Hyperliquid vs Variational: volume, fees and points compared
Live comparison · updated 2026-10-28 07:17 UTC
Hyperliquid is the bigger exchange right now, with $6.86B of 24h volume against $2.53B on Variational (about 2.7x). Variational has the lower base taker fee (0% vs 0.045%). Variational runs a live points program.
| Hyperliquid | Variational | |
|---|---|---|
| Rank by 24h volume | #1 | #2 |
| 24h volume | $6.86B | $2.53B |
| Open interest | $15.60B | $1.99B |
| Market share | 44.4% | 16.4% |
| 7-day volume change | -14.4% | -14.5% |
| 30-day volume | $225.76B | $76.67B |
| Markets listed | 349 | 581 |
| Chain | Hyperliquid L1 | Arbitrum |
| Base trading fee | Taker 0.045% · Maker 0.015% | Taker 0% · Maker 0% |
| Fees on a $10,000 round trip, market orders | $9 | $0 |
| Fees on a $10,000 round trip, limit orders | $3 | $0 |
| How trades fill | Order book | RFQ |
| Notable technology | Own Layer-1 blockchain (HyperCore + HyperEVM) with a fully on-chain order book | One in-house market maker (OLP) quotes every trade; settles on Arbitrum |
| Points program | No | Yes · Weekly Omni points until end of Q4 2026 |
| Token | HYPE | $VAR planned Q4 2026 |
| DEX Review referral link | No | No |
Fee rows use each exchange's base rates (open plus close a $10,000 position, no volume discounts). Spread, funding, slippage and price impact are extra.
Hyperliquid daily volume, 30 days
Variational daily volume, 30 days
FAQ
Is Hyperliquid bigger than Variational?
By 24h volume, Hyperliquid is bigger: $6.86B vs $2.53B. Open interest is $15.60B on Hyperliquid and $1.99B on Variational. These numbers update about every 15 minutes.
Which has lower fees, Hyperliquid or Variational?
Hyperliquid: Taker 0.045% · Maker 0.015%. Variational: Taker 0% · Maker 0%. These are base rates from each exchange's docs; spreads, funding and volume tiers change the real cost.
Do Hyperliquid and Variational have points programs?
Hyperliquid: no active program. Variational: yes, Weekly Omni points until end of Q4 2026.
Sources
- Hyperliquid fees
- Variational fees
- Hyperliquid docs
- Variational docs
- Volume and open interest: CoinGecko derivatives API
More detail: Hyperliquid page · Variational page · all perp DEXs.
Information only, not financial advice. Perpetual futures use leverage and are high risk.