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% | 0.049% | 0.062% |
| Ondo Perps | 0.035% | 0.068% | 0.34% |
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Hyperliquidn/aOndo Perpsn/a
Hyperliquid vs Ondo Perps
Hyperliquid leads on 2 of 5 shared benchmarks, Ondo Perps on 3. Hyperliquid wins on Perp DEX volume share, live 24h notional ranked ($7.51B vs $146.53M), Most tradable markets on a perp DEX, live count per venue (178 vs 65). Ondo Perps wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.035% vs 0.046%), Cheapest perp venue to hold a position, live funding normalized (3.17 bps vs 4.82 bps), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.0054% vs 0.029%).
Hyperliquid
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
Ondo Perps
Ondo Perps is Ondo Finance's perpetuals exchange (live since June 2026): an off-chain matching engine running in Intel SGX enclaves with on-chain custody on Ethereum and Arbitrum, USDC and Ondo tokenized stocks as collateral, and 60+ markets across US equities, ETFs, commodities, indices, FX and crypto.
Side by side measurements
Cheapest perp venue to hold a position, live funding normalized
TradingHyperliquid
Trails4.82 bps
- p99
- 3.18 bps
- rank
- #7
- samples
- 2,880
Ondo Perps
Leads3.17 bps
- p99
- 3.00 bps
- rank
- #6
- samples
- 1,344
Funding cost to hold a long 24h
Hyperliquidn/aOndo Perpsn/a
Funding is signed. Positive means longs pay shorts, negative means longs get paid to hold. Venues settle on different native periods (1h for Hyperliquid and dYdX, 4h or 8h elsewhere); 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.
Perp DEX volume share, live 24h notional ranked
TradingHyperliquid
Leads$7.51B
- p99
- $10.99B
- rank
- #1
- samples
- 2,880
Ondo Perps
Trails$146.53M
- p99
- $184.86M
- rank
- #9
- samples
- 1,345
24h perp volume
Hyperliquidn/aOndo Perpsn/a
Perp DEX funding stability, 24h stddev of ETH funding ranked
TradingHyperliquid
Trails0.029 %
- p99
- 0.0061%
- rank
- #11
- samples
- 2,880
Ondo Perps
Leads0.0054 %
- p99
- 0%
- rank
- #4
- samples
- 1,344
24h ETH funding stddev
Hyperliquidn/aOndo Perpsn/a
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.
Most tradable markets on a perp DEX, live count per venue
TradingHyperliquid
Leads178
- p99
- 178
- rank
- #7
- samples
- 2,880
Ondo Perps
Trails65
- p99
- 65
- rank
- #13
- samples
- 1,344
Active markets
Hyperliquidn/aOndo Perpsn/a
Frequently asked questions
Hyperliquid vs Ondo Perps: which one is better?
Hyperliquid and Ondo Perps are compared on 5 shared OpenChainBench benchmarks. Hyperliquid leads on Perp DEX volume share, live 24h notional ranked. Ondo Perps 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 has the higher 24h perp volume, Hyperliquid or Ondo Perps?
On the Perp DEX volume share, live 24h notional ranked benchmark, Hyperliquid leads at $7.51B versus Ondo Perps at $146.53M. Live measurement is updated continuously by the OpenChainBench harness.
Which is cheaper, Hyperliquid or Ondo Perps?
On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Ondo Perps leads at 0.035% versus Hyperliquid at 0.046%. Live measurement is updated continuously by the OpenChainBench harness.
How is the Hyperliquid vs Ondo Perps 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.