Lighter vs Hyperliquid
Detailed side-by-side comparison of features, fees, and trading experience
| FEATURE | LIGHTER | HYPERLIQUID |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.045% |
| Maker Fee | 0% | 0.015% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 100 | 311 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.8 |
Lighter
PROS
- + Zero trading fees for standard accounts — all retail makers and takers trade free; premium accounts pay only 0.004% maker / 0.028% taker with up to 30% discount via LIT staking (maker fees as low as 0.0028%, taker as low as 0.0196% at max tier)
- + ZK-proof verified trading: every order match, liquidation, and settlement is cryptographically proven via custom ZK circuits — no other perp DEX offers this level of on-chain verifiability
- + Massive trading volume: $232B in 30-day volume before TGE and ~$3.75-4.58B daily volume as of January 2026, making it one of the deepest liquidity pools for perp trading
CONS
- − Restricted in US, Canada, UK, China, Russia, Ukraine, North Korea, Cuba, Iran, Venezuela, and Syria — a broader exclusion list than most perp DEXs including the UK
- − TVL of ~$1-2B is significantly lower than Hyperliquid's $4B+ as of early 2026 — lower liquidity depth may mean worse fills for large orders
- − Only USDC and ETH accepted as collateral — no multi-collateral support like GMX; limited flexibility for users with other assets
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
Frequently Asked Questions
Is Lighter or Hyperliquid better?
Hyperliquid has a higher rating (4.8 vs 4.2). Lighter offers lower fees (0% vs 0.045%). Choose Lighter for lower fees, and Hyperliquid for its features.
What are the fees on Lighter vs Hyperliquid?
Lighter charges 0% taker / 0% maker. Hyperliquid charges 0.045% taker / 0.015% maker for perpetuals.