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Source-backed analysis15

Review basis

The AppDuo team prepared this review by analysing product features, official documentation and user feedback to help you understand its strengths, limitations and suitability for your needs.

15 reference sources

Information updated Nov 10, 2026

How we review
Hyperliquid logo

Hyperliquid Review

On-chain perps exchange on its own L1 with low fees, but liquidation and governance risks

6.9/10

By · Updated

  • Web
Free · Free
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Decide at a glance

Our verdict

Hyperliquid suits experienced leveraged traders who want a fully on-chain order book, a 0.045% base taker fee and wallet-based self-custody. The trade-offs are the March 2025 JELLY episode and the October 10, 2025 crash, which exposed liquidation, auto-deleveraging (ADL) and validator-decision risks, and terms that restrict US users.

Best for: Experienced perps traders who want low fees and an on-chain order book

Skip it if: Beginners unfamiliar with leverage, liquidation and ADL; leverage up to 40x can wipe out margin

Pros

  • Published perps fees: 0.045% taker and 0.015% maker at tier 0, falling with volume and HYPE staking
  • Perps and spot order books run fully on-chain; the site says there are no private investors, paid market makers or insiders
  • Non-custodial, usable through wallets such as Phantom

Cons

  • In March 2025 the JELLYJELLY episode left the HLP vault with about $12M in unrealized losses; validators voted to delist the contract, drawing centralization criticism
  • Gauntlet's report says ADL on October 10, 2025 closed about $650M more of profitable positions than necessary; Jeff Yan rejected the report
All pros and cons · Who is it for?

Pros

  • Official docs publish the liquidation mechanism, maintenance margin and fee structure

Cons

  • No app-store listing; Trustpilot shows 2.0/5 from just 16 reviews, and no official support channel was found beyond docs and community links
  • Terms restrict US users and the regulatory status remains unsettled

Best for

  • Wallet users who prefer not to deposit funds with a custodial exchange

Skip it if

  • Users in blocked regions such as the US

Experience & key features

What Hyperliquid is

Hyperliquid is a layer-one blockchain with two parts: HyperCore, which runs fully on-chain perps and spot order books, and HyperEVM, an EVM-compatible smart-contract platform. Both use HyperBFT consensus with an active set of 27 validators per the homepage. The team says it does not hold user funds and has no private investors, which is its own description and not independently verified. When AppDuo accessed it on November 10, 2026, the homepage showed 24-hour volume of $7.2B.

Fees, leverage and liquidation

Perps fees start at 0.045% taker and 0.015% maker, spot at 0.070% and 0.040%. Maximum leverage ranges from 3x to 40x depending on the asset, with maintenance margin at half of initial margin at max leverage. On liquidation the system first sends market orders to the book; if that fails, a backstop liquidation passes to the liquidator vault and the maintenance margin is not returned. Users should read this mechanism before using high leverage.

Incidents and risks

Per The Block (March 26, 2025), the HLP vault was forced to take over a large JELLYJELLY short during a price-manipulation episode, with about $12M in unrealized losses per Lookonchain. Validators voted to delist the contract and the Hyper Foundation said it would make non-flagged users whole. Late on August 26, 2025 the pre-launch XPL market spiked about 2.5x, wiping out over $17M of positions per CoinGlass. For the October 10, 2025 crash, Protos cited a Gauntlet report estimating that ADL closed about $650M more of profitable positions than necessary, while Jeff Yan said ADL netted users hundreds of millions of dollars.

More analysis

Access and regulation

Per The Block (September 4, 2026), Hyperliquid is not currently available to US traders and its terms restrict people in the US; President Trump said his administration is working to bring it into the US in a compliant way, which is not an approval. Hyperliquid fits people already comfortable with wallets and DeFi risk; those wanting customer support or recovery processes may weigh centralized exchanges such as Kraken or Binance, at the cost of custody.

Screenshots

Brand image from the Hyperliquid homepage with the tagline "Infrastructure to House All Finance"
Brand image from the Hyperliquid homepage with the tagline "Infrastructure to House All Finance"
Header image of the official Hyperliquid docs, "About Hyperliquid" page
Header image of the official Hyperliquid docs, "About Hyperliquid" page

Plans & pricing

Prices last verified Nov 10, 2026

Perps trading (base rate, tier 0)

Free

No subscription; fees are per trade. Per the official docs, perps at tier 0 (no 14-day volume) pay 0.045% taker and 0.015% maker; tier 6 (over $7B) pays 0.024% taker and 0.000% maker. Staking HYPE gives a 5% discount (over 10 HYPE) up to 40% (over 500,000 HYPE). Wallets with over 0.5% of 14-day maker volume earn rebates, a maker fee of -0.001% to -0.003%.

Spot trading (base rate, tier 0)

Free

Spot at tier 0 pays 0.070% taker and 0.040% maker; tier 6 pays 0.025% taker and 0.000% maker. Spot volume counts double toward tiers (14-day volume = perps + 2 × spot). The fee page does not state deposit, withdrawal or builder fees, so none are given here.

Free plan limits
As a decentralized exchange there is no account to open; you connect a wallet to trade. The trade app carries a geoblocking statement that covers the US. Per The Block (September 4, 2026), the platform is not currently available to US traders and its terms restrict people in the US.
Free trial
No free trial
Cancellation & refunds

There is no subscription, so there is no refund policy. On-chain transactions are generally irreversible. AppDuo found no customer-service channel for disputes; when incidents occur, validators and the Hyper Foundation decide, as in the March 2025 JELLY case.

Privacy

AppDuo could not find a dedicated Hyperliquid privacy policy, so web-interface data collection and retention cannot be assessed. The homepage says the platform is non-custodial and that every order, cancel, trade and liquidation is onchain with one-block finality. That generally means activity tied to a wallet address can be viewed on a public blockchain; this is AppDuo's inference, not a vendor statement. Your wallet address acts as an identifier, and there is no traditional account through which to request deletion of onchain data.

Official pricing page

Hyperliquid alternatives

Phantom logo7.3/10

Phantom

Self-custody multichain wallet now with perps and prediction markets, 0.85% swap fee

Free
OKX logo7.2/10

OKX

A large crypto exchange with a Web3 wallet, but a US legal-compliance record to weigh

Free
All alternatives

Frequently asked questions

How much does Hyperliquid charge?

Perps tier 0 is 0.045% taker and 0.015% maker; spot tier 0 is 0.070% taker and 0.040% maker. Fees fall with 14-day volume and HYPE staked (5% to 40% discount). The fee page does not state deposit or withdrawal fees.

Do you need KYC to use Hyperliquid?

The homepage describes a non-custodial platform traded through a wallet. AppDuo found no page stating KYC requirements, so we do not assert either way. The trade app geoblocks some regions, such as the US.

Can you use Hyperliquid inside Phantom?

Yes. Per The Block (July 8, 2025), Phantom integrated perps trading through Hyperliquid's API with up to 40x leverage, initially for EU users.

What is HYPE?

HYPE is the native token with a 1 billion maximum supply, used for staking, governance, gas, trading-fee discounts and asset deployment fees. The November 29, 2024 airdrop distributed 31% of supply to users.

Review evidence & sources15

Scores

Ease of use
6.5
Why this score

Requires a wallet and understanding of margin and liquidation; no traditional account or support. The interface is English-only. Better suited to those already familiar with DeFi.

Features
8.5
Why this score

On-chain perps and spot, HyperEVM, builder codes, and equities, commodities and FX markets per the homepage, with 3x-40x leverage depending on the asset.

Value for money
8.5
Why this score

The 0.070% entry spot taker fee is far below Kraken Pro's 0.80% entry spot taker tier, and perps start at 0.045% taker with further HYPE staking discounts; deposit and withdrawal fees were not verified.

Performance
7.0
Why this score

The homepage cites 0.07s block time and 200,000 orders per second (company figures), but the August 26, 2025 XPL spike that wiped out over $17M and the October 10, 2025 mass ADL event were major stress tests that left the design disputed.

Support
5.0
Why this score

Docs, Discord and Telegram exist; no official customer support or dispute process was found.

Privacy & security
6.0
Why this score

Non-custodial with no account to open, but all activity is public on-chain; no privacy policy could be found, so no higher score.

What users say

Sources

Specs & compatibility
Developer
Hyperliquid Labs
Headquarters
Unknown Region
Launched
2023
Category
Finance

Capabilities

  • Integrations

Platforms

  • Web

Interface languages

  • English

Integrations

  • Phantom
  • Circle (USDC, CCTP)
  • Arbitrum
  • HyperLend
  • Morpho
  • Kinetiq

Support

  • Help center
  • Community forum

Change history

  1. Update.The Block reported President Trump wants Hyperliquid in the US in a compliant way; the platform is not currently open to US traders.
  2. Update.Protos reported Gauntlet's analysis of the October 10, 2025 ADL event, which estimated about $650M of excess auto-deleveraging; Jeff Yan disputed it.
  3. Update.After the pre-launch XPL spike wiped out over $17M of positions, Hyperliquid announced a mark-price cap at 10x the 8-hour EMA.
Full change history (7)
  1. Feature.Phantom integrated perps trading via Hyperliquid's API.
  2. Update.JELLYJELLY incident: HLP vault took about $12M in unrealized losses and validators voted to delist the perps contract.
  3. Feature.HYPE genesis event with a 310 million HYPE (31% of supply) airdrop to users.
  4. Launch.Points program began at 1,000,000 points per week for six months, after a closed alpha that ended October 31, 2023.
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