Hyperliquid vs Bybit

Short answer

Regular-tier fees before token discounts: spot maker Hyperliquid 0.04% vs Bybit 0.10% (Hyperliquid is lower); spot taker Hyperliquid 0.07% vs Bybit 0.10% (Hyperliquid is lower); futures taker Hyperliquid 0.045% vs Bybit 0.055% (Hyperliquid is lower); futures maker Hyperliquid 0.015% vs Bybit 0.02%.

Hyperliquid is a non-custodial on-chain venue (wallet signatures, no KYC, no fiat on-ramp); Bybit is a centralized exchange with identity verification. Decide whether you accept self-custody before comparing fees.

Checked on official pages: 2026-10-25

Fee comparison (regular tier)

Global regular-tier rates as published by each exchange, before token discounts and VIP pricing; some regions have their own schedules.

Fee example at equal volume

The example covers trading fees only, not spread, slippage, funding or transfer costs; your maker share decides where between the rows you land.

Products and markets

Hyperliquid: Perpetuals are USDC-margined and settled on-chain; vaults (including HLP) take the place of Earn products

Access, funding and availability

Transparency and safeguards

Proof of reserves and protection funds are published by the exchanges themselves and are not regulatory guarantees; a decentralised protocol has no custodian, so safety rests on the contracts and your own key management.

Who Hyperliquid suits

Hyperliquid is the one non-custodial venue here: an on-chain perpetuals order book with hourly funding, USDC collateral, no KYC and no fiat on-ramp. Its base perpetual fees (0.015% maker / 0.045% taker) are the lowest of the six, maximum leverage is 40×, and there is no licence, insurance fund figure or support desk of the kind a centralized exchange offers.

Self-custody means a lost key or seed phrase cannot be recovered; verify the domain and every signature, and note regional or frontend restrictions.

• perpetual traders who want self-custody and the lowest base fees and accept on-chain execution
• users who already hold USDC on an EVM chain
• anyone who does not need fiat deposits, copy trading or support tickets

Who Bybit suits

Bybit is derivatives-first: the regular futures taker rate (0.055%) is slightly above Binance, OKX and Gate (0.05%), while spot matches them at 0.10%. It has no token of its own (MNT gives the fee discount), holds a MiCAR licence in Austria and a VARA spot licence in Dubai, and publishes monthly Hacken-verified proof of reserves.

For futures users the main costs are often funding and slippage, not only maker/taker fees.

• futures traders who value the derivatives interface and copy trading over the lowest headline fee
• EEA residents who want a MiCAR-licensed entity
• users who do not want to hold an exchange token to get a discount

Checklist before you register

1. Confirm your country on the official restricted-jurisdictions page and note which legal entity serves you.
2. Open the official fee page and check the maker / taker rates for your region and VIP tier; the figures here are the global regular tier.
3. Check the current funding interval of the contracts you trade; holding overnight can cost more than the trading fee.
4. Run a small deposit, order and withdrawal first to see real settlement times and network fees.
5. Count a rebate in the cost comparison only after the official account shows you are eligible.
6. Turn on two-factor authentication and withdrawal whitelists; on a self-custody venue, back up the seed phrase and read every signature request.

Signup guides and referral codes

• Hyperliquid signup guide
• Hyperliquid referral code HYPEKR
• Bybit signup guide
• Bybit referral code 8DXZXGZ
• Compare total cost with your own volume
• See current funding rates by exchange

Sources and checked date

The figures on this page were read on the official pages below on 2026-10-25. Fees, licences and restricted lists change; the official page wins before you trade.

• Hyperliquid fee schedule
• Hyperliquid funding rules
• Hyperliquid identity verification
• Hyperliquid proof of reserves
• Hyperliquid Assistance Fund
• Hyperliquid restricted jurisdictions / terms
• Bybit fee schedule
• Bybit futures fees / VIP
• Bybit funding rules
• Bybit identity verification
• Bybit proof of reserves
• Bybit Insurance Fund (derivatives)
• Bybit restricted jurisdictions / terms
• Bybit licence: Dubai (UAE)
• Bybit licence: Austria / EEA
• Bybit licence: UAE (federal)
• Bybit licence: Georgia
• Bybit licence: Turkey

Frequently asked questions

Which is cheaper, Hyperliquid or Bybit?

At the regular tier, spot taker is Hyperliquid is lower (0.07% vs 0.10%), futures taker is Hyperliquid is lower (0.045% vs 0.055%) and futures maker is Hyperliquid is lower. Token discounts, VIP tier, maker share and funding change the outcome.

Which of Hyperliquid and Bybit gives a token fee discount?

Hyperliquid: 5%–40% off with staked HYPE (six staking tiers from 10 to 500,000+ HYPE); maker rebates down to −0.003% at the highest maker share. Bybit: 25% off spot and 10% off futures fees when paying with MNT (Mantle; a partner token, Bybit issues no token of its own).

Do Hyperliquid and Bybit both require KYC?

Hyperliquid: Not required — Non-custodial: connect an EVM wallet or sign in by email and deposit USDC; no identity verification in onboarding. Bybit: Required — No deposits or trading without KYC; Standard KYC allows withdrawals up to 20,000 USDT per day and 100,000 per month, Advanced KYC raises the limits.

Which licences do Hyperliquid and Bybit hold?

Hyperliquid: No licence claimed (decentralised protocol). Bybit: Dubai (UAE) · VARA; Austria / EEA · FMA; UAE (federal) · SCA; Georgia · National Bank of Georgia; Turkey · CMB. A licence belongs to a specific entity and region and does not mean the service is available where you live.

Can I use both Hyperliquid and Bybit?

Yes. The accounts and referral relationships are independent; enter and verify each code on its own signup page. Splitting funds also reduces single-platform risk.

Which should a beginner start with?

Start with regional availability, then the product: perpetual traders who want self-custody and the lowest base fees and accept on-chain execution — look at Hyperliquid; futures traders who value the derivatives interface and copy trading over the lowest headline fee — look at Bybit. Test deposit, order and withdrawal with a small amount on either.