Hyperliquid vs BloFin

Hyperliquid or BloFin: which to use

Hyperliquid vs BloFin 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 leverage on its highest-leverage markets. BloFin holds your funds in an account and charges 2 bp maker and 6 bp taker. Its highest-leverage markets allow up to 150x. As of 1 October 2026 it lists 495 markets, 115 of them real-world assets. As of the same date Hyperliquid's own book lists 178 crypto markets, with stocks and commodities on HIP-3 exchanges. Custody, fee rate and the leverage you need decide it for most traders.

How each exchange is built

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

Other teams deploy their own perp exchanges on Hyperliquid's chain under HIP-3. 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 stock and commodity perps on Hyperliquid are on these HIP-3 exchanges.

BloFin 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. Both use a central limit order book, so the difference for you is custody: a wallet you hold against an account at a company.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. BloFin's base tier is 2 bp maker and 6 bp taker, per BloFin's fee page. One basis point (bp) is 0.01% of the position.

A market order pays the taker fee to open and again to close: 9 bp per round trip on Hyperliquid and 12 bp on BloFin. A limit order that rests on the book pays the maker fee instead, 1.5 bp on Hyperliquid and 2 bp on BloFin.

The fee is only part of a trade's cost. Slippage is the price you move by eating through the order book, and it grows with size. The round trip in the cost table above adds the taker fee twice and the slippage we read from each live book, at sizes from $1k to $5M.

Markets and leverage

As of 1 October 2026 BloFin lists 495 active perps, 115 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178 active perps, all crypto. Its stock and commodity perps sit on the HIP-3 exchanges above, traded from the same account.

BloFin allows up to 150x and Hyperliquid up to 40x on their highest-leverage markets. Most markets on both allow less. Hyperliquid pays funding every hour on every market. BloFin pays every 1 hour, 4 hours or 8 hours depending on the market, so check a market's interval before you hold a position. An hourly market settles 24 times a day, an 8-hour market three times. The list further down this page shows the markets both exchanges have and 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.

BloFin limits access without ID. Trading starts without ID, inside limits that verification lifts. You can trade futures without ID and with no leverage limit, but withdrawals are capped at 20,000 USDT a day until you verify.

Vaults, tokens and points

Hyperliquid runs HLP (Hyperliquidity Provider), a vault run by the exchange. It makes markets and takes liquidations, so depositors carry the traders' profit and loss. It takes USDC, locks each deposit for 4 days and charges no fee. Hyperliquid's token is $HYPE, and 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. BloFin publishes one side of open positions. For the same positions Hyperliquid's figure reads about twice as large, so the open interest row and chart above are not a like-for-like comparison of size.

BloFin publishes no TVL, as centralized exchanges publish none, so that row and chart show Hyperliquid alone, as DefiLlama's figure for the deposits its bridge holds.

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 with market orders: 4.5 bp taker against 6 bp.
• Pick Hyperliquid if you want every market on an hourly funding schedule, or a vault to deposit in.
• Pick BloFin if you prefer an exchange account at a company, with futures trading that starts without ID.
• Pick BloFin if you need more than 40x, up to 150x on the highest-leverage markets.
• Pick BloFin if you want a wider list of 495 markets, 115 of them stocks, commodities, FX or other real-world assets, on one exchange.