Hyperliquid vs MEXC: fees, cost and liquidity
MEXC cost less than Hyperliquid in all 6 BTC and ETH order sizes where both venues had a rank.
- Hyperliquid, $10K BTC
- 4.56 bps
- MEXC, $10K BTC
- 2.01 bps
- Hyperliquid, $1M BTC
- 5.62 bps
- MEXC, $1M BTC
- 2.01 bps
Measured cost of a market buy
| Order | Hyperliquid | MEXC |
|---|---|---|
| BTC $10,000 | 4.56 bps ($4.56)Rank 18 of 43 | 2.01 bps ($2.01)Rank 3 of 43✓ |
| BTC $100,000 | 4.84 bps ($48.45)Rank 16 of 42 | 2.01 bps ($20.06)Rank 3 of 42✓ |
| BTC $1,000,000 | 5.62 bps ($562.28)Rank 12 of 38 | 2.01 bps ($200.60)Rank 2 of 38✓ |
| ETH $10,000 | 4.69 bps ($4.69)Rank 16 of 44 | 2.02 bps ($2.02)Rank 2 of 44✓ |
| ETH $100,000 | 4.69 bps ($46.86)Rank 11 of 43 | 2.05 bps ($20.53)Rank 2 of 43✓ |
| ETH $1,000,000 | 6.18 bps ($617.67)Rank 6 of 35 | 2.64 bps ($263.95)Rank 2 of 35✓ |
At the base tier, MEXC charges 0.02% and Hyperliquid charges 0.045% for a BTC market order.
The measured rows show whether spread and price impact change that ranking at each size.
Fees, funding and market data
| Item | Hyperliquid | MEXC |
|---|---|---|
| Taker fee, base tier | 0.045% | 0.020%✓ |
| Maker fee, base tier | 0.015% | 0%✓ |
| Maximum leverage | 40x on BTC, 25x on ETH; 3x to 40x by asset | 500x 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 | $20✓ |
| Identity check (KYC) | No identity check in the interface | Not stated |
| United States | Not available | Not available |
| United Kingdom | Not named | Not available |
| BTC funding rate | 0.0009% per 1hSeptember 26, 2026, 04:51 UTC · interval | Not collected |
| ETH funding rate | 0.0013% per 1hSeptember 26, 2026, 04:51 UTC · interval | Not collected |
| BTC perp open interest | $3.17bSeptember 26, 2026, 04:51 UTC | Not collected |
| ETH perp open interest | $2.97bSeptember 26, 2026, 04:51 UTC | Not collected |
| Reported 24h volume | $10.92bSep 26, 2026 | $11.46bSep 26, 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.
The fee gap in dollars
MEXC charges 2.5 basis points less than Hyperliquid on each BTC market order at the base tier. The MEXC fee page lists 0% maker and 0.02% taker for the BTCUSDT perpetual. The Hyperliquid fee page lists 0.015% maker and 0.045% taker at tier 0.
On a $10,000 order, the gap is $2.50. On a $100,000 order, it is $25. A round trip pays the gap twice.
MEXC sets its futures fee for each pair, so another pair can cost more than BTC. API orders use a separate futures schedule, per the MEXC notice of June 2026. Our cost engine applies the rate on the fee page, not the API rate.
Leverage and funding
The MEXC contract API lists 500x for BTC_USDT. Hyperliquid caps BTC at 40x. MEXC pays funding every 8 hours on BTC_USDT. Hyperliquid pays funding every hour. Our funding sweep does not read MEXC, so the MEXC funding rows show no reading.
Who holds the funds
MEXC keeps client deposits on its own ledger. Its User Agreement names the "MEXC Trading Platform" but no legal entity and no jurisdiction. MEXC published a Proof of Reserves report that Hacken audited. On Hyperliquid, a wallet signs each order, and USDC sits on the Hyperliquid layer 1.
Access and identity checks
The MEXC terms name the United States, the United Kingdom, Canada and Singapore as prohibited jurisdictions. The Hyperliquid terms restrict persons in the United States and in Ontario, Canada. Hyperliquid collects a wallet address and location data, not identity documents. MEXC can close an account that does not complete its identity check.
How to choose
A taker who trades BTC at the base tier pays a lower fee on MEXC. The $1,000,000 rows show whether the MEXC book holds that lead at size. A trader who wants to keep funds under a wallet key can pay the higher Hyperliquid fee.
Hyperliquid vs MEXC FAQ
Is MEXC cheaper than Hyperliquid?
Yes, for a BTC market order at the base tier: MEXC charges 0.02% taker and Hyperliquid charges 0.045%.
The measured table adds spread and price impact for BTC and ETH at three sizes.
How much is the fee gap on a $100,000 order?
The gap is $25 on each side of a $100,000 BTC market order.
A round trip pays it twice, so the total is $50.
Which has higher leverage, MEXC or Hyperliquid?
MEXC lists 500x for BTC_USDT, and Hyperliquid caps BTC at 40x.
A higher cap moves the liquidation price closer to the entry price.
Can US residents use MEXC or Hyperliquid?
No.
The MEXC terms name the United States as a prohibited jurisdiction, and the Hyperliquid terms restrict persons in the United States.