OpenChainBench

dYdX vs Hyperliquid

dYdX leads on 3 of 8 shared benchmarks, Hyperliquid on 5. dYdX wins on Perp DEX mark price fidelity: deviation from CEX spot reference, live (0.049% vs 0.049%), Perp DEX security track record: days without a recorded exploit, live (1,043 vs 1,012), Perp DEX capital efficiency: active markets per $M TVL, live (0.862 vs 0.029). Hyperliquid wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.046% vs 0.061%), Perp DEX volume share, live 24h notional ranked ($2.20B vs $30.47M), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.014% vs 0.016%), Most tradable markets on a perp DEX, live count across 14 venues (177 vs 99).

Read methodology Last measured Window: rolling 24h10 shared benchmarks
dYdX logo
dYdX

Perp DEX on the dYdX Chain, a Cosmos SDK appchain. Orderbook with off-chain matching and onchain settlement, validators propagate orders via the mempool.

Hyperliquid logo
Hyperliquid

Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.

Side by side measurements

Frequently asked questions

dYdX vs Hyperliquid: which one is better?

dYdX and Hyperliquid are compared on 10 shared OpenChainBench benchmarks. dYdX leads on Cheapest perp venue to hold a position, live funding normalized. Hyperliquid leads on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL. See the live table on this page for every metric.

Which is faster on cheapest perp venue to hold a position, live funding normalized, dYdX or Hyperliquid?

On the Cheapest perp venue to hold a position, live funding normalized benchmark, dYdX leads at -1.21 bps versus Hyperliquid at 1.94 bps. Live measurement is updated continuously by the OpenChainBench harness.

Which is faster on cheapest perp dex, live all-in cost from $1k to $1m on eth, btc and sol, dYdX or Hyperliquid?

On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Hyperliquid leads at 0.046% versus dYdX at 0.061%. Live measurement is updated continuously by the OpenChainBench harness.

How is the dYdX 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.

Live data refreshes via ISR within 60 seconds of a new run. Sources are the same Prometheus queries surfaced on the parent benchmark pages.