Hyperliquid vs Bybit

Hyperliquid or Bybit: which to use

Hyperliquid vs Bybit 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 and up to 40x. On Bybit you open an account, pass identity verification and deposit with the company, at 2 bp maker and 5.5 bp taker and up to 150x. Bybit lists 857 markets, 237 of them real-world assets, on one exchange; Hyperliquid's own book lists 178 crypto markets, with stocks and commodities on HIP-3 exchanges traded from the same wallet. Pick by custody and ID first, then by markets and leverage.

How each exchange is built

Hyperliquid is a decentralized exchange (DEX) on its own chain, Hyperliquid L1. You trade from a self-custody wallet or an email login. It matches orders on a central limit order book. Hyperliquid also lets other teams deploy their own perp exchanges on its chain under HIP-3, traded from the same account: the live ones include tradeXYZ (110 markets), Paragon (29), Entropy (8) and Markets by Kinetiq (5), and most of Hyperliquid's stock and commodity perps are there.

Bybit 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.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. Bybit's is 2 bp maker and 5.5 bp taker, per Bybit's fee page.

A market order pays the taker fee to open and again to close: 9 bp per round trip on Hyperliquid, 11 bp on Bybit. A limit order that rests on the book pays the maker fee instead.

Fees are only part of a trade's cost. Slippage, the price you move by eating through the order book, grows with size and depends on each book's depth. The cost table above adds both at each size from $1k to $5M, and every exchange's trading cost is compared on one page.

Markets and leverage

As of 1 October 2026 Bybit lists 857 active perps, 237 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178, all crypto; its stocks and commodities are on the HIP-3 exchanges above.

Bybit allows up to 150x and Hyperliquid up to 40x on their highest-leverage markets; most markets allow less. Hyperliquid pays funding every hour on every market. Bybit pays every hour, 4 hours or 8 hours depending on the market, so check a market's interval before you hold it: 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, and it is closed to the US, Ontario and sanctioned countries. Bybit requires standard identity verification for every product.

Vaults, tokens and points

Hyperliquid runs HLP (Hyperliquidity Provider), a vault that makes markets and takes liquidations, so its 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

Both exchanges publish open interest as longs plus shorts, both sides of every position, so the open interest row and chart above compare like with like. Bybit publishes no TVL, as is usual for a centralized exchange, so that row and chart show Hyperliquid alone, as DefiLlama's figure for its bridge.

Which one fits you

• Pick Hyperliquid if you want to keep funds in your own wallet and trade without ID.
• Pick Hyperliquid if you want lower base fees: 4.5 bp taker against 5.5 bp.
• Pick Hyperliquid if you want every market on an hourly funding schedule, or a vault to deposit in.
• Pick Bybit if you prefer an exchange account and already have, or accept, identity verification.
• Pick Bybit if you need more than 40x, on the markets that offer it.
• Pick Bybit if you want 857 markets, stocks and commodities included, on one exchange.