Hyperliquid vs Kraken

Hyperliquid is a decentralized exchange built around fast on-chain trading, while Kraken is a centralized exchange with a broad menu of coins and services. The clearest split: Hyperliquid keeps KYC optional and leans into low-cost derivatives, whereas Kraken requires identity verification and holds a MiCA licence for EU customers.

Hyperliquid vs Kraken

Category	HHyperliquid8.8/10	KKraken9.3/10
Overview
CryptoWinRate score	8.8/10	9.3/10 (higher)
Founded	2021	2011
Headquarters	Singapore	San Francisco, USA
Founder	Jeff Yan	Jesse Powell
CEO	Jeff Yan	David Ripley
KYC	No KYC	Required
MiCA licence	No	Yes
Regulator	—	Central Bank of Ireland (CBI)
Availability
Available in your country	—	—
Restricted countries	2 countries	6 countries
Deposits and withdrawals
Deposit methods	10 methods	9 methods
Withdrawal methods	1 method	7 methods
24-hour withdrawal limitKYC 1	—	$500,000
24-hour withdrawal limitKYC 2	—	$10,000,000
Trading fees
Spot maker fee	0.04% (lower)	0.4%
Spot taker fee	0.07% (lower)	0.8%
EU spot feesmaker/taker	—	0.4% / 0.8%
Futures maker fee	0.015% (lower)	0.02%
Futures taker fee	0.045% (lower)	0.05%
Coins and markets
Spot assetscrypto	316	679 (higher)
EU coins	—	679
Futures contractscrypto	183	199 (higher)
Stocks	112 (higher)	13
ETFs	1	5 (higher)
FX pairs	3	3
Indices	9	—
Commodities	9 (higher)	6
Leverage and margin
Max leverage	40×	50×
EU max leverage	—	10×
Spot margin	—	10×
Features
Spot	Yes	Yes
Futures	Yes	Yes
Prediction Markets	Yes	No
Demo Trading	Yes	Yes
Copy Trading	Yes	No
Staking	Yes	Yes
Debit card	No	Yes
Security
Proof of reserves	Self-custody	YesAttestation ↗
Cold storage	Self-custody	Yes
Two-factor authentication	Self-custody	Yes
Withdrawal address whitelist	Self-custody	Yes
Anti-phishing passphrase	Self-custody	No
Reported hacks	—	YesSource ↗
Sign-up bonus
Fee cashback	—	10%
Fee discount	4%	—
	Visit Hyperliquid ↗Read review →	Visit Kraken ↗Read review →

Availability in your country is checked live against each exchange's restricted-country list.

Who should choose Hyperliquid

Hyperliquid fits active derivatives traders who care about cheap execution and privacy. Its futures fees (0.015% maker, 0.045% taker) are low, and spot trading at 0.04% maker and 0.07% taker undercuts many centralized venues. KYC is optional, so you can start trading without handing over documents. It also offers copy trading, prediction markets, and tokenized stocks (112). Leverage reaches 40x.

Who should choose Kraken

Kraken suits people who want a wide selection and a regulated home base. It carries more spot coins (679) and more futures coins (177) than Hyperliquid, plus a debit card for spending. It holds a MiCA licence, which matters if you’re an EU customer wanting an authorised platform, and KYC is required. Max leverage is 50x. The trade-off is spot cost: 0.4% maker and 0.8% taker are far higher than Hyperliquid’s.

Verdict

Pick Hyperliquid if you want low fees, optional KYC and a lean derivatives focus. Pick Kraken if you want a wider coin selection, a debit card, or a MiCA-licensed platform as an EU customer, and don’t mind higher spot fees and mandatory verification.