Cheapest perp venue to hold a position, live funding normalized
TradingBybit
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Hyperliquid
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Bybit vs Hyperliquid
Bybit vs Hyperliquid on 2 shared OpenChainBench benchmarks, awaiting live measurements.
Bybit
Bybit is one of the largest centralized derivatives exchanges, with USDT-margined linear perpetuals on hundreds of pairs and funding settled on 8 hour (some pairs 4 hour) periods.
Hyperliquid
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
Side by side measurements
Perp DEX funding stability, 24h stddev of ETH funding ranked
TradingBybit
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Hyperliquid
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Frequently asked questions
Bybit vs Hyperliquid: which one is better?
Bybit and Hyperliquid are compared on 2 shared OpenChainBench benchmarks. See the live table on this page for every metric.
How is the Bybit vs Hyperliquid comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
How this pair was selected
A pair is published when all four conditions hold. Both providers run in the same OpenChainBench benchmark for at least seven consecutive days. Each provider has at least 1000 samples in the measurement window. The head to head query has observable third party search demand. Both providers have a public /products/[slug] page on OCB. The full pair ledger is versioned in the public repo so the methodology is externally verifiable.