dYdX vs Hyperliquid

Funding is signed. Positive means longs pay shorts, negative means longs get paid to hold. Venues settle on different native periods (hourly on Hyperliquid, dYdX, Lighter, Extended, Pacifica, Ondo, Vest, StandX and ApeX, every 4h on edgeX, every 8h on Kalshi, Aster and the CEX books); every figure is normalized from the venue's own quoted rate and interval before ranking. Funding is only the holding cost. Opening costs (taker fee, spread, impact) are the companion bench perp-fees.

Ranked only with 24 hours of funding history (288 samples) and a stddev above zero: a young listing, or a venue whose rate has not moved since listing (Ondo Perps at launch, Polymarket in July), reads artificially stable and shows as Provisional, never as the leader. Stability is not directionality: a persistently positive but tight band ranks above a rate that flips every settlement.

This benchmark counts recorded incidents only. Absence from the registry does not prove a protocol is exploit-free: it means no incident matching the criteria (direct theft or loss of user funds via a security vulnerability) has been documented in the tracked sources as of the registry timestamp shown on each row. The registry is human-curated and updated when a new incident is confirmed. The registry date and source links are embedded in the harness.

Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.

TVL from DefiLlama /protocol/{slug} currentChainTvls, excluding staking and pool2 categories. Market count from each venue's native API (same source as the perp-active-markets bench). The ratio reflects architectural choices, not absolute liquidity: a high ratio means the venue can list many markets cheaply, not that each market has deep liquidity. Compare with perp-volume-share for the liquidity angle.

P/E = fully diluted valuation (CoinGecko) divided by annualized protocol revenue (DeFiLlama dailyRevenue, 30-day trailing average x365). Protocol revenue = fees accruing to the treasury or token holders, not total user fees. Tokens without a CoinGecko listing show no P/E. FDV reflects total supply at current price, not circulating supply; tokens with large unvested allocations will show inflated FDV-based P/E. Updated hourly.

P/F = circulating market cap (CoinGecko) / annualized fees (DeFiLlama dailyFees, trailing 30d x 365/30), on the DeFiLlama parent the token accrues from. Fees include the share paid to liquidity providers; P/S uses protocol revenue only. Low-float tokens show a much higher FDV/F than P/F. Pre-TGE venues are listed unranked with fees and OI, no ratio. A low multiple is not a recommendation.

Volume is self-reported by each venue's public data surface and counted per UTC day, one side of each trade. Perimeters differ slightly per venue and are stated in the ledger notes. A closed day can be restated by a venue for one to two days; the harness re-reads the last three days every hour. Not a measure of organic flow: incentive programs and wash trading inflate notional on every venue.

The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.

Parameters each venue publishes, converted to one model and checked against liquidations that happened. Gains and Nova: threshold, max leverage and the pair fee by eth_call on each one's Arbitrum diamond, checked against 11 Gains liquidations. Papertrade: the instrument tuple on /state/trading, checked as a ceiling on 384 adverse closes. dYdX: both margin fractions on the indexer. Hyperliquid publishes no maintenance requirement, so that row is derived from its documented halving rule.