Hyperliquid vs Coinbase: fees, cost and liquidity
On October 16, 2026, at 06:55 UTC, only Hyperliquid had a ranked cost for a $10,000 BTC market buy (4.56 bps). For Coinbase, the sweep had no reading.
- Hyperliquid, $10K BTC
- 4.56 bps
- Coinbase, $10K BTC
- No rank
- Hyperliquid, $1M BTC
- 4.79 bps
- Coinbase, $1M BTC
- No rank
Measured cost of a market buy
| Order | Hyperliquid | Coinbase |
|---|---|---|
| BTC $10,000 | 4.56 bps ($4.56)Rank 16 of 38 | No rankNot in this sweep |
| BTC $100,000 | 4.56 bps ($45.61)Rank 13 of 37 | No rankNot in this sweep |
| BTC $1,000,000 | 4.79 bps ($478.67)Rank 7 of 33 | No rankNot in this sweep |
| ETH $10,000 | 4.70 bps ($4.70)Rank 13 of 39 | No rankNot in this sweep |
| ETH $100,000 | 4.70 bps ($47.04)Rank 9 of 38 | No rankNot in this sweep |
| ETH $1,000,000 | 4.77 bps ($476.69)Rank 4 of 33 | No rankNot in this sweep |
At the entry tier, Coinbase International charges takers less and Hyperliquid charges makers less.
The measured rows show which book filled a market buy for less at each size.
Fees, funding and market data
| Item | Hyperliquid | Coinbase |
|---|---|---|
| Taker fee, base tier | 0.045% | 0.040%✓ |
| Maker fee, base tier | 0.015%✓ | 0.020% |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 50x on select International contracts; 10x intraday in the US |
| 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 |
| Taker fee on a $100,000 order | $45 | $40✓ |
| Maker fee on a $100,000 order | $15✓ | $20 |
| Identity check (KYC) | No identity check in the interface | Required |
| United States | Not available | Available |
| Book in our cost engine | Hyperliquid order book | International Exchange (BTC-PERP-INTX) |
| BTC funding rate | 0.0013% per 1hOctober 16, 2026, 08:07 UTC · interval | Not collected |
| ETH funding rate | 0.0013% per 1hOctober 16, 2026, 08:07 UTC · interval | Not collected |
| BTC perp open interest | $3.40bOctober 16, 2026, 08:07 UTC | Not collected |
| ETH perp open interest | $2.69bOctober 16, 2026, 08:07 UTC | Not collected |
| Reported 24h volume | $10.20bOct 16, 2026 | $2.7mOct 16, 2026 |
- Hyperliquid
- fees (read Sep 23, 2026), leverage (read Sep 23, 2026), settlement (read Sep 23, 2026), custody (read Sep 23, 2026)
Each fee, leverage, settlement and custody value comes from the official page named here. The date is the day PerpFinder read the page.
Takers and makers get different results
Coinbase International charges takers 0.5 basis points less than Hyperliquid, and Hyperliquid charges makers 0.5 basis points less. The Coinbase fee page lists 0.02% maker and 0.04% taker at the entry tier. Hyperliquid lists 0.015% maker and 0.045% taker at tier 0.
So a $100,000 market order costs $5 less on Coinbase. A $100,000 limit order that rests on the book costs $5 less on Hyperliquid.
Two Coinbase products
Coinbase sells perps in two ways. In the US, Coinbase Financial Markets sells perp-style futures. It is a futures broker that the CFTC registers, and its fee is set per contract.
Outside the US, eligible users trade on Coinbase International, which holds a licence in Bermuda. Our cost engine reads the book of Coinbase International (BTC-PERP-INTX), not the US book.
On October 1, 2026, the Coinbase International perps move to a new platform that Deribit runs, per the Coinbase developer docs. The measured book can change after the move.
Leverage and funding
Coinbase states up to 50x on select contracts outside the US, per its leverage help page. Its US launch post states up to 10x intraday. Hyperliquid caps BTC at 40x. Both venues pay funding every hour until the Coinbase move.
After the move, Coinbase funding builds up all the time and settles once a day. We do not collect Coinbase funding yet.
Access
US residents can trade perps on Coinbase. The Hyperliquid terms restrict persons in the United States and in Ontario. Coinbase asks for a photo ID before it opens a derivatives account. In the UK, only professional clients can trade Coinbase derivatives.
Audits and incidents on record
The Hyperliquid audit page names Zellic (legacy bridge contract). In March 2025, a validator vote delisted the JELLY perp and settled every position at one set price (Halborn). In November 2025, a POPCAT manipulation left the community vault with about $4.9 million of bad debt (Halborn).
Coinbase published a security incident report dated May 2025.
How to choose
A US resident can use Coinbase and cannot use Hyperliquid. Outside the US, a taker pays less on Coinbase at the entry tier, and a maker pays less on Hyperliquid.
Hyperliquid vs Coinbase FAQ
Is Coinbase cheaper than Hyperliquid for perps?
For takers, yes: Coinbase International charges 0.04% and Hyperliquid charges 0.045% at the entry tier.
For makers, Hyperliquid charges 0.015% and Coinbase charges 0.02%.
Can I trade perps on Coinbase in the US?
Yes.
US customers trade perpetual-style futures through Coinbase Financial Markets, a CFTC-registered futures commission merchant. The Hyperliquid terms restrict US persons.
Which Coinbase book does PerpFinder measure?
Our cost engine reads the Coinbase International Exchange book, BTC-PERP-INTX.
It does not read the US perpetual-style futures book.
What changes for Coinbase International on October 1, 2026?
The International perps move to a platform that Deribit powers.
After the move, funding accrues all the time and settles once a day.