Overview
Hyperliquid is widely recognized as on-chain perps dex. In this in-depth review, we break down the platform's strengths, weaknesses, and everything you need to know before getting started.
Hyperliquid is a non-custodial on-chain perpetual futures exchange with sub-50ms matching speed and fees as low as 2.5 bps for makers. Built on a custom PoS blockchain, it offers transparent on-chain settlement and HYPE token-based fee discounts. The 2025 HIP-1 upgrade enabled spot trading. Ideal for professional traders and market makers seeking decentralized leverage without custody risk; less suitable for beginners or traders in regulated jurisdictions.
Security & Safety
Security is one of the most important factors we consider when evaluating Hyperliquid. Our analysts reviewed storage practices, authentication options, historical incidents, and any available proof-of-reserves or audit documentation.
Based on our testing, Hyperliquid earned a strong score in this category, with standard industry protections and transparent policies for protecting user funds.
Fees & Costs
We analyzed Hyperliquid's fee structure across its main products. Refer to the Key Data section above for the current published rates. Active users may qualify for volume discounts or tiered pricing.
Compared to competitors in the same category, Hyperliquid offers pricing that is competitive for its target audience.
Features & Products
Hyperliquid offers a comprehensive feature set tailored to its positioning as on-chain perps dex. The product lineup balances power-user tools with accessible entry points for newer users.
Throughout our testing, the interface remained responsive and the core workflows were intuitive for a user with moderate crypto experience.
User Experience
Onboarding with Hyperliquid was straightforward, with clearly labeled verification steps and helpful documentation. Mobile and desktop experiences are both well supported.
First-time users may need a short learning curve to locate every advanced feature, but the overall experience remains approachable.
Customer Support
We tested Hyperliquid's customer support channels including live chat, ticketing, and help documentation. The team responded within a reasonable timeframe on our test inquiries.
An extensive knowledge base supplements live assistance, covering most common questions new users encounter.