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 | 211 | 330 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.8 |
Lighter vs Hyperliquid: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $9.00 on Hyperliquid at base-tier taker fees, a difference of $9.00 per round trip.
For limit orders, Lighter charges makers nothing, while Hyperliquid charges makers 0.015%.
Hyperliquid lists 330 perpetual markets, Lighter lists 211.
Hyperliquid is the more liquid venue, with $2.3B in 24-hour volume against $511M on Lighter (about 4.6 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, ETH, XAUT on Lighter and in USDC, HYPE, BTC on Hyperliquid.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Lighter | Hyperliquid | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $9.00 |
| Maker round trip on $10,000 | $0 | $3.00 |
| Best-tier taker fee | 0.0196% | 0.024% |
| BTC max leverage | 50x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $511M | $2.3B |
| TVL | $768M | $7.3B |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDC, HYPE, BTC |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Arbitrum, Ethereum, Base +10 more |
| Minimum order | $10 | $10 |
| Order types | 9 | 16 |
| Options | No | No |
| Mobile app | Yes | Yes |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | Yes |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 11 | 6 |
| Founded | 2022 | 2022 |
Choose Lighter 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.
Choose Hyperliquid if
- You trade smaller or newer markets: 330 perpetual pairs against 211.
- You trade size and need liquidity: $2.3B in 24-hour volume against $511M.
- You want a sign-up discount: 4% off fees through a referral link.
Lighter
PROS
- + Zero maker and taker fees for standard accounts on perpetual and spot markets; premium accounts pay 0.004% maker and 0.028% taker, falling to 0.0028% and 0.0196% with 500,000 LIT staked (30% discount)
- + Every order match, liquidation, and settlement is proven with ZK circuits on Lighter's own Ethereum rollup, and nine audit reports for the contracts and circuits are published in the docs
- + 211 active perpetual markets and 10 spot pairs (October 2026), with up to 50x leverage on BTC, ETH, EURUSD, GBPUSD, USDJPY, SPY, and US500
CONS
- − Restricted in the US, Canada, the UK, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, and Syria under the Terms of Service dated December 29, 2025, a list that includes the UK and Canada
- − Standard accounts trade free but with 300ms taker and cancel latency; the 140ms taker latency requires a premium account that pays 0.028% taker
- − Margin collateral beyond USDC is limited to ETH and XAUT at a 70% loan-to-value ratio, with per-user caps of 2,000 ETH and 500 XAUT
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
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.
Which has higher leverage, Lighter or Hyperliquid?
Lighter offers up to 50x, and Hyperliquid offers up to 50x (40x on BTC). Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and Hyperliquid require KYC?
Lighter does not require KYC. Hyperliquid does not require KYC. Both restrict some jurisdictions (Lighter lists 11; Hyperliquid lists 6), so check the terms of service for your country before depositing.
Is Lighter or Hyperliquid safer?
Lighter has been audited and runs an insurance fund, and custody is non-custodial. Hyperliquid 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, Lighter or Hyperliquid?
Lighter recorded $511M in 24-hour volume and Hyperliquid recorded $2.3B, as of 2026-10-04. Lighter lists 211 perpetual markets and Hyperliquid lists 330.