Hyperliquid Review

Hyperliquid review: decentralized exchange with an on-chain order book for perps and spot, no KYC, fees from 0.015%, minimum deposit 5 USDC. Our report with ratings across 7 categories.

Decentralized exchange with an on-chain order book for perps and spot

Hyperliquid at a glance

What sets Hyperliquid apart: the order book runs fully on-chain, and you trade without KYC straight from your wallet.

Who is Hyperliquid for?

Hyperliquid suits traders who already hold a wallet and crypto and want to trade without KYC straight from their own wallet. If you want SEPA deposits or reachable customer service, a centralized exchange fits better.

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Key facts at a glance

Hyperliquid is a decentralized exchange on its own layer-1 blockchain. Perpetual futures and spot markets run on an order book kept fully on-chain. You trade without KYC straight from your wallet; in return there are no euro deposits and no traditional customer support. Since 2025 there have been several manipulation cases with losses in the HLP liquidity vault, plus an API outage.

  • Founded: 2023
  • Headquarters: Decentralized (own L1 chain)
  • Users: 1.1M+
  • Markets: 170+
  • Regulation: None (decentralized)
  • Min. deposit: 5 USDC

Overall score

7.3/10 – Good

  • Security (21%): 8.0/10
  • Usability (20%): 7.0/10
  • Features (12.5%): 8.5/10
  • Support (12.5%): 6.0/10
  • Fees (13%): 8.5/10
  • Payment methods (11%): 5.0/10
  • Offering (10%): 7.5/10

Percentage = weight in the overall score. Ratings from 1 to 10.

Detailed review

Seven categories, each with a score, verdict, and the most important checks.

Security: 8.0/10

Your funds are not held by a company but controlled from your wallet. Other risks remain: bridges, protocol bugs and validator decisions. In March 2025 validators delisted the JELLY market after a manipulation attempt. Further manipulations (POPCAT in November 2025, FARTCOIN in April 2026) caused losses for the HLP vault, and on 10 Oct 2025 auto-deleveraging kicked in for the first time.

  • Non-custodial: you control your funds from your own wallet
  • Own L1 blockchain run by validators
  • Validators can delist markets (JELLY, 26 Mar 2025)
  • March 2025: liquidation of an ETH whale, about USD 4 million loss in HLP
  • 29 Jul 2025: API outage of about 37 minutes, about USD 2 million refunded
  • 10 Oct 2025: auto-deleveraging closed about USD 2.1 billion of positions in roughly 12 minutes
  • 12 Nov 2025: POPCAT manipulation, about USD 4.9 million loss in HLP
  • 9 Apr 2026: FARTCOIN manipulation, about USD 1.5 million realized loss in HLP
  • Order book and settlement visible on-chain

Usability: 7.0/10

The trading interface is clean and functional. For DeFi newcomers, however, the on-ramp (wallet connection, depositing from another chain) can be a hurdle.

  • Professional trading interface
  • Wallet connection required (MetaMask etc.)
  • USDC deposits from Arbitrum, Ethereum, Base or Polygon
  • Official app only as an Android test version for notifications (since April 2026)
  • Mobile trading via the browser or wallet apps such as MetaMask and Phantom

Features: 8.5/10

On-chain order book for perps and spot, leverage up to 40x depending on the market, vaults and HLP. On top come the HYPE token and the HyperEVM for applications.

  • On-chain order book (no AMM slippage)
  • Perpetual futures, leverage up to 40x depending on the market (as of 17 Oct 2026)
  • Spot markets on HyperCore
  • Vaults: allocate capital to other users' strategies
  • HLP (Hyperliquidity Provider): provide liquidity, with gains and losses
  • HYPE token with governance and staking
  • Own L1 chain: HyperEVM for dApps

Support: 6.0/10

As a decentralized platform there is no traditional customer support. Help is available in the documentation and in the community on Discord and X.

  • No traditional customer support
  • Active Discord community with developers
  • Twitter/X as the primary communication channel
  • Documentation at docs.hyperliquid.xyz
  • Community-driven help and tutorials

Fees: 8.5/10

Perps cost 0.015% (maker) and 0.045% (taker) at the base tier, spot 0.04% and 0.07%. Rates fall with volume; maker rebates only apply above a share of the exchange's maker volume. A withdrawal costs a flat 1 USDC.

  • Perps: 0.015% maker / 0.045% taker (base tier)
  • Spot: 0.04% maker / 0.07% taker (base tier)
  • No deposit fees, minimum deposit 5 USDC
  • Withdrawal: flat 1 USDC
  • Fees drop with 14-day volume and staked HYPE

Payment methods: 5.0/10

Deposits only in crypto: USDC from Arbitrum, Ethereum, Base or Polygon, plus BTC, ETH, SOL and other tokens directly from their chains. No fiat options — you already need crypto on another platform.

  • Native USDC via Circle CCTP; the legacy Arbitrum bridge is deprecated per the docs
  • Minimum deposit 5 USDC; smaller amounts sent to the legacy bridge are lost
  • Other deposits: BTC, ETH, SOL and more from their own chains
  • No fiat deposit (no euro/USD directly)
  • You need a wallet (MetaMask etc.)

Offering: 7.5/10

178 active perpetual markets and 332 spot pairs (as of 17 Oct 2026), plus perp markets from third-party deployers via HIP-3. The focus is on perpetual futures.

  • 178 active perpetual markets (as of 17 Oct 2026)
  • 332 spot pairs on HyperCore (e.g. HYPE)
  • Major cryptocurrencies tradable as perps
  • Further perp markets from third-party deployers (HIP-3)

Pros

  • Trade straight from your own wallet
  • On-chain order book for perps and spot
  • No KYC requirement
  • Perps from 0.015% maker / 0.045% taker
  • Fee discount for staked HYPE
  • Order book and settlement visible on-chain

Cons

  • Crypto deposits only (no fiat)
  • Wallet connection needed, minimum deposit 5 USDC, withdrawal 1 USDC
  • No traditional customer support
  • No trading app (Android app for notifications only)
  • Several manipulation cases with HLP losses (2025, 2026)
  • Risks from bridges, protocol bugs and validator decisions

Fees

Fees depend on your 14-day volume. Perps and spot have separate schedules; spot volume counts double toward your tier.

  • Perpetual futures: Maker 0.015%, Taker 0.045% (Base tier)
  • Spot: Maker 0.04%, Taker 0.07% (Base tier)
  • Deposit: Free (Minimum 5 USDC, only source-chain gas)
  • Withdrawal: 1 USDC (Flat fee)
  • Funding rate: Variable (Market-driven)

Getting started with Hyperliquid

  1. Prepare your wallet: Install MetaMask or another compatible wallet. Have at least 5 USDC ready on Arbitrum, Ethereum, Base or Polygon, or BTC, ETH or SOL on their own chain.
  2. Open Hyperliquid: Go to app.hyperliquid.xyz and connect your wallet via the "Connect" button.
  3. Deposit funds: Click "Deposit", choose token and chain and deposit at least 5 USDC. Smaller amounts sent to the legacy Arbitrum bridge are not credited and are lost. Per the docs, USDC is credited in under a minute.
  4. Start trading: Pick a trading pair (e.g., BTC-USD), set your leverage, and place a limit or market order. Done!
  5. Optional: use vaults: In vaults you allocate capital to another user's strategy; in HLP you provide liquidity to the exchange. Both can lose money.

Frequently asked questions about Hyperliquid

What exactly is Hyperliquid?

Hyperliquid is a decentralized exchange on its own layer-1 blockchain. Perpetual futures and spot markets run on an on-chain order book; you trade without KYC straight from your wallet.

Is Hyperliquid safe?

Your funds are not held by a company (non-custodial). Risks arise elsewhere: bridges, protocol bugs and validator decisions, such as delisting the JELLY market on 26 Mar 2025. Manipulations of POPCAT (12 Nov 2025) and FARTCOIN (9 Apr 2026) caused HLP vault losses of about USD 4.9 million and 1.5 million. On 29 Jul 2025 the API was down for about 37 minutes; Hyperliquid refunded affected users about USD 2 million. Deposit only what you need for trading.

Do I need KYC for Hyperliquid?

No, Hyperliquid does not require KYC verification. You just need a wallet (e.g., MetaMask) and at least 5 USDC or other supported crypto. Per the terms of use, persons from the US and Ontario are excluded.

How do I deposit on Hyperliquid?

You deposit USDC from Arbitrum, Ethereum, Base or Polygon; USDC is issued natively via Circle CCTP, and the legacy Arbitrum bridge is deprecated per the docs. BTC, ETH, SOL and other tokens from their own chains are also possible. The minimum deposit is 5 USDC; smaller amounts sent to the legacy bridge are lost. A withdrawal costs a flat 1 USDC.

What is the HYPE token?

HYPE is the native token of Hyperliquid. It is used for staking, governance, and fee discounts. On 29 November 2024, 31% of the HYPE supply was airdropped to early users.

Can I also trade spot on Hyperliquid?

Yes. Hyperliquid has spot markets with their own order book, for example for HYPE. Base-tier fees are 0.04% (maker) and 0.07% (taker).

Is there a Hyperliquid app?

Since April 2026 there has been an official Android test version on Google Play that only shows notifications for filled orders; there is no iOS version. Trading runs via app.hyperliquid.xyz, also in mobile browsers, or via wallet apps such as MetaMask and Phantom. Watch out for fake apps in the store.

About this review

Trading Department Editorial Desk · Editorial desk · Exchange reviews

Our editorial team tests and reviews crypto exchanges against fixed criteria across 7 categories.

As of October 17, 2026

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