7 Best Hyperliquid Alternatives

If you’re trading on the crypto-derivatives edge and exploring options beyond Hyperliquid, here are some of the best hyperliquid alternatives — each with its own strengths and trade-offs in areas like leverage, liquidity, order types and chain support.

Hyperliquid Overview

Hyperliquid is a decentralized derivatives-exchange platform built on its own Layer-1 blockchain, purpose-built to support high-performance perpetual futures trading.
Some of its key “identity” points:

• Fully on-chain order book: The order book, matching and settlement are designed to happen on its blockchain rather than relying primarily on off-chain matching.
• Zero or very low gas fees for trading: Because it uses its own Layer-1 chain, traders may avoid the usual network fees or have much lower cost.
• Aiming for CEX-level performance (speed, throughput) plus DeFi benefits (transparency, on-chain settlement, non-custodial).

List of Best Hyperliquid Alternatives

1. AsterDEX

AsterDEX is a next-generation decentralized perpetual derivatives exchange built to offer non-custodial trading with professional-grade features. It supports multiple chains (e.g., BNB Chain, Arbitrum, Solana) and offers high-leverage perpetual contracts plus advanced order types like hidden orders.

The platform rebranded from its previous name (Astherus / APX Finance) in 2025 to focus specifically on cross-chain perpetuals under the Aster brand.

It aims to combine the speed and liquidity of top tier derivatives venues with the transparency, wallet-control and chain-agnostic flexibility of DeFi. It also emphasises trading features for both “Simple” (one-click) and “Pro” (advanced tools) modes.

Why AsterDEX is a compelling alternative to Hyperliquid

• Multi-chain & cross-chain support: AsterDEX aggregates liquidity across several major blockchains and allows trading without needing to manually bridge or switch chains.
• Hidden orders for privacy: It features “hidden order” functionality — limit orders that are not visible in the public order book until they execute, mitigating front-running or MEV risks.
• High leverage & dual interface modes: It offers both a “Simple” mode for ease (even one-click trades & high leverage) and a “Pro” mode with advanced tools for experienced traders — giving flexibility depending on trading style.
• Capital efficiency & yield opportunities: The platform allows use of yield-bearing or liquid-staking assets as collateral, and incorporates DeFi tools (e.g., liquidity provision, staking) alongside derivatives trading — offering more than just “trade and leave”.

Also, you may read Hyperliquid vs AsterDex vs Drift

2. Lighter

Lighter is a decentralised perpetual-futures protocol built as a specialised zk-rollup on the Ethereum network. The platform emphasises verifiable matching and liquidations through zero-knowledge proofs, while user funds remain on chain under Ethereum’s smart contracts.

It opened its public mainnet in October 2025 after a private beta, marketing itself as “HFT-grade performance with decentralised safeguards”.

Why Lighter is a compelling alternative to Hyperliquid

• Verifiable matching & liquidations: Lighter uses zk-circuits to verify order-matching and liquidation processes on chain, offering transparency and auditability which adds trust compared to some platforms.
• Settlement anchored to Ethereum: Rather than relying on a separate Layer-1 with its own validator set, Lighter keeps user assets on Ethereum smart contracts and its state transitions are verified on-chain—this can ease concerns about exit risk or chain security.
• Zero fees (for retail) & HFT focus: The model promises zero trading fees for many retail users (with fees reserved for API/HFT usage) and aims for low-latency execution — appealing to traders who value cost efficiency and speed.
• Emerging platform with upside: Because Lighter is newer (and still expanding liquidity and features), it offers a chance to get in early in a derivatives platform with next-gen tech, which may appeal to advanced traders willing to tolerate higher risk for potential reward.

3. edgeX

edgeX is a decentralized derivatives-exchange platform launched in 2023 and incubated by Amber Group. It’s designed to combine the performance of centralized exchanges (CEXs) with the transparency and self-custody benefits of decentralized finance (DeFi).

The platform currently offers an order-book based perpetual DEX (version V1) and is working toward an L2 chain infrastructure (V2) to further enhance throughput and modularity.

Why edgeX is a compelling alternative to Hyperliquid

• High-Performance Trading Engine: Capable of processing up to ~200,000 orders per second with very low latency (under ~10 ms) in its architecture.
• Self-Custody + On-Chain Settlement: The platform emphasises that users retain control of their funds, and uses a combination of Layer 2 roll-ups and settlement on Ethereum Mainnet for transparency.
• Advanced Trading Functionality: Includes features more common in CEX setups (such as sub-accounts, advanced position modes, and high leverage options) integrated into a DeFi setting.
• Rapid Growth & Liquidity Gains: The platform’s Total Value Locked (TVL) reportedly hit ~$86 million after a ~700% monthly increase, signalling traction in the market.

Also, you may read Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended

4. Drift

Drift Protocol is a decentralised perpetual-futures platform built on the Solana blockchain, offering on-chain trading of perpetual contracts, spot trading, lending/borrowing, and liquidity provision, all with self-custody of funds.

Its architecture uses a hybrid liquidity model (order book + AMM + JIT-auction) to support deep liquidity and fast fills. Because it runs on Solana, it leverages very low transaction costs and sub-second finality, making it more accessible and efficient for on-chain derivatives trading.

Why it’s a good alternative to Hyperliquid

• It delivers many of the high-performance derivatives features that Hyperliquid aims for (perpetual futures, deep liquidity, advanced order types) but in a different chain/ecosystem (Solana) which may offer benefits in cost and speed.
• It emphasises non-custodial trading and full on-chain settlement, aligning with the decentralised ethos that Hyperliquid also targets, thus reducing counterparty risk.
• Its hybrid liquidity model helps mitigate slippage and filling issues common in purely AMM based or purely order-book based on-chain derivatives markets — improving usability for serious traders.
• For a trader looking for alternatives to Hyperliquid, Drift offers a mature protocol with a strong focus on derivatives (not just spot), which means you can stay within the roots of advanced trading but with a different platform/prism.

Also, you may read dYdX Review: better than HyperLiquid?

5. Avantis

Avantis is a decentralized perpetual-derivatives exchange built on the Base Layer 2 blockchain, enabling leveraged trading not only in crypto assets but also in real-world assets (RWAs) such as commodities, forex and indices.

It features synthetic leverage via a USDC-based liquidity pool, supports very high leverage (up to ~500× in some markets) and incorporates advanced risk-management tools for both traders and liquidity providers.

The platform emphasizes non-custodial access (wallet control), expanded asset class coverage and innovative incentives such as loss rebates or “zero-fee” models.

Why it’s a good alternative to Hyperliquid

• It targets a broader asset universe (crypto + commodities + forex + indices) rather than purely crypto-perps, which can appeal if you want to trade beyond standard crypto pairs.
• It offers very high leverage (up to ~500×) in certain markets, which is competitive for aggressive derivatives traders.
• It includes innovative trader incentives (like loss rebates, zero-fee perps) and liquidity provider risk-tranching, giving more flexibility in how you engage (trade vs provide liquidity).
• It is built on a Layer 2 (Base) with relatively low fees and fast transactions, aligning with the high-performance, low-friction ethos that Hyperliquid embodies.

6. dYdX

dYdX is a decentralized perpetuals exchange operating on its own Cosmos-based Layer 1 chain, designed to deliver professional-grade derivatives trading with full self-custody and no intermediaries. It offers perpetual contracts for major crypto assets with deep liquidity and an order-book model reminiscent of centralized exchanges.

It features off-chain order matching combined with on-chain settlement for optimal performance, supports up to 20× leverage, and enables advanced trading functionality like limit, stop, and conditional orders—all while keeping user funds in their own wallets.

The platform also includes staking and governance mechanisms for its native DYDX token, empowering community-driven development and offering yield opportunities for token holders.

Why it’s a good alternative to Hyperliquid

• It offers CEX-grade order execution within a decentralized framework, appealing to traders seeking low-latency trading similar to Hyperliquid.
• Built on a dedicated Layer 1 (Cosmos), dYdX achieves high throughput and low fees, comparable to Hyperliquid’s performance focus.
• Its robust risk management, advanced order types, and deep liquidity make it ideal for professional and algorithmic traders.
• The platform’s non-custodial architecture ensures full wallet control while maintaining a polished, exchange-like user experience.

Also, you may read OnRe Review: Bridging Traditional Reinsurance and DeFi

7. Pacifica

Pacifica is a next-generation decentralized perpetual and options exchange built to deliver ultra-efficient derivatives trading with deep cross-chain liquidity and a modular architecture. It focuses on price stability, capital efficiency, and risk-adjusted yield for both traders and liquidity providers.

The exchange uses an aggregated liquidity model, pulling depth from multiple sources across chains to ensure minimal slippage and fair pricing. Pacifica also implements dynamic funding rates and vault-based LP structures, giving users flexible exposure and better protection from impermanent loss.

With its clean UI, low fees, and support for multiple Layer 2s, Pacifica aims to combine performance, usability, and decentralization in one seamless experience.

Why it’s a good alternative to Hyperliquid

• It emphasizes cross-chain liquidity aggregation, providing deep markets and efficient pricing beyond what single-chain DEXs can offer.
• It supports advanced perpetuals and options trading, broadening the scope compared to Hyperliquid’s perps-only model.
• The modular LP vaults and dynamic funding mechanisms make it attractive for both passive yield seekers and active risk managers.
• Its multi-chain deployment and low-fee environment align with Hyperliquid’s focus on scalability and smooth execution.

Best Hyperliquid Alternatives: Comparative Analysis

Platform	Blockchain / Architecture	Key Features	Leverage / Market Scope	Why It’s a Good Alternative / Why Choose It
Hyperliquid	Own Layer 1 (Hyper EVM / Hyperliquid L1) built for trading.	On-chain order book, sub-second finality, perpetual futures, non-custodial.	Perpetuals across major cryptos, up to ~50× leverage (varies).	The benchmark for what the alternatives are trying to match: CEX-like speed + full on-chain transparency.
AsterDEX	Multi-chain (BNB Chain, Arbitrum, Solana etc).	Hidden orders, MEV-resistant, “Simple” + “Pro” trading modes.	Very high leverage in some markets (public claims).	Good choice if you want cross-chain flexibility + advanced order types.
Lighter	zk-rollup on Ethereum (or an L2).	ZK-proof matching, verifiable liquidations, wallet-native access.	High performance, leverage details less publicly standardised.	Solid alternative if you prefer maximum transparency via ZK proofs.
edgeX	Order-book perpetual DEX with L2 roadmap.	Deep liquidity, CEX-style features (sub-accounts, advanced modes).	Strong perpetuals volume and growing infrastructure.	Ideal if you like order-book style trading but still want on-chain custody.
Drift Protocol	Built on Solana.	Hybrid liquidity (vAMM + order book), cross-margin, fast chain.	Supports perpetuals + spot + collateral flexibility.	Great for Solana-ecosystem users and those needing diverse collateral.
Avantis	Built on Base (Layer 2).	Crypto + commodities / FX / indices perpetuals, very high leverage, innovative incentives (rebates, zero-fee).	Broad asset universe including RWAs, leverage up to ~500×.	Perfect if you want to branch beyond crypto into other derivatives asset classes.
dYdX	Custom Layer 1 built on Cosmos SDK.	On-chain order book with off-chain matching, advanced order types, staking, governance.	Perpetuals across top crypto assets, up to ~20× leverage.	Excellent for professional traders seeking CEX-grade execution, deep liquidity, and full wallet custody.
Pacifica	Multi-chain modular DEX (L2-focused, cross-chain liquidity aggregation).	Aggregated liquidity, dynamic funding rates, LP vaults, options + perps.	Multi-asset support across chains, flexible yield and hedging.	Best for users wanting deep cross-chain liquidity, efficient pricing, and modular LP exposure.

Which platform suits the best

• AsterDEX: Best for traders who use multiple chains and want advanced order types like hidden orders.
• Lighter: Best for traders who prioritise maximum transparency with verifiable matching and liquidations.
• edgeX: Best for high-volume or pro traders who need order-book style perpetuals with deep liquidity and fast execution.
• Drift Protocol: Best for traders on Solana who value speed, low fees and efficient cross-margin collateral.
• Avantis: Best for traders looking to trade beyond crypto (commodities/FX/indices) with high leverage in a DeFi setting.
• dYdX: Best for serious perpetual traders who need CEX-grade tools, deep liquidity, and self-custodial trading on a performant Cosmos-based chain.
• Pacifica: Best for users who want cross-chain liquidity, modular LP exposure, and the ability to trade both perpetuals and options efficiently.
• Hyperliquid: Best for users who want a benchmark on-chain perpetual platform with CEX-level speed and performance.

Also, you may read Paradex Review: Next-Generation Decentralized Derivatives Exchange

Conclusion

The decentralized derivatives market is rapidly maturing, offering traders an unprecedented balance between performance, transparency, and control.

While Hyperliquid set the benchmark for on-chain perpetual trading with its custom Layer-1 speed, deep liquidity, and CEX-like performance, its new competitors — AsterDEX, Lighter, edgeX, Drift Protocol, Avantis, dYdX, and Pacifica — are pushing innovation even further. Each caters to a distinct trading style: from AsterDEX’s multi-chain sophistication and Lighter’s zk-proof transparency, to edgeX’s pro-grade liquidity, Drift’s Solana-based efficiency, and Avantis’s multi-asset reach.

Meanwhile, dYdX delivers CEX-quality execution with full self-custody on its custom Cosmos chain, and Pacifica brings cross-chain liquidity aggregation and modular LP design to redefine how traders engage with perpetuals and options in a DeFi-native environment.

Choosing the right one depends on your goals — whether that’s high leverage, broad asset access, or verifiable trust. Ultimately, these platforms represent the next wave of DeFi evolution, where professional-level derivatives trading becomes fully decentralized, fast, and user-owned.

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