Hyperliquid vs dYdX
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | dYdX |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P12 · $1,037.0M |
| 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 | 0.050% taker · 0.010% makerSeven tiers on 30-day trailing volume across all markets: 5.0/1.0 bps below $1M, 4.5/1.0 above $1M, 4.0/0.5 above $5M, 3.5/0 above $25M, 3.0/0 above $50M, 2.5/-0.7 above $100M and 2.5/-1.1 above $200M, so the largest makers are paid. Staking DYDX adds a further discount on net positive fees; maker rebates are excluded from that discount. |
| New-user perk | 4% off fees on your first $25M of volume | Referred users start at fee tier 3 instead of tier 1, worth up to $550 of fee savings |
| Max leverage | up to 40× | up to 50×Edge |
| Perp markets | 234Edge | 78 |
| Identity check | No KYC | No KYC |
| Custody | Non-custodial: positions signed from your wallet | Non-custodial, wallet signature |
| Settles on | HyperCore (L1 Hyperliquid) | dYdX Chain (Cosmos app-chain) |
| Collateral | USDC | USDC |
| Where it runs | Web | Web |
| Chains | EVMArbitrum, HyperEVM | EVM · NobleEthereum, Noble |
| Documented features | 6 of 10Edge | 4 of 10 |
| Order book | Yes | Yes |
| Cross margin | Yes | Yes |
| Spot trading | Yes | Not documented |
| Vaults / copy vaults | Yes | Yes |
| Copy trading | Not documented | Not documented |
| Stocks, gold or forex | Yes | No |
| Points program | No | No |
| API | Yes | Yes |
| Mobile app | Not documented | Not documented |
| 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 dYdX if
You publish content about perps: the 30% to 50% taker-fee share with instant USDC payouts is the best economics here.
The most generous affiliate programme of the series, and the clearest case of a venue that lost the volume war: 78 active markets and $1.04B of 30-day volume, against $204B for Hyperliquid. The order book, the fee ladder and the payout mechanics are fully documented.
dydx.trade
