Hyperliquid vs Extended
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
See the 11 differences
| Line | Hyperliquid | Extended |
|---|---|---|
| 30-day volume | Edge#01 · $204,136.0M | #09 · $7,288.0M |
| 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. | Edge0.025% taker · 0% makerA flat schedule for perps and spot: 0.025% taker, 0% maker, with RWA markets discounted to 0.010% taker. Makers whose share of total maker volume reaches 0.5% receive a 0.002% rebate, rising to 0.010% above 5% market share; rebates are automatic and paid daily at 00:00 UTC. |
| New-user perk | 4% off fees on your first $25M of volume | From TGE, 10% off trading fees for the first $25M of volume or 30 days from signup, whichever comes first |
| Max leverage | up to 40× | Edgeup to 100× |
| Perp markets | Edge234 | 100 |
| Identity check (KYC) | No KYC | No KYC |
| Custody | Non-custodial: positions signed from your wallet | Non-custodial: funds stay in on-chain contracts on Arc |
| Settles on | HyperCore (L1 Hyperliquid) | Arc (Circle's L1) |
| Collateral | USDC | USDC, cirBTC, ETH |
| Where it runs | Web | Web |
| Chains | EVMArbitrum, HyperEVM | EdgeEVMEthereum, Arbitrum, Base, Arc, Polygon, Avalanche, BNB Chain |
| Documented features | Edge7 of 10 | 6 of 10 |
| Order book | Yes | Yes |
| Cross margin | Yes | Yes |
| Spot trading | Yes | Yes |
| Vaults / copy vaults | Yes | Yes |
| Copy trading | Not documented | Not documented |
| Stocks, gold or forex | Yes | Yes |
| Points program | No | No |
| API | Yes | Yes |
| Mobile app | Yes | 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.
Read the Hyperliquid reviewapp.hyperliquid.xyz
Pick Extended if
Fee level is your deciding criterion and you want crypto and RWA markets on the same account.
The cheapest taker fee in the series at 0.025%, on a venue built by an ex-Revolut team that settles entirely on Arc, the L1 developed by Circle. Deposits are accepted from seven EVM chains in USDC, ETH or cirBTC, which removes the usual bridging detour.
Read the Extended reviewapp.extended.exchange
