Hyperliquid vs Orderly vs Avantis vs Reya vs Based
This comparison analyzes Hyperliquid vs Orderly vs Avantis vs Reya vs Based—five platforms that represent different layers of the on-chain trading stack. Hyperliquid delivers the deepest liquidity and fastest execution as a custom L1, while Orderly provides the backend infrastructure powering multiple DEXs. Avantis and Reya offer high-leverage and gasless perps trading on modern L2 rollups. Based builds on Hyperliquid’s engine to deliver a full super-app with mobile trading, automation, rewards, and a Visa card. Together, they highlight the spectrum from raw trading infrastructure to complete consumer-facing crypto products.
Hyperliquid vs Orderly vs Avantis vs Reya vs Based: Overview
Hyperliquid
Hyperliquid is a high-performance on-chain exchange built on its own Layer-1 blockchain, offering deep liquidity, fast execution, and a CEX-like experience for both perpetuals and spot markets. Its engine uses a fully on-chain orderbook, enabling transparent, efficient, and low-latency trading at scale, making it one of the leading decentralized derivatives platforms.
Key Points:
- On-chain CLOB with deep liquidity and 100+ assets
- Extremely fast execution and scalable L1 architecture
- Designed for pro traders wanting a CEX feel without custodial risk
Orderly Network
Orderly Network is an omnichain trading infrastructure layer that provides shared liquidity and orderbook tooling for DEXs, wallets, and apps. Instead of being a user-facing exchange, it acts as the backend for builders, enabling anyone to launch advanced trading experiences using Orderly’s liquidity and risk engine.
Key Points:
- Infrastructure-first: tools for devs to build DEXs/perps
- Shared liquidity model across multiple frontends
- Trading experience quality varies by the interface built on top
Also, you may read 7 Best Hyperliquid Alternatives
Avantis
Avantis is a newer derivatives protocol that focuses on high-leverage trading, efficient liquidations, and emerging-market asset listings. It aims to provide fast execution and deep leverage options across modern L2 ecosystems, appealing to aggressive traders and early adopters of new DeFi platforms.
Key Points:
- High leverage options with a trader-first design
- Built on newer L2s with fast execution
- Still early-stage with lower liquidity and higher platform risk
Reya
Reya is a modular L2 built specifically for trading, offering zero-gas transactions, high throughput, and fast perpetual futures execution on an Arbitrum Orbit–based rollup. It focuses on performance, capital efficiency, and a smooth UX for derivatives traders who want institutional-grade speed in a decentralized environment.
Key Points:
- Trading-optimized L2 with near-instant execution
- Zero-gas user experience for fast perps trading
- Smaller asset selection compared to larger incumbents
Also, you may read o1.exchange Review
Based
Based is a full-featured crypto super-app built on Hyperliquid’s backend, combining spot and perp trading with real-world spending via a Visa card, a mobile app, a web terminal, and reward systems like XP/Gold. It extends Hyperliquid’s trading engine with self-custodial wallets, advanced tooling, and lifestyle utilities designed for everyday crypto users.
Key Points:
- Built on Hyperliquid but adds mobile, card, bot, and reward layers
- Self-custodial, all-in-one platform (trade, hold, spend)
- Ideal for users wanting more than trading — full ecosystem utility
Also, you may read dYdX Review: better than HyperLiquid?
Hyperliquid vs Orderly vs Avantis vs Reya vs Based: Security
Across the five platforms, security varies based on architecture, maturity, and custody models. Hyperliquid secures trading through its own custom Layer-1 with a fully on-chain orderbook, offering strong vertical integration but with the tradeoff of being a younger chain.
Orderly Network inherits security from underlying chains while acting as an infrastructure layer, though user safety depends partly on the frontend integrating it.
Avantis relies on modern L2 rollups for base security but is still early-stage with less battle-tested contracts and liquidity.
Reya leverages Arbitrum Orbit rollup security with fast, gasless execution, though its sequencer design and ecosystem age introduce some centralization and maturity concerns.
Based combines Hyperliquid’s on-chain execution with Fireblocks’ institutional-grade MPC custody and AI fraud detection, though its broader app-and-card ecosystem introduces more moving parts.
Also, you may read Hyperliquid vs AsterDex vs Drift
Hyperliquid
- Custom Layer-1 with fully on-chain orderbook
- Strong vertical security stack without bridges
- Less time-tested than Ethereum or mature L2s
Orderly Network
- Inherits L1/L2 security from host chains
- Audited infrastructure for builders
- Security depends on the DEX/frontend using it
Avantis
- Built on modern rollup L2s with strong base security
- Audited but still early-stage and less proven
- Smaller liquidity increases volatility risk
Also, you may read Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended
Reya
- Ethereum-settled Arbitrum Orbit rollup
- Fast, deterministic execution with non-custodial flow
- Sequencer centralization and younger ecosystem
Based
- Fireblocks MPC custody + hardware isolation
- Self-custody trading + AI-powered fraud detection
- Multi-component stack (app, card, bot) adds complexity
Hyperliquid vs Orderly vs Avantis vs Reya vs Based: Fees Comparison
| Fee Type | Hyperliquid | Orderly | Avantis | Reya | Based |
|---|---|---|---|---|---|
| Perps Fees | Very low maker/taker tiers | Varies by frontend | Competitive, higher risk | Low perps fees | Same as Hyperliquid + small builder fee |
| Spot Fees | Low | Depends on DEX | Minimal | Limited | Same as Hyperliquid |
| Gas Costs | L1 gas (low) | Depends on chain | L2 low gas | Gasless | Gasless trading via Hyperliquid |
| Additional Fees | None | Connector DEX may add | Funding + leverage costs | Sequencer-related | Small builder fee: 0.025% perps, 0% spot buys, 0.1% spot sells |
Hyperliquid vs Orderly vs Avantis vs Reya vs Based: High-Level Feature Comparison
| Category | Hyperliquid | Orderly Network | Avantis | Reya | Based |
|---|---|---|---|---|---|
| Product Type | L1 DEX (Perps + Spot) | Trading Infra Layer | Perps Protocol on L2 | Perps Rollup (Orbit) | Super-App on Hyperliquid |
| Execution Model | On-chain CLOB | Shared Orderbook Infra | L2 Smart Contracts | Arbitrum Orbit Rollup | Uses Hyperliquid engine |
| Mobile App | Limited | Depends on integrator | No | No | Full iOS + Android |
| Card / Spending | No | No | No | No | Visa Debit Card |
| Telegram Bot | No | No | No | No | Advanced trading bot |
| Automation Tools | Limited | Depends on integrator | No | No | Advanced algos + bots |
| Reward System | Points + incentives | Depends on integrator | Incentives vary | LP incentives | XP + Based Gold |
Hyperliquid vs Orderly vs Avantis vs Reya vs Based: Best For (User Personas)
| User Type | Best Platform |
|---|---|
| High-volume derivatives trader | Hyperliquid |
| DEX builders, wallets, aggregators | Orderly Network |
| High-leverage, early-stage risk takers | Avantis |
| Gasless perps traders wanting L2 speed | Reya |
| Users wanting trade + spend + automate in one app | Based |
Conclusion
Hyperliquid, Orderly, Avantis, Reya, and Based each serve different layers of the on-chain trading stack, making them complementary rather than direct rivals. Hyperliquid leads in pure trading performance with deep liquidity and a purpose-built Layer-1 engine.
Orderly positions itself as the infrastructure powering multiple exchanges, while Avantis and Reya push innovation on modern L2s—offering high-leverage trading and gasless execution. Based stands apart as the only full super-app, layering mobile UX, payments, automation, and rewards on top of Hyperliquid’s engine.
In short, traders seeking raw performance gravitate to Hyperliquid or Reya, builders choose Orderly, early adopters explore Avantis, and everyday crypto users who want to trade, automate, and spend from one app find their home in Based.
Frequently Asked Questions
Which platform has the lowest fees?
Hyperliquid generally has the lowest trading fees due to high maker rebates and deep orderbooks.
Based mirrors Hyperliquid’s fees with a small additional builder fee.
Which one offers real-world spending?
Only Based integrates a Visa Debit Card with instant crypto spending and auto-conversion.
Which should I choose as a normal user?
If you want a simple, all-in-one app for holding, trading, automation, and spending, Based is the best fit.