DEX comparison · updated Oct 18, 2026
HyperliquidvsdYdX
The current perp-volume leader against the original on-chain order book — one dominates liquidity today, the other brings the longer track record.
At a glance
Higher 24h volume
Hyperliquid
$3.15B
Lower taker fee
Hyperliquid
0.045%
Deeper liquidity (TVL)
Hyperliquid
$6.91B
Longer track record
dYdX
since 2017
dexwatch score
Hyperliquid
91/100
Full comparison
Every figure is a dated snapshot from public sources (Oct 18, 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 | $HYPE ★★★★★★★★★★91/100Excellent | $DYDX ★★★★★★★★★★80/100Solid |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Chains | Hyperliquid L1 | dYdX Chain |
| 24h volume | $3.15BBest | $6.6M |
| 7d volume | $40.54BBest | $288.2M |
| Total value lockedLiquidity depth | $6.91BBest | $101.1M |
| Open interest | $10.96BBest | $41.6M |
| Token price | $77.50 | $0.113 |
| 24h change | 1.89% | 6.27% |
| Market cap | $17.24B | $95.2M |
| Maker feeNegative = rebate | 0.015% | −0.005%Best |
| Taker feeLower is cheaper | 0.045%Best | 0.05% |
| Max leverageHigher = riskier | 40× | 50× |
| Trading pairs | 178Best | 73 |
| LaunchedLonger track record | 2024 | 2017Best |
| Security scoredexwatch estimate | 88/100Best | 86/100 |
| Audits | Zellic (bridge) | Informal SystemsTrail of Bits |
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The honest take
Hyperliquid
✓Deepest liquidity and tightest spreads of any perp DEX, by a wide margin
✓Order-book matching feels just like a centralized exchange; spot, lending and outcome markets now share the same account
✓Fee revenue is used to buy back the HYPE token; base fees drop with volume and staking
✕Runs on its own L1 — assets must be bridged in (USDC via Arbitrum)
✕Only the bridge has a published audit; the core matching engine does not. Built for active traders, not beginners
dYdX
✓Long track record (since 2017) and battle-tested
✓Fully on-chain order book with pro order types
✓Stake the token to earn a share of protocol fees
✕Separate appchain adds a bridging step
✕Interface leans technical
Hyperliquid vs dYdX FAQ
Which has higher trading volume, Hyperliquid or dYdX?
Hyperliquid — about $3.15B in the last 24 hours versus $6.6M on dYdX. Figures are a dated snapshot (Oct 18, 2026) and move constantly.
Is Hyperliquid or dYdX cheaper to trade?
Hyperliquid lists the lower headline taker fee (0.045% versus 0.05%). Your real cost also depends on network gas, maker rebates, spreads and price impact on the size you trade.
Which has deeper liquidity, Hyperliquid or dYdX?
Hyperliquid holds more total value locked ($6.91B versus $101.1M), a rough proxy for how much size a market can absorb.
Which offers higher leverage, Hyperliquid or dYdX?
dYdX allows up to 50×, versus 40× on Hyperliquid. Higher leverage multiplies losses as fast as gains — it is information, not an advantage.
What's the main difference between Hyperliquid and dYdX?
Hyperliquid is a perp dex on Hyperliquid L1, while dYdX is a perp dex on dYdX Chain. Match the venue to the chain and assets you actually use.
What are perpetuals & perp DEXes?Leverage risk & liquidationFunding rates: the hidden cost of holding a perpperpetualleveragefunding rate
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