Hyperliquid vs. Aevo
Compare Hyperliquid and Aevo. Analyze the differences between a purpose-built L1 orderbook and an OP Stack L2 derivatives platform with options, pre-launch markets, and yield-bearing collateral.
L1 Orderbook vs. OP Stack L2
Hyperliquid and Aevo both use orderbook-based execution but differ in infrastructure and product scope. Hyperliquid is a purpose-built L1 focused on perpetuals with deep liquidity, while Aevo is an OP Stack L2 rollup offering perpetuals, options, and pre-launch token futures.
Key Distinction
Feature-by-Feature Comparison
| Feature | Hyperliquid | Aevo |
|---|---|---|
| Core Architecture | ||
Base infrastructure | Purpose-built L1 (HyperCore) | OP Stack L2 rollup |
Order matching KEY DIFFERENCE | Fully on-chain (HyperCore) | Off-chain orderbook + on-chain settlement |
Collateral AEVO ADVANTAGE | USDC | aeUSD (yield-bearing, ~4.75% APY) |
| Trading Specs | ||
Max leverage (standard perps) | Up to 50x (asset-dependent) | Up to 20x (standard perps) |
Fee model | Volume-tiered: taker 0.035% / maker rebates | Taker 0.08% / Maker 0.05% (base tier) |
| Products | ||
Options trading AEVO ADVANTAGE | ||
Pre-launch futures AEVO ADVANTAGE | ||
Perpetual markets | 100+ markets | 50+ markets |
| Ecosystem | ||
High-leverage products | Up to 50x on perps | Aevo Degen: up to 1000x on tokenized stocks |
Architecture: L1 vs. OP Stack L2
Both platforms use orderbook execution, but the infrastructure differs significantly:
Hyperliquid: A custom L1 blockchain where the entire orderbook — every order placement, cancellation, and fill — is part of the on-chain state. This gives full transparency and censorship resistance at the consensus level.
Aevo: Built on an OP Stack L2 rollup. The orderbook itself runs off-chain for speed, with trades settled on-chain. This enables lower-latency matching but introduces a centralization trade-off in the matching engine. Settlement inherits Ethereum's security through the optimistic rollup.
Trade-off
Options & Pre-launch Markets
Aevo's product breadth is its primary differentiator:
Options Trading
Aevo offers ETH and BTC options with an on-chain settlement model. Traders can buy/sell calls and puts, build multi-leg strategies, and hedge positions — a product category Hyperliquid does not support.
Pre-launch Futures
Aevo lists futures for tokens before their official launch, letting traders speculate on upcoming projects. These markets are unique to Aevo and carry higher risk due to lower liquidity and uncertain token valuations.
Final Verdict
Hyperliquid is suitable if:
- You want the deepest perpetual market liquidity on-chain.
- You prioritize fully on-chain, transparent order matching.
- You want lower fees with volume-tiered discounts and maker rebates.
- You need higher leverage (up to 50x vs Aevo's standard 20x).
- You want copy trading and native vault features.
Aevo is suitable if:
- You want to trade options (ETH, BTC calls/puts).
- You want access to pre-launch token futures.
- You want yield-bearing collateral via aeUSD (~4.75% APY).
- You're interested in high-leverage tokenized stocks (Aevo Degen).
- You value a broader derivatives product suite beyond perps.
Analyze More Platforms
Risk Warning: Trading perpetual futures involves significant risk of loss. Only trade with capital you can afford to lose. Dexly is a non-custodial interface; you are responsible for your own funds and trading decisions.