⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Hyperliquid vs Derive (2026): Perps vs Options-First
Facts verified against each venue's official docs on 2026-10-05. Any comparison of volume or liquidity reflects a point-in-time reading that moves constantly — treat it as a reading, not a fixed ranking.
Hyperliquid is a perp-first order book that matches and settles on its own L1. Derive is built for options: its v3 matches off-chain and proves every batch of protocol operations before settling it on Ethereum L1. Our Derive review covers the model in full.
Note on jurisdiction: both venues block US persons. Derive's Terms also exclude Australian tax residents and Ontario residents. Check each venue's own terms before signing up.
Verdict
For perps, Hyperliquid; for options, Derive. Hyperliquid lists far more perps and allows more leverage. Derive offers European options with portfolio margin and RFQ discounts for spreads, a slightly lower perp taker rate on most sizes, and settlement proven on Ethereum. Its perp book is small, and its docs disagree on funding caps and the liquidation fee.
At a glance
| Hyperliquid | Derive | |
|---|---|---|
| Model | On-chain order book, own L1 | Off-chain order book + RFQ; ZK-proven batches settled on Ethereum L1 |
| Products | Perps and spot | Options (to 400 days), 15 perps, spot |
| Perp fees (base) | 0.045% taker / 0.015% maker | $0.01 + 0.03% taker / 0.01% maker |
| Max leverage | Up to 40x WINNER | 15.15x on BTC and ETH (API) |
| Margin | Cross or isolated | Standard or portfolio margin inside one of four risk universes |
| Funding | Hourly · P2P | Hourly; caps per market (sources differ) |
| Token | HYPE (live) | DRV (collateral, staking for fee tiers) |
| Operating entity | Blocks US · own L1 | Lyra Technologies Corp (app), Derive DAO (protocol); Panama law |
facts verified · each venue's docs
Fees
Hyperliquid runs 0.045% taker / 0.015% maker at the base tier, reduced by volume tiers and HYPE staking — see our full breakdown. Derive charges perps $0.01 plus 0.03% as a taker and 0.01% as a maker, options $0.5 plus the lesser of 0.03% of notional or 12.5% of premium, and nothing on spot. The Derive fees page has the detail.
Where Derive wins
- Options with expiries up to 400 days, portfolio margin and multi-leg RFQ discounts.
- Settlement proven with zero-knowledge proofs and verified on Ethereum L1.
- A lower perp taker percentage, and a lower maker rate.
Where Hyperliquid wins
- A much larger perp shelf and higher leverage.
- One margin account rather than four separate risk universes.
- Consistent fee and funding figures; Derive's pages disagree on funding caps and the liquidation fee.
Which to pick
If you trade options or hedge them with perps, Derive is built for it. For perps alone, Hyperliquid is the default — read our full Hyperliquid review, and weigh both against the field in our perp DEX rankings.
Related comparisons
Venue reviews: Hyperliquid review · Derive review
FAQ
Is Derive a DEX?
Matching runs off-chain in Lyra Technologies' order book; margining and settlement follow a protocol whose every batch is proven and verified on Ethereum L1, with an L1 escape hatch for withdrawals.
Which is cheaper for perps?
Derive's 0.03% plus $0.01 taker fee is below Hyperliquid's 0.045% base tier except on very small trades. The fee comparison lists both with their verification dates.
Do I need KYC on either?
Neither venue's trading onboarding asks for identity documents.
Perpetual futures carry substantial risk regardless of venue — see our risk disclosure before trading either exchange.
the Hyperliquid link is an affiliate link — we may earn a commission at no extra cost to you; no commercial relationship with Derive · methodology