Hyperliquid vs EdgeX: fees, cost and liquidity
Hyperliquid cost less in 3 and EdgeX in 3 of the 6 BTC and ETH order sizes where both venues had a rank.
- Hyperliquid, $10K BTC
- 4.56 bps
- EdgeX, $10K BTC
- 4.52 bps
- Hyperliquid, $1M BTC
- 4.79 bps
- EdgeX, $1M BTC
- 4.74 bps
Measured cost of a market buy
| Order | Hyperliquid | EdgeX |
|---|---|---|
| BTC $10,000 | 4.56 bps ($4.56)Rank 16 of 38 | 4.52 bps ($4.52)Rank 15 of 38✓ |
| BTC $100,000 | 4.56 bps ($45.61)Rank 13 of 37 | 4.52 bps ($45.21)Rank 12 of 37✓ |
| BTC $1,000,000 | 4.79 bps ($478.67)Rank 7 of 33 | 4.74 bps ($473.75)Rank 5 of 33✓ |
| ETH $10,000 | 4.70 bps ($4.70)Rank 13 of 39✓ | 5.15 bps ($5.15)Rank 19 of 39 |
| ETH $100,000 | 4.70 bps ($47.04)Rank 9 of 38✓ | 5.17 bps ($51.74)Rank 13 of 38 |
| ETH $1,000,000 | 4.77 bps ($476.69)Rank 4 of 33✓ | 5.35 bps ($534.53)Rank 6 of 33 |
The two venues charge the same base taker fee, so book depth decides the measured cost.
Hyperliquid is cheaper for makers at the base tier. edgeX offers a higher leverage limit and a documented exit that bypasses its operator.
Fees, funding and market data
| Item | Hyperliquid | EdgeX |
|---|---|---|
| Taker fee, base tier | 0.045% | 0.045% |
| Maker fee, base tier | 0.015%✓ | 0.040% |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 100x on BTC and ETH, up to a $1M BTC position |
| Chain and settlement | Own layer 1 (HyperCore) | Own rollup on the Arbitrum stack, anchored to Ethereum |
| Custody of funds | USDC is minted natively on HyperCore; the legacy Arbitrum bridge holds less than 10% of it | User-key smart contracts; operator-free withdrawal claimed, steps not described |
| Exit without the operator | Not documented as a user action | Claimed in V2 docs; steps not described✓ |
| BTC funding rate | 0.0013% per 1hOctober 16, 2026, 07:37 UTC · interval | Not collected |
| ETH funding rate | 0.0013% per 1hOctober 16, 2026, 07:37 UTC · interval | Not collected |
| BTC perp open interest | $3.40bOctober 16, 2026, 07:37 UTC | Not collected |
| ETH perp open interest | $2.68bOctober 16, 2026, 07:37 UTC | Not collected |
| Reported 24h volume | $10.20bOct 16, 2026 | $1.02bOct 16, 2026, DefiLlama edgeX V2 row |
- Hyperliquid
- fees, leverage, settlement, custody
- EdgeX
- 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.
Same base taker fee, different books
Hyperliquid lists 0.045% taker at tier 0 on its fee page. The edgeX VIP fee API listed 0.045% taker at level 0 on September 23, 2026. With equal fees, the measured difference comes from the spread and the depth of each book. The measured table splits the result by asset and by size.
Hyperliquid makers pay 0.015% at tier 0. The edgeX VIP fee API lists 0.040% for makers at level 0. A trader who rests limit orders pays less on Hyperliquid at the base tier.
Where the money sits
Hyperliquid keeps balances on its own layer 1 chain, and validators operate that chain. edgeX users deposit into smart contracts. Each asset movement needs a signature from the user key, per the edgeX self-custody page. edgeX also documents withdrawals that bypass the operator during an outage.
Leverage
Hyperliquid sets leverage per asset, from 3x to 40x, on its perpetual assets page. The edgeX V2 market data API lists 100x for BTC and ETH. A higher limit lets one position use less margin. It also moves the liquidation price closer to the entry price.
Funding
Hyperliquid settles funding every hour. The edgeX API settles funding every 4 hours, but its docs page still says every hour. We collect Hyperliquid funding and open interest in our 15-minute sweep. We do not collect edgeX funding yet, so its funding rows show no reading.
Hyperliquid and EdgeX book depth
A $1,000,000 BTC market buy moved the Hyperliquid book more. Spread and impact cost 0.29 bps there and 0.24 bps on EdgeX. For ETH, Hyperliquid kept the lower book cost: 0.27 bps, with 0.85 bps on EdgeX. A hundred times the order size added 0.23 bps of book cost on Hyperliquid and 0.22 bps on EdgeX, from $10,000 to $1,000,000 of BTC.
Audits and incidents on record
The Hyperliquid audit page names Zellic (legacy bridge contract). Validators voted in March 2025 to delist the JELLY market, and all open JELLY positions closed at a price that they set (Halborn). A POPCAT price attack in November 2025 cost the community liquidity vault about $4.9 million (Halborn).
The EdgeX audit page names RigSec (V1 deposit pool contracts), SlowMist (V1 StarkEx perpetual and deposit pool contracts) and PeckShield (StarkEx v4.5). PerpFinder found no official EdgeX incident report.
Who can open an account
Both venues bar persons in the United States. Only EdgeX also bars Canada.
| Jurisdiction | Hyperliquid | EdgeX |
|---|---|---|
| United States | Not available | Not available |
| United Kingdom | Not named | Not named |
| EU and EEA | Not named | Not named |
| Canada | Limited | Not available |
| Identity documents | Not asked in the interface | Not stated |
Hyperliquid collects a wallet address and geolocation data from users, not identity documents. The edgeX Terms of Use do not mention identity verification or KYC requirements.
A country that the terms do not name is not a permission. Check your local law before you open an account.
Which one fits which trader
A taker who trades large size should read the $1,000,000 rows. A maker pays less on Hyperliquid at the base tier. A trader who wants a documented exit that bypasses the operator can look at edgeX. The V2 docs do not describe the steps of that exit.
Hyperliquid vs EdgeX FAQ
Is edgeX cheaper than Hyperliquid?
Both list 0.045% taker at the base tier, so the order book decides the cost.
The measured table shows the result for BTC and ETH at three sizes.
Which has higher leverage, Hyperliquid or edgeX?
Hyperliquid sets 3x to 40x by asset.
The edgeX V2 market data API lists 100x for BTC and ETH.
How often do Hyperliquid and edgeX charge funding?
Hyperliquid settles funding every hour.
The edgeX API settles funding every 4 hours, but the edgeX docs page still says every hour.