Hyperliquid vs Bybit
Bybit is a centralized, KYC-required exchange with a 0.02%/0.055% base fee and broad TradFi perps. Hyperliquid is self-custodial, needs no KYC and charges 0.015%/0.045%. Bybit suits traders who want an all-in-one app; Hyperliquid suits those who prefer to hold their own keys.
Side-by-side comparison
| Hyperliquid | Bybit | |
|---|---|---|
| Type / chain | Perp DEX on its own layer-1 chain (HyperCore, with HyperEVM alongside) | Centralized exchange |
| Custody | Self-custody. Funds sit in your wallet's account on the Hyperliquid L1; USDC usually arrives through the validator-secured Arbitrum bridge | Custodial: Bybit holds your funds |
| Identity checks (KYC) | None. Connect an EVM wallet or log in with email | Required (tiered individual and business verification) |
| Availability / restrictions | Interface blocks the US (including US citizens abroad), Ontario, Cuba, Iran, North Korea, Syria, Crimea/Donetsk/Luhansk and other sanctioned regions (Terms of Use, 15 Jun 2026) | Not available in the US. UK: spot and P2P only, via Archax-approved promotions (since Dec 2025). EEA: bybit.eu (MiCA licence, Austria) offers spot and margin up to 10x, no futures |
| Fees (base tier, maker / taker) | Perps: 0.015% maker / 0.045% taker at the base tier (14-day volume under $5M). Lower with volume, HYPE staking (5%–40% off) and a referral code (4% off on your first $25M) | 0.02% maker / 0.055% taker on USDT perps at the non-VIP tier (Bitsgap, Sep 2026) |
| Max leverage | 3x to 40x depending on the asset (40x on the largest markets) | Up to 100x on major perps, higher on selected contracts |
| Markets | 100+ crypto perps, spot pairs, and builder-deployed HIP-3 perps (including stocks and commodities) | Crypto perps and futures, plus USDT-settled perps on US stocks, ETFs and commodities (since Apr 2026, outside the EEA) |
| Execution model | Fully on-chain central limit order book | Centralized matching engine |
| Token | HYPE (staking, fee discounts, gas on HyperEVM) | No exchange token for fee discounts |
| Recent volume / open interest | $208.6B 30-day perp volume and $7.5B open interest (DefiLlama, 20 Oct 2026). Total OI including HIP-3 reached $14.3B in early September 2026 (The Block, 8 Sep 2026) | 10.05% average share of CEX derivatives volume in Q2 2026 (TokenInsight). Dollar volume not disclosed in that report |
Figures checked 20 October 2026. Fees, leverage caps and country rules change often, so confirm on each venue's own fee page and terms before you trade.
Bybit: strengths and weaknesses
Strengths
- Deep liquidity on major pairs and a large product menu
- Fiat on-ramps, card, earn products and copy trading in one app
- TradFi perps on stocks and commodities for non-EEA users
- A licensed EU entity (spot and margin) under MiCA
Weaknesses
- Custodial: in February 2025 Bybit lost about $1.5B in ETH to a hack attributed to North Korea's Lazarus Group
- Higher base taker fee than Hyperliquid (0.055% vs 0.045%)
- Mandatory KYC
- No derivatives for UK or EEA retail users
Notable events in 2025–2026
- 21 February 2025: Hackers stole about $1.5B in ETH from a Bybit cold wallet; the FBI attributed it to North Korea. Bybit covered customer balances and stayed open.
- May 2025: Bybit EU received a MiCA licence from Austria's FMA. A MiFID II application for derivatives is still pending (Crypto Briefing, 10 Sep 2026).
- December 2025: Bybit returned to the UK with spot and P2P only (Coin360).
- April 2026: Bybit launched 24/7 USDT-settled perps on US stocks, ETFs and commodities for non-EEA users.
Which should you choose?
Choose Hyperliquid if self-custody matters to you after the 2025 hack, you prefer no KYC, or you want lower base fees: a taker round trip costs 0.09% on Hyperliquid versus 0.11% on Bybit. Choose Bybit if you need fiat rails, copy trading, earn products and support in one app, with licensed entities in some regions, or you trade TradFi perps in its catalogue. Hyperliquid also lists stock and commodity perps via HIP-3.
Neither is available to US residents. UK and EEA retail users can't trade derivatives on Bybit.
Ready to trade? Check that Hyperliquid is allowed where you live, then sign up with code POLYGOLD for 4% off trading fees.
Open HyperliquidPerpetual futures with leverage can wipe out your margin quickly. Every venue in this comparison carries its own risks: smart-contract and bridge bugs on DEXs, counterparty and account-freeze risk on centralized exchanges, and liquidation risk everywhere. Only trade where it is legal for you, and read our risk-management guide first.
Frequently asked questions
Is Hyperliquid safer than Bybit?
They carry different risks. On Bybit you trust the exchange's custody, as the February 2025 hack showed. On Hyperliquid you hold your own keys but take on smart-contract, bridge and validator risk. See our safety guide for details.
Which is cheaper, Bybit or Hyperliquid?
At base tiers Hyperliquid is cheaper: 0.015% maker / 0.045% taker versus Bybit's 0.02% / 0.055% on USDT perps.
Can I trade futures on Bybit in the UK or EU?
No. Bybit's UK offering is spot and P2P only, and bybit.eu offers spot and margin up to 10x, with no futures while its MiFID II application is pending.