DEX comparison
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
$7.20B
Lower taker fee
Hyperliquid
0.035%
Deeper liquidity (TVL)
Hyperliquid
$4.40B
Longer track record
dYdX
since 2017
dexwatch score
Hyperliquid
92/100
Full comparison
Every figure is an approximate snapshot from public trackers. “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 ★★★★★★★★★★92/100Excellent | $DYDX ★★★★★★★★★★86/100Excellent |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Chains | Hyperliquid L1 | dYdX Chain |
| 24h volume | $7.20BBest | $900.0M |
| 7d volume | $40.70BBest | $6.20B |
| Total value lockedLiquidity depth | $4.40BBest | $350.0M |
| Token price | $43.80 | $0.920 |
| 24h change | 3.20% | 0.80% |
| Market cap | $14.60B | $690.0M |
| Maker feeNegative = rebate | −0.02%Best | −0.005% |
| Taker feeLower is cheaper | 0.035%Best | 0.05% |
| Max leverageHigher = riskier | 50× | 50× |
| Trading pairs | 210Best | 142 |
| LaunchedLonger track record | 2024 | 2017Best |
| Security scoredexwatch estimate | 88/100Best | 86/100 |
| Audits | ZellicInternal | Informal SystemsTrail of Bits |
Affiliate links are marked and may earn dexwatch a commission at no extra cost to you. Educational content only — not financial advice.
Want a different matchup?
Open this in the live tool and add up to four DEXes.
Hyperliquid vs dYdX FAQ
Which has higher trading volume, Hyperliquid or dYdX?
Hyperliquid — about $7.20B in the last 24 hours versus $900.0M on dYdX. Figures are an approximate snapshot and move constantly.
Is Hyperliquid or dYdX cheaper to trade?
Hyperliquid has the lower headline taker fee at 0.035%, versus 0.05% on dYdX. Network gas and price impact still apply on top.
Which has deeper liquidity, Hyperliquid or dYdX?
Hyperliquid holds more total value locked ($4.40B versus $350.0M), a rough proxy for how much size a market can absorb.
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 & liquidationDEX trading fees: maker/taker & pool feeperpetualleveragefunding rate
More comparisons