Hyperliquid vs. Jupiter Perps
Compare Hyperliquid and Jupiter Perps. Explore the differences between a fully on-chain L1 orderbook and a Solana-native LP-pool perpetuals platform with oracle pricing.
Orderbook vs. LP Pool
Hyperliquid and Jupiter Perps represent two fundamentally different architectures for on-chain perpetual trading. Hyperliquid runs a full Central Limit Order Book on a purpose-built L1, while Jupiter uses an LP-pool model on Solana with oracle-driven pricing.
Key Distinction
Feature-by-Feature Comparison
| Feature | Hyperliquid | Jupiter Perps |
|---|---|---|
| Core Architecture | ||
Base infrastructure | Purpose-built L1 (HyperCore) | Solana L1 |
Execution model FUNDAMENTAL DIFFERENCE | On-chain CLOB (Central Limit Order Book) | LP pool (JLP) with oracle pricing |
Price discovery | Native — price from orderbook | External — Pyth oracle prices |
| Trading Specs | ||
Max leverage SIGNIFICANT DIFFERENCE | Up to 50x (asset-dependent) | Up to 250x |
Fee model | Volume-tiered: taker 0.035% / maker rebates | Flat 0.06% open/close (no maker/taker distinction) |
Funding mechanism MECHANISM DIFFERS | Funding rate (longs/shorts pay each other) | Borrow fee model (hourly rate, no funding) |
| Products | ||
Perpetual markets | 100+ markets | BTC, ETH, SOL (limited selection) |
| Liquidity | ||
LP model | HLP (protocol vault) + market makers | JLP pool — counterparty to all trades |
| Ecosystem | ||
Gas fees | Zero gas for trading on L1 | Near-zero Solana fees (~$0.001) |
Architecture: Orderbook vs. LP Pool
The core difference shapes the entire trading experience:
Hyperliquid (Orderbook): Operates a traditional Central Limit Order Book on its own L1 blockchain. Every bid and ask is visible on-chain. Prices emerge from genuine buyer-seller matching, giving traders full control over execution with limit orders and tight spreads from professional market makers.
Jupiter Perps (LP Pool): Traders open positions against the JLP liquidity pool at Pyth oracle prices. There is no orderbook or bid/ask spread — you get the oracle price with a flat fee. The JLP pool acts as the sole counterparty to all trades, earning fees when traders lose and losing when traders profit.
Trade-off
Leverage & Fee Models
The fee structures reflect each platform's design philosophy:
Hyperliquid — Tiered Fees
Volume-based tiers with taker fees starting at 0.035% and maker rebates that reward liquidity provision. Funding rates balance long/short demand. Up to 50x leverage with per-asset risk parameters.
Jupiter — Flat Fee + Borrow
Flat 0.06% to open or close any position. No maker/taker distinction. Instead of funding rates, Jupiter charges an hourly borrow fee based on utilization. Leverage goes up to 250x. 75% of all fees go to JLP holders.
Final Verdict
Hyperliquid is suitable if:
- You want access to 100+ perpetual markets beyond BTC/ETH/SOL.
- You prefer traditional orderbook execution with limit orders.
- You value maker rebates and volume-tiered fee discounts.
- You want fully on-chain order matching and price discovery.
- You need copy trading and advanced order types.
Jupiter Perps is suitable if:
- You want extremely high leverage (up to 250x) on majors.
- You prefer simple oracle-priced execution with zero slippage.
- You want to earn yield as an LP through the JLP vault.
- You're already in the Solana ecosystem.
- You mainly trade BTC, ETH, or SOL perpetuals.
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.