Hyperliquid vs Lighter RH
Hyperliquid traded 13× Lighter RH's 24-hour volume ($8.18B vs $644.6M).
Head to head
the arrow points to the better figure| Hyperliquid | Lighter RH | |
|---|---|---|
| Trading | ||
| $9.13 | BTC trade, $10k▶ | $1.72 |
| $1,121 | BTC trade, $1M≈ | $1,066 |
| $39.8M | ◀BTC book depth | $3.7M |
| 0.045%/0.015% | Taker / maker▶ | 0.000%/0.000% |
| 40x | Max leverage▶ | 50x |
| Size | ||
| $8.18B | ◀Volume 24h | $644.6M |
| $6.96B | ◀Volume, 7-day average | $654.5M |
| $10.09Blongs + shorts | Open interest | $169.2Mone side |
| $6.34B | ◀TVL | $112.4M |
| Markets | ||
| 179 | ◀Markets | 67 |
| 164 | ◀Stocks & RWA | 48 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0096% |
| +0.722% | BTC longs paid, 30d | +0.612% |
| Access | ||
| No ID | KYC | No ID |
| $HYPE | Token | $LIT |
| Season 2 | Airdrop | Points live |
Cost to trade BTC
| Size | Hyperliquid | Lighter RH |
|---|---|---|
| $1k | $0.919.1 bp | $0.161.6 bp |
| $10k | $9.139.1 bp | $1.721.7 bp |
| $100k | $91.329.1 bp | $20.002.0 bp |
| $1M | $1,12111.2 bp | $1,06610.7 bp |
| $5M | $6,85813.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 19
funding /8h · Net 7d at $10k| Asset | Hyperliquid | Lighter RH | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0100% | +0.0096% | +0.0004% | −$11 |
| ETH | −0.0030% | +0.0096% | +0.0126% | −$16 |
| HYPE | +0.0132% | +0.0096% | +0.0036% | +$10 |
| SOL | −0.0095% | +0.0032% | +0.0127% | −$13 |
| LIT | +0.0024% | +0.0072% | +0.0048% | −$18 |
| NEAR | +0.0100% | +0.0096% | +0.0004% | −$11 |
| ZEC | +0.0100% | +0.0096% | +0.0004% | −$20 |
| XRP | +0.0100% | +0.0096% | +0.0004% | −$6 |
| SUI | −0.0058% | −0.0048% | +0.0010% | −$35 |
| VVV | +0.0100% | +0.0080% | +0.0020% | −$50 |
| UNI | +0.0100% | +0.0096% | +0.0004% | −$12 |
| XMR | +0.0765% | +0.1184% | +0.0419% | −$40 |
| AAVE | +0.0100% | −0.0248% | +0.0348% | −$24 |
| TRX | −0.0663% | −0.0472% | +0.0191% | −$8 |
| PONS | +0.0100% | +0.0096% | +0.0004% | −$43 |
| CASHCAT | +0.0100% | +0.0096% | +0.0004% | −$53 |
| LINK | +0.0100% | +0.0032% | +0.0068% | −$23 |
| ZRO | −0.0144% | +0.0096% | +0.0240% | — |
| USELESS | +0.0100% | +0.0096% | — | — |
Only on Hyperliquid: 160 (+33 via HIP-3)
PUMP · ENA · DOGE · PEPE · WLD · BNB · XPL · MON · TAO · PAXG · ADA · STRK · AERO · ASTER · GRASS · GRAM · LTC · FARTCOIN · ONDO · WLFI · AVAX · TRUMP · ARB · CRV · PURR · XLM · HBAR · ETHFI · PENDLE · LDO · MEGA · CHIP · BCH · BONK · JUP · TIA · FET · FIL · CC · INJ · MORPHO · DOT · POL · VIRTUAL · MNT · ATOM · WIF · SYRUP · SPX · OP · PENGU · APT · IMX · SKY · SHIB · CFX · ALGO · W · RENDER · SEI · and 100 more
Questions
Is Hyperliquid or Lighter RH cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $9.13 on Hyperliquid and $1.72 on Lighter RH right now, taker fee and order-book slippage together, so Lighter RH is cheaper. Taker fees: 0.045% and 0%. Lighter RH: 0 / 0 is the default Standard account, whose taker orders wait 300 ms; a Premium account (140 ms) pays 0.4 bp maker, 2.8 bp taker.
Which has more markets, Hyperliquid or Lighter RH?
Hyperliquid lists 179 active markets and Lighter RH 67; 19 assets trade on both.
Does Hyperliquid or Lighter RH require KYC?
Hyperliquid: No ID: any EVM wallet or an email login; the app is closed to the US, Ontario and sanctioned countries. Lighter RH: No ID, wallet connect only; closed to 18 regions including the US, UK, Canada, China, Russia, Switzerland, Singapore and the UAE.
Can you arbitrage funding between Hyperliquid and Lighter RH?
Yes: 1 of the assets on both paid more in funding over the last 7 days than a $10k round trip on both costs. The best was HYPE, long on Lighter RH and short on Hyperliquid, with $10 left after costs.
Which is bigger, Hyperliquid or Lighter RH?
24-hour volume: Hyperliquid $8.18B, Lighter RH $644.6M. Open interest as each reports it: $10.09B and $169.2M. Hyperliquid reports open interest as longs plus shorts, both sides of every position; Lighter RH reports one side. For the same positions Hyperliquid's figure reads about twice as large. TVL: $6.34B and $112.4M.