide selection of trading options. Aside from spot trading, you'll find futures and margin trading. For futures trading, Hyperliquid lets investors choose between perpetual and pre-launch contracts, as well as up to 50x leverage, while margin trading includes isolated and cross-margin positions. Hyperliquid has market, limit, stop market, stop limit, scale, and TWAP order types.
Staking fans will be impressed by Hyperliquid’s advanced liquidity pool (“vault”) system. The community-owned HLP vault acts as the platform’s market-maker and liquidation vault. Users can open their own “vaults” and earn a 10% profit share from them; while other users can provide their own deposit and share the vault’s P&L.
When it comes to trading experience, the convenience of highly efficient transactions can’t be overstated. Hyperliquid’s L1 blockchain can handle up to 200,000 transactions per second with very low latency. The on-chain order book reduces slippage and increases security.
The above-mentioned factors also help reduce Hyperliquid fees. The Hyperliquid network’s PoS consensus mechanism comes with cheaper gas fees, while the vault system ensures consistently high liquidity and lower trading fees. For non-WIP users, the taker fee is 0.035% while the maker fee is 0.010%.
Limitations
No platform is without its flaws, though. Here are the main weak spots worth mentioning in this Hyperliquid review:
- No fiat deposits;
- No multi-chain support;
- Too complicated for beginners.
The first one isn’t exactly unique to the Hyperliquid exchange, of course – DEXs usually don’t support fiat currency. Still, this presents a bit of a hurdle to new traders looking to jump straight into crypto trading with no additional hoops to clear. You can only deposit $USDC from a third-party wallet.
Speaking of hoops – the lack of multi-chain support is another area where Hyperliquid comes across as a tad inflexible. As of writing this, Hyperliquid only bridges to the Arbitrum network, which means that you’ll need a third-party wallet that’s compatible with Arbitrum if you want to connect to the Hyperliquid DEX. As an L2 network, Arbitrum isn’t directly supported by all wallets, but some, like Coinbase wallet, have the option to add it manually.
What all of the above really boils down to is that Hyperliquid could easily be overwhelming to beginners. The learning curve is steeper than that of most other DEXs, which usually have a stripped-down interface and few trading options.
Trading Tools
Without further ado, let’s get to the bottom of how crypto trading works on this platform. I’ll have to agree with most other Hyperliquid reviews on one thing – this DEX really does have something for everyone.
Here are the trading tools and features you’ll find on this exchange:
- Decentralized price oracle;
- Spot trading;
- Four types of perpetual contracts with up to 50x leverage;
- Isolated and cross-margin positions;
- Hourly funding rate;
- Decentralized liquidation system.
With transparency at the very heart of Hyperliquid’s vision and mission, it’s no surprise the platform utilized a decentralized price oracle to prevent price manipulation (a long-time issue for popular cryptocurrencies like Bitcoin[1]) and ensure users are getting their money’s worth.
It collects crypto prices from a number of other reliable exchanges like KuCoin, Kraken, Binance, and Bybit. This data is refreshed every 3 seconds.
Let’s take a peek at Hyperliquid’s trading intricacies next. Hyperliquid markets itself primarily as a perpetuals exchange, and its asset selection reflects that. It only offers 11 trading pairs for spot trading, but the number of perpetual contracts reaches triple digits. Some of the spot trading pairs are:
- HYPE/USDC;
- PURR/USDC;
- HFUN/USDC;
- PIP/USDC;
- JEFF/USDC.
In contrast, perpetual contracts cover a lot more popular cryptocurrencies, such as BTC, ETH, SOL, XRP, and DOGE.
Perpetual contracts come with the option of leverage that ranges from 3x for some of the lesser-known tokens all the way to 50x for BTC and ETH. Aside from standard perpetuals, Hyperliquid offers three additional types:
- Pre-launch contracts allow investors to open a positon on tokens that haven’t launched yet (they automatically convert to standard perpetual contracts once the token is released).
- Uniswap perpetuals use Uniswap’s AMM price as the underlying spot asset price.
- Hyperps contracts use the moving average hyperp mark price to determine the funding rate instead of the underlying spot or index oracle price.
- Index perpetuals determine the asset price by the median of values published to Hyperliquid L1 by validators.
If you’re going to try your hand at perpetual contracts, one of the first things you’ll want to know is how the Hyperliquid funding rates work. In case you need a refresher, a funding rate is a periodic fee paid by one side of the contract to the other side to ensure that the price of the contract stays close to the underlying asset's price.
Funding on Hyperliquid is designed to mimic the process used by centralized exchanges. The rate formula is based on the difference between the contract's price and the spot price of the underlying asset. The interest rate component is predetermined at 0.01% every 8 hours, which is 0.00125% every hour. On Hyperliquid, funding rates are paid on an hourly basis.
When it comes to leverage options, investors can choose between isolated margin or cross-margin – that is, collateral that covers multiple open positions or only one.
As a side note, the latter option is quite risky. If one of your positions gets too close to liquidation, the platform drains margin from your other positions into the endangered one, which can bring your entire stack down like a chain of dominos.
If worst comes to worst and your position does get liquidated, though, you can at least rest assured someone else will benefit from it. Hyperliquid employs a permissionless liquidation system where any user with enough capital can take over the positions of an account whose value drops below the minimum margin required to maintain that position. Anyone who’s deposited into the HLP vault can participate in the takeover and get their share.
Fees and Limits
When I first set out to write this Hyperliquid review, I didn’t put much stock in the platform’s self-proclaimed “low fees” advantage – after all, isn’t this what most exchanges boast? As it turns out, however, this wasn’t just an inflated marketing claim: during the first three months when the platform was still in closed alpha, Hyperliquid fees used to be zero. It was only in June 2023 that trading fees were introduced.
Type | Fees |
---|---|
Deposit | Free |
Withdrawal | $1 |
Gas Fee | $0.001 per transaction |
Trading Fee | 0.035% Taker, 0.010% Maker |
Table: Hyperliquid fees
Typical for a DEX, Hyperliquid has no withdrawal limits, only a flat withdrawal fee of 1%. Deposits are unlimited, too, and free of charge.
Unlike most other DEXs, however, Hyperliquid employs a tiered fee structure: users with a higher trading volume get to pay lower trading fees.
Tier | 14-day volume | Taker fee | Maker fee |
---|---|---|---|
0 | ≤$5M | 0.035% | 0.010% |
1 | <$5M | 0.030% | 0.005% |
2 | <$25M | 0.025% | 0.000% |
3 | <$100M | 0.023% | 0.000% |
4 | <$500M | 0.021% | 0.000% |
5 | <$2B | 0.019% | 0.000% |
Table: Hyperliquid's VIP tiers
On most other exchanges, VIP tiers are based on monthly trading volume, but Hyperliquid measures your 14-day trading volume instead.
Staking and Earning Rewards
Who doesn’t love a little passive income? Most crypto exchanges have long since figured out that staking is one of the best ways to keep users on board and maintain high liquidity.[2] Before writing this Hyperliquid review, I’d already seen plenty of different iterations of this classic feature, so I was eager to see if this platform had anything unique to offer.
As I mentioned before, liquidity pools on Hyperliquid are called “vaults”. There are two types of vaults: community-owned (protocol) and user-owned. Hyperliquid used to have two protocol vaults, HLP and Liquidator, but they have since been merged into one vault that handles liquidations and caters to the platform’s market-making needs.
On top of accruing Hyperliquid trading fees, this vault is fed by user deposits. Anyone can contribute to the vault and share its revenue. Thanks to Hyperliquid’s decentralized protocol, HLP’s deposit and trade history and all the other records are visible on-chain – you can check what’s going on with it anytime you want.
As of writing this, the total value of the HLP vault is over $391 million, and the annual percentage rate is 36%, which is significantly higher than what you’d find on most other DEXs. And that’s not all! On Hyperliquid, investors can open their own vaults, starting with as little as 100 USDC. “Vault Leaders” earn a 10% profit share from their own vaults, while other users can deposit into them and share the vault’s P&L.
Another reward worth mentioning here is market maker rebates. Hyperliquid offers an additional discount for users who place limit orders: -0.001% for users with a 14-day trading volume of >0.5% (that is, users who accounted for more than 0.5% of the total trading volume on the platform), -0.002% for those in the >1.5% bracket, and -0.003% for users in the >3% bracket.
These market maker rebates are basically a percent of the trade value the platform pays back to the user. For example, if you place a limit order of $50’s worth of BTC, you receive $0.0005. It might not seem like much at first glance, but if you’re a power trader, it will start adding up before long.
Bonuses and Special Offers
Staking is all well and good – but, fortunately, it’s not the only way to boost your portfolio for free! A month before this Hyperliquid review, the platform made headlines on all the major crypto news sites with its ambitious $HYPE token airdrop – so let me tell you what it was all about and what it meant for this exchange and its users.
$HYPE is a native governance token Hyperliquid introduced to help increase liquidity and incentivize user participation. The idea was to launch it alongside an airdrop event: over 94 thousand users were gifted ~270 million HYPE tokens in total. The amount each participant received was determined using a point system based on their trading activity on the platform between November 2023 and May 2024.
Even though the airdrop was concluded on 29 November, the points system is still up, hinting at the possibility that the first Hyperliquid airdrop might not have been the last – so keep tuned in for more news!
When it comes to ongoing bonuses and special deals, there’s always the referral system: Hyperliquid investors who invite another user to the platform enjoy a 10% share of their trading fees, while the referees get a 4% discount on Hyperliquid trading fees.
Not every user is allowed to hand out referrals, though: to create a referral code, you need to have a minimum trading volume of $10,000. The referral discount only applies to the first $25M of trading volume.
Read More: Best Crypto Deals
User Experience
Hyperliquid does pack quite a punch when it comes to both trading features and earning opportunities – but what about usability? A platform that tries to bridge the gap between centralized and decentralized trading experience is bound to have some unique nuances when it comes to interface and user experience. Writing this Hyperliquid review gave me the opportunity to gain some first-hand insight, which I’ll do my best to recount here.
It’s time to touch on Hyperliquid’s infrastructural roots again. The eponymous L1 chain Hyperliquid runs on gives it a wealth of advantages when it comes to transaction efficiency. It can handle up to 200,000 transactions per second with only 0.2 s latency. Just to give some perspective, Ethereum processes an average of 12-15 transactions per second with ~12 s latency.
The one thing that might slow you down on Hyperliquid is its complex interface. Unlike many other DEXs, this exchange doesn’t feature a simple swap window – users are greeted with a full-fledged crypto trading powerhouse. The general layout will look familiar enough to anyone who’s used a CEX like Binance or Kraken before. There’s a setting that lets you reorganize the panels, but it doesn’t feel very intuitive.
This shortcoming is even more pronounced on the mobile version. There’s simply no way around this – Hyperliquid’s complexity doesn’t really translate to the small screen. While it’s great that the mobile web app has the same functionality as its desktop counterpart, this is probably one of those cases where you’d rather reach for your laptop instead.
The rest of Hyperliquid’s UX is a mixed bag, too. There’s no Light Mode, only the standard Dark Mode – but you can change the number format, choosing between a comma or a period and their placement. There’s also multi-language support: aside from English, Hyperliquid is available in French, Simplified Chinese, and Korean. The lack of multi-chain support presents another barrier to a seamless user experience.
To end on a high note, sub-accounts are a nice bonus for users who prefer to compartmentalize their trading. On Hyperliquid, you can create multiple accounts under your primary account, each with its balance. This can come in handy if you dabble in multiple trading strategies and want to isolate the risk between them, just to name one potential use case.
Security
Due to Hyperliquid’s ambiguous nature as a hybrid crypto exchange, its security measures aren't very straightforward to evaluate. Much of my research phase in preparation for this write-up was spent scouring the platform’s documentation and other Hyperliquid reviews to determine if this platform is safe enough for your average trader.
Like most DExs, Hyperliquid has no KYC, which certainly gives it a higher score from the privacy standpoint and removes one major vulnerability point in terms of online attacks. Hyperliquid doesn’t store your funds, either – you have to connect your own third-party wallet. Even the platform’s order book runs on-chain, as opposed to being controlled by a centralized authority.
All things considered, the platform’s Achilles’ heel is its own architecture. As a brand-new blockchain, Hyperliquid L1 doesn’t yet have the proven track record of established networks like Ethereum. What’s more, Hyperliquid L1 isn’t completely independent – deposits and withdrawals require bridging to Arbitrum, which presents yet another potential vulnerability users will have to contend with.
If this left you wondering, “Is Hyperliquid legit?”, you needn’t worry – the audits have already answered that question for you! The platform has undergone two security audits (the last one in November 2023) by Zellic, a reputable audit company specializing in blockchain solutions.
Customer Support
For many new platforms, adequate customer support can become an unforeseen bottleneck for future success – nothing can ruin a product’s reputation faster than too many disgruntled users airing their grievances. This was another area where Hyperliquid reviews from other users turned out to be an invaluable source.
Compared to major centralized exchanges like Binance that usually have a 24/7 live chat and a whole library of knowledge base articles, DEXs tend to rely on extensive documentation aimed at advanced users. Hyperliquid DEX is no exception here. As of writing this, its FAQ section is still blank, but there’s a thorough user guide you can refer to if you in case of any queries.
When it comes to practical support, however, your options are more limited. You can choose between submitting a request form or heading over to one of Hyperliquid’s social media channels: X (formerly Twitter), Telegram, or a Discord server. The X account seems active enough, though the bulk of posts are platform announcements. According to most reviews, your best bet would be Telegram or Discord.
How to Use Hyperliquid
Now that you have an idea of how Hyperliquid works, it’s time to put it to action! Don’t close this Hyperliquid review just yet, though – here are a few step-by-step guides to help you hit the ground running.
How to Create a Hyperliquid Account
Getting started with the Hyperliquid crypto exchange is quite simple – it has no KYC, which means there’s nothing standing between you and crypto trading the moment you sign up!
Here’s how to create an account:
Step 1: Go to the official Hyperliquid website and click [Launch App] in the top right corner.
Step 2: Read the disclaimer in the pop-up window and click [Continue].
Step 3: Click [Connect] in the top right corner and select your crypto wallet from the list. If your wallet isn’t there or if you prefer to use Hyperliquid’s custodial wallet, click [Log in with Email].
Step 4: Type in your email address and click [Submit].
Step 5: Check your email and type in the confirmation code you received.
Step 6: Check the following boxes and click [Accept].
That's it! You're now ready to start using Hyperliquid.
How to Deposit on Hyperliquid
After connecting to Hyperliquid, the next thing you need to do is deposit some USDC tokens so that you can use them for trading.
Here’s what the process looks like:
Step 1: Click [Deposit] in the top right corner.
Step 2: Go to your crypto wallet (make sure it’s compatible with Arbitrum) and transfer $USDC to your Hyperliquid wallet address.
Alternatively, if you’ve connected a third-party wallet, you can simply enable Arbitrum and transfer your USDC tokens directly to your Hyperliquid account.
Step 3: By default, the deposited tokens appear in your Perpetuals account. Click [Transfer to Spot] to send them to your Trading account so that you can use them for spot trading.
Now that you've deposited some crypto, you're ready to start trading.
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How to Withdraw From Hyperliquid
The withdrawal process is just as simple:
Step 1: If your funds are in your Spot account, transfer them back to Perps to make them available for withdrawal. Click [Transfer to Spot], type in the amount you want to transfer, then click [Confirm].
Step 2: Click [Withdraw] on the right-side panel.
Step 3: Type in the amount you want to withdraw, fill in your wallet address and click [Withdraw from L1].
There are no withdrawal limits, but you'll have to pay a flat $1 fee.
Comparison to Other Popular Exchanges
Credit where credit is due – Hyperliquid does bring something new and shiny to the table. But can this new hybrid DEX stand its ground against the industry giants? Time to take this Hyperliquid review to the next level by drawing up a comparison with the Big Three: Binance, Kraken, and Bybit.
Hyperliquid VS Binance
Binance surpasses Hyperliquid in trading options: on top of spot, margin, and futures trading, it offers copy trading, direct crypto purchase, and a P2P marketplace, as well as trading bots. Users can get a leverage twice as high as Hyperliquid’s – 100x. You can buy crypto directly with fiat. Unlike Hyperliquid, where all the perpetual contracts are settled in USD, Binance offers perpetual contracts with cryptocurrency pairs.
If you’re a crypto connoisseur in need of some rarer trading pairs, Binance wins out in that department, as well: you’ll find a whopping 1,500+ spot trading pairs and 250+ futures trading pairs. Fans of digital collectibles will be happy to find out there’s an NFT marketplace, to boot.
Binance staking pools cover 180+ cryptocurrencies, while on Hyperliquid, you can only stake USDC. The APR on “Simple Earn” ranges from 0.05% to 35.57%, the upper range on par with Hyperliquid, but the “High Yield” options go all the way up to 114.84% (although they come with a higher risk of extreme price fluctuations).
Binance charges a flat 0.1000% maker and taker fee. Holders of BNB (Binance’s native token) get a 25% discount on trading fees, making it 0.075000% for both makers and takers.
Hyperliquid VS Kraken
Launched in 2011, Kraken is one of the oldest centralized crypto exchanges out there – and it certainly has a lot to show for it. You’ll find spot, margin, futures, and derivatives trading here, along with direct buy option and even an OTC trading desk.
Derivatives trading comes with a selection of 300+ multi-collateral contracts, while margin trading includes an option of up to 5x leverage. Like Hyperliquid, Kraken lets users open sub-accounts.
Kraken’s staking rewards range from 1% to 14% APR. You can choose between 24 assets, in contrast to Hyperliquid where you can only deposit USDC. Some cryptocurrencies have limits on the amount of holdings eligible for rewards: for example, if staking rewards for ATOM are capped at 5,500 and you have 10,000 ATOM in your portfolio, you will only earn on the first 5,500 and not on the remaining 4,500.
Kraken’s trading fees are 0.25% for makers and 0.40% for takers. Tier 1 starts at a 30-day trading volume of $10,000+, which is a lot more generous than Hyperliquid’s system, where the minimum 14-day trading volume requirement for VIP 1 is over $5 million.
Hyperliquid VS Bybit
Like Hyperliquid, Bybit offers spot trading, perpetual contracts, and pre-launch contracts. It has two types of margin: cross and isolated. Where Bybit outshines our platform in question is its leverage allowance: the “smart leverage” option lets users take up to 200x leverage with a lower risk of liquidation compared to “standard” leverage.
Bybit wins out in the sheer number of different trading types, too. Aside from the above-mentioned options, it has copy trading which you won’t find on Hyperliquid, as well as trading bots. On Bybit, you can trade 1,651+ cryptocurrencies, compared to only 100+ on Hyperliquid.
When it comes to staking and other earning options, Bybit’s selection is unmatched. On top of classic staking, called Bybit Savings, you have third-party AMM liquidity pools, ETH 2.0 liquid staking, “Dual Asset” (a short-term trading tool that helps you buy low or sell high), and several more.
Bybit’s trading fees for spot trading start at 0.1000% for takers and 0.1000% for makers. For futures trading, the taker fee starts at 0.0550%, and the maker fee is 0.0200%. Compared to Hyperliquid, Bybit’s VIP hierarchy feels a lot more accessible: for example, to reach Tier 1 on Hyperliquid, you have to accumulate a trading volume of over $5 million in just two weeks, while Bybit lets you climb to Tier 1 with only $1 million over 30 days.
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
- Fiat currencies - accepted
- Simple to use
- Accepts only the most trustworthy cryptocurrencies
- A leading cryptocurrency exchange platform
- Best for beginner investors
- Accepts fiat currencies
- Fully reserved and transparent
- Multiple tradable asset classes
- Early new token support
- 265 supports cryptocurrencies
- Secure & transparent
- Fully reserved
Conclusions: Is Hyperliquid Right for You?
All in all, Hyperliquid makes for a captivating case study on reinventing the wheel. The end result is quite impressive and addresses a number of needs some users didn’t even know they had (if other Hyperliquid reviews are anything to go by) – but it does come with some trade-offs.
Hyperliquid has a lot to offer for seasoned investors. It has competitive fees and multiple trading options, as well as flexible liquidity pools. You’ll find several types of perpetual contracts, advanced order types like TWAP, and an option of isolated or cross-margin with up to 50x leverage.
Having said that, the trading pair selection is quite constrained, and the interface isn’t very intuitive. Hyperliquid L1 still hasn’t stood the test of time in terms of security and reliability. Beginner users looking for a more straightforward experience would be better served by one of the top CEXs like Binance, Kraken, or Bybit.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Peterson, T.: 'To the Moon: A History of Bitcoin Price Manipulation';
2. Cong, L., He, Z .and Tang, K.: 'The Tokenomics of Staking'.