Spaces Researchperp DEX and hybrid exchanges

Last check

24 September 2026

Poll interval

10 minutes, BTC perpetual books

EVEDEX vs Hyperliquid in 2026

Updated: Spaces Research

Readout

EVEDEX vs Hyperliquid: Hyperliquid scores 6.9 against 6.5 in our 24 September 2026 test. Fees are identical. Hyperliquid settles on its own chain and lists 324 markets, EVEDEX carries 200x on BTC up to $50,000 and commodity contracts. Leverage shortens the distance between the entry price and the liquidation price, and the whole margin sits inside that distance.

WeightsTrading cost25Liquidity25Custody and settlement20Security record15Market coverage10Access5how we rate

EVEDEX vs Hyperliquid side by side

One row per difference that moves the cost of a trade or the place the collateral sits. Every cell is a published fact or one of the order-book readings, dated in the note below the table.

CriterionEVEDEXHyperliquid
Score of 106.56.9
ModelHybrid — off-chain matching, positions written to ArbitrumFully on-chain order book on its own layer 1
Maker / taker, entry tier0.015% maker / 0.045% taker0.015% maker / 0.045% taker
BTC leverage200x up to $50,000 of notional40x up to $150 million, then 20x
Perp markets52324, including 146 builder-deployed
Beyond cryptoGold, silver, oil, 2 currency pairs, 5 stocks, an index, 2 pre-IPOStocks, currencies, commodities and indices on builder-run markets
Margin modesCross onlyCross and isolated
Median BTC depth within 10 bps$18.3 million$9.6 million
Median impact of a $100,000 order2.06 bps0.06 bps
Sign-inWalletWallet or email code
Bug bountyNone listedUp to 1 million USDC
User-fund losses, last 24 monthsNone recordedHLP vault, March and November 2025

Venue documents consulted 18 September 2026 in each venue's own documentation and trading terms; order-book figures come from the readings named below. Both columns are scored with one formula for the whole site, fixed on 18 September 2026.

Order-book readings

Both BTC perpetual books were polled on a ten-minute tick, 18 September 2026 12:02 UTC to 19 September 2026 09:10 UTC; the figures are medians of all successful snapshots.

Venue$10,000 round trip, takerMedian spreadMedian depth, 10 bpsDepth scaleImpact, $100,000 orderSnapshots
Hyperliquid $9.00 0.12 bps $9.6 million 0.06 bps 114
EVEDEX $9.00 4.12 bps $18.3 million 2.06 bps 111

What the numbers say

  1. 01Same fees: 0.015% maker / 0.045% taker on both, a $9.00 taker round trip on $10,000.
  2. 02Settlement: Hyperliquid records every trade on its layer 1; EVEDEX writes position snapshots to Arbitrum.
  3. 03Leverage: 200x on BTC up to $50,000 of notional on EVEDEX, 40x up to $150 million on Hyperliquid.
  4. 04Security record: Hyperliquid pays bug bounties, but its HLP vault lost money twice in 2025; EVEDEX lists no bounty and no losses.

Two ways to run an order book

Hyperliquid puts the whole book on its own blockchain: "Every order, cancel, trade, and liquidation happens transparently with one-block finality inherited from HyperBFT" (Hyperliquid docs, checked 24 September 2026). USDC deposits reach it through its bridge on Arbitrum.

EVEDEX keeps the book on a matching server and uses Arbitrum as the record: user position data is written to the chain "after sufficient changes have accumulated", and every withdrawal is recorded on-chain (EVEDEX documentation as of 18 September 2026). That is why our custody score gives Hyperliquid 7 and EVEDEX 5 out of 10: per-trade records beat snapshots, and neither documents a withdrawal that works without its operators.

Fees, leverage and margin

Both charge 0.015% maker / 0.045% taker at the entry level. EVEDEX's rates are fixed; cashback returns part of the fees already paid, up to 35% of the trader's own fees, which brings the effective taker rate to 0.02925% at the maximum. Hyperliquid lowers its rates by 14-day volume tiers.

Leverage is where they part. EVEDEX offers 200x on BTC, ETH and SOL, but only on positions up to $50,000 of notional; above that the ladder steps down, and 100x holds up to $200,000. Hyperliquid caps BTC at 40x up to $150 million. EVEDEX runs cross margin only, with margin posted in USDT, and has kept a $500,000 ADL Protection Reserve Fund since 18 July 2026 to limit auto-deleveraging of profitable positions (EVEDEX blog). Hyperliquid supports cross and isolated margin. In the snapshots the two BTC books read differently: $18.3 million within 10 bps on EVEDEX against $9.6 million on Hyperliquid, while a $100,000 market order moved the price 2.06 bps on EVEDEX and 0.06 bps on Hyperliquid.

Markets and security record

Hyperliquid lists 324 perpetual markets; 146 of them are builder-deployed HIP-3 markets, including stocks and currencies, which the interface operator does not review. EVEDEX lists 52, among them Tether Gold, silver, WTI oil, EUR/USD, USD/JPY, five stocks and two pre-IPO contracts, all run by the exchange itself.

Hyperliquid pays bug bounties of up to 1 million USDC. Its community vault, HLP, lost about $4 million after an ETH whale's liquidation in March 2025, by Hyperliquid's own statement. EVEDEX has no bug bounty listed on CertiK Skynet, which rates the project 94.36 (AAA) (CertiK Skynet, checked 24 September 2026).

01

EVEDEX — 200x on small BTC positions and commodity perps

6.5of 10breakdown

Criterion scores before the weights, each out of ten

Trading cost Liquidity Custody and settlement Security record Market coverage Access

EVEDEX matches orders off-chain and records positions and withdrawals on Arbitrum (EVEDEX documentation as of 18 September 2026). Fees are 0.015% maker / 0.045% taker. Its 52 markets include Tether Gold, oil, currencies, stocks and pre-IPO contracts, and BTC, ETH and SOL go up to 200x on positions up to $50,000. Trading needs only a wallet; the exchange screens wallets for AML instead of running KYC.

Reads well

  • 200x on BTC, ETH and SOL for positions up to $50,000
  • Commodities, currencies, stocks and pre-IPO contracts in one account
  • No user-fund losses on record

Reads badly

  • Position snapshots rather than per-trade settlement
  • Cross margin only
  • No bug bounty programme

Not for: traders who need hundreds of altcoin markets.

02

Hyperliquid — depth, market count and per-trade settlement

6.9of 10breakdown

Criterion scores before the weights, each out of ten

Trading cost Liquidity Custody and settlement Security record Market coverage Access

Hyperliquid runs fully on-chain order books on its own layer 1 (Hyperliquid docs, checked 18 September 2026). Fees start at 0.015% maker / 0.045% taker (Hyperliquid fees, checked 18 September 2026). It lists 324 perpetual markets, supports cross and isolated margin, and lets you sign in with a wallet or an email code. BTC reaches 40x on positions up to $150 million.

Reads well

  • Every trade recorded on its own chain
  • 324 markets with cross and isolated margin
  • Bug bounty of up to 1 million USDC

Reads badly

  • HLP vault losses in March and November 2025
  • Builder-deployed markets are not reviewed by the interface operator
  • The audits its docs list cover the 2023 bridge contract, not the node software

Not for: traders who want more than 40x on BTC.

Official site: hyperliquid.xyz

Where these two columns came from

Two kinds of number reach this screen. Depth, spread and price impact are ours — every BTC perpetual book polled on a ten-minute tick, 18 September 2026 12:02 UTC to 19 September 2026 09:10 UTC, no account opened and no order sent, each median printed with the count of readings behind it. The rest is read off each venue's own documentation and trading terms on 18 September 2026: rate cards, market lists, leverage ladders, sign-in and access rules, audit history. Six weighted criteria, fixed on 18 September 2026 and unmoved since, turn those readings into the 2 totals on this page (How we rate).

Custody, settlement and the security record are marked off documents, and a document is a statement of intent — none of it has been put under stress here. The fee column is the entry-tier rate a new account is quoted, with volume tiers, rebates and cashback left out of it. Depth was read on the BTC book alone, the deepest contract every one of these venues runs, so a venue that reads well on this screen can still be thin in a smaller market. Venues priced from an oracle or a pool never had a resting book to read, and carry their facts without a total on the perp DEX list.

FAQ

What are some alternatives to Hyperliquid?

Order-book alternatives include EVEDEX, edgeX, Extended and ApeX Omni. On our 24 September 2026 scores, Extended (7.8) and edgeX (7.6) rank above Hyperliquid (6.9), mainly on custody or fees, while EVEDEX (6.5) stands out for commodity contracts and 200x on small BTC positions.

Is hyperliquid a dex?

Yes. Hyperliquid runs its order books, matching and settlement on its own layer-1 chain, and you trade from a wallet or an email login. It is an on-chain order-book DEX, not a hybrid: EVEDEX, by contrast, matches orders on a server and records positions on Arbitrum.

Which platform is best for leverage trading?

For small positions that need high leverage, EVEDEX allows 200x on BTC, ETH and SOL up to $50,000 of notional. For large positions, Hyperliquid's 40x cap holds up to $150 million. Higher leverage moves the liquidation price closer to your entry; at 200x a 0.5% move against you consumes the initial margin.

How risky is 100x leverage?

Very. At 100x the initial margin is 1% of the position, so a 1% move against you wipes it out, and maintenance margin triggers liquidation earlier. On EVEDEX, 100x applies to XRP, oil, silver and Tether Gold; Hyperliquid does not offer 100x on BTC at all.

Which crypto exchange gives 1000x leverage?

Neither of these two. EVEDEX tops out at 200x on BTC, ETH and SOL for positions up to $50,000, and Hyperliquid at 40x on BTC. At 1000x a 0.1% price move erases the margin, which is why most venues we track stop far below it.

Best perp dex for trading more than just crypto? (forex + commodities + stocks)

Both cover more than crypto. EVEDEX lists Tether Gold, silver, oil, EUR/USD, USD/JPY, five stocks and two pre-IPO contracts in one account. Hyperliquid's stocks, currencies and commodities sit on builder-deployed markets with their own rules and isolated-only margin on some pairs.

Is high or low liquidity better crypto?

Higher liquidity is better for execution: orders fill closer to the quoted price. In the snapshots a $100,000 BTC market order moved the price by a median 2.06 bps on EVEDEX and 0.06 bps on Hyperliquid. Depth and impact do not move together: the thinnest book among the venues we score, dYdX at $845,322, moved the same order 6.95 bps.

Spaces Research — Updated: — write to editorial@spacesdao.org