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dYdX vs Hyperliquid

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

dYdXHyperliquid
TypePerp appchain (Cosmos)Perp L1 (own chain)
ChaindYdX Chain (Cosmos)Hyperliquid L1
How it worksdYdX v4 runs its own Cosmos SDK appchain with an off-chain order book and on-chain settlement; validators process order matching. 75+ markets, taker 0.05%.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*~$0.3–0.5B/day~$248B/mo · #1
Max leverageup to 20xup to 40x
Best forMaturity + validator decentralizationThe deepest, fastest on-chain perps

dYdX

  • Mature, battle-tested venue
  • Validator-decentralized appchain
  • Deep liquidity on top pairs
  • Lower volume than Hyperliquid
  • Higher fees than Hyperliquid

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 dYdX for maturity + validator decentralization; pick Hyperliquid for the deepest, fastest on-chain perps.

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