Etherealvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
| Ethereal | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 3 bps✓ | 4.5 bps |
| Maker fee | 0 bps✓ | 1.5 bps |
| Open Interest | $31.2M | $7.37B✓ |
| 24h Volume | $6.3M | $3.89B✓ |
| Avg Funding APR | 18.59% | 11.93% |
| Markets | 18 | 50✓ |
| Airdrop / token | Points Active | Listed |
Ethereal and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Ethereal is cheaper (3 vs 4.5 bps taker). On liquidity, Hyperliquid is deeper with $7.37B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Ethereal and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Is Ethereal or Hyperliquid cheaper?
- Ethereal charges 3 bps taker / 0 bps maker; Hyperliquid charges 4.5 bps taker / 1.5 bps maker. Ethereal has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Ethereal or Hyperliquid?
- Ethereal has $31.2M open interest across 18 markets; Hyperliquid has $7.37B across 50. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Ethereal and Hyperliquid?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.