Hyperliquidvs
dYdX
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 4 liquid markets shared by dYdX and Hyperliquid, no setup covered entry and exit over the past 7 days: the best, $ETH (long dYdX, short Hyperliquid), paid 8.3% APR over 7 days, -1.6% after costs.
4 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Hyperliquid | dYdX | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.045%✓ | 0.05% |
| Maker fee | 0.015% | 0.01%✓ |
| Open Interest | $11.22B✓ | $40.6M |
| 24h Volume | $1.95B✓ | $3.2M |
| Avg Funding APR | 5.13% | 8.47% |
| Markets | 175✓ | 73 |
| 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 $11.22B 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
- Which funding setup between Hyperliquid and dYdX pays most?
- Across 4 liquid markets shared by dYdX and Hyperliquid, no setup covered entry and exit over the past 7 days: the best, $ETH (long dYdX, short Hyperliquid), paid 8.3% APR over 7 days, -1.6% after costs. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- 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 $11.22B open interest across 175 markets; dYdX has $40.6M across 73. 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.