Head to head
the arrow points to the better figure| Hyperliquid | Bluefin | |
|---|---|---|
| Trading | ||
| $9.13 | ◀BTC trade, $10k | $13.98 |
| $1,121 | BTC trade, $1M | — |
| $39.8M | ◀BTC book depth | $158K |
| 0.045%/0.015% | Taker / maker▶ | 0.035%/0.010% |
| 40x | Max leverage≈ | 40x |
| Size | ||
| $8.25B | ◀Volume 24h | $948K |
| $6.96B | ◀Volume, 7-day average | $827K |
| $10.15Blongs + shorts | Open interest | $740Kone side |
| $6.34B | ◀TVL | $1.5M |
| Markets | ||
| 179 | ◀Markets | 8 |
| 164 | ◀Stocks & RWA | 1 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0100% |
| +0.722% | BTC longs paid, 30d | +2.207% |
| Access | ||
| No ID | KYC | No ID |
| $HYPE | Token | $BLUE |
| Season 2 | Airdrop | — |
Cost to trade BTC
| Size | Hyperliquid | Bluefin |
|---|---|---|
| $1k | $0.919.1 bp | $1.3613.6 bp |
| $10k | $9.139.1 bp | $13.9814.0 bp |
| $100k | $91.329.1 bp | $24524.5 bp |
| $1M | $1,12111.2 bp | — |
| $5M | $6,85813.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 5
funding /8h · Net 7d at $10k| Asset | Hyperliquid | Bluefin | Spread | Net 7d |
|---|---|---|---|---|
| SUI | −0.0074% | +0.0100% | +0.0174% | −$68 |
| HYPE | +0.0246% | +0.2338% | +0.2092% | −$25 |
| BTC | +0.0100% | +0.0100% | 0.0000% | −$20 |
| SOL | −0.0063% | +0.0100% | — | — |
| ETH | −0.0015% | −0.0022% | — | — |
Only on Hyperliquid: 174 (+1 via HIP-3)
ZEC · XRP · NEAR · XMR · LIT · PUMP · UNI · ENA · DOGE · LINK · VVV · AAVE · PEPE · ZRO · WLD · BNB · XPL · MON · TAO · PAXG · ADA · STRK · AERO · ASTER · GRASS · CASHCAT · GRAM · LTC · FARTCOIN · ONDO · WLFI · AVAX · TRX · TRUMP · ARB · CRV · PURR · PONS · USELESS · XLM · HBAR · ETHFI · PENDLE · LDO · MEGA · CHIP · BCH · BONK · JUP · TIA · FET · FIL · CC · INJ · DOT · MORPHO · POL · VIRTUAL · MNT · ATOM · and 114 more
Questions
Is Hyperliquid or Bluefin cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $9.13 on Hyperliquid and $13.98 on Bluefin right now, taker fee and order-book slippage together, so Hyperliquid is cheaper. Taker fees: 0.045% and 0.035%.
Which has more markets, Hyperliquid or Bluefin?
Hyperliquid lists 179 active markets and Bluefin 8; 5 assets trade on both.
Does Hyperliquid or Bluefin require KYC?
Hyperliquid: No ID: any EVM wallet or an email login; the app is closed to the US, Ontario and sanctioned countries. Bluefin: No ID (deposit addresses are sanctions-screened); not for the US, Canada, retail UK or sanctioned countries.
Can you arbitrage funding between Hyperliquid and Bluefin?
Not profitably right now: none of the 5 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Hyperliquid or Bluefin?
24-hour volume: Hyperliquid $8.25B, Bluefin $948K. Open interest as each reports it: $10.15B and $740K. Hyperliquid reports open interest as longs plus shorts, both sides of every position; Bluefin reports one side. For the same positions Hyperliquid's figure reads about twice as large. TVL: $6.34B and $1.5M.