Hyperliquid vs Gate

Hyperliquid or Gate: which to use

Hyperliquid vs Gate 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. Gate requires KYC before the futures account opens, holds your funds in an account, and charges 2 bp maker and 5 bp taker, with up to 200x. As of 1 October 2026, Gate lists 1022 perp markets, 301 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. Custody, ID and leverage 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: any EVM wallet or an email login works.

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.

Gate 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.

In practice, Hyperliquid keeps funds in a wallet you control. Gate keeps them in an account at the company. Both exchanges match 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. Gate's base tier is 2 bp maker and 5 bp taker, per Gate's fee announcement.

A market order pays the taker fee to open and again to close: 9 bp per round trip on Hyperliquid, 10 bp on Gate. A limit order that rests on the book pays the maker fee instead, 1.5 bp on Hyperliquid and 2 bp on Gate.

The fee is only part of a trade's cost. Slippage, the price you move by eating through the order book, is a separate cost. The cost table above adds both, and every exchange's trading cost is compared on one page.

Markets and leverage

As of 1 October 2026 Gate lists 1022 active perps, 301 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178, all crypto. Its stocks and commodities sit on the HIP-3 exchanges above.

Gate allows up to 200x and Hyperliquid up to 40x on their highest-leverage markets. Most markets allow less on both.

Hyperliquid pays funding every hour on every market. Gate pays every 1 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. A position held through a high rate pays or receives it in smaller, more frequent steps on an hourly market. The list further down this page shows the markets both exchanges have.

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.

Gate requires KYC before the futures account opens. Unverified accounts can only withdraw and close positions.

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. Gate's token is $GT.

Reading the numbers on this page

Both exchanges publish open interest as longs plus shorts, both sides of every position. The open interest row and chart above are therefore counted the same way on each.

Gate 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.

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 5 bp.
• Pick Hyperliquid if you want every market on an hourly funding schedule, or a vault to deposit in.
• Pick Gate if you prefer an exchange account and accept KYC before the futures account opens.
• Pick Gate if you want stocks, commodities and other real-world assets on the same exchange as your crypto, among 1022 markets as of 1 October 2026.
• Pick Gate if you need more than 40x, up to 200x on its highest-leverage markets.