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Vertex vs Hyperliquid

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

VertexHyperliquid
TypeHybrid CLOB + AMMPerp L1 (own chain)
ChainArbitrum, MantleHyperliquid L1
How it worksVertex combines an on-chain order book with an off-chain sequencer for fast matching and an AMM backstop for guaranteed execution, settling on Arbitrum/Mantle. ~30 markets, very low fees (taker 0.02%, maker 0%).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*~$100–200M/day~$248B/mo · #1
Max leverageup to 20xup to 40x
Best forLow-fee hybrid executionThe deepest, fastest on-chain perps

Vertex

  • Hybrid CLOB + AMM (guaranteed fills)
  • Very low fees (0.02% taker / 0% maker)
  • Spot + perps + money market
  • Lower volume than top venues
  • Hybrid adds 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 Vertex for low-fee hybrid execution; pick Hyperliquid for the deepest, fastest on-chain perps.

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