Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex

This article delivers a concise omparison of five leading on-chain perp DEXs—Hyperliquid vs AsterDEX vs Lighter vs edgeX vs ApeX. We benchmark them across the fundamentals that matter to active traders: settlement design, matching engines, leverage and margin, fees and funding, order types, liquidity signals, and a lot more. Each section presents a concise, platform-by-platform details so you can quickly spot practical trade-offs and pick the venue that best matches your priorities.

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Platform Overview

Hyperliquid

Hyperliquid is a perpetuals exchange that runs on its own Layer-1 blockchain, so the order book, risk engine, funding, and liquidations live directly on-chain. That design aims for CEX-like speed and consistent performance while keeping self-custody.

A standout feature is HIP-3, which lets approved builders deploy their own perp markets by defining the oracle, leverage limits, and other specs; new HIP-3 markets also have open-interest caps to manage risk as they grow.

Fees follow a rolling 14-day volume tier system (your fee tier updates daily), with maker/taker schedules and referral logic documented in the docs. If you’re new, the takeaways are: fast order-book trading, many markets with a path for new listings via HIP-3, and a fee schedule that improves with your recent volume.

AsterDEX

AsterDEX focuses on a smooth multichain experience and offers two interfaces: Simple (quick, one-click style) and Pro (full order book with advanced controls, including hidden/iceberg-type behavior).

Fees in Pro mode are explained clearly and calculated on the nominal value of your order; the docs also show maker/taker examples (e.g., 0.005% maker and 0.04% taker in the fee pages) so beginners can estimate costs before placing a trade.

The big idea is to reduce constant network switching or bridging while still giving pro users the usual knobs (price, size, triggers) and letting beginners start in a simpler view. Before sizing up, check the current fee page for your market and confirm the liquidity on the pair and time you trade most.

Lighter

Lighter is a zero-knowledge (zk) rollup exchange built on Ethereum that doesn’t just prove settlement—it produces validity proofs for order matching and liquidations too. In plain terms, the system aims to be fast like a CEX while cryptographically proving that trades and liquidations followed the rules.

The public materials highlight millisecond-level matching targets and throughput designed for heavy order flow, plus a liquidation framework with tiered margin requirements documented for each market.

For new users, that means a familiar order-book UI with high leverage on specific pairs, backed by “don’t trust, verify” math; just make sure the markets you need are listed and review the margin/insurance-fund section so you understand how positions are closed under stress.

edgeX

edgeX is an order-book perp DEX built on the StarkEx stack, aiming to feel like a fast centralized exchange while keeping self-custody. The docs lay out trader-centric details—how last/index/oracle prices work, what triggers liquidations, and what order types are available—so you can understand how marks and risk are computed.

Fees are tiered by your rolling 30-day traded volume and update daily at 00:00 UTC, with maker vs. taker defined the usual way (makers add liquidity, takers remove it). In practice, you get a polished flow for connecting a wallet, depositing collateral, placing limit/market orders, and managing TP/SL, with the performance benefits of StarkEx under the hood.

Apex

ApeX is a StarkEx-based order-book DEX (Perps V2 / Omni) that targets a CEX-like feel: deep perp coverage, advanced order types, and up to 100× leverage, all while you keep control of your keys. A core feature is cross-collateral, which lets you use supported assets like USDC as margin more flexibly instead of being locked to a single collateral type.

The official pages emphasize 0-gas trading and low fees alongside zk-proof security. For beginners, the flow is straightforward—connect wallet, deposit a supported stablecoin, choose a leverage level, and set take-profit/stop-loss; just remember to check the fee tier and the risk rules for your specific market before you scale up.

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Market Coverage and Instruments

Hyperliquid

Hyperliquid lists a wide range of perpetual futures (“perps”) and also offers Hyperps—Hyperliquid-only perp contracts that don’t rely on an external spot/index oracle (funding is set against a moving-average hyperp mark).

In addition to team-listed markets, HIP-3 lets approved builders deploy their own perp markets (they define the oracle, leverage limits, and risk settings), which expands coverage to new themes—including equity-style baskets—under open-interest caps for safety. Hyperliquid also supports spot trading with USDC as a core quote/collateral asset.

AsterDEX

AsterDEX centers on perps across crypto, with two trading modes: Simple and Pro. Pro mode is a classic order book; Simple is a one-click flow. The docs show a growing roster of listed tokens and updates, and Aster now also supports stock perpetuals (e.g., U.S. equities) settled in USDT with pair-specific leverage caps.

Spot trading is available in the Aster app, and Pro mode supports multi-asset collateral for perps. Always check the Pro “Fees & Specs” and the product releases page for the latest listed pairs.

Lighter

Lighter offers crypto perpetual futures on its zk rollup. Market coverage is expanding; each market has its own margin configuration and liquidation rules. The emphasis is on a verifiable order-book: matching and liquidations are proven with validity proofs, so the instruments you trade follow the same perp model you know, but with extra cryptographic assurance. Before sizing up, check the docs’ liquidation and margin sections for the markets you need.

Also, you may read Best Crypto Trading Signals Providers – Ultimate Comparision

edgeX

edgeX provides perpetual futures on an order book within the StarkEx stack. Its docs walk through how Last/Index/Oracle prices are defined for each market, which is key to understanding marks, funding, and liquidation for the instruments you trade. Coverage grows over time; consult the trading section to see how markets are priced and how funding applies to each contract.

Apex

ApeX runs Perps DEX V2 and Omni Perps for a broad set of crypto perps (up to 100× leverage), and Omni Spot for spot trading. Omni is a multi-chain front end; you can deposit on several supported chains and route into perps/spot from one place.

Perp markets use a weighted multi-exchange index price for PnL, funding, and liquidation calcs, and cross-collateral is available on Omni Perps. Check the Omni/Pro docs for current markets and account flows.

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Fee Structure

Hyperliquid

How fees are set: Fees use a rolling 14-day trading volume window. Your tier updates daily (UTC) and applies across sub-accounts (they share the same tier). Referral discounts have fixed caps (discounts count only up to a certain lifetime volume).

What to know as a trader: Bigger recent volume → lower fees. If you use multiple sub-accounts, your activity still helps the same tier. Always check the live tier table in the app/docs before trading, because tiers and rebates are applied from that 14-day lookback.

AsterDEX

Headline rates (Pro mode): Maker 0.005%, Taker 0.04%. The docs also explain maker/taker with simple examples so you can estimate costs. Spot has the same posted rates in its fee page.

What to know as a trader: If you place maker orders (add liquidity), your cost can be much lower than hitting the book. Double-check the current fee page for your market and mode (Simple vs Pro) before sizing up.

Lighter

Current policy: For standard accounts, Lighter does not charge trading fees (maker 0%, taker 0%). Premium accounts are subject to maker/taker fees (see their account types page for details).

What to know as a trader: If you’re using a standard account, your trading cost is driven mainly by funding, price impact, and gas/bridging—not trading fees. If you upgrade to a premium tier, review the latest maker/taker schedule first.

Also, you may read 10 Best Market Data API – Try NOW

edgeX

How fees are set: Tiered by rolling 30-day volume, recalculated daily at 00:00 UTC. Maker vs taker is standard: adding liquidity vs removing it.

What to know as a trader: Your effective rate depends on how much you’ve traded in the last 30 days. If you’re ramping volume, watch for tier changes after the daily reset, and confirm the current table in the fees page. The docs group fees alongside funding and order-type rules so you can see the full cost picture.

Apex

Omni vs Pro: Official materials note ApeX Pro with maker 0.02% / taker 0.05%, and ApeX Omni with 0 maker and 0.025% taker (2.5 bps) “at this stage.” ApeX also runs a VIP/market-maker program where discounts (and even negative maker fees) depend on recent activity and assets; VIP uses a 14-day metric.

Funding rhythm: Funding is settled hourly, which affects your net costs for longer holds.

What to know as a trader: Check whether you’re on Omni or Pro because fee baselines differ, then see if you qualify for VIP/market-maker rebates. Hourly funding means carry costs update frequently.

Also, you may read Top 10 Best Crypto Trading Exchanges

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Security

Hyperliquid

Hyperliquid publishes an audits page confirming third-party reviews of its bridge contracts by Zellic (reports linked in the docs). The team also maintains a Risks section that calls out core threat surfaces—most notably oracle manipulation risk because validator-maintained price oracles drive mark price and liquidations. Net: trading logic and state changes live on-chain on a dedicated L1 (good for transparency), while bridges/oracles remain the main areas to watch; size positions with those risks in mind.

AsterDEX

AsterDEX’s docs detail per-pair liquidation mechanics (use of last price vs mark price, margin ratios, trigger behavior) and provide API security types (key-scoped permissions such as TRADE-only keys). In its stablecoin section, Aster notes custody for USDF/underlying funds with Ceffu for that product line. When comparing risk, read each market’s specs page (fees, leverage caps, mark construction) and the liquidation doc to understand clamps and thresholds.

Lighter

Lighter states it is a zk rollup on Ethereum that generates validity proofs for all operations, including order matching and liquidations—so L1 accepts only state updates accompanied by valid proofs. Order-book behavior and matching rules are spelled out in docs (how taker orders cross and how residuals are inserted), which are the behaviors the proof system enforces. Review the account-type page for operational parameters (e.g., standard vs premium) alongside funding/liquidation docs to understand risk flows.

edgeX

edgeX documents self-custody via StarkEx’s ZK-rollup: batched state updates are verified on L1 with validity proofs before balances move. The docs emphasize that users retain control of assets while benefiting from StarkEx throughput; fees and risk sections then explain how last/index/oracle prices and liquidation logic feed into those proof-secured state updates. If you need a quick mental model: off-chain matching for speed, on-chain proof verification for state integrity.

Apex

ApeX explains its StarkEx-based, self-custodial design and has a security note on DAC (Data Availability Committee) / emergency withdrawals, describing how withdrawals can proceed if an operator stalls (system can halt new updates and allow direct user withdrawals based on the latest state). Its materials also reiterate that STARK validity proofs secure batched transactions. For operational readiness, check Omni/Pro docs for the exact account/withdrawal flow you’ll use.

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Tokenomics and Incentives

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Comparative Analysis

Dimension	Hyperliquid	AsterDEX	Lighter	edgeX	ApeX
Core tech / chain	Purpose-built L1 with on-chain CLOB	Multichain app + hybrid engine	Ethereum zk-rollup proving matching & liquidations	StarkEx zk-rollup	StarkEx zk-rollup
Matching model	On-chain price-time CLOB	Off-chain matching, on-chain settlement	Off-chain matching with zk proofs for correctness	Off-chain matching, zk-verified state	Off-chain matching, zk-verified state
Leverage (typical)	Pair-specific, up to high leverage	Up to high leverage; Simple & Pro modes	Pair-specific; high leverage on listed pairs	Up to high leverage (pair-dependent)	Up to 100× (pair-dependent)
Fees model	Rolling 14-day volume tiers; maker/taker; rebates possible	Low baseline maker/taker in Pro; token discounts in some programs	Standard accounts: 0 trading fee; premium tiers apply maker/taker	Rolling 30-day volume tiers; maker/taker	Omni vs Pro baselines; VIP/market-maker tiers (can include negative maker)
Funding cadence	Standard perp funding (venue-defined intervals)	Standard perp funding	Standard perp funding	Standard perp funding	Often hourly funding
Market coverage	Broad crypto perps + spot; HIP-style new listings; “Hyperps”	Crypto perps (plus spot; select non-crypto perps in some modes)	Crypto perps (coverage expanding)	Broad crypto perps	Broad crypto perps + Omni spot
Margin & liquidation	On-chain risk tiers; size-based brackets; OI caps on new markets	Pair-specific IM/MM; standard liquidation rules	Proof-checked margin & liquidations (zk-verified)	Documented margin tiers; partial liquidation possible	Cross-collateral; tiered liquidation thresholds
Security highlights	Everything critical runs on-chain; validator-secured L1	Hybrid: self-custody + contract settlement; chain-specific bridges	zk proofs cover matching & liquidations; escape paths per rollup design	zk-verified state; rollup/validium modes; emergency withdraw options	zk-verified state; DAC/emergency withdraw options in some modes

Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex: Conclusion

Hyperliquid, AsterDEX, Lighter, edgeX, and ApeX all deliver CEX-style perp trading with self-custody, but they optimize for different things. If you want the exchange to live on-chain with deterministic behavior, Hyperliquid is the clear pick.

If you want the smoothest multichain UX and a gentle path from beginner to pro, AsterDEX stands out. If your top priority is cryptographic guarantees—proofs for matching and liquidations, not just settlement—choose Lighter.

If you like the StarkEx stack and want a polished, trader-focused flow, both edgeX and ApeX feel closest to a fast centralized exchange; ApeX adds strong cross-collateral and aggressive VIP/market-maker economics.

Frequently Asked Questions