Lower Fees
0.6
%
Taker Fee ·
Coinbase Futures
Higher Volume
$6.48B
Taker Fee ·
Coinbase Futures
More Leverage
40x
Taker Fee ·
Hyperliquid
Higher Rating
6.75
/10
Taker Fee ·
Coinbase Futures
Rating
About
Hyperliquid is the largest onchain perp exchange, clearing over $300 billion a month on a custom Layer 1 using HyperBFT for one-block finality and sub-second execution. Its onchain order book processes more than 200,000 orders per second.
Founded in 2023 by former HRT engineer Jeff Yan, it offers 100 plus perp markets with up to 40x leverage, permissionless listings, and USDC-margined contracts. All trading and liquidations settle onchain through HyperCore and HyperEVM.
The network is community owned with no paid market makers or listing fees, secured by a validator set running HyperBFT. Hyperliquid releases verifiable onchain data on funding, open interest, liquidations, and vault activity.
Coinbase, founded in 2012 by Brian Armstrong and Fred Ehrsam, offers regulated crypto futures through Coinbase Financial Markets (CFM) for US traders, approved by the CFTC.
Internationally, Coinbase provides perpetual futures via Coinbase Advanced, with 90+ markets, up to 20x leverage, and USDC settlement.
Licensed globally (US, UK FCA, Germany BaFin), Coinbase secures funds through audited reserves, NASDAQ-listed transparency, and cold storage custody.
Volume & Liquidity
Hyperliquid | Coinbase Futures | ||
|---|---|---|---|
Perpetuals Volume (24H) | $3.40B | $6.48B | |
Crypto Options Volume (24H) | $0 | $0 | |
Open Interest (24H) | $4.64B | $227.05M |
Fees & Costs
Hyperliquid | Coinbase Futures | ||
|---|---|---|---|
Taker Fees | 0.045 % | 0.6 % | |
Maker Fees | 0.015 % | 0.4 % |
Live Funding Rates
BTC Funding Rate
USDT Settlement
Hyperliquid
0.0013%
Coinbase Futures
undefined%
ETH Funding Rate
USDT Settlement
Hyperliquid
0.0012%
Coinbase Futures
undefined%
SOL/USDT
USDT Settlement
Hyperliquid
0.0010%
Coinbase Futures
undefined%
BNB/USDT
USDT Settlement
Hyperliquid
-0.0009%
Coinbase Futures
undefined%
Trading Features
Hyperliquid | Coinbase Futures | ||
|---|---|---|---|
Perpetual Contract Types | USDC only | USDC only | |
Available Leverage | 40x | 20x | |
Spot Assets | 60 | 285 |
Regulation & Trust
Hyperliquid | Coinbase Futures | ||
|---|---|---|---|
Regulation | Decentralized and Unregulated | Tier-1 Regulators including FCA (UK), BaFin (Germany), BitLicense (New York), MAS (Singapore), AUSTRAC (Australia), and VASP (Multiple EU countries) | |
Proof of Reserves | ✓ Yes | ✓ Yes | |
Supported Countries | 195 | 100 | |
Total Users | 404,000 | 120 Million | |
Headquarters | Decentralized (HyperEVM) | San Francisco, United States |
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