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Aevo vs Hyperliquid

How Aevo and Hyperliquid differ on chain, volume, fees and model.

AevoHyperliquid
TypePerps + optionsPerp L1 (own chain)
ChainCustom Ethereum L2Hyperliquid L1
How it worksA CLOB-based exchange on a custom Ethereum L2 unifying perps and options, with off-chain intent aggregation for efficient matching and low gas; specializes in emerging and pre-launch tokens.A purpose-built Layer 1 (HyperBFT consensus) running a fully transparent on-chain CLOB with sub-second matching. 180+ perp markets plus spot HIP-1 tokens; taker 0.035% with maker rebates.
Scale*Perps + options~$248B/mo · #1
Max leverageup to 50xup to 40x
Best forOptions + pre-launch token perpsThe deepest, fastest on-chain perps

Aevo

  • Perps + options together
  • Strong on emerging / pre-launch tokens
  • Efficient off-chain matching
  • Smaller volume than top perps
  • Options add complexity

Hyperliquid

  • #1 by volume & liquidity
  • Fully on-chain transparent order book
  • ~200k orders/sec, sub-second matching
  • Share compressing from ~80% peak
  • Own L1 (bridge to enter/exit)

Bottom line

Pick Aevo for options + pre-launch token perps; pick Hyperliquid for the deepest, fastest on-chain perps.

* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).