Hyperliquid vs MEXC

Hyperliquid or MEXC: which to use

Hyperliquid vs MEXC is a decentralized exchange against a centralized one. On Hyperliquid you trade from a self-custody wallet without ID, at 1.5 bp maker and 4.5 bp taker and up to 40x. MEXC requires KYC before trading, holds your funds in an account, and charges 1 bp maker and 4 bp taker, with up to 1000x. As of 1 October 2026 MEXC lists 1202 perp markets; Hyperliquid's own book lists 178 crypto markets, with stocks and commodities on HIP-3 exchanges. Custody, ID, base fees and leverage decide it for most traders.

How each exchange is built

Hyperliquid is a decentralized exchange (DEX) on its own chain, Hyperliquid L1. You trade from a self-custody wallet: any EVM wallet or an email login works. It matches orders on a central limit order book. Other teams deploy their own perp exchanges on its chain under HIP-3, traded from the same Hyperliquid account and wallet. 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.

MEXC 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.

For the trader, the difference is custody. On Hyperliquid your wallet holds the funds. On MEXC the account at the company does.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. MEXC's base tier is 1 bp maker and 4 bp taker, as its contract specifications list.

A market order pays the taker fee to open and again to close: 9 bp per round trip on Hyperliquid, 8 bp on MEXC. A limit order that rests on the book pays the maker fee instead, 1.5 bp on Hyperliquid and 1 bp on MEXC.

The fee is only part of a trade's cost. The rest is slippage, the price you move by eating through the order book, which grows with size. The cost table above adds both at each size, and every exchange's trading cost is compared on one page.

Markets and leverage

As of 1 October 2026 MEXC lists 1202 active perps, 93 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178, all crypto. Its stocks, commodities and FX trade on the HIP-3 exchanges above, from the same account.

MEXC allows up to 1000x and Hyperliquid up to 40x on their highest-leverage markets; most markets allow less. Hyperliquid pays funding every hour on every market. MEXC pays every 1 hour, 4 hours, 8 hours or 24 hours depending on the market, so check the interval before you hold a position. An hourly market settles 24 times a day, an 8-hour market three times. A positive rate means longs pay shorts. 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. The app is closed to the US, Ontario and sanctioned countries. MEXC requires KYC before trading, in force since February 2026, and unverified accounts see market data only.

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". MEXC's token is $MX.

Reading the numbers on this page

Hyperliquid publishes open interest as longs plus shorts, both sides of every position. MEXC publishes one side of open positions. 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.

MEXC 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 want every market on an hourly funding schedule.
• Pick Hyperliquid if you want a vault to deposit USDC in, such as HLP with its 4-day lock and no fee.
• Pick MEXC if you prefer an exchange account and accept KYC before trading.
• Pick MEXC if you trade with market orders and want the lower base rates: 4 bp taker against 4.5 bp, and 1 bp maker against 1.5 bp.
• Pick MEXC if you need more than 40x, or a wider list of markets on one exchange: as of 1 October 2026, 1202 perps, 93 of them real-world assets.