Hyperliquid vs BULK
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | HYPERLIQUID | BULK |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.045% | 0.035% |
| Maker Fee | 0.015% | 0% |
| Max Leverage | 50x | 40x |
| Perp Pairs | 330 | 8 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.8 | 3.0 |
Hyperliquid vs BULK: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on BULK and $9.00 on Hyperliquid at base-tier taker fees, a difference of $2.00 per round trip.
For limit orders, Hyperliquid charges makers 0.015%, while BULK charges makers nothing.
Hyperliquid allows up to 50x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Hyperliquid lists 330 perpetual markets, BULK lists 8.
Hyperliquid also has spot trading; BULK is perpetuals only.
Hyperliquid is the more liquid venue, with $2.3B in 24-hour volume against $21M on BULK (about 111 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDC, HYPE, BTC on Hyperliquid and in USDC on BULK.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Hyperliquid | BULK | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $7.00 |
| Maker round trip on $10,000 | $3.00 | $0 |
| Best-tier taker fee | 0.024% | 0.022% |
| BTC max leverage | 40x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $2.3B | $21M |
| TVL | $7.3B | $8M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, HYPE, BTC | USDC |
| Deposit networks | Arbitrum, Ethereum, Base +10 more | Solana |
| Minimum order | $10 | $1 |
| Order types | 16 | 9 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | Yes | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 43 |
| Founded | 2022 | 2025 |
Choose Hyperliquid if
- You want higher leverage: up to 50x against 40x.
- You trade smaller or newer markets: 330 perpetual pairs against 8.
- You trade size and need liquidity: $2.3B in 24-hour volume against $21M.
- You want spot and perpetuals in one account.
- You trade from a phone: Hyperliquid has a mobile app.
- You want to post margin in more than one asset.
Choose BULK if
- You mostly use market orders: 0.035% taker fee against 0.045% on Hyperliquid.
- You place limit orders: 0% maker fee against 0.015% on Hyperliquid.
Hyperliquid
PROS
- + Perpetuals taker fee of 0.045% and maker fee of 0.015% at the base tier, falling to 0.024% taker and 0% maker above 7 billion USD in 14-day volume, with a further discount of up to 40% for HYPE stakers
- + Up to 40x leverage on BTC perpetuals, 25x on ETH and 20x on SOL, and up to 50x on HIP-3 FX pairs (EUR, JPY, GBP) and S&P 500 perpetuals
- + No KYC: trading starts after connecting a wallet or email login, funds stay in the user's own account, and every order and liquidation is recorded onchain
CONS
- − USDC is the default perpetuals collateral; HYPE and BTC count as collateral only under portfolio margin, which requires more than 10,000 USD in account value or 5 million USD in volume
- − Restricted in the United States, Ontario (Canada), Russia, Cuba, Iran, North Korea and Syria; the frontend blocks IP addresses from restricted locations
- − The official mobile app is Android only and was released in April 2026 as a limited MVP; there is no iOS app, so iPhone users rely on the web app
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Frequently Asked Questions
Is Hyperliquid or BULK better?
Hyperliquid has a higher rating (4.8 vs 3). BULK offers lower fees (0.035% vs 0.045%). Choose Hyperliquid for higher leverage, and BULK for lower fees.
What are the fees on Hyperliquid vs BULK?
Hyperliquid charges 0.045% taker / 0.015% maker. BULK charges 0.035% taker / 0% maker for perpetuals.
Which has higher leverage, Hyperliquid or BULK?
Hyperliquid offers up to 50x (40x on BTC), and BULK offers up to 40x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Hyperliquid and BULK require KYC?
Hyperliquid does not require KYC. BULK does not require KYC. Both restrict some jurisdictions (Hyperliquid lists 6; BULK lists 43), so check the terms of service for your country before depositing.
Is Hyperliquid or BULK safer?
Hyperliquid has been audited and runs an insurance fund, and custody is non-custodial. BULK has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Hyperliquid or BULK?
Hyperliquid recorded $2.3B in 24-hour volume and BULK recorded $21M, as of 2026-10-04. Hyperliquid lists 330 perpetual markets and BULK lists 8.