Hyperliquid vs BingX

Hyperliquid or BingX: which to use

Hyperliquid vs BingX is a decentralized exchange against a centralized one. On Hyperliquid you trade from your own wallet without ID, at 1.5 bp maker and 4.5 bp taker, with up to 40x. BingX requires Advanced KYC to deposit or trade, holds your funds in an account, and charges 2 bp maker and 5 bp taker, with up to 500x. As of 1 October 2026, BingX lists 1240 perps on one exchange, 234 of them real-world assets. Hyperliquid's own book lists 178 crypto markets, with stocks and commodities on HIP-3 exchanges. Custody, ID and maximum leverage are the main differences between the two.

How each exchange is built

Hyperliquid is a decentralized exchange (DEX) that runs on its own chain, Hyperliquid L1. It matches orders on a central limit order book. You trade from a self-custody wallet, so the funds stay under your keys.

HIP-3 lets other teams deploy their own perp exchanges on Hyperliquid's chain. You trade them from the same Hyperliquid account and wallet. The live ones include tradeXYZ (110 markets), Paragon (29 markets), Entropy (8 markets) and Markets by Kinetiq (5 markets). Most of Hyperliquid's stock and commodity perps are on these HIP-3 exchanges.

BingX is a centralized exchange (CEX): you open an account with the company, and the account holds your funds. It also matches orders on a central limit order book, so the difference for you is custody, not how orders are matched.

What each fee schedule costs you

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. BingX's base tier is 2 bp maker and 5 bp taker, per BingX's perpetual futures fee schedule. One basis point (bp) is 0.01% of the position.

A market order pays the taker fee to open and again to close. That is 9 bp per round trip on Hyperliquid and 10 bp on BingX. A limit order that rests on the book and fills later pays the maker fee instead: 1.5 bp on Hyperliquid and 2 bp on BingX.

The fee is only part of the cost. Slippage is the price you move by eating through the order book, and it grows with size. The cost table above adds the taker fee twice and the measured slippage at each size from $1k to $5M. Every exchange's execution cost is compared on one page.

Markets, leverage and funding

As of 1 October 2026 BingX lists 1240 active perps, and 234 of them are stocks, commodities, FX or other real-world asset perps. Hyperliquid's own book lists 178 active perps, all crypto. Its stocks and commodities sit on the HIP-3 exchanges described above, under the same account.

BingX allows up to 500x on its highest-leverage market and Hyperliquid up to 40x. Most markets on both allow less, so check the cap of the market you want before you size a position.

Hyperliquid pays funding every hour on every market. BingX pays every 1 hour, 4 hours or 8 hours, depending on the market. Funding is the periodic payment between longs and shorts, and a positive rate means longs pay shorts. An hourly market settles 24 times a day, and an 8-hour market settles three times. The same daily rate therefore arrives in smaller, more frequent payments on an hourly market. Check the interval before you hold a position through several settlements. The list further down this page shows the markets both exchanges have, with each one's funding rate.

Who can use them

Hyperliquid asks for no ID. Any EVM wallet or an email login works. The app is closed to the US, Ontario and sanctioned countries.

BingX requires Advanced KYC to deposit or trade. An unverified account can only withdraw, up to 20,000 USDT a day. Rules vary by region, so confirm yours with BingX before you fund an account.

Vault, token and points on Hyperliquid

Hyperliquid runs HLP (Hyperliquidity Provider), a vault operated by the exchange. It makes markets and takes liquidations, so depositors carry the traders' profit and loss. It accepts USDC, locks each deposit for 4 days and charges no fee.

Hyperliquid's token is $HYPE. As of 19 September 2026 its points program was in "Season 2".

Reading the numbers on this page

Hyperliquid publishes open interest as longs plus shorts, both sides of every position. BingX publishes one side of open positions. For the same positions, Hyperliquid's figure reads about twice as large. The open interest row and chart above are therefore not a like-for-like comparison of size.

BingX has no TVL row, because centralized exchanges publish none. The TVL row and chart show Hyperliquid alone, as DefiLlama's figure for the deposits its bridge holds. It is a count of bridge deposits, not a measure of trading activity.

Which one fits you

• Pick Hyperliquid if you want to keep funds in your own wallet and trade without ID.
• Pick Hyperliquid if you trade crypto perps with market orders: 4.5 bp taker against 5 bp.
• Pick Hyperliquid if you want every market on an hourly funding schedule, or a vault to deposit USDC in.
• Pick BingX if you prefer an exchange account and accept Advanced KYC.
• Pick BingX if you want 1240 markets on one exchange as of 1 October 2026, including 234 real-world asset perps.
• Pick BingX if you need more than 40x, up to 500x on its highest-leverage market.