Hyperliquid vs Bybit
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | Bybit |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P14 · Not tracked |
| Trading fees | 0.045% taker · 0.015% makerSeven tiers on 14-day weighted volume: 0.045%/0.015% below $5M, 0.040%/0.012% above $5M, 0.035%/0.008% above $25M, 0.030%/0.004% above $100M, 0.026%/0% from $2B. Maker rebates are paid on each trade. Spot volume counts double toward the tier.Edge | 0.055% taker · 0.02% makerNon-VIP rate on perpetual and futures contracts: 0.055% taker and 0.02% maker. VIP tiers lower both, based on 30-day derivatives volume or assets held on the account. Funding is charged on top while a position stays open. |
| New-user perk | 4% off fees on your first $25M of volume | Up to 25 USDT: 10 USDT for a 100 USDT deposit within 7 days, then 15 USDT for 500 USDT traded within 30 days |
| Max leverage | up to 40× | up to 150×Edge |
| Perp markets | 234 | 846Edge |
| Identity check | No KYCEdge | KYC required |
| Custody | Non-custodial: positions signed from your wallet | Custodial: your balances sit on the exchange |
| Settles on | HyperCore (L1 Hyperliquid) | Bybit (centralised matching) |
| Collateral | USDC | USDT, USDC |
| Where it runs | Web | Web, iOS, Android |
| Chains | EVMArbitrum, HyperEVMEdge | — |
| Documented features | 6 of 10 | 6 of 10 |
| Order book | Yes | Yes |
| Cross margin | Yes | Yes |
| Spot trading | Yes | Yes |
| Vaults / copy vaults | Yes | Not documented |
| Copy trading | Not documented | Yes |
| Stocks, gold or forex | Yes | Not documented |
| Points program | No | Not documented |
| API | Yes | Yes |
| Mobile app | Not documented | Yes |
| Telegram bot | No | Not documented |
Which one should you pick?
Pick Hyperliquid if
You want deep liquidity, low fees and a public fee ladder you can plan around.
The deepest perp book in the set by an order of magnitude ($204B over 30 days) and the cheapest base tier, at 0.045% taker and 0.015% maker. Everything settles on Hyperliquid's own L1, with USDC arriving mainly through Circle's CCTP from Arbitrum.
app.hyperliquid.xyz
Pick Bybit if
You want the widest choice of altcoin perps, copy trading and a mobile app, and accept KYC and custody.
The biggest menu of the series: 846 USDT and USDC perpetuals, up to 150x on BTC, 0.055% taker, copy trading and mobile apps. It is a centralised exchange: identity verified, balances held by Bybit. The referral pays new users up to 25 USDT, but EEA residents, France included, are being moved to Bybit EU.
Affiliate link
