Hyperliquid or Variational?
Hyperliquid and Variational 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 Variational 566. 181 coins trade on both, 277 only on Hyperliquid and 385 only on Variational. In the last 30 days Hyperliquid added 0 new coins and Variational —.
On the 158 perpetual contracts listed on both exchanges, Hyperliquid was cheaper on 54 and Variational on 101, with a typical gap of 0.078%. Gaps like these are what the arbitrage scanner tracks; average 24h funding on the shared coins was +0.021% on Hyperliquid and +0.008% on Variational.
Fees above are base-tier rates before VIP levels and token discounts; Hyperliquid offers 5 discount options and Variational offers 3 discount options. Availability depends on where you live, so check the restricted regions before signing up.