#P01Hyperliquid

Hyperliquid review

Perp DEX on its own L1#P01EVM

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.

Open Hyperliquidapp.hyperliquid.xyz

app.hyperliquid.xyz

DegenBenchChecked 27 Sept 20267 sources · official docs + public data#P01

Perpetual futures are leveraged: a small move against you can liquidate your position. Only trade what you can afford to lose.

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.
New-user perk: 4% off fees on your first $25M of volumevia a referral link (not offered here yet)
Max leverage: up to 40×234 perp markets
Identity check: No KYC
Custody: Non-custodial: positions signed from your wallet
Settles on: HyperCore (L1 Hyperliquid) · USDC
Where it runs: Web
30-day volume: $204,136.0MDefiLlama protocol page, perp volume over 30 days, 28/09/2026. DefiLlama publishes the same figure as normalized volume: no wash-trading discount reported.

Who it’s for

Pick it if

You want deep liquidity, low fees and a public fee ladder you can plan around.

Skip it if

You trade from a phone only, or you want a venue whose governance is fully automatic.

Strengths

$204.1B of perp volume over 30 days, around three times the second venue on the list.
Published fee ladder from 0.045%/0.015% down to 0.026%/0% with continuous maker rebates.
Referral links follow one documented format, app.hyperliquid.xyz/join/CODE, and builders can add a fee with builder codes.
234 perp markets on the main book, and 457 in total once the builder-deployed perp DEXs (HIP-3) are counted.

Limits

No official mobile app documented in the docs: trading happens in the browser.
The JELLY market was delisted by a validator vote in March 2025, which reopens the question of how decentralized the venue really is.
Deposits arrive mainly as USDC from Arbitrum through CCTP; there is no native on-ramp in euros.

What it offers

Order bookYes
Cross marginYes
Spot tradingYes
Vaults / copy vaultsYes
Copy tradingNot documented
Stocks, gold or forexYes
Points programNo
APIYes
Mobile appNot documented
Telegram botNo

“Not documented” means we found no official page, not that the feature is missing.

How to start safely

Open the official app
Type app.hyperliquid.xyz yourself or use a bookmark: phishing copies of perp exchanges are common.
Deposit a small amount first
Send a test deposit of the collateral the exchange accepts, on the chain it documents, before moving more.
Set leverage and a stop before the order
Pick isolated margin for a new trade, keep leverage low, and place the stop-loss with the order, not after.
Watch funding and liquidation price
Funding is paid regularly while a position is open, and the liquidation price moves closer as leverage rises.

How to start trading perps on a DEX

Security record

2025-03 — A trader built a large JELLY short, the HLP vault absorbed the other side, and validators voted to delist the market at a set price, closing about a $13M exposure. No user funds outside the market were reported lost. Source

Official domains: hyperliquid.xyz