Hyperliquidvs
dYdX
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
| Hyperliquid | dYdX | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.045%✓ | 0.05% |
| Maker fee | 0.015% | 0.01%✓ |
| Open Interest | $9.92B✓ | $39.9M |
| 24h Volume | $5.69B✓ | $20.3M |
| Avg Funding APR | 11.45% | 9.38% |
| Markets | 50 | 50 |
| Airdrop / token | Listed | Listed |
Hyperliquid and dYdX are both perpetual-futures venues tracked on ORBIT. On fees, Hyperliquid is cheaper (0.045% vs 0.05% taker). On liquidity, Hyperliquid is deeper with $9.92B 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 Hyperliquid and dYdX diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Is Hyperliquid or dYdX cheaper?
- Hyperliquid charges 0.045% taker / 0.015% maker; dYdX charges 0.05% taker / 0.01% maker. Hyperliquid has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Hyperliquid or dYdX?
- Hyperliquid has $9.92B open interest across 50 markets; dYdX has $39.9M across 50. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and dYdX?
- 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.