Hyperliquid vs dYdX at a glance
Hyperliquid runs HyperCore and HyperEVM on a purpose-built L1 with HyperBFT. dYdX uses an open-source app chain based on Cosmos SDK and CometBFT. Both venues offer order-book perpetuals and charge no separate gas fee for a fill in their standard trading flow.
The fee and order systems differ. Hyperliquid uses a 14-day weighted-volume tier and commits the HyperCore order book through L1 consensus. dYdX uses a 30-day perpetual-volume tier and keeps short-term orders in validator memory until a fill commits to chain state.
| Dimension | Hyperliquid | dYdX |
|---|---|---|
| Chain stack | Purpose-built L1 with HyperBFT | Cosmos SDK and CometBFT app chain |
| Entry perp fees, checked 11 Aug 2026 | Maker 0.015%; taker 0.045% | Maker 0.010%; taker 0.050% |
| Fee lookback | Rolling 14-day weighted volume | Trailing 30-day perpetual volume |
| Staking adjustment | >10 HYPE gives 5%; maximum listed discount is 40% | Tier 1: 3,000 DYDX gives 25%; 20,000 gives 50% |
| Order storage | HyperCore order-book state committed through consensus | Short-term orders in validator memory; stateful orders committed on-chain |
| Gas on fills | No separate HyperCore gas line | No default gas fee for a trade |
Hyperliquid vs dYdX fees, checked 11 August 2026
Hyperliquid combines perpetual volume with double-weighted spot volume in one rolling 14-day fee tier. HYPE staking reduces eligible fees by 5% to 40%. An eligible referral code can reduce the remaining fee during its documented volume window.
dYdX uses trailing 30-day perpetual volume. Bonded DYDX can reduce positive trading fees. The dYdX staking discount depends on the volume tier, and the discount does not apply to a maker rebate.
dYdX supports per-market fee adjustments, and governance can change its fee parameters. Hyperliquid can apply separate HIP-3, aligned-quote and growth-mode rules. Confirm the exact market in the live fee view.
| Fee input | Hyperliquid | dYdX |
|---|---|---|
| Entry perpetual tier | Tier 0; next threshold is above $5M | Tier 1; under $1M |
| Entry maker / taker | 0.015% / 0.045% | 0.010% / 0.050% |
| Volume window | Rolling 14 days; spot counts twice | Trailing 30 days of perpetual volume |
| First staking discount | >10 HYPE: 5% | Tier 1 at 3,000 bonded DYDX: 25% |
| Largest listed entry-tier staking discount | >500,000 HYPE: 40% | Tier 1 at 20,000 bonded DYDX: 50% |
| Canceled order | No fill means no trading fee | No fill means no trading fee under default settings |
How the order books reach chain state
HyperCore includes order placement, matching, positions and liquidation state. HyperBFT gives one transaction order and finality. The trader depends on the account signer, validator set, protocol software, oracle, market liquidity and selected bridge route.
dYdX validators keep short-term orders in memory for up to 20 blocks. A fill amount and expiry commit to chain state. Long-term and conditional orders are stateful orders that persist on-chain. The governance community can change software parameters such as fee tiers.
Open-source code supports inspection. Both venues still expose users to signer, validator, software, oracle, liquidity and withdrawal risk. Test a deposit, order, cancel, position reduction and withdrawal with small size.
Which venue matches each use case
Architecture describes dependencies. Realized fills show execution quality. Use architecture and realized fills before you allocate collateral.
- Choose Hyperliquid for one L1 account that connects perpetuals, spot, HYPE staking, HyperEVM and HIP-3 markets.
- Choose dYdX for an open-source Cosmos app chain with governance-controlled parameters and DYDX staking discounts.
- Choose the venue with sufficient depth, tested controls and acceptable funding for the required market and size.
- Choose a managed-custody product if signer, validator and withdrawal controls exceed your operating ability.
Run the same trade test on both venues
Repeat the test after a fee, governance, liquidity or interface change. Record the test date with each result.
- Use the same market, side, size and order urgency.
- Record fee tier inputs over each venue’s own lookback window.
- Compare mark, oracle, funding and liquidation basis.
- Measure realized slippage across the full fill.
- Test stop behavior and reduce-only controls.
- Complete a small withdrawal from both venues.
Frequently asked questions
Which has lower fees, Hyperliquid or dYdX?
At the entry tier, dYdX has the lower maker fee at 0.010% versus 0.015%. Hyperliquid has the lower taker fee at 0.045% versus 0.050%. Volume tiers, staking and product rules can change the final rate.
Which fee window does each exchange use?
Hyperliquid uses rolling 14-day weighted activity, and spot volume counts twice. dYdX uses trailing 30-day perpetual volume. Calculate the tier from your activity on each venue.
Does dYdX charge gas for a perpetual trade?
The default dYdX software does not charge a separate gas fee for a trade. Filled orders pay the applicable trading fee. Governance can change the parameters.
Is Hyperliquid safer than dYdX?
The app chains use different software, order storage and governance. Compare signer, validator, oracle, bridge, liquidity and withdrawal risks. Test the exit route for each venue with small size.