Hyperliquid vs Drift (Velocity)
Drift, a leading Solana perp DEX, lost about $295M in an April 2026 exploit and relaunched as Velocity DEX in September 2026, with up to 20x leverage. Hyperliquid is the far more liquid and established venue today.
Side-by-side comparison
| Hyperliquid | Drift (now Velocity) | |
|---|---|---|
| Type / chain | Perp DEX on its own layer-1 chain (HyperCore, with HyperEVM alongside) | Perp DEX on Solana (relaunched as Velocity DEX) |
| Custody | Self-custody. Funds sit in your wallet's account on the Hyperliquid L1; USDC usually arrives through the validator-secured Arbitrum bridge | Self-custody via Solana programs |
| Identity checks (KYC) | None. Connect an EVM wallet or log in with email | Not disclosed for Velocity |
| 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 disclosed for Velocity; check its terms |
| 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) | Not disclosed for Velocity at the time of writing |
| Max leverage | 3x to 40x depending on the asset (40x on the largest markets) | Up to 20x on BTC, ETH and SOL; 10x on HYPE (Velocity beta, Sep 2026) |
| Markets | 100+ crypto perps, spot pairs, and builder-deployed HIP-3 perps (including stocks and commodities) | A small set of crypto perps (BTC, ETH, SOL, HYPE, ZEC); stock perps announced as “coming soon” |
| Execution model | Fully on-chain central limit order book | Order book with Solana settlement; trades settle in USDT |
| Token | HYPE (staking, fee discounts, gas on HyperEVM) | DRIFT (role in Velocity not stated) |
| 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) | Drift's legacy listing: $2.2M 30-day perp volume, TVL $294M (DefiLlama, 20 Oct 2026). Velocity volume not yet disclosed |
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.
Drift (now Velocity): strengths and weaknesses
Strengths
- A Solana-native venue for users who keep funds on Solana
- Multi-asset collateral (SOL, wBTC, wETH, ZEC, USDT) in a single account
- Rebuilt program with rotated keys and admin timelocks, plus an OtterSec audit
- Tether backing for recovery ($127.5M) and liquidity
Weaknesses
- The April 2026 exploit drained about $295M of user funds
- Victims are being repaid over time through recovery tokens, not at once
- Leverage, market count and liquidity are far below Hyperliquid's after the relaunch
- Fees and restrictions for the new venue are not yet clearly published
Notable events in 2025–2026
- 1 April 2026: Drift was drained of about $295M. Mandiant attributed the attack to a North Korea-linked actor, and Drift paused trading and borrowing (Decrypt, 5 May 2026).
- May 2026: Drift set out a recovery plan using burn-on-redeem recovery tokens funded by revenue, up to $127.5M from Tether and about $20M from partners (The Defiant).
- July 2026: Drift rebranded as Velocity DEX ahead of relaunch (The Defiant, 1 Jul 2026).
- September 2026: The Velocity beta opened to all traders on 21 Sep. Co-founder Cindy Leow stepped down and handed the exchange to a new team on 29 Sep (Solana Compass).
Which should you choose?
Choose Hyperliquid if you want a liquid, established venue today. Its 30-day volume is about $208.6B, against tiny figures on Drift's legacy listing. Consider Velocity only if you need to stay on Solana, are comfortable with a freshly relaunched protocol, and keep sizes small until it builds a track record.
Hyperliquid has had its own incidents, including HLP losses from market manipulation (see is Hyperliquid safe?), but user deposits have not been drained. A protocol that lost user funds deserves extra scrutiny before you deposit.
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
What happened to Drift Protocol?
On 1 April 2026 attackers drained about $295M of user funds. Drift paused, published a recovery-token plan backed partly by Tether, rebranded as Velocity DEX and reopened in beta in September 2026.
Will Drift users get their money back?
Under the plan, each affected wallet gets recovery tokens worth $1 per verified dollar lost. They are redeemable from a pool funded by exchange revenue and partner commitments, including up to $127.5M from Tether, so repayment depends on that pool growing.
Is Velocity the same as Drift?
Velocity is Drift's rebrand and relaunch on Solana, with a new program, rotated keys and admin timelocks. It settles trades in USDT.