Hyperliquid Review 2025: Zero Gas Fees L1 Perpetual DEX
Last Updated: November 13, 2025
Quick Summary
| Feature | Details |
|---|---|
| Type | Perpetual Futures DEX |
| Blockchain | Hyperliquid L1 (custom Layer 1) |
| Max Leverage | 50x |
| Trading Fees | 0.02% maker / 0.05% taker |
| Gas Fees | $0 (Zero!) ✅ |
| Execution Speed | Sub-100ms finality |
| Daily Volume | $9B+ (November 2025) |
| TVL | $500M+ |
| KYC Required | No |
| Track Record | 2+ years (launched 2023), never hacked |
What is Hyperliquid?
Hyperliquid is the first fully on-chain perpetual futures DEX built on its own Layer 1 blockchain. Launched in 2023, it pioneered the concept of decentralized perpetuals with centralized exchange-level performance by creating a custom blockchain optimized specifically for order book trading.
The platform's killer feature is zero gas fees for all trading operations—placing orders, canceling orders, and executing trades cost nothing. Combined with sub-100 millisecond finality and $9 billion in daily volume, Hyperliquid set the gold standard for perpetual DEXs before AsterDEX launched in 2025.
Key Features
1. Zero Gas Fees (Unique Advantage)
Hyperliquid L1 blockchain subsidizes all gas fees for trading operations. This means:
- Place orders: $0 gas fee
- Cancel orders: $0 gas fee
- Execute trades: $0 gas fee
- Modify positions: $0 gas fee
Only deposits and withdrawals have minimal bridging fees ($1-5). This makes Hyperliquid ideal for high-frequency traders, market makers, and anyone who makes many trades per day. No other major perpetual DEX offers true zero gas fees.
2. Custom Layer 1 Blockchain
Hyperliquid L1 is purpose-built for perpetual futures trading with:
- Sub-100ms block finality - Faster than any general-purpose chain
- Native order book - No AMM inefficiencies or slippage
- High throughput - Handles thousands of orders per second
- Gas subsidization - Built-in mechanism for zero trading fees
- Optimized consensus - Designed specifically for low-latency trading
3. Professional Trading Experience
Hyperliquid provides a native order book (not AMM-based) with:
- Real-time order book depth
- Limit, market, and stop orders
- Advanced charting with TradingView
- Portfolio margin system
- Risk management tools
- API access for algorithmic trading
The trading experience matches or exceeds centralized exchanges while maintaining full decentralization— you always control your private keys.
4. Proven Track Record
Launched: 2023 - Over 2 years of continuous operation
Hyperliquid has:
- Never been hacked - Zero security breaches since launch
- Audited by multiple firms - Smart contracts independently verified
- Processed billions - Cumulative $1 trillion+ in volume
- Established reputation - Trusted by professional traders
This proven track record significantly reduces risk compared to platforms launched in 2025 like AsterDEX (only 2 months operational).
Comparison with Competitors
| DEX | Leverage | Gas Fees | Volume | Track Record | Execution |
|---|---|---|---|---|---|
| Hyperliquid | 50x | $0 ✅ | $9B | ✅ 2+ years | <100ms |
| AsterDEX | 1001x | Low (~$0.10) | $32B | ⚠️ 2 months | ~300ms |
| Hibachi | 100x | ~$0.01 (Solana) | $500M | ⚠️ Newer | ~400ms |
| Lighter | 20x | ~$0.05 (Arbitrum) | $200M | ⚠️ New | ~500ms |
Advantages
- Zero gas fees: No fees for trading operations—unique among major DEXs
- Fastest execution: Sub-100ms finality beats all competitors
- Longest proven track record: 2+ years operational, never hacked
- High liquidity: $9B daily volume, second only to AsterDEX
- Custom L1 optimization: Blockchain designed specifically for perps
- Professional tools: Native order book, advanced charting, API access
- Lower liquidation risk: 50x max leverage more conservative than 1001x
- No KYC required: Fully decentralized, instant access
- Best for HFT: Zero gas enables high-frequency trading strategies
- Audited and secure: Multiple security audits, proven safe
Disadvantages
- Lower maximum leverage: 50x vs AsterDEX's 1001x or Hibachi's 100x
- Single-chain only: Must bridge to Hyperliquid L1, no multi-chain like AsterDEX
- No Hidden Orders: All orders visible on order book (MEV risk for large traders)
- Bridging friction: Requires bridging from Arbitrum/Ethereum (adds 5-15 min delay)
- Lower volume than AsterDEX: $9B vs $32B daily
- No stock perpetuals: Only crypto pairs (AsterDEX has tokenized stocks)
- Bridge fees: $1-5 for deposits/withdrawals
Trading Fees Breakdown
| Operation | Fee | Details |
|---|---|---|
| Maker Trading Fee | 0.02% | When you add liquidity (limit orders) |
| Taker Trading Fee | 0.05% | When you take liquidity (market orders) |
| Gas Fees (Trading) | $0 | ✅ Zero for placing/canceling/executing orders |
| Deposit (Bridge) | $1-5 | From Arbitrum ~$1-3, from Ethereum ~$5-20 |
| Withdrawal (Bridge) | $1-5 | Same as deposit fees |
| Funding Rate | Variable | Every 8 hours, typically ±0.01% |
How to Get Started on Hyperliquid
Step 1: Get USDC on Arbitrum
The fastest and cheapest way to deposit is via Arbitrum:
- Buy USDC on a centralized exchange (Binance, Coinbase, etc.)
- Withdraw to Arbitrum network
- Or use a DEX to swap for USDC on Arbitrum
Alternative: You can also bridge from Ethereum mainnet, but it costs more ($5-20 vs $1-3).
Step 2: Bridge to Hyperliquid L1
Visit hyperliquid.xyz and use the official bridge:
- Connect your wallet (MetaMask recommended)
- Select "Bridge" from Arbitrum to Hyperliquid
- Enter USDC amount to bridge
- Confirm transaction (~5 minutes)
Step 3: Start Trading
Once funds are on Hyperliquid L1:
- Select your trading pair (e.g., BTC/USD)
- Choose leverage (5-50x available)
- Place limit or market order
- Set stop-loss (recommended)
Remember: All trading is FREE—no gas fees for placing, canceling, or executing orders!
Hyperliquid vs Competitors: Detailed Comparison
Hyperliquid vs AsterDEX
Hyperliquid advantages:
- Zero gas fees vs AsterDEX's small gas costs
- Proven track record (2+ years vs 2 months)
- Fastest execution (sub-100ms vs ~300ms)
- Lower liquidation risk (50x vs 1001x leverage)
- Better for HFT - zero gas enables more strategies
AsterDEX advantages:
- 20x higher leverage (1001x vs 50x)
- 3.5x higher volume ($32B vs $9B)
- Multi-chain support (4 chains vs 1)
- Hidden Orders for large traders
- Stock perpetuals (not available on Hyperliquid)
Verdict: Choose Hyperliquid if you prioritize reliability, speed, zero costs, and proven security. Choose AsterDEX if you need extreme leverage, multi-chain access, or want to trade stocks.
Hyperliquid vs Hibachi
Hyperliquid advantages:
- 18x higher volume ($9B vs $500M)
- Zero gas fees vs Solana's small fees
- Longer track record
- Faster execution (<100ms vs ~400ms)
- Own optimized L1 vs Solana dependency
Hibachi advantages:
- Higher leverage (100x vs 50x)
- Solana ecosystem integration
- Simpler interface
Verdict: Hyperliquid is clearly superior for serious traders. Hibachi only makes sense if you're deeply committed to Solana DeFi ecosystem.
Hyperliquid vs Lighter
Hyperliquid advantages:
- 45x higher volume ($9B vs $200M)
- Zero gas fees vs Arbitrum fees
- 2.5x higher leverage (50x vs 20x)
- Much deeper liquidity
- Proven track record
Lighter advantages:
- Novel order matching system
- Arbitrum benefits
Verdict: Hyperliquid dominates in every important metric. Lighter is too small for serious trading.
Frequently Asked Questions (FAQ)
What is Hyperliquid?
Hyperliquid is the first fully on-chain perpetual futures DEX built on its own Layer 1 blockchain. It offers zero gas fees for trading, sub-100ms execution, and processes $9B+ in daily volume. Launched in 2023, it has the longest proven track record among major perpetual DEXs with zero security breaches.
Why does Hyperliquid have zero gas fees?
Hyperliquid L1 blockchain subsidizes all gas fees for trading operations. This is possible because:
- The blockchain is custom-built specifically for perpetual futures trading
- Not a general-purpose chain with expensive smart contract execution
- Optimized consensus mechanism reduces computational costs
- Network designed to prioritize trader experience over validator revenue
Only deposits and withdrawals (bridging operations) have minimal fees ($1-5) because these involve cross-chain communication.
What is the maximum leverage on Hyperliquid?
Hyperliquid offers up to 50x leverage on perpetual futures contracts. While lower than AsterDEX's 1001x or Hibachi's 100x, 50x provides:
- Substantial capital efficiency for most strategies
- Lower liquidation risk (2% price move vs 0.1% at 1001x)
- More sustainable for long-term trading
- Professional risk management approach
Most experienced traders agree that 50x is the optimal maximum leverage—high enough for capital efficiency, low enough to avoid instant liquidation.
What are Hyperliquid trading fees?
Hyperliquid charges:
- Maker fee: 0.02% (when you add liquidity with limit orders)
- Taker fee: 0.05% (when you take liquidity with market orders)
- Gas fees: $0 for all trading operations
Combined with zero gas fees, this makes Hyperliquid one of the most cost-effective platforms for high-frequency trading and market making. Even with 100 trades per day, you pay zero in gas.
What is Hyperliquid daily trading volume?
Hyperliquid processes over $9 billion in daily trading volume as of November 2025. This makes it:
- Second-largest perpetual DEX (after AsterDEX's $32B)
- 18x larger than Hibachi ($500M)
- 45x larger than Lighter ($200M)
- Larger than many centralized exchanges
Is Hyperliquid better than AsterDEX?
Hyperliquid and AsterDEX serve different trader needs:
Choose Hyperliquid if you want:
- Zero gas fees (true $0 for trading)
- Proven track record (2+ years, never hacked)
- Fastest execution (sub-100ms)
- Lower risk (50x max leverage)
- Best platform for high-frequency trading
Choose AsterDEX if you want:
- Maximum leverage (1001x)
- Multi-chain support (4 blockchains)
- Hidden Orders for privacy
- Stock perpetuals trading
- Higher overall volume ($32B)
Does Hyperliquid require KYC?
No, Hyperliquid is fully decentralized and does not require KYC verification. To start trading:
- Connect your wallet (MetaMask, WalletConnect, etc.)
- Bridge funds to Hyperliquid L1
- Start trading immediately
This provides complete privacy and instant access without verification delays or sharing personal data.
How fast are Hyperliquid transactions?
Hyperliquid transactions execute with sub-100 millisecond finality. This means:
- Orders execute in under 0.1 seconds
- Faster than any multi-chain DEX
- Comparable to Binance and other top centralized exchanges
- Enables scalping and high-frequency trading strategies
This speed is possible because Hyperliquid L1 is custom-built specifically for perpetual futures, not a general-purpose blockchain.
What wallets work with Hyperliquid?
Hyperliquid supports all Ethereum-compatible wallets:
Software Wallets:
- MetaMask (most popular)
- Coinbase Wallet
- Trust Wallet
- Rainbow Wallet
Hardware Wallets:
- Ledger (Nano S, Nano X)
- Trezor
Universal:
- Any WalletConnect-compatible wallet
Is Hyperliquid safe and audited?
Yes. Hyperliquid has:
- Operated since 2023 with zero security breaches or hacks
- Multiple security audits by independent firms
- Processed $1 trillion+ in cumulative volume safely
- Open-source smart contracts for community verification
- Bug bounty program for responsible disclosure
The 2+ year track record significantly reduces risk compared to new platforms launched in 2025. However, all DeFi carries smart contract risk—never invest more than you can afford to lose.
What is Hyperliquid L1 blockchain?
Hyperliquid L1 is a custom Layer 1 blockchain designed exclusively for perpetual futures trading:
- Sub-100ms finality - Faster than Ethereum, Solana, or any general-purpose chain
- Native order book - Built into the blockchain itself
- Gas subsidization - Network pays for trading gas fees
- High throughput - Thousands of orders per second
- Optimized consensus - Designed for low-latency trading
This specialization allows features impossible on general-purpose chains like zero gas fees and sub-100ms execution.
How do I deposit funds to Hyperliquid?
Recommended method (cheapest and fastest):
- Get USDC on Arbitrum network
- Visit hyperliquid.xyz
- Connect your wallet
- Click "Bridge"
- Select Arbitrum → Hyperliquid
- Enter amount and confirm
- Wait ~5 minutes
- Cost: ~$1-3 in gas
Alternative (slower, more expensive):
- Bridge from Ethereum mainnet
- Takes ~15 minutes
- Costs $5-20 depending on Ethereum gas prices
What crypto pairs can I trade on Hyperliquid?
Hyperliquid offers 60+ perpetual futures pairs including:
Major Cryptocurrencies:
- BTC/USD (Bitcoin)
- ETH/USD (Ethereum)
- SOL/USD (Solana)
- BNB/USD (BNB Chain)
Large-Cap Altcoins:
- AVAX, MATIC, DOT, LINK, UNI, AAVE
- ARB, OP, APT, SUI
Mid-Cap & Memecoins:
- DOGE, SHIB, PEPE
- WLD, JUP, JTO
- And 40+ more pairs
New pairs are added regularly based on trading demand and liquidity. The platform focuses on high-quality assets with sufficient volume for tight spreads.
What are the advantages of Hyperliquid?
Main advantages:
- Zero gas fees for all trading (unique among major DEXs)
- Fastest execution (sub-100ms finality)
- Longest proven track record (2+ years, never hacked)
- Native order book for professional trading
- High liquidity ($9B daily volume)
- Custom L1 blockchain optimized for perps
- Lower liquidation risk (50x max vs 1001x)
- Best for HFT - zero gas enables high-frequency strategies
- No KYC required - fully decentralized
- Multiple security audits - proven safe
What are the disadvantages of Hyperliquid?
Main disadvantages:
- Lower leverage (50x vs AsterDEX's 1001x or Hibachi's 100x)
- Single-chain only (must bridge to Hyperliquid L1)
- No multi-chain support like AsterDEX
- No Hidden Orders (all orders visible on book)
- Bridging friction (5-15 min delay for deposits)
- Lower volume than AsterDEX ($9B vs $32B)
- Bridge fees ($1-5 for deposits/withdrawals)
- No stock perpetuals (crypto only)
How does Hyperliquid compare to centralized exchanges?
Hyperliquid advantages over CEXs:
- You control your keys - non-custodial
- No KYC required - instant access
- Zero gas fees - better than most CEX gas costs
- Transparent settlement - all on-chain
- No withdrawal limits
- No account freezes
CEX advantages over Hyperliquid:
- Higher overall liquidity (Binance ~$50B volume)
- More trading pairs (hundreds vs 60+)
- Fiat on/off ramps
- Customer support
- Insurance funds (some CEXs)
Verdict: Hyperliquid matches CEX speeds while maintaining decentralization benefits. Choose Hyperliquid for privacy and control, CEXs for maximum liquidity and fiat access.
Conclusion
Hyperliquid remains the gold standard for decentralized perpetual futures trading, offering the unique combination of zero gas fees, sub-100ms execution, and a proven 2+ year track record with zero security breaches. While AsterDEX has recently launched with higher leverage (1001x) and higher volume ($32B), Hyperliquid's maturity, reliability, and truly zero-cost trading make it the safer and smarter choice for professional traders.
Best for: Professional and high-frequency traders who prioritize speed, reliability, zero gas fees, and proven security over extreme leverage. Ideal for market makers, scalpers, and anyone making multiple trades daily.
Not recommended for: Traders who need extreme leverage beyond 50x, multi-chain trading without bridging, or want to trade tokenized stocks (available on AsterDEX).
Final verdict: Hyperliquid is the most reliable and cost-effective perpetual DEX available. The zero gas fees alone save serious traders thousands of dollars annually, and the 2+ year track record provides peace of mind that new platforms cannot match.