The original against its closest imitator: Hyperliquid’s audited bridge, public validator set and deep books versus TxFlow’s invite-only L1 with 226 markets, an anonymous team and an unaudited core.
At a glance
Higher 24h volume
HlHyperliquid
$2.52B
Lower taker fee
Roughly even
0.045% vs 0.045%
Deeper liquidity (TVL)
Roughly even
$7.11B vs n/a
Longer track record
HlHyperliquid
since 2024
dexwatch score
HlHyperliquid
91/100
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.
Mainnet since 28 March 2026, still invitation-only via access codes. Points Season 1 was announced on 28 September but its rules are unpublished; the Volume Ascent fee-credit campaign runs until 14 October 2026. DefiLlama halves TxFlow's self-reported two-sided open interest; we use that one-sided figure.
✓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
TfTxFlow
✓Very broad market list (about 226 perps including US equities, FX, metals and pre-IPO names) with 75× on majors
✓Low base fees (0.015% / 0.045%) plus fee-credit campaigns and a 5% referee discount
✓Gas-free trading, native USDC deposits from five chains, bridge audited by OpenZeppelin
✕Core L1 and matching engine are unaudited; validator set and team are undisclosed; no public API documentation
✕Access still requires an invite code; no token, and the points rules are unpublished
Hyperliquid vs TxFlow FAQ
Which has higher trading volume, Hyperliquid or TxFlow?
Hyperliquid — about $2.52B in the last 24 hours versus $131.7M on TxFlow. Figures are a dated snapshot (Oct 10, 2026) and move constantly.
Is Hyperliquid or TxFlow cheaper to trade?
Both list the same headline taker fee of 0.045%. Your real cost also depends on network gas, maker rebates and price impact on the size you trade.
Which offers higher leverage, Hyperliquid or TxFlow?
TxFlow allows up to 75×, 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 TxFlow?
Hyperliquid is a perp dex on Hyperliquid L1, while TxFlow is a perp + spot (app-chain) on TxFlow L1. Match the venue to the chain and assets you actually use.