Hyperliquid vs Lighter
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
See the 9 differences
| Line | Hyperliquid | Lighter |
|---|---|---|
| 30-day volume | Edge#01 · $204,136.0M | #03 · $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. | Edge0% maker · 0% takerStandard accounts, the default, pay no maker or taker fee on regular perp and spot orders, at the cost of slower matching (300ms taker latency), but 1 bp (0.01%) on TWAP/advanced orders and RFQ. Premium/Advanced accounts are opt-in and get faster matching: 0.0040% maker and 0.0280% taker with no LIT staked, reduced by staking LIT. |
| New-user perk | 4% off fees on your first $25M of volume | A 10% discount on the fees you pay, rebated every Monday |
| Max leverage | up to 40× | Edgeup to 50× |
| Perp markets | Edge234 | 210 |
| Identity check (KYC) | 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 | EdgeEVMArbitrum, HyperEVM | EVMEthereum |
| Documented features | 7 of 10 | Edge8 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 | Yes |
| API | Yes | Yes |
| Mobile app | Yes | Yes |
| 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.
Read the Hyperliquid reviewapp.hyperliquid.xyz
Pick Lighter if
Fees are your main cost and you accept slightly slower fills to keep them at zero.
Regular orders are 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.
Read the Lighter reviewSign up through this link: A 10% discount on the fees you pay, rebated every Monday.
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