Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL
Trading| Provider | All-in cost | All-in at $100k | All-in at $1M |
|---|---|---|---|
| Hyperliquid | 0.046% | 0.047% | 0.055% |
| Lighter | 0.0020% | 0.0095% | 0.030% |
Hyperliquid vs Lighter
Hyperliquid leads on 3 of 9 shared benchmarks, Lighter on 6. Hyperliquid wins on Perp DEX volume share, live 24h notional ranked ($2.79B vs $974.54M), Best DEX for a $BOT market order, live slippage ranked (0.22% vs 4.96%), Perp DEX cost invariance (1.087x vs 8.62x). Lighter wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.0020% vs 0.046%), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.0074% vs 0.015%), Most tradable markets on a perp DEX, live count across 14 venues (210 vs 177), Perp DEX mark price fidelity (0.045% vs 0.047%).
Hyperliquid
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
Lighter
Onchain perp DEX with a fully onchain orderbook on a zkSync rollup. ZK proofs verify matching, no off-chain sequencer for trade execution.
Side by side measurements
Perp DEX volume share, live 24h notional ranked
TradingHyperliquid
Leads$2.79B
- p99
- $3.10B
- rank
- #1
- samples
- 2,383
Lighter
Trails$974.54M
- p99
- $1.07B
- rank
- #3
- samples
- 2,383
Perp DEX funding stability, 24h stddev of ETH funding ranked
TradingHyperliquid
Trails0.015 %
- p99
- 0.014%
- rank
- #11
- samples
- 2,384
Lighter
Leads0.0074 %
- p99
- 0.013%
- rank
- #7
- samples
- 2,383
Stability is not directionality. A venue with persistently positive but tight-banded funding ranks better here than one that flips between positive and negative every settlement, even if the second venue offers better average carry. Read alongside perp-funding for direction and average level.
Best DEX for a $BOT market order, live slippage ranked
TradingHyperliquid
Leads0.22 %
- rank
- #1
- samples
- 23provisional
Lighter
Trails4.96 %
- rank
- #2
- samples
- 23provisional
Most tradable markets on a perp DEX, live count across 14 venues
TradingHyperliquid
Trails177
- p99
- 177
- rank
- #8
- samples
- 2,383
Lighter
Leads210
- p99
- 210
- rank
- #6
- samples
- 2,383
Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked
Trading| Provider | Cost slope ($1M / $1k) | $1M fill rate |
|---|---|---|
| Hyperliquid | 1.087x | 73.5% |
| Lighter | 8.62x | 99.3% |
Perp DEX mark price fidelity: deviation from CEX spot reference, live
TradingHyperliquid
Trails0.047 %
- p99
- 0.069%
- rank
- #2
- samples
- 2,385
Lighter
Leads0.045 %
- p99
- 0.069%
- rank
- #1
- samples
- 2,385
Per chain
| Chain | Hyperliquid | Lighter |
|---|---|---|
| ETH | 0.048% | 0.042% |
| BTC | 0.047% | 0.045% |
| SOL | 0.044% | 0.047% |
Perp DEX security track record: days without a recorded exploit, live
TradingHyperliquid
Trails1,022
- p99
- 1,022
- rank
- #5
- samples
- 2,385
Lighter
Leads1,145
- p99
- 1,145
- rank
- #2
- samples
- 2,385
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.
Perp DEX asset breadth: non-crypto markets live, forex + stocks + indices + commodities
TradingHyperliquid
No data in window
Lighter
Leads40
- rank
- #2
Market count reflects the Mobula perp pairs catalog at query time. Only mainnet markets are counted (testnets excluded). Asset class tags (forex, stocks, indices, commodities) are assigned by Mobula's editorial taxonomy and updated when new pairs are listed. Venues not in the Mobula catalog (Hyperliquid, GMX, dYdX, Ostium, Vertex, Paradex, Aster) are monitored separately: their catalogs are crypto-only or verified crypto-only by native API.
Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live
TradingHyperliquid
Trails1.44 %
- p99
- 2.47%
- rank
- #4
- samples
- 2,386
Lighter
Leads0.0043 %
- p99
- 0.038%
- rank
- #1
- samples
- 2,386
Per chain
| Chain | Hyperliquid | Lighter |
|---|---|---|
| ETH | 0.042% | 0.0093% |
| BTC | 1.44% | 0.0043% |
Frequently asked questions
Hyperliquid vs Lighter: which one is better?
Hyperliquid and Lighter are compared on 10 shared OpenChainBench benchmarks. Hyperliquid leads on Perp DEX volume share, live 24h notional ranked. Lighter 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 cheaper, Hyperliquid or Lighter?
On the Perp DEX volume share, live 24h notional ranked benchmark, Hyperliquid leads at $2.79B versus Lighter at $974.54M. Live measurement is updated continuously by the OpenChainBench harness.
Which is cheaper, Hyperliquid or Lighter?
On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Lighter leads at 0.0020% versus Hyperliquid at 0.046%. Live measurement is updated continuously by the OpenChainBench harness.
How is the Hyperliquid vs Lighter 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.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing — panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.