Hyperliquid vs dYdX
Both are self-custodial order-book perp DEXs on their own chains, but in October 2026 Hyperliquid's 30-day volume is roughly 150 times dYdX's. dYdX's main draws are a slightly lower base maker fee and its Cosmos-based, token-governed chain.
Side-by-side comparison
| Hyperliquid | dYdX | |
|---|---|---|
| Type / chain | Perp DEX on its own layer-1 chain (HyperCore, with HyperEVM alongside) | Perp DEX on its own Cosmos-SDK chain (dYdX Chain, “v4”) |
| 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. USDC is bridged onto the dYdX Chain |
| Identity checks (KYC) | None. Connect an EVM wallet or log in with email | None at the protocol level; the front end screens wallets |
| 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) | The dYdX Foundation says its services are not available to residents of the US, Canada or other restricted territories (Foundation disclaimer, Aug 2026) |
| 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) | 0.01% maker / 0.05% taker at tier 1 (under $1M 30-day volume). Staked DYDX can cut fees by up to 50% at the lowest tier (dYdX docs) |
| Max leverage | 3x to 40x depending on the asset (40x on the largest markets) | Set per market by liquidity tier, highest on BTC and ETH; check each market's info panel |
| Markets | 100+ crypto perps, spot pairs, and builder-deployed HIP-3 perps (including stocks and commodities) | Perps only, including permissionlessly listed markets |
| Execution model | Fully on-chain central limit order book | Order book held in validators' memory, trades settled on-chain |
| Token | HYPE (staking, fee discounts, gas on HyperEVM) | DYDX (staking, governance; 75% of net protocol fees go to buybacks) |
| 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) | $1.35B 30-day perp volume and $42M open interest (DefiLlama, 20 Oct 2026) |
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.
dYdX: strengths and weaknesses
Strengths
- Very low base maker fee (0.01%) and maker rebates at the top two tiers
- Long track record: dYdX has run on-chain perps since 2019 and its own chain since late 2023
- Permissionless market listings and token-holder governance over fees and parameters
- 75% of net protocol fees fund DYDX buybacks (Foundation H1 2026 report)
Weaknesses
- Liquidity has thinned sharply: about $1.35B of 30-day volume versus Hyperliquid's $208.6B (DefiLlama, 20 Oct 2026)
- Only a few thousand active traders per quarter (6,268 in Q1 2026, 4,210 in Q2, per the dYdX Foundation)
- Perps only, with no native spot market on the chain
- Brand split: the dYdX Labs team now focuses on Arcus, a separate exchange
Notable events in 2025–2026
- July 2026: dYdX Labs launched Arcus, a separate exchange on Robinhood Chain (an Arbitrum-based L2) offering perps, tokenized stocks and pre-IPO markets, with Robinhood as an investor (Cointelegraph, 2 Jul 2026). The dYdX Foundation says the dYdX Chain is unaffected and stays under token-holder governance.
- August 2026: The Foundation's H1 2026 report put cumulative volume above $1.58T and protocol fees at $66.3M since v4, with 22.3M DYDX bought back.
- 2025–2026: Governance moved trading rewards to an instant 50% rebate model and expanded the buyback programme.
Which should you choose?
Choose Hyperliquid if you want deep order books on the major markets, a larger menu (spot and HIP-3 markets too) and tight spreads on large orders. With 30-day volume about 150 times dYdX's, fills on size are generally better. Choose dYdX if you specifically want a Cosmos-based chain with long-standing governance, you are a maker who benefits from its 0.01% base maker fee, or you hold and stake DYDX for discounts.
Both block US users at the interface level, so neither is an option if you are in the US. For most active traders outside restricted countries, Hyperliquid's liquidity advantage matters more than the small fee differences. See Hyperliquid's full fee schedule to run your own numbers.
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 dYdX cheaper than Hyperliquid?
For makers at the base tier, yes: dYdX charges 0.01% versus Hyperliquid's 0.015%. For takers, Hyperliquid's base 0.045% is slightly below dYdX's 0.05%. Discounts for staking the native token and volume tiers change the picture for active traders.
Is dYdX the same as Arcus?
No. Arcus is a separate exchange launched in July 2026 by dYdX Labs on Robinhood Chain. The dYdX Chain keeps running under DYDX token-holder governance, according to the dYdX Foundation.
Can US residents use either?
No. Hyperliquid's terms exclude the US, and the dYdX Foundation says its services are not available to US residents. Don't use a VPN to get around this; both sets of terms prohibit it.