Perpetual and spot order-book exchange running on its own Layer 1 blockchain (HyperCore and HyperEVM).
New users: Referral code gives a 4% fee discount on the first $25M of volume
Claim on Hyperliquid ↗
Order-book perpetual and spot exchange built as an app-specific ZK rollup on Ethereum, with verifiable matching and liquidations and zero fees on standard accounts.
New users: Weekly points drops and a free Premium trial week via referral
Claim on Lighter ↗
HyperliquidLighter
Trading fees (base tier)
Spot maker0.04%0%
Spot taker0.07%0%
Futures maker0.015%0%
Futures taker0.045%0%
Markets (live)
Coins listed458213
Coins with perpetuals178213
Coins with spot pairs2900
24h volume$5.97B$2.47B
Coins only here113 coins trade on both345100
New listings (detected live)
Last 30 days02
Last 90 days02
Safety and access
Proof of reservesYes · real-timeYes · real-time
LicensesNone listedNone listed
Restricted regions8 regionsUnited States, Ontario (Canada), Cuba, Iran, Syria…15 regionsUnited States, Canada, United Kingdom, China, North Korea…
HeadquartersNo official HQ disclosed (developed by Hyperliquid Labs)Lighter, Inc. (Delaware corporation, United States)
Exchange tokenHYPELIT
Incidents on record21
Hyperliquid or Lighter?
Hyperliquid and Lighter are compared here on what matters when you choose where to trade: base trading fees, how many coins each lists, how quickly they add new ones, perpetual prices and funding on the coins both list, and safety signals such as proof of reserves and restricted regions. Live numbers update from the exchanges' public market data; fees and policies were checked against each exchange's own pages.
Hyperliquid lists 458 coins and Lighter 213. 113 coins trade on both, 345 only on Hyperliquid and 100 only on Lighter. In the last 30 days Hyperliquid added 0 new coins and Lighter 2.
Fees above are base-tier rates before VIP levels and token discounts; Hyperliquid offers 5 discount options and Lighter offers 4 discount options. Availability depends on where you live, so check the restricted regions before signing up.