Hyperliquid vs Extended: fees, cost and liquidity
Hyperliquid vs Extended: Hyperliquid charges 0.045% taker and Extended charges 0.025% at the base tier. Measured BTC and ETH costs at three sizes and funding.
Measured verdict: On September 23, 2026, at 18:55 UTC, Extended cost less than Hyperliquid for a $10,000 BTC market buy: 2.56 bps against 4.68 bps. For a $1,000,000 BTC market buy, Extended cost less than Hyperliquid: 3.13 bps against 5.77 bps. Extended 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 | Extended |
|---|---|---|
| BTC $10,000 | 4.68 bps ($4.68)Rank 16 of 43 | 2.56 bps ($2.56)Rank 4 of 43✓ |
| BTC $100,000 | 5.10 bps ($50.95)Rank 16 of 42 | 2.56 bps ($25.59)Rank 4 of 42✓ |
| BTC $1,000,000 | 5.77 bps ($577.42)Rank 10 of 38 | 3.13 bps ($312.52)Rank 3 of 38✓ |
| ETH $10,000 | 5.06 bps ($5.06)Rank 17 of 43 | 2.69 bps ($2.69)Rank 4 of 43✓ |
| ETH $100,000 | 4.69 bps ($46.87)Rank 10 of 43 | 2.71 bps ($27.13)Rank 4 of 43✓ |
| ETH $1,000,000 | 5.80 bps ($579.86)Rank 7 of 36 | 5.01 bps ($501.48)Rank 3 of 36✓ |
Fees, funding and market data
| Item | Hyperliquid | Extended |
|---|---|---|
| Taker fee, base tier | 0.045%Read Sep 23, 2026 | 0.025%✓Read Sep 23, 2026 |
| Maker fee, base tier | 0.015%Read Sep 23, 2026 | 0%✓Read Sep 23, 2026 |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by assetRead Sep 23, 2026 | 50x on BTC and ETH; 100x on EUR-USD onlyRead Sep 23, 2026 |
| Chain and settlement | Own layer 1 (HyperCore)Read Sep 23, 2026 | StarknetRead 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 | Self-custody in Starknet contractsRead Sep 23, 2026 |
| Market types | Crypto perps (validator-operated) | Crypto, equities, FX, commodities, indices |
| Audits named in docs | Zellic (legacy bridge) | ChainSecurity, Code4rena contest |
| 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 | $274.1mSep 23, 2026 |
Fee schedules
Extended charges 0% maker and 0.025% taker on its fee page. Hyperliquid charges 0.015% maker and 0.045% taker at tier 0. At the base tier, Extended is 2 basis points lower for takers and 1.5 basis points lower for makers. A trader needs a large 14-day volume on Hyperliquid before its tier discounts close that gap.
Chain and custody
Extended runs on Starknet, a ZK chain. Its architecture page says that user funds stay in on-chain contracts and that Extended has no custodial access. The contracts run a health check on every move of collateral. Hyperliquid keeps balances on its own layer 1 chain.
Market scope
Extended lists more than 100 markets, with crypto, equities, FX, commodities and indices. It states up to 100x leverage. Hyperliquid sets 3x to 40x per asset for its validator-operated perps. Our cost sweep measures crypto perps only, so the measured rows cover BTC and ETH.
Funding
Both venues charge funding every hour. Extended caps order-book crypto funding at 0.25% to 2% per hour, by market group, on its funding page. We do not collect Extended funding yet, so its funding rows show no reading.
Audits
Extended names ChainSecurity and a Code4rena public contest on its audit page. Hyperliquid names Zellic for its legacy bridge.
Which one fits which trader
A taker at the base tier pays a lower fee on Extended. The measured rows show whether its book keeps that lead at $100,000 and $1,000,000.
Hyperliquid vs Extended FAQ
Does Extended charge lower fees than Hyperliquid?
Yes, at the base tier. Extended lists 0% maker and 0.025% taker. Hyperliquid lists 0.015% maker and 0.045% taker at tier 0.
Is Extended self-custodial?
Its architecture page says that user funds stay in on-chain contracts on Starknet and that Extended has no custodial access.
How often do Hyperliquid and Extended settle funding?
Both charge funding every hour. Extended caps crypto funding at 0.25% to 2% per hour by market group.
Verdict
Extended charges less at the base tier on both sides of the book and states self-custody in Starknet contracts. Hyperliquid runs its own chain and has a longer list of crypto perps. Read the measured rows at your size before you move volume.