Hyperliquid vs Lighter
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | Lighter |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P03 · $52,570.0M |
| 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. | 0% maker · 0% takerStandard accounts, the default, pay no maker or taker fee on perps or spot, at the cost of slower matching (300ms taker latency). Premium accounts are opt-in and get faster matching: 0.0040% maker and 0.0280% taker with no LIT staked, reduced by staking LIT.Edge |
| New-user perk | 4% off fees on your first $25M of volume | One week of Premium for free: the fees paid during that week are rebated |
| Max leverage | up to 40× | up to 50×Edge |
| Perp markets | 234Edge | 210 |
| Identity check | No KYC | No KYC |
| Custody | Non-custodial: positions signed from your wallet | Non-custodial: Ethereum contracts hold the state root, escape hatch available |
| Settles on | HyperCore (L1 Hyperliquid) | Lighter Core (ZK rollup anchored on Ethereum) |
| Collateral | USDC | USDC |
| Where it runs | Web | Web |
| Chains | EVMArbitrum, HyperEVMEdge | EVMEthereum |
| Documented features | 6 of 10 | 7 of 10Edge |
| 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 | Yes |
| API | Yes | Yes |
| Mobile app | Not documented | Not documented |
| Telegram bot | No | No |
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 Lighter if
Fees are your main cost and you accept slightly slower fills to keep them at zero.
Trading is free by default on Lighter, and the venue anchors its state root on Ethereum with a documented escape hatch. The catch is that free matching is slower, and the paid Premium tier exists above it.
app.lighter.xyz
