Hyperliquid vs Deribit

Hyperliquid or Deribit: which to use

Hyperliquid vs Deribit 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, up to 40x. Deribit requires ID, proof of address and a financial profile before any deposit, holds your funds in an account, and charges 1.5 bp maker and 3.5 bp taker, up to 50x. Both pay funding hourly. Custody, KYC and the taker fee decide it for most traders. Hyperliquid fits wallet-based, no-ID trading. Deribit fits account-based trading with a lower taker rate.

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.

Other teams can 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), Entropy (8) and Markets by Kinetiq (5). Most of Hyperliquid's stock and commodity perps are on these HIP-3 exchanges.

Deribit 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 exchanges therefore match on a central limit order book, and the difference for you is who holds the funds.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. Deribit's base tier, read from its API, is 1.5 bp maker and 3.5 bp taker. A basis point (bp) is 0.01% of the position.

The maker rate is the same on both. A limit order that rests on the book and fills later pays 1.5 bp on either exchange. The taker rate differs by 1 bp. A market order pays it to open and again to close, so a round trip is 9 bp in fees on Hyperliquid and 7 bp on Deribit.

Fees are only part of the cost of a market order. Slippage is the price you move by eating through the order book, and it grows with size. The cost table above adds the fee twice and the measured slippage at each size from $1k to $5M. Every exchange's trading cost can also be read on one page.

Markets and leverage

As of 1 October 2026 Hyperliquid's own book has 178 active perpetual markets, all crypto. Deribit has 134, of which 34 are stocks, commodities, FX or other real-world assets. On Hyperliquid those assets sit on the HIP-3 exchanges above. The real-world asset perps page lists them across exchanges.

Hyperliquid offers up to 40x on its highest-leverage market and Deribit up to 50x. Most markets on both allow less, so check the limit of the market you trade.

Both exchanges pay funding every hour on every market. A position held for a day settles funding 24 times on either one. With the same interval on both, a funding spread between them does not come from different payment schedules. The list further down this page shows the markets both exchanges have, each one's funding rate and the net funding after a round trip.

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.

Deribit requires KYC: ID, proof of address and a financial profile before any deposit. It is closed to the US, Canada, Japan and retail UK clients.

Vaults, token 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. 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. Deribit 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.

Deribit publishes no TVL, as is usual for a centralized exchange. The TVL row and chart show Hyperliquid alone, as DefiLlama's figure for the deposits its bridge holds. Volume, depth and funding are live above, and we refresh them every minute.

Which one fits you

• Pick Hyperliquid if you want to keep funds in your own wallet and trade without ID.
• Pick Hyperliquid if you live in a region Deribit blocks, such as Japan, and Hyperliquid is open to you.
• Pick Hyperliquid if you want a vault to deposit in or a points program to follow.
• Pick Deribit if you prefer an exchange account and can provide ID, proof of address and a financial profile.
• Pick Deribit if you trade crypto perps with market orders: 3.5 bp taker against 4.5 bp.
• Pick Deribit if you need more than 40x, up to 50x on its highest-leverage market.
• Pick Deribit if you want stocks, commodities and FX on the exchange's own book, 34 of its 134 markets as of 1 October 2026.