Hyperliquid vs Lighter: fees, cost and liquidity
Hyperliquid and Lighter side by side: measured cost of BTC and ETH market buys at three sizes, base fees, hourly funding, open interest and exit paths.
Measured verdict: On September 23, 2026, at 18:55 UTC, Lighter cost less than Hyperliquid for a $10,000 BTC market buy: 0.31 bps against 4.68 bps. For a $1,000,000 BTC market buy, Lighter cost less than Hyperliquid: 1.17 bps against 5.77 bps. Lighter 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 | Lighter |
|---|---|---|
| BTC $10,000 | 4.68 bps ($4.68)Rank 16 of 43 | 0.31 bps ($0.31)Rank 1 of 43✓ |
| BTC $100,000 | 5.10 bps ($50.95)Rank 16 of 42 | 0.38 bps ($3.76)Rank 1 of 42✓ |
| BTC $1,000,000 | 5.77 bps ($577.42)Rank 10 of 38 | 1.17 bps ($116.83)Rank 1 of 38✓ |
| ETH $10,000 | 5.06 bps ($5.06)Rank 17 of 43 | 0.35 bps ($0.35)Rank 1 of 43✓ |
| ETH $100,000 | 4.69 bps ($46.87)Rank 10 of 43 | 0.85 bps ($8.48)Rank 1 of 43✓ |
| ETH $1,000,000 | 5.80 bps ($579.86)Rank 7 of 36 | 1.43 bps ($143.35)Rank 1 of 36✓ |
Fees, funding and market data
| Item | Hyperliquid | Lighter |
|---|---|---|
| Taker fee, base tier | 0.045%Read Sep 23, 2026 | 0%✓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 ETHRead Sep 23, 2026 |
| Chain and settlement | Own layer 1 (HyperCore)Read Sep 23, 2026 | ZK rollup 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 | Ethereum contracts; escape hatch to EthereumRead Sep 23, 2026 |
| Account fee model | One base tier; volume and staking discounts | Standard (no fee) or premium (lower latency, fee)✓ |
| Exit if the operator stops | Validators run the chain and the bridge | Escape hatch to Ethereum |
| Audits named in docs | Zellic (legacy bridge) | Nethermind (core, deposit bridge) |
| BTC funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | 0.0012% per 1hSeptember 23, 2026, 21:51 UTC · interval |
| ETH funding rate | 0.0013% per 1hSeptember 23, 2026, 21:51 UTC · interval | 0.0012% per 1hSeptember 23, 2026, 21:51 UTC · interval |
| BTC perp open interest | $3.29bSeptember 23, 2026, 21:51 UTC | $179.4mSeptember 23, 2026, 21:51 UTC |
| ETH perp open interest | $2.94bSeptember 23, 2026, 21:51 UTC | $113.5mSeptember 23, 2026, 21:51 UTC |
| Reported 24h volume | $9.09bSep 23, 2026 | $1.55bSep 23, 2026 |
Why the measured cost differs
A Lighter standard account pays no trading fee. Its measured cost is only half the spread plus price impact. Hyperliquid charges a base taker fee of 0.045%, which is 4.5 basis points (bps), on its fee page. That fee is the floor of every Hyperliquid market buy at the base tier. The measured table on this page shows how much the order book adds on top at each size.
Lighter also sells a premium account. The Lighter fee page lists 0.0040% maker and 0.0280% taker for premium accounts with no LIT staked. Premium buys lower latency, not a lower price. Our sweep uses the standard account.
Settlement and the exit path
Hyperliquid runs its order books on its own layer 1 chain. USDC is minted on that chain, and the old Arbitrum bridge is deprecated, per the USDC page. Lighter is a ZK rollup. Ethereum contracts hold deposits and check its proofs. If the Lighter sequencer stops, users can rebuild their balances from data on Ethereum and withdraw there, per its architecture page.
Funding and leverage
Both venues settle funding every hour. Lighter clamps funding at 0.5% per hour, per its funding page. Hyperliquid sets a leverage limit per asset, from 3x to 40x. The Lighter market API lists 50x for BTC and ETH. A higher limit is not a lower cost. It only changes the margin that one position needs.
Which one fits which trader
A trader who sends market orders at a size that the Lighter book can fill pays less on Lighter, when the measured rows agree. A trader who needs a wider market list, or who uses Hyperliquid vaults and HyperEVM tools, can accept the fee. Check the $1,000,000 rows before you move a large order. Book depth changes the result faster than the fee does.
Hyperliquid vs Lighter FAQ
Is Lighter cheaper than Hyperliquid?
For a standard Lighter account, the taker fee is zero, while Hyperliquid charges 0.045% at the base tier. The measured cost table shows the full result with spread and price impact for BTC and ETH at three sizes.
Do Hyperliquid and Lighter use the same funding interval?
Yes. Both venues settle funding every hour. Lighter clamps the rate at 0.5% per hour.
Can I withdraw from Lighter if the exchange stops?
Lighter documents an escape hatch. Users can rebuild their account state from data on Ethereum and withdraw on Ethereum.
Verdict
Lighter removes the taker fee for standard accounts, so its cost depends on its book. Hyperliquid charges a fixed base fee and runs its own chain. Use the measured rows for your asset and size, and then check the exit path that you trust.