Hyperliquid vs Lighter

Hyperliquid and Lighter are both decentralized exchanges built for on-chain trading, and neither requires KYC. The main difference is breadth versus cost: Hyperliquid offers a wide range of spot coins, tokenized stocks and prediction markets, while Lighter charges 0% fees and focuses tightly on futures.

Hyperliquid vs Lighter

Category	HHyperliquid8.8/10	LLighter7.5/10
Overview
CryptoWinRate score	8.8/10 (higher)	7.5/10
Founded	2021	2022
Headquarters	Singapore	United States
Founder	Jeff Yan	Vladimir Novakovski
CEO	Jeff Yan	Vladimir Novakovski
KYC	No KYC	No KYC
Availability
Available in your country	—	—
Restricted countries	2 countries	1 country
Deposits and withdrawals
Deposit methods	10 methods	5 methods
Withdrawal methods	1 method	1 method
Trading fees
Spot maker fee	0.04%	0%
Spot taker fee	0.07%	0%
Futures maker fee	0.015%	0% (lower)
Futures taker fee	0.045%	0% (lower)
Coins and markets
Spot assetscrypto	317 (higher)	2
Futures contractscrypto	183	205 (higher)
Stocks	112	—
ETFs	1	—
FX pairs	3	—
Indices	9	—
Commodities	9	—
Leverage and margin
Max leverage	40×	50×
Features
Spot	Yes	Yes
Futures	Yes	Yes
Prediction Markets	Yes	No
Demo Trading	Yes	No
Copy Trading	Yes	No
Staking	Yes	No
Sign-up bonus
Fee discount	4%	—
	Visit Hyperliquid ↗Read review →	Visit Lighter ↗Read review →

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

Who should choose Hyperliquid

Hyperliquid fits traders who want variety in one place. It lists 317 spot coins, 183 coins with futures and 112 tokenized stocks, so you can move between spot, perpetuals and stock tokens without switching platforms. It also supports copy trading, staking, prediction markets and a demo mode for practice. Fees start at 0.04% on spot and 0.015% on futures maker orders, with leverage up to 40x. KYC is optional, and it holds no MiCA licence.

Who should choose Lighter

Lighter suits a trader focused almost entirely on futures who cares most about cost. Both maker and taker fees are 0% on futures and spot alike, which matters if you trade often or in size. It covers 205 coins with futures and allows leverage up to 50x, the higher of the two. Spot is limited to 2 coins, and there are no extras like staking, copy trading or prediction markets. KYC is optional, and it holds no MiCA licence.

Verdict

Pick Hyperliquid if you want spot coins, tokenized stocks and features like copy trading and prediction markets under one roof. Pick Lighter if you trade futures actively and want the lowest possible fees with higher leverage.