Compare Best Perpetual DEX 2025: Complete Side-by-Side Analysis
Last Updated: November 14, 2025
Complete side-by-side comparison of the top 4 perpetual futures decentralized exchanges: AsterDEX, Hyperliquid, Hibachi, and Lighter. Compare leverage, fees, volume, speed, and unique features to find the best DEX for your trading strategy.
Quick Overview Comparison
| DEX | Max Leverage | Blockchains | Daily Volume | Gas Fees | Best For |
|---|---|---|---|---|---|
| AsterDEX ⭐ 4.6/5 | 1001x 🏆 | 4 chains 🏆 Multi-chain | $32B 🏆 Highest | ~$0.10 Low | Extreme leverage, multi-chain traders |
| Hyperliquid ⭐ 4.7/5 | 50x Conservative | Own L1 Custom chain | $9B 2nd place | $0 🏆 Zero fees | Pro traders, HFT, reliability |
| Hibachi ⭐ 4.5/5 | 100x High | Arbitrum & Base Ethereum L2 | $500M Medium | Low Arb/Base L2 | Privacy traders 🔒 ZK-proofs |
| Lighter ⭐ 4.1/5 | 20x Lowest risk | Arbitrum L2 | $200M Smallest | ~$0.10 Low | Conservative Arbitrum traders |
Detailed Feature Comparison
Trading Fees & Costs
| DEX | Maker Fee | Taker Fee | Gas Fees | Total Cost/Trade |
|---|---|---|---|---|
| AsterDEX | 0.02% | 0.05% | ~$0.10 | 0.02-0.05% + $0.10 |
| Hyperliquid | 0.02% | 0.05% | $0 🏆 | 0.02-0.05% only 🏆 |
| Hibachi | 0.03% | 0.07% | Low Arbitrum/Base | 0.03-0.07% + low gas |
| Lighter | 0.05% | 0.05% | ~$0.10 | 0.05% + $0.10 |
Winner: Hyperliquid - Zero gas fees make it the most cost-effective for frequent traders
Performance & Speed
| DEX | Execution Speed | Track Record | Uptime |
|---|---|---|---|
| AsterDEX | ~300ms Multi-chain avg | 2 months ⚠️ Very new | Good |
| Hyperliquid | Sub-100ms 🏆 Fastest | 2+ years 🏆 Never hacked | Excellent |
| Hibachi | CEX-level Off-chain CLOB | Newer Pre-TGE | Good |
| Lighter | 0.5-2s Slowest | New Limited history | Good |
Winner: Hyperliquid - Fastest execution + longest proven track record
Unique Features Comparison
| DEX | Unique Features |
|---|---|
| AsterDEX | ✅ Hidden Orders - Privacy for large traders ✅ Stock Perpetuals - Trade Apple, Tesla, NVIDIA, Amazon with crypto ✅ 1001x Leverage - Highest in DeFi ✅ Multi-chain - Trade on BNB, ETH, Solana, Arbitrum ✅ Yield Collateral - Earn yield on margin ✅ CZ Backed - Binance founder endorsement |
| Hyperliquid | ✅ Zero Gas Fees - $0 for all trading operations ✅ Own L1 Blockchain - Purpose-built for perps ✅ Sub-100ms Finality - Fastest execution ✅ 2+ Year Track Record - Longest proven history ✅ Never Hacked - Zero security breaches ✅ Native Order Book - Professional trading tools |
| Hibachi | ✅ ZK-Proof Privacy 🔒 - ONLY DEX with encrypted transactions ✅ Hidden Balances - Account balances not visible on-chain ✅ Celestia DA - Decentralized data availability layer ✅ CEX-Level Speed - Off-chain CLOB execution ✅ Pre-TGE Airdrop - 20% token allocation, $5M VC backing ✅ 100x Leverage - High capital efficiency |
| Lighter | ✅ Innovative Order Matching - Advanced algorithms ✅ Capital Efficient - Optimized margin system ✅ Arbitrum Benefits - Ethereum security + low fees ✅ Conservative Leverage - 20x reduces risk |
Liquidity & Volume
| DEX | Daily Volume | TVL | Liquidity Rating |
|---|---|---|---|
| AsterDEX | $32B 🏆 | $1B+ | ⭐⭐⭐⭐⭐ Excellent |
| Hyperliquid | $9B | $500M+ | ⭐⭐⭐⭐ Very Good |
| Hibachi | $500M | N/A | ⭐⭐⭐ Good |
| Lighter | $200M | N/A | ⭐⭐ Moderate |
Winner: AsterDEX - Highest volume and deepest liquidity by far
Risk & Safety
| DEX | Liquidation Risk | Platform Risk | Overall Safety |
|---|---|---|---|
| AsterDEX | ❌ Extreme 1001x = 0.1% move liquidates | ⚠️ Higher Only 2 months old | ⚠️ High Risk |
| Hyperliquid | ✅ Moderate 50x = 2% move needed | ✅ Lowest 2+ years, never hacked | ✅ Safest 🏆 |
| Hibachi | ⚠️ High 100x = 1% move needed | ⚠️ Moderate Newer platform, audited | ⚠️ Moderate Risk |
| Lighter | ✅ Low 20x = 5% move needed | ⚠️ Moderate Newer platform | ✅ Lower Risk |
Winner: Hyperliquid - Safest platform with proven track record + moderate leverage
Head-to-Head Comparisons
🔵 AsterDEX vs Hyperliquid
AsterDEX wins on:
- 20x higher leverage (1001x vs 50x)
- 3.5x higher volume ($32B vs $9B)
- Multi-chain support (4 chains vs 1)
- Hidden Orders feature
- Stock perpetuals trading
Hyperliquid wins on:
- Zero gas fees (saves $$ on frequent trades)
- Fastest execution (sub-100ms vs ~300ms)
- Much longer track record (2+ years vs 2 months)
- Proven security (never hacked)
- Lower liquidation risk (50x more conservative)
Verdict: Choose AsterDEX for extreme leverage and multi-chain. Choose Hyperliquid for reliability and zero costs.
🟣 AsterDEX vs Hibachi
AsterDEX wins on:
- 10x higher leverage (1001x vs 100x)
- 64x higher volume ($32B vs $500M)
- Multi-chain vs Arbitrum/Base only
- Hidden Orders + stock perpetuals
Hibachi wins on:
- 🔒 ZK-proof privacy (ONLY DEX with encrypted transactions)
- Hidden balances (not visible on-chain)
- Pre-TGE airdrop opportunity (20% allocation)
- Arbitrum/Base ecosystem integration
Verdict: AsterDEX for leverage and volume. Hibachi for privacy-first trading and airdrop farming.
🟢 Hyperliquid vs Hibachi
Hyperliquid wins on:
- 18x higher volume ($9B vs $500M)
- Zero gas fees vs Arbitrum/Base fees
- Fastest execution (sub-100ms)
- Proven 2+ year track record
Hibachi wins on:
- 2x higher leverage (100x vs 50x)
- 🔒 Privacy via ZK-proofs (unique)
- Encrypted transactions and balances
- Pre-TGE airdrop (20% allocation)
Verdict: Hyperliquid for reliability and zero fees. Hibachi for privacy-conscious traders and airdrop opportunities.
🔴 Hibachi vs Lighter
Hibachi wins on:
- 5x higher leverage (100x vs 20x)
- 2.5x higher volume ($500M vs $200M)
- 🔒 ZK-proof privacy (encrypted transactions)
- Pre-TGE airdrop opportunities
- Multi-chain (Arbitrum + Base vs Arbitrum only)
Lighter wins on:
- Lower liquidation risk (20x more conservative)
- Ethereum/Arbitrum ecosystem focus
- Innovative order matching
Verdict: Hibachi for privacy-focused trading and airdrop farming. Lighter for conservative low-risk trading in Arbitrum ecosystem.
Which DEX Should You Choose?
✅ Choose AsterDEX if you:
- Need extreme leverage (100x-1001x)
- Want highest liquidity ($32B volume)
- Trade across multiple chains (BNB, ETH, Solana, Arbitrum)
- Need privacy features (Hidden Orders)
- Want to trade stock perpetuals (Apple, Tesla, etc.)
- Are experienced with high-risk trading
✅ Choose Hyperliquid if you:
- Want zero gas fees (save money on frequent trades)
- Need fastest execution (sub-100ms)
- Prefer proven track record (2+ years, never hacked)
- Are a professional or high-frequency trader
- Want most reliable and safest platform
- Prefer moderate 50x leverage (lower risk)
✅ Choose Hibachi if you:
- 🔒 Want privacy-first trading (ZK-proof encrypted transactions)
- Need hidden account balances (not visible on-chain)
- Trade on Arbitrum or Base ecosystem
- Want Pre-TGE airdrop opportunities (20% allocation)
- Need 100x leverage with privacy protection
- Value mathematical verification (Celestia DA)
✅ Choose Lighter if you:
- Prefer conservative 20x leverage (lowest liquidation risk)
- Are active in Arbitrum/Ethereum DeFi
- Want innovative order matching technology
- Prioritize risk management over max leverage
- Value Ethereum security with Layer 2 benefits
Final Recommendations by Use Case
| Use Case | Best DEX | Reason |
|---|---|---|
| Highest leverage | AsterDEX | 1001x leverage (highest in DeFi) |
| Lowest fees | Hyperliquid | Zero gas fees for all trading |
| Highest volume | AsterDEX | $32B daily (3.5x more than #2) |
| Most reliable | Hyperliquid | 2+ years proven, never hacked |
| Fastest execution | Hyperliquid | Sub-100ms on custom L1 |
| Multi-chain trading | AsterDEX | Only DEX with 4 chains |
| Privacy trading 🔒 | Hibachi | ONLY DEX with ZK-proof encryption |
| Lowest risk | Lighter | 20x max (5% move needed) |
| High-frequency trading | Hyperliquid | Zero gas + fastest execution |
| Airdrop farming | Hibachi | Pre-TGE, 20% allocation, $5M VC backing |
Frequently Asked Questions (FAQ)
Which perpetual DEX has the highest leverage?
AsterDEX offers the highest leverage at 1001x on BTC and ETH pairs, followed by Hibachi (100x), Hyperliquid (50x), and Lighter (20x). However, extreme leverage carries extreme risk—1001x leverage means a 0.1% price move against your position causes complete liquidation.
Which perpetual DEX has the highest volume?
AsterDEX has the highest daily trading volume at approximately $32 billion (November 2025), making it:
- 3.5x larger than Hyperliquid ($9B)
- 64x larger than Hibachi ($500M)
- 160x larger than Lighter ($200M)
Which perpetual DEX has zero gas fees?
Hyperliquid is the only major perpetual DEX with zero gas fees for all trading operations (placing orders, canceling orders, executing trades). This saves significant money for frequent traders.
Other DEXs have low but non-zero fees:
- Hibachi: Low gas on Arbitrum/Base (Ethereum L2)
- Lighter: ~$0.10 (Arbitrum)
- AsterDEX: ~$0.10 (multi-chain average)
Which perpetual DEX is the safest?
Hyperliquid is the safest perpetual DEX with:
- 2+ years operational history (longest track record)
- Zero security breaches (never hacked)
- Multiple security audits
- Conservative 50x max leverage (vs 1001x on AsterDEX)
AsterDEX is audited by 3 firms but only 2 months operational. Hibachi and Lighter are newer with standard audits. All are non-custodial (you control your keys).
Which perpetual DEX is fastest?
Hyperliquid is fastest with sub-100 millisecond execution on its custom Layer 1 blockchain. Rankings:
- Hyperliquid: Sub-100ms (fastest)
- AsterDEX: ~300ms (multi-chain average)
- Hibachi: CEX-level via off-chain CLOB
- Lighter: 0.5-2 seconds (slowest)
Which perpetual DEX supports multiple blockchains?
Only AsterDEX supports multiple blockchains:
- BNB Chain
- Ethereum
- Solana
- Arbitrum
Other DEXs are single or dual-chain: Hyperliquid (own L1), Hibachi (Arbitrum & Base), Lighter (Arbitrum only).
Which perpetual DEX has the lowest fees?
Trading fees are similar (0.02%-0.07% range), but Hyperliquid has the lowest total cost with $0 gas fees. For total cost per trade:
- Hyperliquid: 0.02-0.05% + $0 gas = Lowest
- Hibachi: 0.03-0.07% + low Arbitrum/Base fees
- AsterDEX: 0.02-0.05% + $0.10 gas
- Lighter: 0.05% + $0.10 gas
What unique features does AsterDEX have?
AsterDEX unique features not found on other DEXs:
- Hidden Orders: Keep order size/direction private until execution
- Stock Perpetuals: Trade tokenized stocks (Apple, Tesla, NVIDIA) with crypto
- 1001x Leverage: Highest in DeFi (10x higher than Hibachi, 50x higher than Lighter)
- Multi-chain Support: Only DEX with 4 blockchain support
- Yield-bearing Collateral: Earn yield on your margin (asBNB, USDF)
What unique features does Hibachi have?
Hibachi unique features not found on other perpetual DEXs:
- 🔒 ZK-Proof Privacy: ONLY DEX with zero-knowledge encrypted transactions
- Hidden Balances: Account balances not visible on-chain
- Celestia Integration: Decentralized data availability layer
- Off-chain CLOB: CEX-level execution speeds
- Pre-TGE Airdrop: 20% token allocation for early users
- $5M VC Backing: Funded by Dragonfly, Electric Capital
Why choose Hyperliquid over AsterDEX?
Choose Hyperliquid over AsterDEX for:
- Zero gas fees: Save money on frequent trades (AsterDEX charges ~$0.10 per trade)
- Proven track record: 2+ years operational vs 2 months (much lower platform risk)
- Fastest execution: Sub-100ms vs ~300ms
- Lower liquidation risk: 50x max leverage vs 1001x (2% move needed vs 0.1%)
- Most reliable: Never hacked, zero security breaches
- Better for HFT: Zero gas enables high-frequency trading strategies
Is Hibachi or Lighter better?
Choose Hibachi if you want:
- 🔒 Privacy-first trading (ZK-proof encrypted transactions)
- 5x higher leverage (100x vs 20x)
- 2.5x higher volume ($500M vs $200M)
- Pre-TGE airdrop opportunities
- Multi-chain access (Arbitrum + Base)
Choose Lighter if you want:
- Conservative 20x leverage (5% move needed vs 1% at 100x)
- Lower liquidation risk (safest leverage option)
- Arbitrum-only ecosystem focus
- Innovative order matching technology
Bottom Line Summary
🏆 Market Leader by Volume: AsterDEX ($32B daily)
✅ Most Reliable & Safest: Hyperliquid (2+ years, never hacked)
⚡ Fastest Execution: Hyperliquid (sub-100ms)
💰 Lowest Total Fees: Hyperliquid (zero gas)
🔥 Highest Leverage: AsterDEX (1001x)
🌐 Multi-Chain: AsterDEX (only one with 4 chains)
🔒 Best Privacy: Hibachi (ONLY DEX with ZK-proofs)
🎁 Airdrop Opportunity: Hibachi (Pre-TGE, 20% allocation)
🔵 Best for Arbitrum: Lighter
📊 Best for Large Traders: AsterDEX (Hidden Orders + highest volume)
🎯 Best for HFT: Hyperliquid (zero gas + fastest)