⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Hyperliquid vs SoDEX (2026): Two L1 Order Books
Facts verified against each venue's official docs on 2026-09-24. Any comparison of volume or liquidity reflects a point-in-time reading that moves constantly — treat it as a reading, not a fixed ranking.
On paper these two look alike: each runs an order book on a chain built for it, charges per fill and pays funding every hour. The difference is underneath. Hyperliquid matches and settles on its own L1. SoDEX matches on a perps appchain of SoSoValue's ValueChain, but the assets you deposit are "held in segregated custody accounts managed by institutional custody providers" and you trade a 1:1 mirrored token minted by the Mirror Protocol. Our SoDEX review covers that model in full.
Note on jurisdiction: both venues block US persons. SoDEX's Terms also exclude China, Singapore, the United Kingdom, Russia, the Central African Republic, Cuba and FATF-listed countries. Check each venue's own terms before signing up.
Verdict
Similar books, different custody. SoDEX's tier-0 fees undercut Hyperliquid's slightly, it pays makers rebates at high maker share, and its shelf reaches stocks, index trackers and metals. Hyperliquid keeps funds on its own chain rather than with third-party custodians, while SoDEX's only named company disclaims operating the venue. Pick SoDEX for the fee schedule and TradFi perps if custodied deposits are acceptable to you; pick Hyperliquid when where the money sits decides it.
At a glance
| Hyperliquid | SoDEX | |
|---|---|---|
| Model | On-chain order book, own L1 | On-chain order book, ValueChain perps appchain |
| Custody | Own L1 · Zellic bridge audit WINNER | Custodians hold deposits (Cobo, Ceffu, Coinbase); mirrored 1:1 |
| Markets | Broad crypto set | 91 USDC perps incl. stocks, index trackers, gold, silver |
| Fees (base tier) | 0.045% taker / 0.015% maker | 0.040% taker / 0.012% maker |
| Max leverage | Up to 40x | Up to 40x (BTC, ETH per API) |
| Funding | Hourly · P2P | Hourly · 4% per hour cap |
| Token | HYPE (live) | SOSO (live); SoPoints toward a future SOSO airdrop |
| Operating entity | Blocks US · own L1 | Finova Holdings Limited, interface only; disclaims operating SoDEX |
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. SoDEX starts at 0.040% taker and 0.012% maker on 14-day weighted volume (spot counts double), reaches 0.022% and 0% at tier 6, takes up to 40% off for staked SOSO, and pays makers rebates down to −0.003% when their share of maker volume passes set thresholds. The SoDEX fees page has each table.
Where SoDEX wins
- A slightly lower base schedule, a token discount of up to 40% and maker rebates for high maker share.
- Stock, index-tracker, gold and silver perps in the same account as crypto.
- Deposits from many native chains — Bitcoin, Solana, Ethereum and others — without bridging yourself.
- No liquidation fee on the order-book stage of a liquidation.
Where Hyperliquid wins
- Custody: funds stay on its own chain rather than with custodians whose holdings back a mirrored token.
- Accountability: SoDEX's Terms name Finova Holdings Limited as interface provider only, and its footer links another product's Terms.
- A single, consistent source of truth: SoDEX's docs list ETH at 25x where its API says 40x.
Which to pick
If you want the lower schedule, rebates and TradFi perps, and you accept that your deposit is held by named custodians and mirrored on-chain, SoDEX fits. If custody and a single clear accountability matter more than a few basis points, Hyperliquid is the safer default — read our full Hyperliquid review, and weigh both against the field in our perp DEX rankings.
Related comparisons
Venue reviews: Hyperliquid review · SoDEX review
FAQ
Is SoDEX a DEX if custodians hold the deposits?
Matching and positions are on-chain, on ValueChain's perps appchain. The deposited assets themselves are held by custodians and represented by mirrored tokens. It is decentralised in matching, not in where the underlying assets sit.
Which is cheaper?
At the base tier, SoDEX by a few basis points on both sides; with staking and rebates the gap can widen. The fee comparison lists both schedules with their verification dates.
Do I need KYC on either?
Neither venue's onboarding asks for identity documents. SoDEX screens every deposit and withdrawal (KYT and KYA) and returns funds tied to illicit activity.
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 SoDEX · methodology