Hyperliquid leads on 4 of 7 shared benchmarks, Paradex on 3. Hyperliquid wins on Cheapest perp venue to hold a position, live funding normalized (1.19 bps vs 2.08 bps), Perp DEX volume share, live 24h notional ranked ($3.19B vs $5.89M), Most tradable markets on a perp DEX, live count across 14 venues (177 vs 62), Perp DEX mark price fidelity: deviation from CEX spot reference, live (0.044% vs 0.062%). Paradex wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.035% vs 0.046%), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.0038% vs 0.014%), Perp DEX security track record: days without a recorded exploit, live (1,039 vs 1,008).
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
Paradex is a perps-focused L2 exchange built on Starknet tech, with USD-settled perpetuals and funding accrued continuously over an 8 hour period.
Hyperliquid
Trails0.046 %
Paradex
Leads0.035 %
Per chain
| Chain | Hyperliquid | Paradex |
|---|---|---|
| ETH | 0.048% | 0.047% |
| BTC | 0.046% | 0.035% |
| SOL | 0.046% | 0.086% |
Hyperliquid
Leads1.19 bps
Paradex
Trails2.08 bps
Hyperliquid
Leads$3.19B
Paradex
Trails$5.89M
Hyperliquid
Trails0.014 %
Paradex
Leads0.0038 %
Hyperliquid
Leads177
Paradex
Trails62
Hyperliquid
Leads0.044 %
Paradex
Trails0.062 %
Per chain
| Chain | Hyperliquid | Paradex |
|---|---|---|
| ETH | 0.046% | 0.094% |
| BTC | 0.044% | 0.062% |
| SOL | 0.038% | 0.067% |
Hyperliquid
Trails1,008
Paradex
Leads1,039
Hyperliquid and Paradex are compared on 7 shared OpenChainBench benchmarks. Hyperliquid leads on Cheapest perp venue to hold a position, live funding normalized. Paradex 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.
On the Cheapest perp venue to hold a position, live funding normalized benchmark, Hyperliquid leads at 1.19 bps versus Paradex at 2.08 bps. Live measurement is updated continuously by the OpenChainBench harness.
On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Paradex leads at 0.035% versus Hyperliquid at 0.046%. Live measurement is updated continuously by the OpenChainBench harness.
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.
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.