Hyperliquid vs OKX

Hyperliquid or OKX: which to use

Hyperliquid vs OKX 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. OKX requires advanced verification before you trade, deposit or withdraw, holds your funds in an account, and charges 2 bp maker and 5 bp taker, with up to 100x. As of 1 October 2026 OKX lists 480 perps, 191 of them real-world assets, on one exchange. Hyperliquid's own book lists 178 crypto markets, with stocks and commodities on HIP-3 exchanges. 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. You trade from a self-custody wallet, so you hold your funds. It matches orders on a central limit order book.

Under HIP-3, other teams deploy their own perp exchanges on Hyperliquid's chain. You trade them from the same Hyperliquid account and wallet. Live ones include tradeXYZ (110 markets), Paragon (29 markets), Entropy (8 markets) and Markets by Kinetiq (5 markets). Most stock and commodity perps on Hyperliquid are on these HIP-3 exchanges.

OKX 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 use an order book, so the difference for you is custody, not pricing method.

Fees and what they mean

Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page. OKX's base tier is 2 bp maker and 5 bp taker, per OKX's perpetual futures guide.

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

The fee is only part of a trade's cost. Slippage, the price you move by eating through the order book, comes on top of it. The cost table above adds both at each size. You can also compare trading cost on every exchange on one page.

Markets and leverage

As of 1 October 2026 OKX lists 480 active perps, 191 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178, all crypto. Its stocks, commodities and FX are on the HIP-3 exchanges above, from the same account.

OKX allows up to 100x and Hyperliquid up to 40x on their highest-leverage markets; most markets allow less. Hyperliquid pays funding every hour on every market. OKX pays every 4 hours or 8 hours depending on the market. An hourly market settles 24 times a day, a 4-hour market 6 times and an 8-hour market 3 times. A positive rate means longs pay shorts, so the interval sets how often that payment lands on your position. Check a market's interval before you hold it. 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: any EVM wallet or an email login works. The app is closed to the US, Ontario and sanctioned countries. OKX requires advanced verification before trading, deposits or withdrawals.

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". OKX's token is $OKB.

Reading the numbers on this page

Hyperliquid publishes open interest as longs plus shorts, both sides of every position. OKX 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 do not compare size like for like.

OKX publishes no TVL, as is usual for a centralized exchange, so that 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 on OKX.
• Pick Hyperliquid if you want every market on an hourly funding schedule, or a vault to deposit in.
• Pick OKX if you prefer an exchange account and accept advanced verification.
• Pick OKX if you want stocks, commodities and FX among its 480 perps (as of 1 October 2026) on one exchange.
• Pick OKX if you need more than 40x, up to 100x on its highest-leverage markets.