Hyperliquid vs Paradex
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | HYPERLIQUID | PARADEX |
|---|---|---|
| Type | DEX | HYBRID |
| Taker Fee | 0.045% | 0% |
| Maker Fee | 0.015% | 0% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 330 | 63 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.8 | 4.5 |
Hyperliquid vs Paradex: key differences
Opening and closing a $10,000 position with market orders costs $0 on Paradex and $9.00 on Hyperliquid at base-tier taker fees, a difference of $9.00 per round trip.
For limit orders, Hyperliquid charges makers 0.015%, while Paradex charges makers nothing.
Hyperliquid lists 330 perpetual markets, Paradex lists 63.
Hyperliquid is the more liquid venue, with $2.3B in 24-hour volume against $6M on Paradex (about 388 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 Paradex.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Hyperliquid | Paradex | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $0 |
| Maker round trip on $10,000 | $3.00 | $0 |
| Best-tier taker fee | 0.024% | 0% |
| BTC max leverage | 40x | 50x |
| Margin modes | cross, isolated | cross, isolated, portfolio |
| 24h volume | $2.3B | $6M |
| TVL | $7.3B | $32M |
| Custody | non-custodial | hybrid |
| Collateral | USDC, HYPE, BTC | USDC |
| Deposit networks | Arbitrum, Ethereum, Base +10 more | Ethereum, Starknet, Arbitrum +19 more |
| Minimum order | $10 | $10 |
| Order types | 16 | 11 |
| Options | No | Yes |
| Mobile app | Yes | Yes |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | Yes | Yes |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 19 |
| Founded | 2022 | 2023 |
Choose Hyperliquid if
- You trade smaller or newer markets: 330 perpetual pairs against 63.
- You trade size and need liquidity: $2.3B in 24-hour volume against $6M.
- You want to post margin in more than one asset.
- You want a sign-up discount: 4% off fees through a referral link.
Choose Paradex if
- You mostly use market orders: 0% taker fee against 0.045% on Hyperliquid.
- You place limit orders: 0% maker fee against 0.015% on Hyperliquid.
- You trade options as well as perpetuals.
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
Paradex
PROS
- + Zero trading fees for retail orders (0% maker and 0% taker) on all 63 perpetual futures markets, on dated options, and on spot
- + Private trading: positions, orders, entries, exits, and PnL are encrypted and hidden from other traders, which limits liquidation sniping and front-running
- + 63 perpetual markets beyond crypto, including GOOGL, META, MSFT, and MSTR, the US100 and US500 indices, gold, silver, copper, and crude oil, plus about 6,700 options contracts on 11 underlyings
CONS
- − USDC is the only collateral asset. Spot balances in other tokens count toward account value but cannot be used as margin for perpetuals
- − Not available to US and Canadian persons, residents of US territories, or people in Cuba, Iran, North Korea, Syria, Crimea, Donetsk, Luhansk, and Sevastopol
- − Pro orders sent through the standard API are not free: 0.003% maker since July 3, 2026 and 0.045% taker at the base tier, with a 0.0175% floor after all discounts
Frequently Asked Questions
Is Hyperliquid or Paradex better?
Hyperliquid has a higher rating (4.8 vs 4.5). Paradex offers lower fees (0% vs 0.045%). Choose Hyperliquid for its features, and Paradex for lower fees.
What are the fees on Hyperliquid vs Paradex?
Hyperliquid charges 0.045% taker / 0.015% maker. Paradex charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, Hyperliquid or Paradex?
Hyperliquid offers up to 50x (40x on BTC), and Paradex offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Hyperliquid and Paradex require KYC?
Hyperliquid does not require KYC. Paradex does not require KYC. Both restrict some jurisdictions (Hyperliquid lists 6; Paradex lists 19), so check the terms of service for your country before depositing.
Is Hyperliquid or Paradex safer?
Hyperliquid has been audited and runs an insurance fund, and custody is non-custodial. Paradex has been audited and runs an insurance fund, and custody is hybrid. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Hyperliquid or Paradex?
Hyperliquid recorded $2.3B in 24-hour volume and Paradex recorded $6M, as of 2026-10-04. Hyperliquid lists 330 perpetual markets and Paradex lists 63.