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 |
|---|---|---|---|
| HYPE | 0.046% | 0.052% | 0.066% |
| Polymarket | 0.043% | 0.052% | 0.072% |
HYPE vs Polymarket
HYPE leads on 3 of 5 shared benchmarks, Polymarket on 2. HYPE wins on Cheapest perp venue to hold a position, live funding normalized (1.82 bps vs 3.00 bps), Perp DEX volume share, live 24h notional ranked ($5.66B vs $89.73M), Most tradable markets on a perp DEX, live count across 14 venues (178 vs 67). Polymarket wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.043% vs 0.046%), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.00021% vs 0.021%).
HYPE
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
Polymarket
The largest crypto prediction market, settled on Polygon via UMA optimistic oracle. CLOB-style order book hosted on the Polymarket gateway with sub-second publish latency for live odds.
Side by side measurements
Cheapest perp venue to hold a position, live funding normalized
Trading| Provider | Funding cost to hold a long 24h | Annualized (ETH) | Per-hour rate (ETH) | BTC hold 24h | SOL hold 24h |
|---|---|---|---|---|---|
| HYPE | 1.82 bps | 5.09% | 0.06 bps | 0.22 bps | - |
| Polymarket | 3.00 bps | 10.9% | 0.13 bps | 3.00 bps | - |
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
TradingHYPE
Leads$5.66B
- p99
- $6.97B
- rank
- #1
- samples
- 2,880
Polymarket
Trails$89.73M
- p99
- $100.84M
- rank
- #9
- samples
- 2,880
Perp DEX funding stability, 24h stddev of ETH funding ranked
TradingHYPE
Trails0.021 %
- p99
- 0.032%
- rank
- #12
- samples
- 2,880
Polymarket
Leads0.00021 %
- p99
- 0.022%
- rank
- #1
- samples
- 2,880
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.
Most tradable markets on a perp DEX, live count across 14 venues
TradingHYPE
Leads178
- p99
- 178
- rank
- #8
- samples
- 2,880
Polymarket
Trails67
- p99
- 67
- rank
- #13
- samples
- 2,880
Frequently asked questions
HYPE vs Polymarket: which one is better?
HYPE and Polymarket are compared on 5 shared OpenChainBench benchmarks. HYPE leads on Cheapest perp venue to hold a position, live funding normalized. Polymarket 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, HYPE or Polymarket?
On the Cheapest perp venue to hold a position, live funding normalized benchmark, HYPE leads at 1.82 bps versus Polymarket at 3.00 bps. Live measurement is updated continuously by the OpenChainBench harness.
Which is cheaper, HYPE or Polymarket?
On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Polymarket leads at 0.043% versus HYPE at 0.046%. Live measurement is updated continuously by the OpenChainBench harness.
How is the HYPE vs Polymarket 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.