Comparison

Hyperliquid vs dYdX

Compare Hyperliquid and dYdX across fees, custody model, liquidity, funding, and trader fit.

Last updated: 2026-05-04Last reviewed: 2026-05-04

Quick verdict

Use this comparison to decide what kind of perp venue you want: Hyperliquid-native order-book trading and tools, or the dYdX app-chain ecosystem and fee model.

Best fit

  • Hyperliquid: traders focused on Hyperliquid-native markets, referral discounts, and fast order-book workflows.
  • dYdX: traders who already prefer dYdX Chain tooling, account model, and governance-driven venue design.

Watch out

  • Fee tables can change, so compare current official docs before trading.
  • Jurisdiction and interface access can differ across venues.
  • Liquidity depth and funding can matter more than headline fees.

Fee model

Hyperliquid
Maker/taker tiers based on rolling volume, plus referral and staking discount mechanics.
Alternative
Maker/taker tiers with governance-adjustable parameters.

Volume tiers

Hyperliquid
Rolling 14-day weighted volume. Spot volume counts double toward weighted volume.
Alternative
Volume-based fee structure described in dYdX docs.

Custody and account model

Hyperliquid
Onchain-first trading stack with Hyperliquid account and sub-account concepts.
Alternative
dYdX Chain account and trading model.

Best fit

Hyperliquid
Traders who want Hyperliquid-native markets and tools.
Alternative
Traders evaluating app-chain perps with dYdX liquidity.
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Get the fee discount

Review the referral terms before you trade.

Open Hyperliquid
Risk notice
Crypto perpetuals and leveraged trading are high risk. You can lose money through liquidation, funding, slippage, oracle issues, protocol failures, and market volatility.

Related tools

Compare venues, then estimate the numbers for your own trade size.

Hyperliquid fees

Understand the cost stack before comparing venues.

Fee calculator

Estimate maker, taker, one-way, and round-trip fees.

Risk disclaimer

Review leverage, liquidation, slippage, and protocol risk.

Referral code

Review eligible fee discount terms and disclosure.

Sources