MeridianvsHyperliquid
Ethena's house venue against the leader: Ethereal's yield-bearing USDe margin and two audits versus Hyperliquid's liquidity, breadth and single bridge audit.
At a glance
Full comparison
Every figure is a dated snapshot from public sources (Oct 10, 2026); fields without a verifiable source show n/a. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.
| Exchange | $— ★★★★★★★★★★41/100Caution | $HYPE ★★★★★★★★★★91/100Excellent |
|---|---|---|
| Type | Perp DEX (relaunching) | Perp DEX |
| Chains | Robinhood Chain | Hyperliquid L1 |
| 24h volume | n/a | $2.52B |
| 7d volume | n/a | $34.33B |
| Total value lockedLiquidity depth | n/a | $7.11B |
| Open interest | n/a | $11.96B |
| Token price | No token | $84.23 |
| 24h change | — | 0.98% |
| Market cap | n/a | $18.74B |
| Maker feeNegative = rebate | 0%Best | 0.015% |
| Taker feeLower is cheaper | 0.03%Best | 0.045% |
| Max leverageHigher = riskier | 50× | 40× |
| Trading pairs | n/a | 178 |
| LaunchedLonger track record | 2025 | 2024Best |
| Security scoredexwatch estimate | n/a | 88/100 |
| Audits | Guardian AuditsChainSecurity | Zellic (bridge) |
Ethereal rebranded to Meridian in mid-2026 and moved from the Ethena Network appchain to Robinhood Chain, launching there with prediction markets first; perps and RWA markets are announced as coming next. Fund migration from the old app is live. The fee and leverage figures shown are Ethereal's and may change; volume shows n/a until the new venue publishes data.
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The honest take
We have not published an editorial pros-and-cons review for Meridian yet; the figures above come from public sources.