HyperliquidvsVariational Omni
Order book versus request-for-quote: Hyperliquid's transparent matching against Variational Omni's zero-fee, single-liquidity-provider model with 500+ markets including stocks.
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 | $HYPE ★★★★★★★★★★91/100Excellent | ★★★★★★★★★★66/100Fair |
|---|---|---|
| Type | Perp DEX | Perp DEX (RFQ) |
| Chains | Hyperliquid L1 | Arbitrum |
| 24h volume | $2.52BBest | $1.48B |
| 7d volume | $34.33BBest | $19.54B |
| Total value lockedLiquidity depth | $7.11B | n/a |
| Open interest | $11.96BBest | $1.03B |
| Token price | $84.23 | No token |
| 24h change | 0.98% | — |
| Market cap | $18.74B | n/a |
| Maker feeNegative = rebate | 0.015% | 0%Best |
| Taker feeLower is cheaper | 0.045% | 0%Best |
| Max leverageHigher = riskier | 40× | 50× |
| Trading pairs | 178 | 567Best |
| LaunchedLonger track record | 2024Best | 2025 |
| Security scoredexwatch estimate | 88/100 | n/a |
| Audits | Zellic (bridge) | ZellicSpearbit |
Zero explicit trading fees: the venue earns a 4–6 basis-point spread from a single liquidity provider that prices every trade. Volume is self-reported to CoinGecko.
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The honest take
We have not published an editorial pros-and-cons review for Variational Omni yet; the figures above come from public sources.