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Hyperliquid vs edgeX

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

HyperliquidedgeX
TypePerp L1 (own chain)zk perp + spot
ChainHyperliquid L1StarkEx
How it worksA 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.Built on StarkEx for up to 200,000 TPS with ultra-low-latency execution, deep liquidity and self-custodied trading — perps and spot in one venue. TVL ~$421M.
Scale*~$248B/mo · #1~$22B/wk
Max leverageup to 40xhigh
Best forThe deepest, fastest on-chain perpsLow-latency self-custody trading

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)

edgeX

  • Ultra-low latency (StarkEx, 200k TPS)
  • Self-custodied trading
  • Perps + spot
  • Smaller user base than top 3
  • No token yet (airdrop speculation)

Bottom line

Pick Hyperliquid for the deepest, fastest on-chain perps; pick edgeX for low-latency self-custody trading.

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