Centralized exchange · since 2017 Global centralized exchange launched in 2017, offering spot, margin, futures, trading bots and earn products.
New users: New-user welcome rewards (USDT and coupons) worth up to 3,200 USDT
Claim on KuCoin ↗
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 ↗
KuCoinHyperliquid
Trading fees (base tier)
Spot maker0.1%0.04%
Spot taker0.1%0.07%
Futures maker0.02%0.015%
Futures taker0.06%0.045%
Markets (live)
Coins listed1,065458
Coins with perpetuals682178
Coins with spot pairs844290
24h volume$3.52B$5.63B
Coins only here216 coins trade on both849242
New listings (detected live)
Last 30 days50
Last 90 days50
Perpetuals listed on both
Cheaper on more coinsof 173 shared perps, by mid price120 coins51 coins
Average funding (24h)positive = longs pay shorts+0.004%+0.009%
Typical price gapmedian between the two venues0.052%0.052%
Safety and access
Proof of reservesYes · monthly · HackenYes · real-time
Licenses3EU: MiCA authorisation via KuCoin EU (Austria), Australia: AUSTRAC digital currency exchange registration, Thailand: licensed exchange under the Thai SECNone listed
Restricted regions11 regionsUnited States, Mainland China, Hong Kong, Singapore, Malaysia…8 regionsUnited States, Ontario (Canada), Cuba, Iran, Syria…
HeadquartersNo single official HQ; global operator historically Seychelles-registered (Peken Global Limited); current global Terms of Use are governed by Turks and Caicos Islands lawNo official HQ disclosed (developed by Hyperliquid Labs)
Exchange tokenKCSHYPE
Incidents on record42
KuCoin or Hyperliquid?
KuCoin and Hyperliquid 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.
KuCoin lists 1,065 coins and Hyperliquid 458. 216 coins trade on both, 849 only on KuCoin and 242 only on Hyperliquid. In the last 30 days KuCoin added 5 new coins and Hyperliquid 0.
On the 173 perpetual contracts listed on both exchanges, KuCoin was cheaper on 120 and Hyperliquid on 51, with a typical gap of 0.052%. Gaps like these are what the arbitrage scanner tracks; average 24h funding on the shared coins was +0.004% on KuCoin and +0.009% on Hyperliquid.
Fees above are base-tier rates before VIP levels and token discounts; KuCoin offers 3 discount options and Hyperliquid offers 5 discount options. Availability depends on where you live, so check the restricted regions before signing up.