AlternativesSourced from Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL

Hyperliquid alternatives

Name: Hyperliquid alternatives, benchmark snapshot
Creator: OpenChainBench
Published: 2026-05-07T14:44:23.000Z
License: https://creativecommons.org/licenses/by/4.0/
Keywords: Hyperliquid alternatives, Trading, All-in cost, Polymarket, Lighter, Hyperliquid, dYdX v4, GMX v2, gains.trade, Paradex, Extended, Aster, edgeX

HyperBFT L1 perpetuals exchange with an on-chain orderbook

Hyperliquid is an L1 perpetuals exchange running on HyperBFT consensus, with an on-chain orderbook and a published base taker fee of 4.5 basis points. Its book is among the deepest of any decentralized venue, which means the spread crossed at market and the impact eaten at $1000 notional usually stay compressed and the all-in cost tracks the rack rate closely. This benchmark measures the live all-in cost of opening a $1000 ETH long 10x position across major perpetual venues, every five minutes, by reading taker fees from each venue's own API and walking each orderbook for $1000 of buy-side notional. No transactions are sent. Hyperliquid is queried via `POST /info {type: l2Book}` for asks, `{type: userFees, user: 0x000...000}` for taker fee and `{type: metaAndAssetCtxs}` for funding. The same harness queries Lighter (`/orderBookDetails` plus `/orderBookOrders`), dYdX v4 (indexer plus Cosmos REST), GMX v2 (synthetics-arbitrum subgraph for `positionFeeFactor`), and gains.trade on Base (fee read directly on-chain via `eth_call`). All-in cost equals taker fee plus half-spread plus impact, all in basis points, with both components emitted as separate Prometheus gauges for transparency. Funding rate is published separately (`perp_fees_funding_rate_per_hour_bps`) because it accrues per hour held rather than at open, so a trader sizing a multi-hour position can layer it on top of the open cost. The dimension tab at the top of the page swaps the underlying asset between ETH, BTC and SOL, with the leaderboard re-sorting on each switch.

Positioning

Hyperliquid runs a purpose-built L1 whose flagship application is the perp exchange itself. HyperCore holds the orderbook, margin, and matching engine as protocol state; HyperBFT, a HotStuff variant, orders blocks with median end-to-end latency of 0.2 seconds for co-located clients. Every resting order, fill, and liquidation is part of consensus and visible to every node, with strict price-time priority. This is architecturally different from dYdX v4, where matching happens in a validator in-memory book and only settlement lands on chain, and different from GMX, which has no orderbook at all. For the perp-fees axis, the design has two implications. The fee schedule is a 7-tier maker-taker table keyed to 14-day weighted volume, with maker rebates paid on every trade rather than settled periodically. HYPE staking layers a separate 5 to 40 percent discount as an overlay on top of the numbered volume tiers, and staking-linking lets a discount wallet apply to a distinct trading wallet, permanently. The typical use case is active perp traders and market makers who want CEX-shaped fees without a central operator; teams migrate away when they need EVM composability HyperCore itself does not offer, in which case HyperEVM sits on the same validator set.

About Hyperliquid: hyperliquid.xyz

Top 5 Hyperliquid alternatives

Best: 0.0026 %
Median: 0.045 %
Worst: 0.060 %
Spread: 8.8×0.0083% → 0.073%
Samples · 24h: 57,60010 providers

All-in cost · last 24 hours

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Product ledger · sorted by p50

Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark ledger. All-in cost per provider, live measured data.
Product			All-in cost		p50	Reliability
Color	№						24h

	01	Lighterzk-rollup, zero taker fee#1 · ETH#1 · BTC#1 · SOL	0.0026%	−93%	100.00%	0
	02	ExtendedStarknet perps, full public book, documented 2.5 bps taker	0.026%	−35%	99.31%	40
	03	ParadexStarknet appchain perps, 2 bps api taker tier	0.037%	−6%	100.00%	0
	04	edgeXOffchain CLOB perp DEX, 3.8 bps taker	0.039%	−2%	100.00%	0
	05	gains.tradeSynthetic perps on Base, fees read on-chain	0.040%	+0%	100.00%	0
	06	PolymarketPolygon perps by Polymarket, 4 bps base taker tier	0.045%	+14%	100.00%	0
	07	HyperliquidHyperBFT L1 perp DEX	0.046%	+15%	100.00%	0
	08	AsterBSC perp DEX, 5 bps taker, Binance-style REST book	0.050%	+26%	100.00%	0
	09	dYdX v4Cosmos-based decentralized perp	0.053%	+32%	99.67%	19
	10	GMX v2Synthetics on Arbitrum, oracle-priced	0.060%	+50%	100.00%	0

Same data as /benchmarks/perp-fees, refreshed every minute. OpenChainBench is community-run; methodology is open.