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Hyperliquid vs Lighter
Which platform is better for trading stock perps? Here's how Hyperliquid and Lighter stack up on fees, leverage, selection and 24/7 access.
Hyperliquid
4.9
The largest on-chain perpetuals exchange.
Deepest liquidity of any on-chain perp DEX
Fast order book with pro-grade tooling
Growing list of stock perps via HIP-3 builder markets
Charges maker/taker fees
Equity leverage capped lower than crypto
Lighter
4.4
ZK-powered perpetuals with zero fees for retail.
Zero fees for retail traders
ZK-proven order book on Ethereum
Clean, fast trading UI
Smaller stock-perp selection
Lower leverage than some rivals
Feature-by-feature comparison
| Feature | Hyperliquid | Lighter |
|---|---|---|
| Fees | Low maker/taker fees | Zero fees for retail |
| Max leverage | Up to 20x (equities) | Up to 20x |
| Selection | Wide selection incl. stock perps (via HIP-3) | Crypto + select stock perps |
| Chain / venue | Hyperliquid L1 | ZK rollup (Ethereum) |
| Best for | Deep liquidity and pro tooling | Fee-sensitive retail traders |
| US Stock Perps | ||
| Zero Fees | ||
| High Leverage (50x+) | ||
| 24/7 Trading | ||
| No KYC | ||
| Rating | 4.9 | 4.4 |
The verdict
Hyperliquid edges out Lighter for most stock-perp traders thanks to its feature set and deep liquidity and pro tooling. Choose Lighter if you specifically need fee-sensitive retail traders.