Hyperliquid vs Binance: fees, cost and liquidity
Hyperliquid vs Binance futures: stored cost of BTC and ETH market buys on both books, base fees and discounts, hourly against 8-hour funding, and custody.
Measured verdict: On September 23, 2026, at 18:55 UTC, Hyperliquid cost less than Binance for a $10,000 BTC market buy: 4.68 bps against 5.01 bps. For a $1,000,000 BTC market buy, Binance cost less than Hyperliquid: 5.22 bps against 5.77 bps. Of the 6 BTC and ETH order sizes where both venues had a rank, Hyperliquid cost less in 3 and Binance in 3. Read our verdict
Measured cost of a market buy
| Order | Hyperliquid | Binance |
|---|---|---|
| BTC $10,000 | 4.68 bps ($4.68)Rank 16 of 43✓ | 5.01 bps ($5.01)Rank 18 of 43 |
| BTC $100,000 | 5.10 bps ($50.95)Rank 16 of 42 | 5.01 bps ($50.06)Rank 14 of 42✓ |
| BTC $1,000,000 | 5.77 bps ($577.42)Rank 10 of 38 | 5.22 bps ($521.86)Rank 9 of 38✓ |
| ETH $10,000 | 5.06 bps ($5.06)Rank 17 of 43 | 5.02 bps ($5.02)Rank 14 of 43✓ |
| ETH $100,000 | 4.69 bps ($46.87)Rank 10 of 43✓ | 5.02 bps ($50.19)Rank 14 of 43 |
| ETH $1,000,000 | 5.80 bps ($579.86)Rank 7 of 36✓ | 6.42 bps ($641.64)Rank 12 of 36 |
Fees, funding and market data
| Item | Hyperliquid | Binance |
|---|---|---|
| Taker fee, base tier | 0.045%✓Read Sep 23, 2026 | 0.050%Read Aug 1, 2026 |
| Maker fee, base tier | 0.015%✓Read Sep 23, 2026 | 0.020%Read Aug 1, 2026 |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by assetRead Sep 23, 2026 | Up to 150xRegistry, not rechecked |
| Chain and settlement | Own layer 1 (HyperCore)Read Sep 23, 2026 | Off-chain ledgerCEX |
| Custody of funds | USDC is minted natively on HyperCore; the legacy Arbitrum bridge holds less than 10% of itRead Sep 23, 2026 | Exchange holds depositsCEX |
| Venue type | DEX on its own layer 1 | Centralized exchange |
| Fee discounts | Volume tiers and HYPE staking | VIP tiers; 10% off when paid in BNB |
| BTC funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | -0.0009% per 8hSeptember 23, 2026, 21:52 UTC |
| ETH funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | 0.0048% per 8hSeptember 23, 2026, 21:52 UTC |
| BTC perp open interest | $3.29bSeptember 23, 2026, 21:51 UTC | Not collected |
| ETH perp open interest | $2.94bSeptember 23, 2026, 21:51 UTC | Not collected |
| Reported 24h volume | $9.09bSep 23, 2026 | $74.07bSep 23, 2026 |
One method for a DEX and a CEX
Hyperliquid is a decentralized exchange (DEX) with order books on its own layer 1 chain. Binance is a centralized exchange (CEX). Our cost engine reads both public books and prices the same market buys. So the measured table puts the two venues on one scale, which a fee table cannot do.
Discounts change the fee math
Our fee registry records the Binance USDT-margined standard tier from the Binance futures fee page. The same record notes an optional 10% futures discount for fees paid in BNB. The exact rate of an account needs a login, so we cannot read it. The Hyperliquid fee page lists lower rates for high 14-day volume and for HYPE stakers. Neither discount is in the measured rows. Those rows use the base tier.
A worked example with the BNB discount
A 10% discount on a 0.05% taker fee brings the Binance rate to 0.045%. That is the same number as the Hyperliquid tier 0 taker fee. On a $250,000 market buy, both fees are then $112.50. At that point, only the spread and the price impact separate the two venues. The measured rows show those two parts at $10,000, $100,000 and $1,000,000. So a trader who pays Binance fees in BNB should read the measured rows as the full comparison, not the fee rows.
Why the Binance total sits near its fee
The Binance base taker fee is 5 basis points. When the measured Binance total for a $10,000 order is only a few hundredths above 5, the order filled at the top of the book. The spread was one tick, and price impact was close to zero. The fee is then almost the whole cost. Watch the $1,000,000 row instead. There, the size walks deeper into the book, and the gap to the fee shows how much depth Binance had at that moment.
Open interest
Our funding sweep has no Binance open interest reading, so those rows show "Not collected". The open interest page lists venue totals from other feeds.
Carry cost over one day
Binance settles BTC and ETH funding in 8-hour periods in our feed. Hyperliquid settles in 1-hour periods. One Binance period equals eight Hyperliquid periods. Multiply the Hyperliquid rate by 24, or the Binance rate by 3, to get a one-day figure for each venue.
Access and account risk
A Binance account uses the exchange ledger. Binance holds the deposits and sets the account rules. On Hyperliquid, a wallet signs each order, and the balance stays on the Hyperliquid chain. An account freeze is the main risk on a CEX. A chain halt or a contract fault is the main risk on a DEX.
How to read this page
Look at the size that you trade. The measured rows at $1,000,000 show which book absorbs a large order at a lower cost.
Hyperliquid vs Binance FAQ
Is Hyperliquid cheaper than Binance futures?
At the base tier, Hyperliquid charges 0.045% taker and Binance charges 0.05% taker in our registry. The measured table adds spread and price impact for BTC and ETH.
How do I compare Binance and Hyperliquid funding for one day?
Multiply the hourly Hyperliquid rate by 24. Multiply the 8-hour Binance rate by 3.
Does the BNB discount appear in the measured cost?
No. The measured rows use the base tier with no discount for either venue.
Verdict
At the base tier, Hyperliquid charges less for both makers and takers, and a BNB payment discount narrows the gap on Binance. Funding periods differ by a factor of eight. The measured rows show which book filled each order for less.