Cheapest exchange to trade HYPE perpetual futures

Name: Measured HYPE perpetual futures trading cost by venue
Creator: PerpFinder
License: https://perpfinder.com/terms

38 Hyperliquid perp venues ranked by the measured cost of one market buy. Lighter was cheapest at $10,000. It was also cheapest at $1,000,000. 17 books could not fill $1,000,000.

38 venues ranked in the latest cost sweepStored sweep, every 6 hoursas of September 23, 2026, 18:56 UTCSource: Cost methodology

Where a HYPE perp order costs least

At 18:56 UTC on September 23, 2026, Lighter had the lowest measured cost for a $10,000 HYPE market buy: 1.05 bps ($1.05). Paradex was second at 1.60 bps ($1.60), and MEXC was third at 2.05 bps ($2.05). For a $1,000,000 HYPE order, Lighter kept rank 1 at 7.63 bps ($762.89). The books of 17 venues could not fill that order within 2% of the best price. The median of the 38 ranked venues was 6.88 bps, 6.6 times the rank-1 cost. The Lighter base-tier taker fee was 0 bps, so all 1.05 bps of its cost came from half-spread and price impact. The first centralized exchange (CEX) was MEXC at rank 3. The first decentralized exchange (DEX) was Lighter at rank 1. In the last 7 days of methodology v8, before the change to v9 (28 sweeps), rank 1 changed between two venues: Lighter in 26, MEXC in 2.

HYPE cost by venue at $10,000

Measured taker cost of a $10,000 HYPE perpetual market buy by venue, ranked by total cost, at 18:56 UTC.
#	Venue	Type	Taker fee (bps)	Spread + impact (bps)	Total (bps)	Total on $10,000	Depth read
1	Lighter	DEX	0.00	1.05	1.05	$1.05	$10.8M · high
2	Paradex	DEX	0.00	1.60	1.60	$1.60	$153K · high
3	MEXC	CEX	2.00	0.05	2.05	$2.05	$12.6M · high
4	Extended	DEX	2.50	0.05	2.55	$2.55	$2.4M · high
5	Reya	DEX, oracle	3.00	0.03	3.03	$3.03	—
6	RISEx	DEX	3.00	0.80	3.80	$3.80	$509K · high
7	NADO	DEX	3.50	0.45	3.95	$3.95	$754K · high
8	GMX	DEX, oracle	4.00	0.00	4.00	$4.00	—
9	GRVT	DEX	4.50	0.27	4.77	$4.77	$604K · high
10	edgeX	DEX	4.50	0.27	4.77	$4.77	$325K · high
11	Pacifica	DEX	4.00	0.81	4.81	$4.81	$13K · high
12	Aster	DEX	4.00	0.91	4.91	$4.91	$3.5M · high
13	Hyperliquid	DEX	4.50	0.48	4.98	$4.98	$2.5M · high
14	Gains	DEX, oracle	5.00	0.04	5.04	$5.04	—
15	Binance	CEX	5.00	0.29	5.29	$5.29	$11.6M · high
16	StandX	DEX	4.00	1.33	5.33	$5.33	$2.2M · high
17	OKX	CEX	5.00	0.36	5.36	$5.36	$4.6M · high
18	Bitunix	CEX	6.00	0.32	6.32	$6.32	$11.4M · high
19	Bybit	CEX	5.50	1.02	6.52	$6.52	$5.7M · high
20	Gate.io	CEX	5.00	2.24	7.24	$7.24	$6.1M · high
21	Avantis	DEX, oracle	4.50	2.78	7.28	$7.28	—
22	BloFin	CEX	6.00	1.46	7.46	$7.46	$2.5M · high
23	WEEX	CEX	8.00	0.37	8.37	$8.37	$14.7M · high
24	Coinbase	CEX	4.00	5.32	9.32	$9.32	$2.0M · high
25	Bitget	CEX	6.00	3.41	9.41	$9.41	$922K · high
26	Deribit	CEX	3.50	6.07	9.57	$9.57	$220K · high
27	KuCoin	CEX	6.00	3.57	9.57	$9.57	$1.6M · high
28	HTX	CEX	6.00	4.34	10.34	$10.34	$2.0M · high
29	Kraken	CEX	5.00	5.64	10.64	$10.64	$5.8M · high
30	Apex Omni	DEX	5.00	6.39	11.39	$11.39	$506K · high
31	Aevo	DEX	8.00	5.95	13.95	$13.95	$2.6M · high
32	Bluefin	DEX	3.50	11.13	14.63	$14.63	$26K · high
33	Phemex	CEX	6.00	12.47	18.47	$18.47	$379K · high
34	WhiteBIT	CEX	5.50	14.38	19.88	$19.88	$7.7M · high
35	Hibachi	DEX	4.50	25.00	29.50	$29.50	$213K · high
36	dYdX	DEX	5.00	25.40	30.40	$30.40	$1.4M · high
37	Orderly	DEX	3.00	32.69	35.69	$35.69	$35K · high
38	Crypto.com	CEX	4.00	49.88	53.88	$53.88	$16K · high

Measured but not ranked (5): Hotstuff, Ostium, because the book could not fill the order within 2% of the best price; BingX, Toobit, XT.COM, because the displayed depth did not pass the plausibility check.

38 ranked venues41 of 44 integrated venues returned a bookSources: PerpFinder cost engine, venue order books

How HYPE cost grows with order size

From $10,000 to $1,000,000, the median HYPE venue added 10.12 bps. WEEX added the least (8.37 to 10.68 bps) and Reya the most (3.03 to 152.22 bps). 14 of the 38 venues ranked at $10,000 had no rank at $1,000,000.

Total taker cost of a HYPE perpetual market buy at each stored order size, per venue, sorted by the $1,000,000 cost.
Venue	$10,000 (bps)	$100,000 (bps)	$1,000,000 (bps)	Impact at $1,000,000 (bps)	Rank at $1,000,000
Lighter	1.05	1.82	7.63	6.74	1
WEEX	8.37	9.89	10.68	2.41	2
Gains	5.04	5.43	10.94	5.94	3
MEXC	2.05	3.47	11.11	9.05	4
Bitunix	6.32	7.78	11.13	4.97	5
StandX	5.33	5.51	11.18	5.85	6
GMX	4.00	4.00	11.35	5.35	7
Hyperliquid	4.98	5.83	12.28	7.46	8
BloFin	7.46	9.24	13.32	6.04	9
Binance	5.29	8.05	15.30	9.39	10
Aster	4.91	5.95	16.60	11.49	11
Bybit	6.52	8.53	16.76	10.19	12
Aevo	13.95	15.21	17.29	3.96	13
OKX	5.36	8.43	17.73	11.61	14
Kraken	10.64	13.22	18.07	8.22	15
Extended	2.55	4.88	22.35	19.80	16
Avantis	7.28	9.04	24.38	19.88	17
Gate.io	7.24	12.04	31.20	23.01	18
Coinbase	9.32	12.73	36.78	28.53	19
WhiteBIT	19.88	20.26	44.04	25.17	20
KuCoin	9.57	14.16	44.32	33.10	21
HTX	10.34	17.95	45.39	33.85	22
dYdX	30.40	60.95	128.05	97.82	23
Reya	3.03	16.56	152.22	149.22	24
Paradex	1.60	7.46	—	—	—
RISEx	3.80	5.01	—	—	—
NADO	3.95	7.50	—	—	—
GRVT	4.77	5.20	—	—	—
edgeX	4.77	5.02	—	—	—
Pacifica	4.81	—	—	—	—
Bitget	9.41	11.96	—	—	—
Deribit	9.57	11.43	—	—	—
Apex Omni	11.39	13.84	—	—	—
Bluefin	14.63	—	—	—	—
Phemex	18.47	36.62	—	—	—
Hibachi	29.50	48.12	—	—	—
Orderly	35.69	—	—	—	—
Crypto.com	53.88	—	—	—	—

38 venues ranked at $10,000A dash means the venue had no rank at that size: the book could not fill it or its depth was not confirmed.Sources: Stored sweep September 23, 2026, 18:56 UTC

HYPE cost profile and venue coverage

On a $10,000 HYPE order, the median fee was 4.50 bps and the median half-spread plus impact was 1.40 bps. The book cost more than the fee on 13 of 38 venues. At $1,000,000, the book cost more than the fee on 21 of 24 venues, with a median book cost of 11.93 bps.

SunX ranks on the other assets but not on HYPE. The cheapest HYPE order was number 4 of 7 assets. BTC was the lowest at 0.31 bps and DOGE the highest at 2.54 bps. Lighter had rank 1 on 5 of the 7 assets.

HYPE top five over time

Number of stored sweeps in which each venue ranked in the top 5 for a $10,000 HYPE market buy, methodology v8.
Venue	Top 5, 7 days	Rank 1, 7 days	Median total, 7 days (bps)
MEXC	28 of 28	2	2.05
Extended	28 of 28	0	2.63
NADO	27 of 28	0	3.78
Lighter	26 of 28	26	0.79
RISEx	15 of 28	0	4.15
Reya	8 of 28	0	4.82
Pacifica	3 of 28	0	4.59
Aster	2 of 28	0	4.71
GMX	2 of 28	0	9.04
edgeX	1 of 28	0	4.82

10 venues in the top five at least onceThese counts use methodology v8, the version before v9. They cover the sweeps up to September 23, 2026, 12:00 UTC. The methodology v9 7- and 30-day counts start on September 30, 2026 and October 23, 2026.Sources: Stored 6-hour sweeps, methodology v8

Data and related rankings

41 of 44 integrated venues returned a HYPE book in this sweep. These costs come from the stored sweep measured at 18:56 UTC on September 23, 2026. The live cost comparison reads the order books when you open it, so its costs can differ from this page. Download the HYPE series as CSV, or read the cost methodology. Compare BTC, ETH, SOL, XRP, BNB and DOGE, or open the all-asset ranking.