dYdX v4 vs Hyperliquid
November 2026 — Side-by-side comparison of fees, volume, liquidity, traffic, and composite score
| Metric | dYdX v4 | Hyperliquid |
|---|---|---|
| Volume | ||
| Score (0–100)↕ | 53 | ★95 |
| Volume 24h↕ | $109.39M | ★$191.93M |
| Volume 7d↕ | $733.84M | ★$54.03B |
| Volume 30d↕ | $3.35B | ★$265.86B |
| 24h Change↕ | ★+352.08% | +244.38% |
| Fees | ||
| Maker Fee↕ | ★-0.03% | 0.04% |
| Taker Fee↕ | 0.07% | ★0.07% |
| Market Depth | ||
| Avg Liquidity↕ | — | — |
| Trading Pairs↕ | 88 | ★437 |
| Coins Listed↕ | 89 | ★394 |
| Traffic | ||
| Weekly Visits↕ | 7.6K | ★1.50M |
| Traffic Score↕ | — | — |
| Info | ||
| Fiat Currencies↕ | — | — |
| Founded↕ | ★2023 | — |
| Type | DEX | DEX |
| Rank↕ | #125 | ★#10 |
Fee Comparison
Base tier · Tier 0| Fee Type | dYdX v4 | Hyperliquid | Winner |
|---|---|---|---|
Maker Fee | -0.025%cheaper | 0.040% | dYdX v4lower fee |
Taker Fee | 0.075% | 0.070%cheaper | Hyperliquidlower fee |
| Spread (Taker − Maker) | 0.100% | 0.030% |
Disclaimer: Base-tier rates (Tier 0) without VIP, volume, or token discounts. Negative maker fee = rebate (you earn it). Always verify on official fee pages.
About dYdX v4
dYdX v4 is a leading decentralized exchange (DEX) specializing in perpetual futures trading, founded in August 2017 by Antonio Juliano, an ex-Coinbase engineer. The platform has evolved significantly, transitioning from an Ethereum Layer-1 solution to a Layer-2 solution on Starkware, and ultimately to its own sovereign blockchain, the dYdX Chain, built using the Cosmos SDK. This strategic move, fully realized in November 2023, underscores its commitment to complete decentralization, offering a non-custodial trading environment where users maintain full control over their assets. The exchange positions itself as a professional trading platform for advanced users, combining the benefits of decentralization with high performance and advanced trading tools. Primarily, dYdX v4 focuses on perpetual contracts, allowing traders to speculate on the future price of cryptocurrencies with leverage without an expiration date. While earlier versions supported spot and margin trading, the v4 iteration on the dYdX Chain has shifted its focus almost entirely to perpetuals, though the community can vote to reintroduce other trading options. The platform also features staking, where users can stake DYDX tokens to earn rewards and contribute to network security and governance. A unique aspect is the Hedgies NFT collection, which rewards active traders and provides access to exclusive community benefits and trading fee discounts. The exchange offers advanced trading tools such as stop-loss and limit orders, catering to sophisticated trading strategies like scalping and high-frequency trading. dYdX v4 supports a substantial number of trading pairs, with over 120 pairs available, predominantly for perpetual futures. The most active trading pair is BTC/USD. The platform supports trading for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others, allowing for diverse trading opportunities within the perpetuals market. The fee structure on dYdX v4 is designed with maker/taker fees, which vary based on a tiered system determined by a trader's 30-day trading volume. For instance, initial tiers might see maker fees as low as -0.011% (rebate) and taker fees around 0.050%, with fees decreasing for higher trading volumes. The dYdX community has also implemented staking-based fee discounts, where users staking DYDX tokens can receive reduced trading fees. Periodically, dYdX offers zero-fee promotions for specific markets, such as BTC and SOL perpetuals, further incentivizing trading activity. It's important to note that while trading fees are collected by validators and stakers, users can submit and cancel orders without incurring gas fees on the dYdX Chain. Security and regulation are paramount for dYdX v4, which emphasizes a fully decentralized and non-custodial model. Users retain self-custody of their funds, eliminating the risks associated with centralized exchanges holding user assets. The dYdX Chain incorporates an insurance fund designed to cover insufficient collateral and adjust liquidation order prices, providing a layer of protection. While specific regulatory licenses are not typically held by fully decentralized protocols in the same manner as centralized exchanges, the platform's governance is community-driven, with the dYdX DAO overseeing protocol decisions and upgrades. The architecture of dYdX v4, built on Cosmos SDK, enhances its security posture through its sovereign blockchain design. Regarding global reach, dYdX v4 is a globally accessible decentralized platform. However, it explicitly states that it is not available in the U.S. or to other restricted persons, aligning with regulatory considerations for decentralized finance protocols. The platform primarily operates with cryptocurrencies, with USDC being the primary currency for paying trading fees. Payment methods are typically through direct cryptocurrency transfers from compatible Web3 wallets like MetaMask, Coinbase Wallet, or Ledger Live, rather than traditional fiat on-ramps. dYdX offers mobile applications for iOS and Android, providing traders with access to the platform on the go. It also supports trading via Telegram, indicating a commitment to accessibility across various user interfaces. For algorithmic traders, a high-performance API is available, enabling sophisticated automated trading strategies. The platform's transition to its own blockchain has significantly boosted transaction speeds, claiming over 2000 transactions per second (TPS), and reduced latency, making it highly suitable for professional and high-frequency traders. The unique selling points of dYdX v4 revolve around its commitment to full decentralization, high performance, and community governance. Its migration to a sovereign blockchain built with the Cosmos SDK allows for unparalleled transaction speed and low fees, distinguishing it from many Ethereum-based DEXs. The order book model, in contrast to the Automated Market Maker (AMM) model used by many DEXs, provides traders with precise price control. Furthermore, the active community governance, staking rewards, and the Hedgies NFT program foster a strong ecosystem and incentivize user participation, making dYdX v4 a robust and innovative platform in the decentralized derivatives space.
Full profile →About Hyperliquid
Hyperliquid is a prominent decentralized exchange (DEX) that commenced operations in 2023, founded by Jeff Yan and iliensinc, both alumni of Harvard. The exchange is headquartered in the Cayman Islands and distinguishes itself by operating on its own dedicated Layer-1 blockchain, positioning itself as a high-performance, self-custodial platform primarily focused on perpetual futures trading. This architectural choice allows Hyperliquid to offer a fully on-chain order book, aiming to overcome the limitations often associated with traditional automated market makers (AMMs) and off-chain matching engines found in many decentralized finance (DeFi) protocols. The platform emphasizes a non-custodial approach, ensuring users retain control over their assets. In terms of products and features, Hyperliquid is best known for its robust perpetual futures trading, offering leverage of up to 50x. Beyond derivatives, it also supports spot markets, providing a comprehensive trading environment. The exchange caters to experienced traders with a suite of advanced order types, including limit, market, stop-loss, take-profit, trailing stop, scale, and Time-Weighted Average Price (TWAP) orders, mirroring the sophisticated tools available on major centralized exchanges. Additionally, Hyperliquid incorporates a unique vault system, featuring both a protocol vault (HLP) and user-created vaults, which allow for pooled funds and potentially different risk profiles. While its primary focus is on trading, there is no indication of staking, earn products, NFT marketplaces, or copy trading features being natively offered. The exchange boasts a substantial array of trading pairs and supported cryptocurrencies. Current data suggests Hyperliquid offers approximately 40 to 50 distinct cryptocurrencies and facilitates trading across 100 to over 300 trading pairs, encompassing major digital assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), alongside a variety of altcoins and even tokenized stocks and commodities. Hyperliquid employs a tiered fee structure for both perpetual and spot trading, which is determined by a user's rolling 14-day trading volume. For perpetuals, base rates at Tier 0 are typically around 0.045% for takers and 0.015% for makers. Spot trading fees are slightly higher, with Tier 0 rates at approximately 0.070% for takers and 0.040% for makers. The platform offers VIP tiers that can significantly reduce these fees, with the highest tiers potentially offering zero maker fees for very high-volume traders. These fees are assessed daily in UTC, and sub-account volumes contribute to the master account's tier calculation. Security and regulation are critical considerations for any exchange. Hyperliquid's decentralized design, coupled with its on-chain transparency and self-custody model, inherently provides a degree of security. The platform has undergone audits for its bridge and maintains a published bug bounty program, indicating a proactive stance on identifying and mitigating vulnerabilities. Its HyperBFT consensus mechanism is designed for scalability, efficiency, and security. However, the exchange has faced notable security challenges, including reports of a user losing approximately $21 million in cryptocurrencies due to an exploit, and a near $12 million hack in March 2025 that targeted a liquidation vulnerability. From a regulatory standpoint, Hyperliquid takes precautions by restricting access for users from the United States and OFAC-sanctioned countries, reflecting the complex global regulatory landscape for decentralized finance. Regarding its global reach, Hyperliquid is accessible in many regions worldwide, but it explicitly restricts users from the United States and countries subject to OFAC sanctions, such as Cuba, Iran, North Korea, Syria, and certain regions of Ukraine. To facilitate broader access, Hyperliquid has integrated with MoonPay, enabling users to convert fiat currencies directly into qualifying tokens on the platform. This fiat on-ramp supports major currencies including USD, GBP, EUR, AUD, CAD, CHF, and JPY, through payment methods like credit cards and bank transfers, with plans for additional payment and off-ramp options in the future. For traders who prefer mobile access or algorithmic strategies, Hyperliquid offers a high-quality mobile application and provides API availability, catering to the needs of algorithmic traders and those who manage their portfolios on the go. The platform's pro trading interface is designed to be intuitive yet powerful, offering a comprehensive view of market data and trading tools. Hyperliquid's unique selling points are primarily rooted in its technical architecture and operational philosophy. Its foundation as a Layer-1 blockchain with a fully on-chain order book for perpetual futures sets it apart from many competitors. The exchange prides itself on having achieved significant growth without external venture capital funding, relying instead on its core team and community. This independence, combined with its focus on high-performance, low-latency trading, and a commitment to self-custody, positions Hyperliquid as a distinctive player in the decentralized derivatives market, appealing to traders seeking a robust, transparent, and user-controlled trading experience.
Full profile →dYdX v4 vs Hyperliquid — November 2026 Analysis
This comparison uses ExchangeRank's composite scoring algorithm to evaluate exchanges across six dimensions: 24h trading volume (28%), weekly visitor traffic (29%), traffic quality (14%), effective liquidity (15%), number of trading pairs (6%), and volume consistency over 7 days (8%). Fee data is sourced from official exchange fee schedules (base-tier, Tier 0).
Hyperliquid leads with 9 metric wins in November 2026. For a full breakdown of the ranking methodology, see our methodology page.