Perpetuals · Arbitrum L2
Hyperliquid Alternative: Perpetuals on Arbitrum L2
EVEDEX is a Hyperliquid alternative with the same 0.015% maker and 0.045% taker base fees, 200x on BTC, ETH and SOL up to $50,000 notional, and stock, gold and FX perpetuals.
EVEDEX perpetuals at a glance
EVEDEX trading terms as of September 15, 2026, from EVEDEX trading terms and fee schedule.
Hyperliquid alternatives compared
Three order book venues against Hyperliquid, each with two documented drawbacks. Centralized options are in our best crypto futures trading platform guide; verification rules are compared on the no KYC crypto exchanges page.
| Exchange | Execution | Size | Base fees and leverage | Drawbacks |
|---|---|---|---|---|
| EVEDEX | Hybrid: off-chain matching, Arbitrum L2 settlement | $678.6M open interest; 52 pairs | 0.015%/0.045%; 200x BTC, ETH, SOL to $50K | No spot or options; USDT margin only |
| Hyperliquid | Fully on-chain order book on own L1 | $14.18B open interest; 404 perpetual pairs | 0.015%/0.045%; 40x on BTC | Most alts 3x–10x |
| Lighter | Order book built as a ZK rollup | $1.06B open interest; 209 markets | 0% on standard accounts; 50x on BTC | 300 ms taker delay; restricts some countries |
| dYdX | Validator-run order book on dYdX Chain | $44.3M open interest; 119 pairs | 1.0/5.0 bps; 50x on BTC, ETH | Thin open interest |
Data as of September 15, 2026: CoinGecko, DefiLlama, EVEDEX trading terms, dYdX and Hyperliquid market data; fees from EVEDEX, dYdX, Hyperliquid and GMX docs. Access: Hyperliquid terms, Lighter terms, dYdX Help Center.
Why Hyperliquid traders try EVEDEX
Keep the fee level you know from Hyperliquid, with higher caps on majors and settlement on Arbitrum L2.
Same base fees
0.015% maker and 0.045% taker, equal to Hyperliquid tier 0, plus up to 35% cashback on your own trades.
Higher caps on majors
BTC-USD, ETH-USD and SOL-USD allow 200x up to $50,000 notional; Hyperliquid caps BTC at 40x, ETH at 25x and SOL at 20x.
No separate chain
Margin is posted in USDT through a personal deposit contract on Arbitrum, and positions settle on Arbitrum L2.
Stocks, gold and FX
TSLA, COIN, MSTR, gold, WTI oil, EUR/USD and USD/JPY trade from the same account, 24/7.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. The first deposit deploys a personal deposit contract on Arbitrum for about 0.1 USDT.
Open BTC-USD
Choose long or short and set leverage within the pair cap. The minimum order is 5 USDT.
Where Hyperliquid stays ahead
An honest alternative has limits worth knowing before you move.
Hyperliquid had $14.18B open interest and 404 perpetual pairs on CoinGecko on September 15, 2026, against $678.6M and 52 pairs on EVEDEX. It also runs a spot market and builder-deployed HIP-3 markets; EVEDEX has no spot or options, and Copy Trading is not launched. EVEDEX leads on leverage for BTC, ETH and SOL at small sizes and on non-crypto perpetuals. Both restrict some countries in their terms, and EVEDEX is not intended for UK retail clients.
Risk disclosure
Leveraged perpetuals can lose your entire margin quickly. Perpetual futures carry a high risk of loss. EVEDEX services are not intended for UK retail clients.
Hyperliquid alternative questions
Hyperliquid is a layer 1 blockchain with a fully on-chain order book for perpetual futures and spot trading, called HyperCore. CoinGecko listed 404 perpetual pairs with $14.18B open interest and $9.54B 24-hour volume on September 15, 2026, the largest of any decentralized perpetual venue it tracks.
Hyperliquid exchange is the trading interface for Hyperliquid L1, where perpetuals and spot trade on a fully on-chain order book. Perpetual base fees are 0.015% maker and 0.045% taker and fall only above $5M of 14-day volume. Most of its 178 main perpetual markets allow 3x to 10x leverage.
Connect an EVM wallet or log in with email at app.hyperliquid.xyz, click Enable Trading and sign a gas-less message, then deposit USD Coin from Arbitrum or supported assets from other chains. Choose a market, set leverage within its cap, such as 40x on BTC, and place the order.
Hyperliquid documentation lists USD Coin on Arbitrum as the standard deposit, with ETH on Arbitrum for gas. USD Coin can also arrive from Ethereum, Base or Polygon, and BTC, ETH, SOL and several other assets can be sent from their native chains through Unit Protocol, which manages those deposits.
HYPE is the native token of Hyperliquid L1. Staking it lowers trading fees, from 5% off above 10 HYPE to 40% off above 500,000 HYPE, and deploying a HIP-3 perp DEX requires staking 500,000 HYPE. EVEDEX lists a HYPE-USD perpetual with up to 75x on positions up to $40,000 notional.
Hyperliquid removes exchange custody of an internal ledger but adds other risks: the Arbitrum bridge, its own validator set and market-specific oracles, including those set by HIP-3 deployers. Its info API caps 174 of 178 main markets at 3x to 10x, which keeps leverage low on smaller assets.
HYPE trades as a spot token on Hyperliquid itself and on other exchanges that list it. If you want price exposure rather than the token, EVEDEX lists a HYPE-USD perpetual: $48.6M open interest on CoinGecko on September 15, 2026, 0.015% maker and 0.045% taker fees, up to 75x on $40,000 notional.
