Two leading perp DEXs compared
Both are non-custodial perp DEXs. Hyperliquid is on its own L1 with better UX. dYdX v4 is on Cosmos with governance token rewards.
| Metric | Hyperliquid | dYdX |
|---|---|---|
| Trading Pairs | 150+ | 180+ |
| Maker Fee | 0.02% | 0.02% |
| Taker Fee | 0.05% | 0.05% |
| Max Leverage | 50x | 20x |
| Chain | Own L1 | Cosmos |
| Token Rewards | Points | DYDX |
| Mobile App | Web only | iOS/Android |
Hyperliquid charges 0.02% maker and 0.05% taker fees. With referral code AWD, you get 4% off, reducing fees to 0.0192% maker and 0.048% taker. Compare this to dYdX's fees shown in the comparison table above to see which is better for your trading style.
dYdX is also a DEX and doesn't require KYC. Both platforms let you trade by simply connecting your wallet.
Both Hyperliquid and dYdX are non-custodial DEXs where you maintain control of your funds. Security depends on smart contract audits and your own wallet security practices.
Hyperliquid consistently handles over $5 billion in daily volume with tight spreads on major pairs. dYdX has lower volume but may offer different trading pairs. For perpetual futures specifically, Hyperliquid's orderbook depth is competitive with major CEXs.
Yes, switching is straightforward. Bridge your funds to Arbitrum if needed, then deposit to Hyperliquid. Use referral code AWD to get 4% off fees. The interface is similar to centralized exchanges, so the learning curve is minimal.
Use referral code AWD when you sign up. The discount applies to all trades and never expires.
Open Hyperliquid with Code AWD