Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended

The decentralized derivatives market is entering a new phase, driven by next-generation perpetual DEXs that aim to rival centralized exchanges in performance and depth. This article compares five leading contenders—Hyperliquid vs Paradex vs ADEN vs Pacifica vs Extended—each approaching on-chain trading through distinct architectural and design choices.

By examining their core technologies, liquidity models, fee structures, and user experience trade-offs, the piece outlines how these platforms are redefining leverage, custody, and execution in DeFi. The analysis highlights the competitive dynamics shaping the 2025 perp-DEX landscape and provides a framework for assessing which innovations are likely to endure as decentralized trading matures.

Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended: Overview

Hyperliquid

Hyperliquid is a high-speed perpetuals DEX running on a custom-built layer-1, engineered to deliver a CEX-like trading experience while remaining entirely on-chain. Its dedicated app-chain architecture prioritizes trading activity, providing rapid finality, deep liquidity, and minimal fees. For traders seeking professional-grade features—advanced order types, robust risk management, and frequent new market listings—along with opportunities for builders to introduce specialized pairs, Hyperliquid stands out as the “transparency-meets-performance” option.

Paradex

Paradex is a next-gen perpetuals DEX built on a ZK-rollup app-chain (via Starknet), designed to offer self-custody and CEX-level performance. Its architecture emphasises deep liquidity, portfolio-margin style risk, and innovative instruments like perpetual options. For traders after institutional-grade order-book experience plus privacy features and ultra-low latency, Paradex is the “institutional on-chain” pick.

Aden

ADEN is a decentralized perpetuals exchange built on proven infrastructure (notably the Orderly Network) with a strong emphasis on ultra-low fees and broad access. With full on-chain trade and liquidation automation plus very competitive trading costs, ADEN suits those who prioritise cost efficiency without sacrificing performance. The platform is a great match for traders wanting broad market access and low friction.

Pacifica

Pacifica is a Solana-native perpetuals DEX founded (in part) by a former major exchange executive, delivering fast rollout, high leverage and a mobile-friendly trading interface. Built for traders who demand “CEX speed + on-chain transparency,” Pacifica emphasizes user experience, multiple margin modes (isolated and cross) and rapid new market listings. If you’re looking for the “Solana-speed, high-leverage” option, Pacifica is it.

Extended

Extended is a perpetuals DEX developed by a team of former mainstream finance/tech professionals, aiming to merge perps, spot and lending into one unified margin ecosystem. With support for cross-asset collateral, both crypto and TradFi contracts, and a vision of seamless wallet and mobile integration, Extended is for the trader who wants “everything under one roof” rather than separate venues.

Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended: Liquidity and Market Depth

Hyperliquid

• Runs on its own purpose-built Layer-1 blockchain designed for trading performance.
• Emphasises deep liquidity and low slippage compared to many on-chain DEXs.
• Reports very large asset deposits (over $1.3 billion since launch) which supports liquidity pools.
• Has experienced stress: one large liquidation (~$200 m) caused losses in the liquidity pool, prompting higher margin requirements.
• Ideal for mid-sized trades looking for tighter execution; still may face limits for very large tickets.

Paradex

• Built on a ZK-rollup / high-performance L2 architecture, focusing on “better-than-CEX liquidity” and institutional execution.
• Large recent volume: e.g., 30-day perp volume ~ $33.7 billion.
• Offers advanced order types, unified margin, and aims for portfolio-level risk controls.
• Depth metrics are still less publicly detailed (e.g., exact book depth, spread levels) compared to more mature platforms.
• Good pick for traders seeking institutional-grade liquidity but recommend verifying depth for your specific instrument.

Aden

• Built on the Orderly Network infrastructure; supports many chains and broad market access.
• Claims deep liquidity and strong trading volume: > $20 billion monthly volume and 200,000+ traders reported.
• Low-fee model and shared order-book design help pool liquidity across markets.
• Public transparency on order-book depth/spread is still limited.
• Well suited for traders who prioritise cost efficiency and broad access, while keeping an eye on actual depth for large size.

Pacifica

• Native to the Solana ecosystem; launched recently and already showing very high volume (~$440 million+ 24h).
• TVL is still relatively modest (~$30-$40 m) compared to volume.
• Because high trading volume is paired with lower locked capital, depth for very large trades may be less robust (higher slippage potential).
• Strong option for retail / mid-size traders seeking speed and interface polish in Solana; less certain yet for very large institutional-style trades.

Extended

• Focused on unified margin across spot, perp and lending, built on Starknet (and previously StarkEx) for high throughput.
• Recent metrics: 30-day perp volume ~$21 billion; TVL ~$95 million; open interest ~$80 million.
• Depth is still in growth phase — good for mid-sized trades, but may not yet match largest venues for ultra-large size.
• Best suited for traders using multi-asset strategies and looking for one ecosystem rather than many separate venues.

Also, you may read Hyperliquid vs AsterDex vs Drift

Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended: Fees and Incentives

Platform	Maker Fee	Taker Fee	Key Incentives / Notes
Hyperliquid	Starting ~ 0.010 % for lower tiers	Starting ~ 0.035 % for lower tiers	Volume-tier discounts + staking model offering fee reductions up to ~40%
Paradex	0.015 % (perpetual futures)	~0.015 % for futures, with some zero-fee promos (retail)	Retail zero trading fees for many markets; maker rebates possible
ADEN	~ 0.00 % in some cases	~ 0.009 % in some cases	Very low cost structure emphasized; broad market access being marketed
Pacifica	Tiered: 0.015 % at base tier	Tiered: 0.040 % at base tier	Fee levels drop with 14-day volume; still maturing platform
Extended	0.000% (maker)	0.025% (taker)	Maker rebates offered for high-volume providers; “gas-free” trading claimed

Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended: Security & Audits

Hyperliquid

Hyperliquid enhances user security through several key mechanisms. Its HyperBFT consensus algorithm provides strong fault tolerance and reliable performance even under high network load. Decentralized oracles aggregate pricing data from multiple sources, reducing the risk of manipulation and ensuring fair market valuations.

Additionally, community ownership—with no venture capital involvement—helps keep governance and decision-making aligned with user interests, reinforcing the platform’s integrity and trustworthiness.

Paradex

Paradex strengthens security through audited smart contracts, transparent uptime reporting, and verified domains to prevent phishing. Its on-chain trade-bust mechanism safeguards against excessive leverage, while zero-knowledge encryption ensures user privacy.

Built as a Stage 0 ZK rollup, it inherits Ethereum’s security but currently relies on an operator for sequencing—decentralization will expand via validator staking. Deposits use verified bridges like Rhinofi and LayerSwap, though users are urged to confirm addresses and start with small test transfers.

Aden

ADEN’s security framework integrates several specialized partners, each focused on a specific protection layer to ensure end-to-end safety for users and assets. CertiK conducts comprehensive smart contract audits, identifying vulnerabilities before deployment.

Guardian provides continuous multi-layer monitoring for real-time threat detection. Halborn reviews overall system architecture and backend resilience, while Sherlock performs penetration testing to simulate real-world attacks.

Zellic focuses on code optimization and security hardening for long-term stability, OtterSec secures cross-chain integrations, and Zenith audits protocol upgrades to ensure new releases meet strict safety standards. Together, these partners form a robust, multi-layer defense model across ADEN’s ecosystem.

Pacifica

Pacifica employs a non-custodial hybrid model, allowing users to trade directly from wallets like Phantom or Ledger, minimizing centralized fund risks. Its third-party smart contract audits aim to detect vulnerabilities pre-deployment, while a modular system architecture separates trading logic, wallets, and AI functions to reduce attack surfaces.

Dynamic margining and multi-source mark pricing enhance fairness and prevent manipulation, supported by three-tier liquidation protection (initial, backstop, and ADL) to contain volatility.

Hardware wallet integration strengthens key management, but as a new platform in closed beta, Pacifica still lacks a long-term operational record. Users should exercise standard DeFi precautions such as verifying URLs, testing small transfers, and tracking audit updates.

Also, you may read Hyperliquid vs AsterDEX vs Lighter vs edgeX vs Apex

Extended

Paradex employs a hybrid architecture where order matching, risk management, and sequencing occur off-chain, while settlement and validation are secured on-chain via Starknet. Users maintain full self-custody of their assets, ensuring the protocol cannot access or control funds.

Starknet was chosen for its security, performance, longevity, and aligned vision. The platform’s liquidation system includes an insurance fund, partial liquidations, and auto-deleveraging to manage risk during volatility.

Overall, security spans multiple layers—custody, settlement, risk engines, and contracts—though users should still follow standard DeFi safety practices such as securing wallets and staying informed about protocol updates.

Hyperliquid vs Paradex vs Aden vs Pacifica vs Extended: Comparative Analysis

Platform	Architecture & Chain Design	Liquidity / Volume Highlights	Fee & Incentive Profile	Security / Audit Snapshot	Ideal User & Trade-Offs
Hyperliquid	Custom Layer-1 built specifically for trading (order-book on-chain)	24-h perp volume ~ $5.96 b on the chain	Maker/taker tiers + staking discounts; deflationary mechanism with burn of ~97% of fees	Audit reports for specific modules; custom chain adds validator/chain risk	Pro/high-volume traders wanting CEX-level speed & liquidity; trade-off: new chain risk
Paradex	Hybrid: off-chain matching, on-chain settlement via Starknet app-chain	Strong emerging volumes; review shows deep liquidity ambition	Zero or ultra-low maker/taker for many users; airdrop / XP point programs	Audit coverage ~80-85% of codebase; infrastructure (roll-up, sequencing) still evolving	Institutional or sophisticated traders seeking unified margin; trade-off: infrastructure maturity still in progress
ADEN	Built on the Orderly Network infrastructure, multi-chain support	Monthly trading volume > $20 b, 200k+ traders reported	Extremely low trading fees (maker ~0%); broad market access	Multiple named security partners, but full audit reports less publicly visible	Cost-sensitive traders who want many markets; trade-off: less proven depth/maturity
Pacifica	Solana native, non-custodial hybrid architecture	Early stage but rapid growth in volume; still modest TVL	Launch incentives likely; fee details still evolving	Early-stage platform; less battle-tested; platform risk higher	Early adopters on Solana wanting new UX & speed; trade-off: higher platform risk
Extended	Unified margin (Spot + Perp + Lending) on Starknet-style architecture	TVL ~$95–$100 m; 30-day volume ~$21 b; open interest ~$80 m	Maker rebates + low taker fees; multi-product exposure	More complex architecture increases risk surface; audit/transparency still catching up	Advanced traders wanting multi-asset exposure; trade-off: complexity & higher structural risk

Conclusion

Each platform represents a distinct approach to decentralized perpetual trading. Hyperliquid leads in speed, liquidity, and professional-grade tooling through its custom L1. Paradex combines Starknet’s scalability with hybrid execution for institutional-level reliability.

ADEN emphasizes accessibility and ultra-low fees with a growing multi-chain ecosystem. Pacifica leverages Solana’s performance in a non-custodial, modular setup for early adopters, while Extended targets advanced traders seeking unified margin across assets.

In essence, Hyperliquid and Paradex dominate the high-performance segment, ADEN and Pacifica focus on inclusivity and innovation, and Extended bridges multi-asset exposure — giving users a range of options based on risk appetite and trading sophistication.

Frequently Asked Questions