Hyperliquid vs Polymarket Perps
Hyperliquid traded 59× Polymarket Perps's 24-hour volume ($8.17B vs $138.7M).
Head to head
the arrow points to the better figure| Hyperliquid | Polymarket Perps | |
|---|---|---|
| Trading | ||
| $9.13 | BTC trade, $10k≈ | $9.96 |
| $1,121 | ◀BTC trade, $1M | $1,904 |
| $39.8M | ◀BTC book depth | $2.7M |
| 0.045%/0.015% | Taker / maker▶ | 0.040%/0.013% |
| 40x | Max leverage▶ | 50x |
| Size | ||
| $8.17B | ◀Volume 24h | $138.7M |
| $6.96B | ◀Volume, 7-day average | $76.6M |
| $10.11Blongs + shorts | Open interest | $108.4Mone side |
| $6.34B | TVL | — |
| Markets | ||
| 179 | ◀Markets | 90 |
| 164 | ◀Stocks & RWA | 49 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0100% |
| +0.722% | BTC longs paid, 30d | +0.677% |
| Access | ||
| No ID | KYC | No ID |
| $HYPE | Token | none yet |
| Season 2 | Airdrop | Not active |
Cost to trade BTC
| Size | Hyperliquid | Polymarket Perps |
|---|---|---|
| $1k | $0.919.1 bp | $0.878.7 bp |
| $10k | $9.139.1 bp | $9.9610.0 bp |
| $100k | $91.329.1 bp | $13113.1 bp |
| $1M | $1,12111.2 bp | $1,90419.0 bp |
| $5M | $6,85813.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 40
funding /8h · Net 7d at $10k| Asset | Hyperliquid | Polymarket Perps | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0100% | +0.0100% | 0.0000% | −$19 |
| ETH | −0.0030% | +0.0100% | +0.0134% | −$12 |
| SOL | −0.0095% | +0.0073% | +0.0144% | −$29 |
| ZEC | +0.0100% | +0.0100% | 0.0000% | −$69 |
| XRP | +0.0100% | −0.0034% | +0.0185% | −$2 |
| HYPE | +0.0132% | +0.0100% | +0.0046% | +$1 |
| XPL | −0.0687% | +0.0001% | +0.0643% | −$65 |
| ENA | +0.0084% | +0.0100% | +0.0016% | −$42 |
| PEPE | −0.0281% | +0.0100% | +0.0377% | −$57 |
| PUMP | +0.0100% | +0.0100% | 0.0000% | −$59 |
| DOGE | −0.0060% | +0.0100% | +0.0147% | −$35 |
| AAVE | +0.0100% | +0.0100% | 0.0000% | −$39 |
| UNI | +0.0100% | +0.0100% | 0.0000% | −$30 |
| ADA | +0.0100% | −0.0377% | +0.0545% | −$43 |
| SUI | −0.0058% | −0.0318% | +0.0313% | −$15 |
| ZRO | −0.0144% | +0.0002% | +0.0094% | −$69 |
| FARTCOIN | −0.0373% | −0.0248% | +0.0065% | −$44 |
| LTC | +0.0100% | +0.0100% | 0.0000% | −$69 |
| LINK | +0.0100% | +0.0100% | 0.0000% | −$30 |
| ARB | −0.0209% | −0.0101% | +0.0052% | −$69 |
Only on Hyperliquid: 139 (+49 via HIP-3)
MON · PAXG · STRK · AERO · ASTER · GRASS · GRAM · WLFI · TRX · TRUMP · CRV · PURR · XLM · HBAR · MEGA · CHIP · BCH · BONK · TIA · FET · FIL · CC · INJ · DOT · POL · MNT · ATOM · WIF · SYRUP · SPX · OP · PENGU · APT · IMX · SKY · CFX · ALGO · W · RENDER · SEI · ICP · DASH · NIL · ETC · MET · LINEA · EIGEN · RUNE · JTO · PYTH · ENS · MINA · SAGA · ZK · HMSTR · KAS · CAKE · STBL · INIT · STX · and 79 more
Only on Polymarket Perps: 1
Questions
Is Hyperliquid or Polymarket Perps cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $9.13 on Hyperliquid and $9.96 on Polymarket Perps right now, taker fee and order-book slippage together: about the same. Taker fees: 0.045% and 0.04%.
Which has more markets, Hyperliquid or Polymarket Perps?
Hyperliquid lists 179 active markets and Polymarket Perps 90; 40 assets trade on both.
Does Hyperliquid or Polymarket Perps require KYC?
Hyperliquid: No ID: any EVM wallet or an email login; the app is closed to the US, Ontario and sanctioned countries. Polymarket Perps: No ID for Perps since the beta ended in Sep 2026; orders cannot be placed from the US, Canada or sanctioned countries.
Can you arbitrage funding between Hyperliquid and Polymarket Perps?
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 Polymarket Perps and short on Hyperliquid, with $1 left after costs.
Which is bigger, Hyperliquid or Polymarket Perps?
24-hour volume: Hyperliquid $8.17B, Polymarket Perps $138.7M. Open interest as each reports it: $10.11B and $108.4M. Hyperliquid reports open interest as longs plus shorts, both sides of every position; Polymarket Perps reports one side. For the same positions Hyperliquid's figure reads about twice as large. TVL: $6.34B and none published.