Hyperliquid vs Bybit: fees, cost and liquidity
Hyperliquid cost less than Bybit in all 6 BTC and ETH order sizes where both venues had a rank.
- Hyperliquid, $10K BTC
- 4.56 bps
- Bybit, $10K BTC
- 5.51 bps
- Hyperliquid, $1M BTC
- 4.79 bps
- Bybit, $1M BTC
- 5.93 bps
Measured cost of a market buy
| Order | Hyperliquid | Bybit |
|---|---|---|
| BTC $10,000 | 4.56 bps ($4.56)Rank 16 of 38✓ | 5.51 bps ($5.51)Rank 24 of 38 |
| BTC $100,000 | 4.56 bps ($45.61)Rank 13 of 37✓ | 5.51 bps ($55.06)Rank 22 of 37 |
| BTC $1,000,000 | 4.79 bps ($478.67)Rank 7 of 33✓ | 5.93 bps ($593.48)Rank 13 of 33 |
| ETH $10,000 | 4.70 bps ($4.70)Rank 13 of 39✓ | 5.52 bps ($5.52)Rank 23 of 39 |
| ETH $100,000 | 4.70 bps ($47.04)Rank 9 of 38✓ | 6.56 bps ($65.58)Rank 28 of 38 |
| ETH $1,000,000 | 4.77 bps ($476.69)Rank 4 of 33✓ | 7.95 bps ($795.30)Rank 19 of 33 |
Hyperliquid charges 1 basis point less per market order at the base tier.
That is $100 on a $1,000,000 order before spread and impact.
Fees, funding and market data
| Item | Hyperliquid | Bybit |
|---|---|---|
| Taker fee, base tier | 0.045%✓ | 0.055% |
| Maker fee, base tier | 0.015%✓ | 0.020% |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 150x on BTC |
| Chain and settlement | Own layer 1 (HyperCore) | Off-chain ledgerCEX |
| Custody of funds | USDC is minted natively on HyperCore; the legacy Arbitrum bridge holds less than 10% of it | Exchange holds depositsCEX |
| Venue type | DEX on its own layer 1 | Centralized exchange |
| Fee gap on a $1,000,000 taker order | Pays $100 less✓ | Pays $100 more |
| BTC funding rate | 0.0013% per 1hOctober 16, 2026, 07:52 UTC · interval | 0.0092% per 8hOctober 16, 2026, 07:52 UTC |
| ETH funding rate | 0.0013% per 1hOctober 16, 2026, 07:52 UTC · interval | 0.0044% per 8hOctober 16, 2026, 07:52 UTC |
| BTC perp open interest | $3.40bOctober 16, 2026, 07:52 UTC | $4.80bOctober 16, 2026, 07:52 UTC |
| ETH perp open interest | $2.69bOctober 16, 2026, 07:52 UTC | $1.98bOctober 16, 2026, 07:52 UTC |
| Reported 24h volume | $10.20bOct 16, 2026 | $18.50bOct 16, 2026 |
- Hyperliquid
- fees, leverage, settlement, custody
Each fee, leverage, settlement and custody value comes from the official page named here. PerpFinder read every page on Sep 23, 2026.
The fee gap in dollars
Our fee registry records a 0.055% taker fee and a 0.02% maker fee for Bybit at VIP 0, from its trading fee page. Hyperliquid lists 0.045% taker at tier 0. The gap is 1 basis point on each market order.
In dollars, that gap is $1 on a $10,000 order, $10 on a $100,000 order and $100 on a $1,000,000 order. A round trip pays the gap twice, once to open and once to close.
When the book matters more than the fee
Spread and price impact grow with size, while the fee stays a fixed share. A deep book can offset a higher fee on a large order. The measured table on this page shows the full cost at each size, so you can see where that happens.
Open interest on both venues
Bybit reports open interest for BTC and ETH in our funding sweep. Hyperliquid does too. The open interest rows show how large each market was at the time of the sweep. Our feed records 8-hour funding periods for Bybit and 1-hour periods for Hyperliquid.
Custody
Bybit holds client deposits on its own ledger. On Hyperliquid, the balance stays on its layer 1 chain, and your wallet signs each order.
Leverage
Our registry records up to 100x on Bybit, and we did not recheck it for this page. The Hyperliquid perpetual assets page sets 3x to 40x per asset.
Hyperliquid and Bybit book depth
The Hyperliquid BTC book held a $1,000,000 buy better. The order paid 0.29 bps above the fee on Hyperliquid and 0.43 bps on Bybit. The ETH result at $1,000,000 was 0.27 bps on Hyperliquid and 2.45 bps on Bybit. The book cost rose by 0.23 bps on Hyperliquid and by 0.43 bps on Bybit when the BTC order grew from $10,000 to $1,000,000.
Bybit carried $4.80b of open BTC perp positions at the last sweep. Hyperliquid carried $3.40b.
Audits and incidents on record
The Hyperliquid audit page names Zellic (legacy bridge contract). The JELLY perp was delisted by validator vote in March 2025. Every position settled at one fixed price (Halborn). In November 2025, the community vault took about $4.9 million of bad debt after a POPCAT manipulation (Halborn).
Bybit published a security incident report dated February 2025.
Who can open an account
Both venues bar persons in the United States. Only Bybit also bars the United Kingdom and Canada.
| Jurisdiction | Hyperliquid | Bybit |
|---|---|---|
| United States | Not available | Not available |
| United Kingdom | Not named | Not available |
| EU and EEA | Not named | Not named |
| Canada | Limited | Not available |
| Identity documents | Not asked in the interface | Required |
Hyperliquid collects a wallet address and geolocation data from users, not identity documents. Bybit states that identity verification of at least Standard level is mandatory for all Bybit products and services.
A country that the terms do not name is not a permission. Check your local law before you open an account.
Hyperliquid vs Bybit FAQ
Which has lower fees, Hyperliquid or Bybit?
Hyperliquid charges 0.045% taker and 0.015% maker at tier 0.
Bybit charges 0.055% taker and 0.02% maker at VIP 0 in our registry.
How much does a 1 basis point fee gap cost?
It costs $1 on a $10,000 order, $10 on a $100,000 order and $100 on a $1,000,000 order, before spread and price impact.
Does Bybit report open interest?
Yes.
Our funding sweep stores Bybit open interest for BTC and ETH, and the page shows it with the time of the reading.