Hyperliquid vs. Lighter
A professional comparison of Hyperliquid and Lighter. Compare zk-rollup performance against custom L1 architecture for perpetual trading.
The Quest for Millisecond Latency
Hyperliquid and Lighter are at the absolute peak of on-chain trading performance. While both strive for a Centralized Exchange (CEX) experience, they differ fundamentally in how they achieve speed and verify transactions.
Data Notice: Lighter Network Status
Feature-by-Feature Comparison
| Feature | Hyperliquid | Lighter (zkLighter) |
|---|---|---|
| Core Architecture | ||
Infrastructure / Settlement | Purpose-built L1 (HyperCore) | Ethereum-anchored ZK-Rollup |
Matching / Execution | Fully on-chain order books | Off-chain SNARK matching |
Latency (as documented) METRIC DIFFERENCE | ~0.2s block time | Standard: 300ms / Premium: 150ms |
| Trading Specs | ||
Max Leverage (Majors) TESTNET SPECS | BTC 40x / ETH 25x | BTC 50x / ETH 343023594150x |
Fee Model | Volume-based tiers + Maker rebates | Standard: 0 / Premium: Taker fees |
| Automation | ||
API & Agents | Native Session Agents | 256 Keys per account |
| Safety | ||
Self-Custody / Recovery | Multi-sig + L1 Decentralization | Escape Hatch to Ethereum |
L1 Sovereignty vs. zk-Rollup Security
Hyperliquid's L1 sovereignty allows for ultimate vertical integration. Every aspect of the blockchain—from consensus to order-matching—is optimized for trading. This results in the most transparent and deterministic environment for traders.
Lighter leverages the **zk-Rollup** paradigm. By performing execution off-chain and posting cryptographic proofs to Ethereum, it provides a "trust-minimized" experience where you rely on math and Ethereum's security rather than a specific validator set.
Zero Fees vs. Transparent Tiers
Lighter differentiates itself with a **Zero-Fee** model for retail traders, making it an attractive entry point for newcomers. Pro traders and API users still pay fees, but the retail experience is highly competitive.
Hyperliquid through Dexly maintains a transparent, tiered fee structure. While not zero, the fees are among the lowest in DeFi and are paired with deep liquidity that minimizes slippage—often saving traders more money than zero-fee platforms with thinner books.
Final Verdict
Hyperliquid is suitable if:
- You want access to the widest variety of perp markets.
- You value fully on-chain order matching and settlement.
- You want to participate in copy-trading and HLP vaults.
- You need deep liquidity for large-scale institutional trading.
Lighter is suitable if:
- You are a retail trader looking for zero fees.
- You want to trade spot ETH alongside your perp positions.
- You prioritize millisecond matching speed.
- You prefer your security to be anchored directly in Ethereum.
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.