Hyperliquid leads on 4 of 5 shared benchmarks, Vest on 1. Hyperliquid wins on Cheapest perp venue to hold a position, live funding normalized (2.99 bps vs 3.00 bps), Perp DEX volume share, live 24h notional ranked ($8.59B vs $124.60M), Most tradable markets on a perp DEX, live count per venue (179 vs 88), Perp DEX asset breadth (160 vs 75). Vest wins on Perp DEX funding stability, 24h stddev of ETH funding ranked (0.00000% vs 0.0014%). Data as of 2026-11-06 UTC.
Read methodology Last measured Window: rolling 24h6 shared benchmarks, 5 measured on both sides
Vest is a zk-settled perpetuals exchange listing crypto next to US equities, indices and FX perps under a {TICKER}-USD-PERP convention, with a public REST API (ticker, funding, order book) and no open-interest feed.
Funding is signed. Positive means longs pay shorts, negative means longs get paid to hold. Venues settle on different native periods (hourly on Hyperliquid, dYdX, Lighter, Extended, Pacifica, Ondo, Vest, StandX and ApeX, every 4h on edgeX, every 8h on Kalshi, Aster and the CEX books); 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.
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.
Counts reflect each venue's live market catalog at query time, mainnet
only. The asset class comes from the venue's own metadata where it
publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their
symbols are matched against the crypto markets the other venues list
and a fixed table of forex, commodity and index names. Tokenized gold
(PAXG, XAUT) is a crypto token and is not counted. A market counts once
whether it trades 24/7 or only during exchange hours.
Every row is a month of funding at the venue's average daily cost over
the hours measured in the trailing 30 days (average x 30). A venue
ranks only with 576 of the 720 hours (24 days) behind that average;
under the floor the row is provisional, unranked, and shows its day
count (the venues added on 2026-09-22 and 2026-09-23 start there).
Funding is signed: on a month where shorts paid longs the figure is
negative and "cheapest" means "was paid the most".
Frequently asked questions
Hyperliquid vs Vest: which one is better?
Hyperliquid and Vest are compared on 6 shared OpenChainBench benchmarks. Hyperliquid leads on Cheapest perp venue to hold a position, live funding normalized. Vest leads on Perp DEX funding stability, 24h stddev of ETH funding ranked. See the live table on this page for every metric.
Which is cheaper on funding cost to hold a long 24h, Hyperliquid or Vest?
On the Cheapest perp venue to hold a position, live funding normalized benchmark, Hyperliquid leads at 2.99 bps versus Vest at 3.00 bps. Live measurement is updated continuously by the OpenChainBench harness.
Which is cheaper on 24h eth funding stddev, Hyperliquid or Vest?
On the Perp DEX funding stability, 24h stddev of ETH funding ranked benchmark, Vest leads at 0.00000% versus Hyperliquid at 0.0014%. Live measurement is updated continuously by the OpenChainBench harness.
How is the Hyperliquid vs Vest 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.
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.
