# Extended vs Hyperliquid in 2026

Updated: 24 September 2026. Rate pages read 18 September 2026. Books timed 21 September 2026. The Cost Per Trade pricing desk

## The verdict

Extended vs Hyperliquid on 24 September 2026: Extended is cheaper below the volume tiers, at
$5.00 against $9.00 on a $10,000 round trip, and it scores
38.4 against 33.1. Hyperliquid records every order and cancel on
its own chain; on markets and on depth the two are close, and both go Extended's way.

## Extended vs Hyperliquid, line by line

| Line | Extended | Hyperliquid |
|---|---|---|
| All-in on a $10,000 round trip | $5.12 | $9.12 |
| Published fees on $10,000 | $5.00 | $9.00 |
| Paid to the order book | $0.12 | $0.12 |
| Score of 50 | 38.4 | 33.1 |
| How it charges | One flat schedule for every account and every order type | A ladder that falls with 14-day weighted volume and staked HYPE |
| Entry maker and taker | 0% maker / 0.025% taker | 0.015% maker / 0.045% taker |
| Fees on a $10,000 round trip | $5.00 | $9.00 |
| Median spread | 0.12 bps | 0.12 bps |
| Resting within 10 basis points | $7.8 million | $7.3 million |
| Walk on a $100,000 order | 0.06 bps | 0.06 bps |
| Perpetual markets | 325, of which 278 are request-for-quote | 324, of which 146 are builder-deployed |
| Where trades are recorded | Validated and settled on Starknet, a validity rollup on Ethereum | Every order, cancel and trade on its own layer-1 chain |
| Bug bounty | Its own programme, up to $500,000 for a critical report | Its own programme, up to 1 million USDC for a critical report |
| Loss of user money in 24 months | None recorded | Its community vault lost money in March and November 2025 |

Weights: Published rate 40 · Execution cost 30 · Where the money sits 12 · Security record 8 · What the rate buys 6 · Who may pay it 4, on a scale of zero to 50, fixed 22 September 2026. Method in full: https://thundermessage.com/how-we-price

Venue figures read on 18 September 2026 in each venue's own documentation, trading terms and rate pages; the order-book figures are our own.

## Where the money goes

| Venue | Published fee on $10,000 | Paid to the order book | All-in |
|---|---|---|---|
| Extended | $5.00 | $0.12 | $5.12 |
| Hyperliquid | $9.00 | $0.12 | $9.12 |

1. Entry rates: 0% maker / 0.025% taker against 0.015% maker / 0.045% taker, a $4.00 difference per $10,000 round trip.
2. Markets: 325 against 324, though 278 of the first are request-for-quote.
3. Depth: $7.8 million against $7.3 million within 10 basis points.
4. Only one of the two publishes a ladder, and only turnover unlocks it.

## The surcharge behind the rate

Both BTC perpetual books were read 00:00 to 23:54 UTC on 21 September 2026, at ten-minute stops; the figures are medians of every successful reading.

| Venue | Median spread | Resting within 10 bps | Walk on $10,000 | Walk on $100,000 | Readings |
|---|---|---|---|---|---|
| Extended | 0.12 bps | $7.8 million | 0.06 bps | 0.06 bps | 53 |
| Hyperliquid | 0.12 bps | $7.3 million | 0.06 bps | 0.06 bps | 135 |

## [Extended](https://extended.exchange/) — an account that will not chase a tier

$5.12 all-in on a $10,000 round trip: $5.00 in published fees and $0.12 paid to the order book. 0% maker / 0.025% taker. Score 38.4 of 50.

Points before the weights: Published rate 8.5 · Execution cost 5.8 · Where the money sits 7.0 · Security record 10.0 · What the rate buys 9.6 · Who may pay it 8.0.

0% maker / 0.025% taker for everyone, no tier, no latency penalty
([Extended fee documentation](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026). Every transaction is validated and
settled on Starknet with deposits in audited contracts, and its own bug bounty pays up to $500,000.
The readings put $7.8 million within 10 basis points and 0.06 bps
of walk on a $100,000 order.

- Buys: The same 0.025% whatever the account trades; Maker rebates above 0.5% of 30-day maker volume; No loss of user money on record.
- Not covered: 278 of 325 markets are request-for-quote, with no public book; Nothing in its documentation sets out a withdrawal that works without the operator.
- Not for: an account whose turnover would earn a real discount.

## [Hyperliquid](https://hyperliquid.xyz) — turnover, market count and per-trade settlement

$9.12 all-in on a $10,000 round trip: $9.00 in published fees and $0.12 paid to the order book. 0.015% maker / 0.045% taker. Score 33.1 of 50.

Points before the weights: Published rate 6.5 · Execution cost 5.7 · Where the money sits 7.0 · Security record 7.0 · What the rate buys 9.6 · Who may pay it 8.0.

0.015% maker / 0.045% taker at the base, falling with 14-day weighted volume and staked HYPE
([Hyperliquid fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), checked 18 September 2026). Orders, cancels, trades and
liquidations all happen on its own layer-1 chain. It held $7.3 million within 10 basis
points and lists 324 perpetual markets.

- Buys: 324 perpetual markets under one fee tier; $7.3 million resting within 10 basis points; Bug bounty of up to 1 million USDC.
- Not covered: The base rate is 0.045% until the volume arrives; Its community vault lost money in March and in November 2025; 146 markets are deployed by third parties and not reviewed by the interface operator.
- Not for: small accounts trading occasionally.

## Who each schedule is written for

Extended publishes one rate and applies it to everybody: 0% maker / 0.025% taker, with 0.010% for
takers on real-world-asset markets and rebates for makers above 0.5% of 30-day maker volume
([Extended fee documentation](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026). A first trade and a thousandth cost
the same, which suits an account that will never generate enough turnover to be courted.

Hyperliquid publishes a ladder. The base tier is 0.015% maker / 0.045% taker and one tier covers
perpetuals, builder-deployed markets and spot, descending with 14-day weighted volume and staked HYPE
([Hyperliquid fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), checked 18 September 2026). The discount is real and it is
also conditional: an account that trades sporadically pays the top of the ladder forever.

## What the extra $4.00 buys

On a $10,000 round trip the gap is $5.00 against $9.00. For
that difference Hyperliquid records every order and cancel on its own chain, not only the settled
transaction, and runs a bug bounty of up to 1 million USDC against $500,000. It does not buy more
markets or a deeper book: 324 perpetuals against 325,
and $7.3 million within 10 basis points against $7.8 million.

The caveats run both ways. On Hyperliquid, 146 of those markets are deployed by third parties staking
HYPE and are not reviewed by the interface operator, and its community vault lost money twice in 2025.
On Extended, 278 of 325 markets are filled by market makers on request, with an
indicative book rather than a public one.

Both schedules charge the trade whether it wins or loses, and neither of them touches the larger
number. A leveraged position is liquidated when the margin behind it runs out, and the more leverage
is taken the shorter the move that runs it out.

## FAQ

### Is Extended cheaper than Hyperliquid?

At the entry tier, yes: 0.025% against 0.045% for takers, which
works out at $5.00 against $9.00 on a $10,000 round trip at
market. An account with enough 14-day weighted volume can descend Hyperliquid's ladder below the flat
rate and keep it there.

### What is a volume tier on a crypto exchange?

A step in a published schedule that lowers the fee once turnover passes a threshold. Hyperliquid
measures 14-day weighted volume and also counts staked HYPE, applying one tier across perpetuals,
builder-deployed markets and spot. Extended has no tiers at all.

### Which has more trading pairs?

Extended, by one: 325 perpetual markets against 324 on
Hyperliquid, both counts read on 18 September 2026 from each venue's own documentation. The headline
numbers hide different things: 278 of the first are filled on request and 146 of the second are
builder-deployed by third parties.

### What is a request-for-quote market?

A market where the order is filled by a market maker on request rather than matched against a public
book. The displayed book is indicative, each market carries an open-interest cap, and 278 of
Extended's 325 active perpetuals work this way.

### Is Hyperliquid fully on-chain?

Its order books run in HyperCore on its own layer-1 chain, so every order, cancel, trade and
liquidation is recorded there rather than on a matching server. Extended matches on its own engine and
settles every transaction on Starknet instead.

### Which is better for a beginner?

A flat schedule is easier to reason about, and Extended's 0% maker / 0.025% taker needs no arithmetic.
A beginner trading small amounts also feels the spread more than the fee, and both venues quoted
inside 0.12 bps in the readings.

### extended vs hyperliquid for a mid-size account?

Work out the turnover honestly. Below the first rung of the ladder the flat 0.025%
wins on every trade; above it the ladder wins and keeps winning. The other differences are market
count and depth, and on these readings both are narrow and both go Extended's way.

### Do either of them charge for withdrawals?

Neither publishes a withdrawal fee in the documentation we read on 18 September 2026. Both settle to a
chain, so a withdrawal costs whatever that chain charges at the time, which is outside either venue's
fee schedule. Neither figure is fixed, so a small withdrawal can cost more than the trade did.

### What happens if a venue's chain stops?

Positions stay open and orders cannot be changed, which is the scenario worth reading about before
depositing. Neither of these two documents a withdrawal that works without the operator, so the exit
depends on the venue coming back. Extended settles on Starknet, Hyperliquid runs its own chain, and an
open position waits either way.

### Are staking discounts worth it?

Only against the capital they lock. Hyperliquid counts staked HYPE towards the fee tier, so the
discount has to beat what that stake would earn elsewhere. Extended offers no staking route and no
discount at all. The tier is read over 14 days, so the saving has to be earned again each fortnight.

## Quoted from the rate pages

> "Currently, Extended features a flat fee structure for both perpetuals and spot markets: Taker: 0.025% Maker: 0.000%" — Extended documentation, Trading fees and rebates, 18 September 2026. https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates
> "For each user, there is one fee tier across all assets, including perps, HIP-3 perps, and spot." — Hyperliquid documentation, Fees, 18 September 2026. https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees
> "HyperCore includes fully onchain perpetual futures and spot order books. Every order, cancel, trade, and liquidation happens transparently with one-block finality inherited from HyperBFT." — Hyperliquid documentation, About Hyperliquid, 18 September 2026. https://hyperliquid.gitbook.io/hyperliquid-docs/about-hyperliquid
## How this sheet was priced

Quoted off each venue's own pages, 18 September 2026: rates, market counts, sign-in rules, audits.
Read off the public book here: every BTC perpetual, 00:00 to 23:54 UTC on 21 September 2026, at ten-minute stops. The weights came
first, 22 September 2026, before any of the 2 venues was priced
([how we rate](/how-we-price)). No order was sent.

The price here leaves out volume tiers, staking, rebates and cashback. Funding is billed on its own
clock. One contract was timed: BTC. What a chain is told, and what the past 24 months hold, come from
the venue's telling, not from anything tested here.

Both venues are priced with the same formula, fixed before either was scored, and with the same order-book readings. Every figure carries the day it was taken. Corrections: desk@thundermessage.com.

The Cost Per Trade pricing desk, 24 September 2026

This price desk is paid to publish, and a venue on the sheet may be the party that paid; the order of every column is the published formula.