Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly
The next generation of on-chain trading is being shaped by five rapidly growing platforms—Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly. Each represents a different architecture and philosophy for building decentralized derivatives and liquidity infrastructure. From Hyperliquid’s high-performance custom L1, to Pacifica’s capital-efficient unified margining, Reya’s ecosystem-driven liquidity model, EdgeX’s user-friendly trading layers, and Orderly’s modular liquidity backend powering multiple front-ends, these platforms showcase how diverse and competitive the landscape has become. This article breaks down their core differences to help traders understand where each one excels.
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Overview
Hyperliquid
Hyperliquid is a high-performance, custom-built Layer-1 optimized specifically for trading, featuring a fully on-chain orderbook and matching engine that delivers CEX-level speed in a non-custodial environment. Its vertically integrated architecture enables deep liquidity, near-instant execution, and advanced perpetual markets, including unique “Hyperps” that extend beyond traditional crypto markets, positioning Hyperliquid as one of the most sophisticated on-chain derivatives platforms.
Pacifica
Pacifica centers on capital-efficient perpetuals with a unified margin system that allows traders to deploy capital flexibly across multiple markets. With strong emphasis on risk management, cross-margining, and portfolio-level controls, Pacifica offers a streamlined but powerful environment for leveraged trading, appealing to users who value efficient capital usage without the complexity of a full orderbook-driven architecture.
Reya
Reya acts as an ecosystem-driven derivatives layer where multiple applications connect to a shared, high-efficiency perpetuals engine. Instead of being a single DEX, Reya provides a modular liquidity network that developers can tap into to build trading apps, structured products, or automated strategies, enabling an open and composable ecosystem built around deep, unified liquidity.
EdgeX
EdgeX prioritizes accessibility and simplicity, offering a clean, user-friendly interface on top of deep liquidity and robust cross-margin features. Designed for traders who want professional-grade tools without the friction of typical DeFi platforms, EdgeX blends intuitive UX with reliable execution and risk-managed leverage, making it an inviting option for users transitioning from centralized to decentralized trading.
Orderly
Orderly operates as a modular liquidity and settlement layer that powers a variety of trading applications across multiple ecosystems. By providing a shared orderbook, execution engine, and risk infrastructure, Orderly enables builders to create custom front-ends while benefiting from unified liquidity. This backend-first model allows for consistent execution quality, seamless integration, and a strong foundation for sophisticated trading products.
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Market Coverage
| Platform | Crypto Perps | Exotic / Synthetic | Special Markets |
|---|---|---|---|
| Hyperliquid | Majors + long-tail + “Hyperps” | Yes (narrative markets) | Pre-launch assets |
| Pacifica | Majors & mid-caps | Limited | Optimized for capital usage |
| Reya | Standard perps | Ecosystem-driven expansions | Depends on integrated apps |
| EdgeX | Wide crypto perp coverage | No | Retail-friendly |
| Orderly | Broad perps via partners | Possible via partner apps | Modular/customizable |
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Security Model
| Platform | Settlement Layer | Custody | Security Notes |
|---|---|---|---|
| Hyperliquid | Custom L1 | Non-custodial | Deterministic execution, no external sequencer |
| Pacifica | L2 (EVM) | Non-custodial | Smart-contract risk + L2 dependency |
| Reya | L2 / modular | Non-custodial | Security varies by integrated apps |
| EdgeX | L2 (EVM) | Non-custodial | Focus on stable UX + clear risk tools |
| Orderly | Multi-chain | Non-custodial | ZK/L2 settlement depending on integration |
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Tokenomics & Incentives
| Platform | Token | Utility | Incentives |
|---|---|---|---|
| Hyperliquid | HYPE | Staking, governance, validator delegation | Strong trading incentives |
| Pacifica | TBA | Likely margin + governance utility | Early-user incentives |
| Reya | REYA | Liquidity incentives across apps | Builder & trader rewards |
| EdgeX | EDGX (varies per chain) | Fee rebates, governance | Trading & LP incentives |
| Orderly | ORDER | Infrastructure utility & governance | Incentives for partner apps |
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Fees
| Platform | Maker Fee | Taker Fee | Notes / Special Conditions |
|---|---|---|---|
| Hyperliquid | ~ 0.015% | ~ 0.045% | Base perpetual fee. |
| Pacifica | ~ 0.015% | ~ 0.040% | Entry tier; fee tiers reduce with higher volume. |
| Reya | ~ 0.04% | ~ 0.04% | Flat maker/taker for quoted volume. |
| edgeX | ~ 0.012% | ~ 0.038% | Typical entry tier; decreases with volume. |
| Orderly Network (NEAR chain) | Maker 0.03% / Taker 0.06% (Tier 1) | Taker 0.06% | Futures (NEAR) Tier 1; spot tiers different (maker 0.10%, taker 0.10%). See breakdown. |
Hyperliquid vs Pacifica vs Reya vs EdgeX vs Orderly: Best Suited For
Hyperliquid
Hyperliquid is best suited for professional traders, high-frequency traders, and CEX migrants who want ultra-fast execution, deep liquidity, and advanced perpetual markets in a fully on-chain environment. Its custom Layer-1 and orderbook design make it ideal for users who prioritize speed, precision, and a CEX-like experience without custodial risk.
Also, you may read Hyperliquid vs AsterDex vs Drift
Pacifica
Pacifica is best suited for capital-efficient traders who want flexible leverage, unified margining, and strong portfolio-level risk management. It’s ideal for users who care less about full orderbook depth and more about smart margin usage, smooth UX, and efficient position management across multiple markets.
Also, you may read Hyperliquid vs Rollx vs AsterDEX vs Avantis vs Paradex
Reya
Reya is best suited for builders, DeFi power users, and ecosystem-focused traders who want access to a unified liquidity layer powering multiple applications. It’s perfect for users who value composability, want to build trading products, or prefer a flexible environment where different front-ends plug into the same perp engine.
EdgeX
EdgeX is best suited for retail and intermediate traders who want a simple yet powerful trading interface. It’s ideal for those transitioning from centralized exchanges who want cross-margining, clean design, and easy-to-understand trading tools without the complexity of fully orderbook-driven systems.
Also, you may read Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended
Orderly
Orderly is best suited for developers, trading app builders, and institutions looking for a modular liquidity backend. It’s ideal for teams that want to launch trading platforms without managing liquidity themselves, as well as traders who benefit from consistent execution and deep shared liquidity across multiple front-ends.
Conclusion
Hyperliquid, Pacifica, Reya, EdgeX, and Orderly each excel in different areas of decentralized trading, reflecting the diverse needs of modern on-chain traders. Hyperliquid delivers unmatched performance with a custom L1 and CEX-level execution, while Pacifica offers highly efficient margining for users who prioritize flexible leverage and risk control.
Reya stands out with its ecosystem-driven liquidity layer for builders and advanced users, EdgeX provides the simplest and most intuitive trading experience for retail traders, and Orderly serves as powerful backend infrastructure for teams building their own trading applications.
Rather than one clear winner, each platform is best suited for a specific profile of trader or builder—collectively pushing the perps DEX landscape toward more speed, flexibility, and composability.
Frequently Asked Questions
Which platform is the most beginner-friendly?
EdgeX offers the most user-friendly interface, making it ideal for retail traders or those transitioning from centralized exchanges.
Which platform is best for builders and developers?
Reya and Orderly both stand out—Reya for its shared perp engine that apps can plug into, and Orderly for its modular backend and liquidity infrastructure.
Do all platforms support non-custodial trading?
Yes—all five platforms are non-custodial, meaning users maintain control of their funds through their own wallets.