Hyperliquid vs Kraken: fees, cost and liquidity
Hyperliquid cost less than Kraken in all 6 BTC and ETH order sizes where both venues had a rank.
- Hyperliquid, $10K BTC
- 4.97 bps
- Kraken, $10K BTC
- 5.07 bps
- Hyperliquid, $1M BTC
- 4.97 bps
- Kraken, $1M BTC
- 7.02 bps
Measured cost of a market buy
| Order | Hyperliquid | Kraken |
|---|---|---|
| BTC $10,000 | 4.97 bps ($4.97)Rank 17 of 38✓ | 5.07 bps ($5.07)Rank 22 of 38 |
| BTC $100,000 | 4.97 bps ($49.69)Rank 13 of 36✓ | 5.49 bps ($54.90)Rank 22 of 36 |
| BTC $1,000,000 | 4.97 bps ($496.89)Rank 9 of 32✓ | 7.02 bps ($702.40)Rank 28 of 32 |
| ETH $10,000 | 4.74 bps ($4.74)Rank 13 of 38✓ | 5.95 bps ($5.95)Rank 25 of 38 |
| ETH $100,000 | 4.74 bps ($47.36)Rank 9 of 37✓ | 6.80 bps ($67.96)Rank 28 of 37 |
| ETH $1,000,000 | 5.04 bps ($503.84)Rank 4 of 34✓ | 8.95 bps ($894.76)Rank 24 of 34 |
Kraken charges 0.5 basis points more than Hyperliquid per taker order at the entry tier.
The measured rows show how spread and price impact change that gap.
Fees, funding and market data
| Item | Hyperliquid | Kraken |
|---|---|---|
| Taker fee, base tier | 0.045%✓ | 0.050% |
| Maker fee, base tier | 0.015%✓ | 0.020% |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 50x on BTC |
| 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✓ | $50 |
| Identity check (KYC) | No identity check in the interface | Required |
| United States | Not available | Limited |
| EU and EEA | Not named | Available |
| United Kingdom | Not named | Limited |
| BTC funding rate | 0.0013% per 1hNovember 10, 2026, 11:37 UTC · interval | 0.0007% per 1hNovember 10, 2026, 11:37 UTC |
| ETH funding rate | -0.0003% per 1hNovember 10, 2026, 11:37 UTC · interval | -0.0007% per 1hNovember 10, 2026, 11:37 UTC |
| BTC perp open interest | $3.10bNovember 10, 2026, 11:37 UTC | $190.1mNovember 10, 2026, 11:37 UTC |
| ETH perp open interest | $1.67bNovember 10, 2026, 11:37 UTC | $62.5mNovember 10, 2026, 11:37 UTC |
| Reported 24h volume | $5.59bNov 10, 2026 | $894.1mNov 10, 2026 |
- Hyperliquid
- 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.
Regulated access against open access
Kraken sells perpetual futures through licensed firms, and Hyperliquid runs as a protocol that a wallet uses directly. In the US, Kraken Derivatives US is a futures commission merchant registered with the CFTC. In the EEA, Payward Europe Digital Solutions (CY) Limited holds a CySEC MiFID licence.
The Kraken licence page lists both. Kraken does not serve residents of Maine and New York. In the UK, only professional clients can trade Kraken derivatives, and Canadian residents cannot trade them.
Hyperliquid restricts persons in the United States and in Ontario, per its terms. A wallet signs each order, and no identity check applies in the interface. Kraken requires identity verification and an appropriateness questionnaire before EEA clients can trade derivatives.
Fees
The Kraken fee schedule lists 0.02% maker and 0.05% taker at futures Tier 1. Hyperliquid lists 0.015% maker and 0.045% taker at tier 0. The taker gap is 0.5 basis points: $0.50 on a $10,000 order and $5 on a $100,000 order.
Volume in spot or futures, and assets on the platform, can move a Kraken account to a lower fee tier.
Funding and open interest
Both venues settle funding every hour, so the two funding rows use the same period. Kraken publishes funding as a dollar amount for each contract. Our feed divides that amount by the mark price to get a rate. Both venues report open interest in our sweep.
Leverage
The Kraken perpetuals page states up to 50x in select regions. EU clients get up to 10x on eligible pairs. Hyperliquid caps BTC at 40x.
Hyperliquid and Kraken book depth
A $1,000,000 BTC market buy moved the Kraken book more. Spread and impact cost 2.02 bps there and 0.47 bps on Hyperliquid. For ETH, Hyperliquid kept the lower book cost: 0.54 bps, with 3.95 bps on Kraken. A hundred times the order size added 0.00 bps of book cost on Hyperliquid and 1.96 bps on Kraken, from $10,000 to $1,000,000 of BTC.
Open BTC positions were $3.10b on Hyperliquid and $190.1m on Kraken at the last sweep, a ratio of 16 times.
How to choose
A US or EEA trader who needs a licensed counterparty can use Kraken. A trader outside the restricted regions who wants wallet custody can use Hyperliquid. The measured rows show which book filled a BTC or ETH market buy for less.
Hyperliquid vs Kraken FAQ
Can US traders use Kraken perps instead of Hyperliquid?
Yes, with limits: Kraken offers perpetual futures through Kraken Derivatives US, a CFTC-registered futures commission merchant.
Kraken does not serve Maine and New York, and the Hyperliquid terms restrict US persons.
Is Hyperliquid cheaper than Kraken?
Yes, at the entry tier: Hyperliquid charges 0.045% taker and Kraken charges 0.05%.
The difference is $5 on a $100,000 order.
Do Kraken and Hyperliquid use the same funding interval?
Yes.
Both settle funding every hour on BTC.
What leverage does Kraken offer on perps?
Kraken states up to 50x in select regions.
EU clients get up to 10x on eligible pairs.