Compare Hyperliquid vs. Coinbase Futures perpetuals: funding rates, fees, open interest, trading volume, liquidity, liquidation data and regulatory compliance updated in real-time.
Go to site | Go to site | |
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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. |
Rating | ||
Spot Assets | 60 | 285 |
Perpetual Contracts | USDC only | USDC only |
Spot Volume (24H) | N/A | N/A |
Perpetuals Volume (24H) | $7.60B | $7.78B |
Crypto Options Volume (24H) | $0 | $0 |
Open Interest (24H) | $7.41B | $385.77M |
Live Funding Rates ![]() BTC Funding Rate ![]() ETH Funding Rate ![]() BNB Funding Rate ![]() SOL Funding Rate | undefined% 0.0013% undefined% 0.0019% undefined% 0.0013% undefined% 0.0013% | undefined% 0.0010 USDC undefined% -0.0002 USDC undefined% -0.0005 USDC undefined% -0.0003 USDC |
Taker Fees | 0.045 % | 0.6 % |
Maker Fees | 0.015 % | 0.4 % |
Perpetual Contract Types | USDC only | USDC only |
Available Leverage | 40x | 20x |
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 No | Yes No |
Supported Countries | 195 | 100 |
Total Users | 404,000 | 120 Million |
Headquarters | Decentralized (HyperEVM) | San Francisco, United States |
Visit Exchange | Go to site | Go to site |