Hyperliquid vs edgeX

Hyperliquid or edgeX: which to use

Hyperliquid vs edgeX share a taker fee and differ on almost everything else. Both are order-book DEXs you trade from a wallet without ID, and both charge 4.5 bp taker; Hyperliquid's maker fee is 1.5 bp against edgeX's 4 bp. edgeX allows up to 100x and keeps 107 stock and commodity perps on its own book; Hyperliquid allows up to 40x and keeps its stocks and commodities on HIP-3 exchanges traded from the same wallet. Hyperliquid pays funding hourly, edgeX every 4 hours. Pick Hyperliquid for cheaper limit orders and a vault, edgeX for higher leverage and one book for everything.

How each exchange is built

Both are decentralized exchanges you trade from a self-custody wallet. Hyperliquid runs on its own chain, Hyperliquid L1, and also accepts an email login. edgeX runs on edgeX L2 and accepts a wallet or an MPC login. Both match orders on a central limit order book, where resting bids and asks wait until another trader fills them.

Hyperliquid 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 markets), Entropy (8 markets) and Markets by Kinetiq (5 markets), and most of Hyperliquid's stock and commodity perps are there. edgeX lists its crypto and real-world markets on one exchange.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. edgeX's is 4 bp maker and 4.5 bp taker, as its trading app shows.

A market order pays the taker fee to open and again to close, 9 bp per round trip on both. The difference is in limit orders that rest on the book: 1.5 bp each on Hyperliquid, 4 bp on edgeX. A trader who enters and exits with limit orders pays 3 bp per round trip on Hyperliquid and 8 bp on edgeX.

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 edgeX lists 179 active perps, 107 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. The list further down this page shows the markets both exchanges have and each one's funding rate.

edgeX allows up to 100x and Hyperliquid up to 40x on their highest-leverage markets; most markets allow less. Hyperliquid pays funding every hour, 24 times a day. edgeX pays every 4 hours, six times a day, so a position held across a settlement pays or receives a larger amount at once.

Who can use them

Neither asks for ID. Hyperliquid accepts any EVM wallet or an email login and is closed to the US, Ontario and sanctioned countries. edgeX is closed to residents of the US, Ontario and sanctioned countries, and its terms forbid VPNs.

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. edgeX runs no vault we track.

Hyperliquid's token is $HYPE and edgeX's is $EDGE. As of 19 September 2026 Hyperliquid's points program was in Season 2 and edgeX's was active.

Reading the numbers on this page

Hyperliquid publishes open interest as longs plus shorts, both sides of every position. edgeX publishes one side. 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. TVL above is DefiLlama's figure for each exchange's bridge, the deposits it holds.

Which one fits you

• Pick Hyperliquid if you trade with limit orders: 1.5 bp maker against 4 bp.
• Pick Hyperliquid if you want a vault to deposit in, or an email login.
• Pick Hyperliquid if you want its crypto book plus the HIP-3 exchanges from one wallet.
• Pick edgeX if you need more than 40x, on the markets that offer it.
• Pick edgeX if you want stocks, commodities and FX on the same book as your crypto.
• Pick edgeX if you prefer funding settled every 4 hours rather than every hour.