Hyperliquid vs EdgeX: fees, cost and liquidity
Hyperliquid vs edgeX: measured market-buy cost for BTC and ETH, base taker fees of 0.045% on both, leverage limits, funding intervals and how each holds deposits.
Measured verdict: On September 23, 2026, at 18:55 UTC, Hyperliquid cost less than EdgeX for a $10,000 BTC market buy: 4.68 bps against 4.71 bps. For a $1,000,000 BTC market buy, EdgeX cost less than Hyperliquid: 4.93 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 EdgeX in 3. Read our verdict
Measured cost of a market buy
| Order | Hyperliquid | EdgeX |
|---|---|---|
| BTC $10,000 | 4.68 bps ($4.68)Rank 16 of 43✓ | 4.71 bps ($4.71)Rank 17 of 43 |
| BTC $100,000 | 5.10 bps ($50.95)Rank 16 of 42 | 4.71 bps ($47.13)Rank 11 of 42✓ |
| BTC $1,000,000 | 5.77 bps ($577.42)Rank 10 of 38 | 4.93 bps ($493.45)Rank 5 of 38✓ |
| ETH $10,000 | 5.06 bps ($5.06)Rank 17 of 43✓ | 5.06 bps ($5.06)Rank 18 of 43 |
| ETH $100,000 | 4.69 bps ($46.87)Rank 10 of 43✓ | 4.95 bps ($49.49)Rank 13 of 43 |
| ETH $1,000,000 | 5.80 bps ($579.86)Rank 7 of 36 | 5.05 bps ($504.51)Rank 4 of 36✓ |
Fees, funding and market data
| Item | Hyperliquid | EdgeX |
|---|---|---|
| Taker fee, base tier | 0.045%Read Sep 23, 2026 | 0.045%Read Sep 23, 2026 |
| Maker fee, base tier | 0.015%✓Read Sep 23, 2026 | 0.040%Read Sep 23, 2026 |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by assetRead Sep 23, 2026 | 100x on BTC and ETH, up to a $1M BTC positionRead Sep 23, 2026 |
| Chain and settlement | Own layer 1 (HyperCore)Read Sep 23, 2026 | Own rollup on the Arbitrum stack, anchored to EthereumRead Sep 23, 2026 |
| Custody of funds | USDC is minted natively on HyperCore; the legacy Arbitrum bridge holds less than 10% of itRead Sep 23, 2026 | User-key smart contracts; operator-free withdrawal claimed, steps not describedRead Sep 23, 2026 |
| Exit without the operator | Not documented as a user action | Claimed in V2 docs; steps not described✓ |
| BTC funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | Not collected |
| ETH funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | Not collected |
| 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 | $1.60bSep 23, 2026, DefiLlama edgeX V2 row |
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.
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.
Verdict
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.