Perpetuals / Derivatives

Hyperliquid

Hyperliquid L1 Data as of March 2026

Hyperliquid is a decentralized perpetual futures exchange running on its own L1 blockchain. It has rapidly become the largest on-chain derivatives venue by volume, offering a CEX-like trading experience with full on-chain settlement. Taker fees are 0.035%, with maker rebates.

Fee per Transaction

0.035%

Taker fee; maker gets rebate

Round Trip Cost

$0.70

Buy + Sell on $1,000

Daily Volume

~$8B+

Largest on-chain perps exchange

How It Works

Hyperliquid operates a fully on-chain order book with sub-second latency. Traders can open leveraged long or short positions on 100+ assets with up to 50x leverage. The platform uses oracle pricing for mark price and supports advanced order types.

The fee structure is tiered by volume: takers pay 0.035% at base tier, with discounts for higher volume. Makers receive a 0.002% rebate, incentivizing liquidity provision.

The HYPE token was airdropped in late 2024 in one of the most significant DeFi distributions. The L1 chain handles all matching and settlement natively.

Strengths

+Lowest perps fees. 0.035% taker fee undercuts most centralized exchanges, with maker rebates.

+CEX-grade performance. Sub-second execution, deep order books, and advanced order types, all on-chain.

+Own L1 chain. No dependency on Ethereum or Solana. Purpose-built for derivatives trading.

Risks

xLeverage risk. Up to 50x leverage means positions can be liquidated rapidly in volatile markets.

xNew chain risk. Hyperliquid L1 is relatively new infrastructure with less battle-testing than Ethereum.

!Centralized sequencing. The L1 currently uses a centralized sequencer, raising censorship and ordering concerns.

Open Hyperliquid ↗ Compare Fees ↗

Disclosure: This profile is provided for informational purposes only. White & TT does not hold a position in HYPE. Fee data reflects publicly documented parameters as of March 2026. Always verify current fees on the protocol. This is not financial advice.

Go deeper

DeFi Protocol Mastery

Hands-on workflows, real transactions, and risk management across 15+ protocols. From setup to strategy.

Claim Your 50% Launch Discount

Join the waitlist · No commitment required