Hyperliquid vs Lighter vs Aster
Hyperliquid, Lighter and Aster are the three perp DEXs people compare most. They're built very differently, and the cheapest headline fee isn't always the cheapest trade. Fees below come from each platform's own documentation.
At a glance
| Hyperliquid | Lighter | Aster | |
|---|---|---|---|
| How it runs | Own Layer-1, fully on-chain order book | ZK rollup; trades and liquidations verified by zero-knowledge proofs | Multi-chain (BNB Chain, Ethereum, Solana, Arbitrum) |
| Base perps fees (maker / taker) | 0.015% / 0.045% | Standard account: 0% / 0% Premium: 0.004% / 0.028% | 0% / 0.04% (crypto, base VIP tier) |
| Catch | Higher base taker fee | Standard accounts get slower order execution (300 ms taker delay) | Volume has been heavily incentive-driven |
| Extra discounts | 4% referral, volume tiers, HYPE staking | LIT staking (Premium) | VIP tiers |
| Other products | Stocks and commodities (HIP-3), outcome markets (HIP-4) | Spot, perps, other products | Stock-style perps, hidden orders |
Fees from Lighter docs, Aster docs and Hyperliquid docs, checked November 2026. All three change fees often.
Hyperliquid
The largest and most established of the three. Its own blockchain runs the order book, so liquidity, order types and settlement all live in one place. The base taker fee is the highest here, but most active traders lower it with limit orders, the referral discount, volume tiers or HYPE staking. It also has the widest range of products around it: stock perps through HIP-3, outcome markets, vaults and HyperEVM apps.
Lighter
Lighter's selling point is zero fees for regular accounts. The trade-off, per its own docs, is speed: Standard accounts have a 300 ms delay on taker orders, cancels and modifications. Faster accounts (Premium) pay fees, which can be reduced by staking LIT. For someone placing a few trades a week, the delay rarely matters; for active short-term traders, it can cost more than the fee saved.
Aster
Aster runs across several chains and has two modes: a Pro order-book mode and a Simple mode that has offered extremely high leverage (up to 1,001x). Its base crypto perps fee is 0% maker and 0.04% taker. In late 2025, research from 21Shares questioned how much of its volume was organic, pointing to a volume-to-deposits ratio far above normal DeFi levels during its points campaign.
Which one should you use?
- Best liquidity, most markets and tools: Hyperliquid.
- Lowest fees for occasional trades: Lighter's Standard account.
- Very high leverage: Aster's Simple mode, which is also the riskiest choice.
Fees are only one cost. Slippage on a thin order book can cost more than the fee, so for larger orders, deep liquidity often matters more than a few basis points.
FAQ
Is Lighter cheaper than Hyperliquid?
On headline fees, yes: Lighter's Standard account charges 0% maker and taker. But Standard orders have a 300 ms delay, and Premium accounts pay fees. Hyperliquid's base fees are 0.015% maker and 0.045% taker before discounts.
Which perp DEX has the most liquidity?
Hyperliquid has generally been the leader by liquidity and open interest, though competitors have briefly overtaken it on volume during incentive campaigns.
What are Aster's trading fees?
According to Aster's docs, crypto perps cost 0% maker and 0.04% taker at the base VIP tier.
Do any of them require KYC?
Hyperliquid does not require KYC. Check each platform's current terms for the others; all restrict some regions.