Hyperliquid vs Bybit: fees, cost and liquidity
Hyperliquid vs Bybit fees: what a 1 basis point taker gap costs at $10k, $100k and $1M, the measured BTC and ETH market-buy cost, funding and open interest.
Measured verdict: On September 23, 2026, at 18:55 UTC, Hyperliquid cost less than Bybit for a $10,000 BTC market buy: 4.68 bps against 5.62 bps. For a $1,000,000 BTC market buy, Hyperliquid cost less than Bybit: 5.77 bps against 6.48 bps. Hyperliquid cost less in all 6 BTC and ETH order sizes where both venues had a rank. Read our verdict
Measured cost of a market buy
| Order | Hyperliquid | Bybit |
|---|---|---|
| BTC $10,000 | 4.68 bps ($4.68)Rank 16 of 43✓ | 5.62 bps ($5.62)Rank 25 of 43 |
| BTC $100,000 | 5.10 bps ($50.95)Rank 16 of 42✓ | 5.63 bps ($56.35)Rank 18 of 42 |
| BTC $1,000,000 | 5.77 bps ($577.42)Rank 10 of 38✓ | 6.48 bps ($647.77)Rank 16 of 38 |
| ETH $10,000 | 5.06 bps ($5.06)Rank 17 of 43✓ | 6.08 bps ($6.08)Rank 29 of 43 |
| ETH $100,000 | 4.69 bps ($46.87)Rank 10 of 43✓ | 6.02 bps ($60.20)Rank 23 of 43 |
| ETH $1,000,000 | 5.80 bps ($579.86)Rank 7 of 36✓ | 7.21 bps ($721.48)Rank 18 of 36 |
Fees, funding and market data
| Item | Hyperliquid | Bybit |
|---|---|---|
| Taker fee, base tier | 0.045%✓Read Sep 23, 2026 | 0.055%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 gap on a $1,000,000 taker order | Pays $100 less✓ | Pays $100 more |
| BTC funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | -0.0004% per 8hSeptember 23, 2026, 21:52 UTC |
| ETH funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | 0.0006% per 8hSeptember 23, 2026, 21:52 UTC |
| BTC perp open interest | $3.29bSeptember 23, 2026, 21:51 UTC | $5.02bSeptember 23, 2026, 21:52 UTC |
| ETH perp open interest | $2.94bSeptember 23, 2026, 21:51 UTC | $2.20bSeptember 23, 2026, 21:52 UTC |
| Reported 24h volume | $9.09bSep 23, 2026 | $18.35bSep 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 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.
Verdict
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. The measured rows show whether the Bybit book makes up the difference at your size.