Hyperliquid vs Variational
Same lines, side by side: fees, leverage, markets, KYC, custody and referral perks, from official pages and DefiLlama.
| Line | Hyperliquid | Variational |
|---|---|---|
| 30-day volume | #P01 · $204,136.0MEdge | #P04 · $50,872.0M |
| 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% trading feesOmni charges no trading fee: the venue keeps the market-making spread instead. Deposits and withdrawals cost a flat $0.10 in USDC, and a forced liquidation is executed 0.5% away from the bid or ask.Edge |
| New-user perk | 4% off fees on your first $25M of volume | 1 point for every 10 points earned |
| Max leverage | up to 40×Edge | Not documented |
| Perp markets | 234 | 500Edge |
| Identity check | No KYC | No KYC |
| Custody | Non-custodial: positions signed from your wallet | Non-custodial, EVM wallet, gasless deposits |
| Settles on | HyperCore (L1 Hyperliquid) | Arbitrum (Variational settlement pools) |
| Collateral | USDC | USDC |
| Where it runs | Web | Web |
| Chains | EVMArbitrum, HyperEVMEdge | EVMArbitrum |
| Documented features | 6 of 10Edge | 4 of 10 |
| Order book | Yes | No |
| Cross margin | Yes | Yes |
| Spot trading | Yes | No |
| Vaults / copy vaults | Yes | Yes |
| Copy trading | Not documented | Not documented |
| Stocks, gold or forex | Yes | Yes |
| Points program | No | Yes |
| API | Yes | Not documented |
| 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 Variational if
You want one cross-margined account for crypto, equities, commodities and forex with no visible trading fee.
A zero-fee venue built on RFQ rather than an order book: the platform earns the spread it quotes, so your real cost is the price you accept, not a line on a fee schedule.
omni.variational.io
