Hyperliquid vs Aster vs Lighter
Lighter had the lowest measured cost at all 6 BTC and ETH order sizes in the stored sweep.
- Hyperliquid, $10K BTC
- 4.56 bps
- Aster, $10K BTC
- 4.01 bps
- Lighter, $10K BTC
- 0.47 bps
Measured cost of a market buy
| Order |  Hyperliquid |  Aster |  Lighter |
|---|---|---|---|
| BTC $10,000 | 4.56 bps ($4.56)Rank 15 of 39 | 4.01 bps ($4.01)Rank 10 of 39 | 0.47 bps ($0.47)Rank 1 of 39✓ |
| BTC $100,000 | 4.79 bps ($47.87)Rank 13 of 37 | 4.43 bps ($44.28)Rank 10 of 37 | 0.57 bps ($5.75)Rank 1 of 37✓ |
| BTC $1,000,000 | 5.79 bps ($579.46)Rank 12 of 34 | 5.18 bps ($517.63)Rank 9 of 34 | 1.07 bps ($106.87)Rank 1 of 34✓ |
| ETH $10,000 | 4.69 bps ($4.69)Rank 13 of 41 | 4.02 bps ($4.02)Rank 10 of 41 | 0.37 bps ($0.37)Rank 1 of 41✓ |
| ETH $100,000 | 4.81 bps ($48.10)Rank 11 of 38 | 4.19 bps ($41.93)Rank 8 of 38 | 0.49 bps ($4.89)Rank 1 of 38✓ |
| ETH $1,000,000 | 6.18 bps ($617.82)Rank 10 of 32 | 5.71 bps ($570.63)Rank 6 of 32 | 0.89 bps ($88.56)Rank 1 of 32✓ |
Fees, leverage, custody and funding
| Item | Hyperliquid | Aster | Lighter |
|---|---|---|---|
| Taker fee, base tier | 0.045% | 0.040% | 0%✓ |
| Maker fee, base tier | 0.015% | 0% | 0% |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 200x on BTC up to a $400 position; 150x up to $300,000 | 50x on BTC and ETH |
| Chain and settlement | Own layer 1 (HyperCore) | Own layer 1 (Aster Chain); bridges from BNB Chain, Ethereum, Arbitrum, Solana, SUI | ZK rollup anchored to Ethereum |
| Custody of funds | USDC is minted natively on HyperCore; the legacy Arbitrum bridge holds less than 10% of it | Aster validators sign deposits and withdrawals; no forced withdrawal described | Ethereum contracts; escape hatch to Ethereum |
| Funding interval | Every hour, capped at 4% per hour | 8 hours by default, set per pair | Every hour, clamped at 0.5% per hour |
| Audits listed by the venue | Zellic (legacy bridge contract) | Salus Security (deposit vault, earn contract, asBNB, asCAKE); PeckShield (asBNB, USDF); Halborn (USDF, asUSDF) | Nethermind (Lighter Core and EVM deposit bridge) |
| Market incidents | 2025-03: JELLY perp price manipulation. Validators voted to delist the market and settled positions at a set price.2025-11: POPCAT perp manipulation. The community liquidity vault absorbed about $4.9 million of bad debt. | 2025-09-25: Abnormal price movement on the XPL perpetual pair. Aster said user funds were safe and, on 2025-09-26, that it had paid compensation in full in USDT. | None in official sourcesChecked 2026-09-23 |
| Restricted in the terms | United States, Ontario (Canada), and sanctioned/export-controlled jurisdictions | United States, Canada, United Kingdom, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, Syria, and sanctioned jurisdictions and persons | United States, Canada, United Kingdom, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, Syria, and sanctioned jurisdictions and persons |
| BTC funding rate | 0.0009% per 1hOctober 3, 2026, 12:52 UTC | 0.0034% per 8hOctober 3, 2026, 12:52 UTC | 0.0004% per 1hOctober 3, 2026, 12:52 UTC |
| ETH funding rate | 0.0013% per 1hOctober 3, 2026, 12:52 UTC | 0.0017% per 8hOctober 3, 2026, 12:52 UTC | 0.0012% per 1hOctober 3, 2026, 12:52 UTC |
| Reported 24h volume | $6.23bOctober 3, 2026 | $2.50bOctober 3, 2026 | $1.50bOctober 3, 2026 |
Sources of the venue facts
Each fee, leverage, settlement, custody, funding, audit and terms value comes from the official page named here. The incident rows link to their own sources.
How to read the three results
The cost table is one stored sweep. A market buy pays the base taker fee, half the spread and the price impact of the book. A zero fee does not always give the lowest cost, because a thin book adds price impact at a large size.
The funding rows are the latest 15-minute reading. Each rate is for the period that the venue quotes, and the funding interval row shows that period. A rate per 8 hours and a rate per hour are not the same cost. Compare them for the same holding time on the funding rate calculator.
Hyperliquid, Aster and Lighter questions
Which is cheapest: Hyperliquid, Aster or Lighter?
Lighter had the lowest measured cost at all 6 BTC and ETH order sizes in the stored sweep.
On October 3, 2026 at 12:55 UTC, a $10,000 BTC market buy cost Hyperliquid 4.56 bps, Aster 4.01 bps and Lighter 0.47 bps. On October 3, 2026 at 12:55 UTC, a $1,000,000 BTC market buy cost Hyperliquid 5.79 bps, Aster 5.18 bps and Lighter 1.07 bps.
Which has the highest leverage?
Aster lists the highest BTC leverage, 200x.
Hyperliquid: 40x on BTC, 25x on ETH; 3x to 40x by asset. Aster: 200x on BTC up to a $400 position; 150x up to $300,000. Lighter: 50x on BTC and ETH.
How often do they pay funding?
Hyperliquid: Every hour, capped at 4% per hour.
Aster: 8 hours by default, set per pair. Lighter: Every hour, clamped at 0.5% per hour.
Have Hyperliquid, Aster or Lighter had market incidents?
Hyperliquid (2025-03): JELLY perp price manipulation.
Validators voted to delist the market and settled positions at a set price. Hyperliquid (2025-11): POPCAT perp manipulation. The community liquidity vault absorbed about $4.9 million of bad debt. Aster (2025-09-25): Abnormal price movement on the XPL perpetual pair.
Aster said user funds were safe and, on 2025-09-26, that it had paid compensation in full in USDT. Lighter: no incident in its official sources (checked 2026-09-23).
Can US traders use Hyperliquid, Aster or Lighter?
No.
The terms of all three venues name the United States as a restricted location. Aster and Lighter also name the United Kingdom. Read the terms of each venue before you open an account.