Hyperliquid vs Binance, Coinbase, Lighter, Aster and dYdX (Nov 2026)
Updated Nov 10, 2026 · 5 min read
Hyperliquid against Binance, Coinbase, Bybit, Lighter, Aster, GMX and dYdX: fees, 30-day volume, custody, leverage, markets and US access, dated Nov 7, 2026.
How does Hyperliquid compare with other exchanges? Hyperliquid is a decentralised perpetual futures exchange: you trade from your own wallet with USDC margin, every order goes through an on-chain order book, and no account or KYC is needed. Against Binance and Bybit it charges slightly lower base fees, offers less leverage and fewer markets, and does not hold your funds. Against other perp DEXs it does the most volume: $244.9 billion in the 30 days to Nov 7, 2026, about three times Lighter.
Key takeaways
- Base fees: Hyperliquid 0.045% taker and 0.015% maker, against 0.05% / 0.02% at Binance and 0.055% / 0.02% at Bybit.
- Lighter charges nothing on standard accounts, and Aster charges no maker fee on crypto pairs.
- Custody: Hyperliquid, Lighter, Aster, GMX and dYdX are self-custodial; Binance, Bybit and Coinbase hold your funds and require KYC.
- Leverage: 40x on BTC at Hyperliquid, 150x at Binance and Bybit, up to 1001x in Aster’s special mode.
- US: Hyperliquid’s current terms exclude US persons, as do Binance, Bybit, Lighter, Aster and dYdX; regulated US routes on Hyperliquid’s infrastructure await CFTC approval.
Hyperliquid vs the main venues, Nov 7, 2026
| Venue | Type | Taker / maker fee | Volume | Custody | BTC max leverage | Markets | US access |
|---|---|---|---|---|---|---|---|
| Hyperliquid | Decentralised, own chain | 0.045% / 0.015% | $244.9B (30 days) | Self-custody, no KYC | 40x | About 349 perps on Nov 9: 179 crypto, 122 XYZ stocks, indices, commodities and FX, plus other HIP-3 DEXs | Not yet open to US persons; regulated US routes pending |
| Binance (USDⓈ-M) | Centralised | 0.050% / 0.020% | $18.4B (24 hours) | Custodial, KYC | 150x | About 800 perps, including stocks, ETFs, metals and oil | US blocked (Binance.US is separate) |
| Coinbase | Centralised | 0.25% in the Coinbase app (international perps, run on Deribit since Oct 1, 2026) | n/a | Custodial, KYC | Up to 50x outside the US | 125+ perps, including stocks and commodities | Separate US and international entities |
| Bybit | Centralised | 0.055% / 0.020% | $4.0B (24 hours) | Custodial, KYC | 150x | About 890 perps, including 238 stocks | US blocked |
| Lighter | Decentralised, zk rollup | 0% / 0% (standard account) | $76.7B (30 days) | Self-custody, no KYC | 50x | 215 perps, including stocks, FX and commodities | US blocked |
| Aster | Decentralised | 0.04% / 0% (crypto) | $48.7B (30 days) | Self-custody, no KYC | Up to 1001x in its high-leverage mode | 596 perps, including about 117 stocks and ETFs | US blocked |
| GMX (v2) | Decentralised, on Arbitrum and Avalanche | 0.04% to 0.06% position fee, plus borrowing | $24.2B (30 days) | Self-custody, no KYC | 100x | 100+ markets, including gold, oil and index ETFs | Not checked |
| dYdX (v4) | Decentralised, own chain | 0.050% / 0.010% | $1.16B (30 days) | Self-custody, no KYC | 50x | 57 active crypto perps | US blocked |
Volumes for centralised exchanges are 24-hour figures from a Saturday and are not comparable with the 30-day figures for decentralised venues. Binance remains the largest perp market overall; Hyperliquid is the largest decentralised one.
Hyperliquid vs Binance
Binance has more markets, up to 150x leverage on BTC and the deepest overall liquidity. Hyperliquid is slightly cheaper at the base tier (0.045% against 0.05% taker; 0.015% against 0.02% maker) and differs in kind: your USDC stays in your wallet until it is used as margin on Hyperliquid’s own chain, there is no KYC, and every fill and liquidation is public. The trade-offs: Hyperliquid’s current terms don’t yet cover US persons and a few other jurisdictions, and there is no customer support desk that can reverse a mistake.
Hyperliquid vs Coinbase
Coinbase is a regulated, custodial broker. Its international perps moved onto Deribit, which Coinbase owns, on Oct 1, 2026, and the Coinbase app charges 0.25% per perp trade. Hyperliquid charges far less per trade (0.045% taker), lists stock, index and commodity perps alongside crypto, and leaves custody with you; it has no account recovery, so the wallet is yours to secure.
Hyperliquid vs Lighter and Aster
Lighter and Aster are the two perp DEXs closest to Hyperliquid in volume. Lighter, a zk rollup, charges 0% on standard accounts (paid tiers exist for lower latency) and did $76.7 billion in 30 days. Aster charges 0.04% taker and 0% maker on crypto pairs and offers up to 1001x in a separate mode, with $48.7 billion in 30 days. Both list stock and commodity perps. Hyperliquid still did more volume than both together over the same 30 days.
Hyperliquid vs dYdX and GMX
dYdX was the leading perp DEX before Hyperliquid; in the 30 days to Nov 7, 2026 it did $1.16 billion across 57 active crypto markets. GMX uses a pool instead of an order book: traders pay a 0.04% to 0.06% position fee plus borrowing, and trade against liquidity providers. It did $24.2 billion in 30 days and lists gold, oil and index ETF markets.
Which one fits
- You want self-custody and the most liquid perp DEX: Hyperliquid.
- You want the lowest fee per trade and accept a smaller venue: Lighter’s standard account.
- You want the most markets and leverage, and accept custody and KYC: Binance or Bybit.
- You want an agent to trade for you on Hyperliquid: an app layer such as Senpi runs each strategy from a dedicated strategy wallet you fund; compare options in the best AI trading agents for Hyperliquid.
Fees are only part of the cost
Spread, slippage, funding and, on some apps, a builder fee on top of the exchange fee all add up. See Hyperliquid fees explained for every fee, and funding, margin and liquidation for the rest of the cost of a trade.
Is Hyperliquid cheaper than Binance?
At the base tier, slightly: 0.045% taker and 0.015% maker on Hyperliquid against 0.05% and 0.02% on Binance USDⓈ-M futures, as of Nov 7, 2026. Both lower fees with volume, and apps built on Hyperliquid can add their own builder fee on top.
Is Hyperliquid a CEX or a DEX?
A decentralised exchange. It runs its own blockchain with a fully on-chain order book, you trade from your own wallet, and there is no account or KYC.
Which perp DEX has the most volume?
Hyperliquid, with $244.9 billion in the 30 days to Nov 7, 2026 by DefiLlama, ahead of Lighter ($76.7 billion) and Aster ($48.7 billion).
Is Lighter really zero fees?
On standard accounts, yes, for regular orders; TWAP, advanced orders and RFQ pay 1 basis point. Premium accounts pay 0.028% taker and 0.004% maker in exchange for lower latency.
Can I use Hyperliquid in the US?
Not yet through Hyperliquid itself: its current terms exclude persons in the US and Ontario, Canada. US access is moving, though: ICE and Trade[XYZ] are building a regulated US market on Hyperliquid’s infrastructure and Kraken’s Bitnomial plans permissioned Hyperliquid perps, both pending CFTC approval. Hyperliquid in the US tracks what opens and when.
Trade Hyperliquid with an AI agent
Keep custody of your funds and let an agent run your rules on Hyperliquid, with a stop from the first fill.
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