Hyperliquid Review

Scoring method

Hyperliquid's site score uses eight disclosed criteria and changes with the selected user-goal weighting. It helps narrow a shortlist and is not a safety certification; verify regional access and fees on the official page.

Strengths

• On-chain order book; wallet or email onboarding per official documentation
• Frontend and regional rules may restrict access
• Maximum leverage subject to the official product page
• Runs on its own L1
• Referral benefit eligibility subject to the official Referrals page

Watch-outs

• External-wallet users must protect keys and signatures
• Referral-program structure and eligibility can change
• Deposit routes and supported assets can change
• Fiat access and regional availability require official verification

Short answer

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.

Checked on official pages: 2026-10-25

Fees (regular tier)

Global regular-tier rates before token discounts and VIP pricing; some regions have their own schedule.

Products and markets

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

Access, funding and availability

Transparency and safeguards

Who Hyperliquid suits

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

Get started in three steps

• Hyperliquid onboarding guide
• Hyperliquid referral code HYPEKR
• Compare six venues with your own volume

Sources and checked date

Checked on official pages: 2026-10-25

• Hyperliquid fee schedule
• Hyperliquid funding rules
• Hyperliquid identity verification
• Hyperliquid proof of reserves
• Hyperliquid Assistance Fund
• Hyperliquid restricted jurisdictions / terms

Frequently asked questions

What are Hyperliquid's trading fees?

Regular tier: spot 0.04% maker / 0.07% taker, futures 0.015% maker / 0.045% taker. 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 Your rate depends on VIP tier and region; the official fee page and your account view decide.

Does Hyperliquid require KYC?

Not required. Non-custodial: connect an EVM wallet or sign in by email and deposit USDC; no identity verification in onboarding

Which licences does Hyperliquid hold?

No licence claimed (decentralised protocol). A licence belongs to a specific entity and region and does not mean the service is available where you live.

Is Hyperliquid safe?

Hyperliquid is a non-custodial protocol: no separate report: balances and order books are on the public Hyperliquid L1; Assistance Fund (receives 99% of protocol revenue and buys HYPE; no USD figure published). Safety depends on your wallet, key management and signing habits, plus contract and market risk.

What is the Hyperliquid referral code?

Our Hyperliquid referral code is HYPEKR. Confirm it appears before you submit signup; see the referral page for where to enter it, existing accounts and rebate checks.

From signup to the first trade

Check the products and regional terms offered by the official service, then verify attribution, account security and funding network. Test with an affordable amount and record quote, fill price and fees. Before withdrawing, check destination, network, minimum amount and charge.

For an existing account, inspect current attribution and applicable offers. Clicking a new signup link does not establish a changed referrer. Record campaign rewards, invitee discounts, inviter commission and VIP fees separately.

Turn a rebate into a verifiable cost record

Separate spot and derivatives volume and maker/taker fees. Apply the rebate only to confirmed eligible fees. List funding, interest, withdrawals and slippage separately rather than multiplying every cost by one promotional rate.

Arithmetic example: fees paid are 50 USDT, eligible fees are 40 USDT and a verified illustrative rate is 20%. The rebate is 8 USDT, leaving 42 USDT in fees. Reconcile statements with credited rewards before comparing the path.