| Dimension | Hyperliquid | dYdX | GMX | CEX (Binance) |
|---|---|---|---|---|
| Custody | Self-custody | Self-custody | Self-custody | Exchange custody |
| KYC | None | None | None | Required |
| Order book | On-chain order book | Off-chain order book | AMM / GLP | Internal matching |
| Order types | Market/Limit/Stop/TWAP | Market/Limit | Market/Limit | Full suite |
| Max leverage | 50x | 20x | 100x | 125x |
| Trade gas | 0 | Low | Low | 0 |
| Matching speed | 0.2s blocks | Fast | Slow | Very fast |
| Transparency | Fully on-chain | Partially on-chain | On-chain | Opaque |
| Yield vaults | Yes (Vaults) | No | GLP yield | Earn |
Why Hyperliquid?
Hyperliquid's biggest advantage is combining centralized-exchange performance with decentralized security and transparency. Compared to dYdX's off-chain order book, Hyperliquid's order book is fully on-chain and verifiable. Compared to GMX's AMM model, Hyperliquid offers lower slippage and richer order types. Compared to a CEX, Hyperliquid requires no KYC and keeps your funds self-custodied.
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