Hyperliquid vs dYdX
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | HYPERLIQUID | DYDX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.045% | 0.05% |
| Maker Fee | 0.015% | -0.011% |
| Max Leverage | 50x | 20x |
| Perp Pairs | 311 | 232 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.8 | 4.3 |
Hyperliquid
PROS
- + Low perpetuals taker fee of 0.045% at base tier, reducing to 0.024% at VIP 6 ($7B+ volume), with up to 40% additional discount for HYPE stakers
- + Up to 40x leverage on BTC perpetuals (25x on ETH, 20x on SOL), with cross, isolated, and strict isolated margin modes
- + No KYC required — fully non-custodial trading by connecting any EVM-compatible wallet, with complete onchain transparency
CONS
- − Only USDC as primary perpetuals collateral — multi-collateral (uBTC, uETH, uSOL) requires third-party tokenization via Hyperunit
- − Restricted in the US, Russia, Cuba, Iran, North Korea, and Syria — frontend blocks restricted IP addresses
- − No official mobile app — any app store listing claiming to be Hyperliquid is a scam per official support documentation
dYdX
PROS
- + Competitive perpetuals taker fee of 0.05% at base tier with maker rebates rewarding liquidity providers, and Surge program offering 50% fee rebates for active traders
- + Fully decentralized governance — all protocol parameters including fees, market listings, and rewards are controlled by DYDX token holders through onchain voting
- + No KYC required — non-custodial trading via wallet connection with full onchain transparency on the dYdX Cosmos appchain
CONS
- − Maximum leverage capped at 20x — significantly lower than competitors like Hyperliquid (40x) or GMX (50x+) on major pairs
- − Restricted in the US, UK, and Canada — three of the largest crypto markets — plus multiple sanctioned jurisdictions
- − USDC-only collateral with no multi-collateral support — traders cannot use BTC, ETH, or other assets as margin
Frequently Asked Questions
Is Hyperliquid or dYdX better?
Hyperliquid has a higher rating (4.8 vs 4.3). Hyperliquid offers lower fees (0.045% vs 0.05%). Choose Hyperliquid for lower fees, and dYdX for its features.
What are the fees on Hyperliquid vs dYdX?
Hyperliquid charges 0.045% taker / 0.015% maker. dYdX charges 0.05% taker / -0.011% maker for perpetuals.