Extended vs Hyperliquid in 2026
The Cost Per Trade pricing deskUpdated: Books timed
Cheaper of the two
$5.12
Extended
$5.00 in published fees and $0.12 paid to the order book, to open and close a $10,000 position at market.
Dearer of the two
$9.12
Hyperliquid
$9.00 in published fees and $0.12 paid to the order book, on the same $10,000 position.
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.
WeightsPublished rate40Execution cost30Where the money sits12Security record8What the rate buys6Who may pay it4how we rate
Extended vs Hyperliquid, line by line
One line per difference that alters the bill for a trade or the custody of the collateral sits. Every cell is a published figure or one of the order-book readings, dated under the table.
| 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 |
Venue figures read on 18 September 2026 in each venue's own documentation, trading terms and rate pages; order-book figures are our own, from the batch of readings named below. One formula prices the whole site, fixed on 22 September 2026.
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 | Against the deeper book | 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 |
Where the money goes
- 01Entry rates: 0% maker / 0.025% taker against 0.015% maker / 0.045% taker, a $4.00 difference per $10,000 round trip.
- 02Markets: 325 against 324, though 278 of the first are request-for-quote.
- 03Depth: $7.8 million against $7.3 million within 10 basis points.
- 04Only one of the two publishes a ladder, and only turnover unlocks it.
Line 01
$5.12
all-in on a $10,000 round trip
- Published fee
- $5.00
- Paid to the book
- $0.12
- Maker and taker
- 0% maker / 0.025% taker
- Score
- 38.4 of 50
Extended — an account that will not chase a tier
0% maker / 0.025% taker for everyone, no tier, no latency penalty (Extended fee documentation, 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.
Points by criterion, each out of ten before the weights
Price 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
Price omits
- 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.
Rate page: extended.exchange
Line 02
$9.12
all-in on a $10,000 round trip
- Published fee
- $9.00
- Paid to the book
- $0.12
- Maker and taker
- 0.015% maker / 0.045% taker
- Score
- 33.1 of 50
Hyperliquid — turnover, market count and per-trade settlement
0.015% maker / 0.045% taker at the base, falling with 14-day weighted volume and staked HYPE (Hyperliquid fee documentation, 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.
Points by criterion, each out of ten before the weights
Price buys
- 324 perpetual markets under one fee tier
- $7.3 million resting within 10 basis points
- Bug bounty of up to 1 million USDC
Price omits
- 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.
Rate page: hyperliquid.xyz
01
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, 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, 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.
02
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.
03
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). 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.
Questions readers ask about these two
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.
Updated: . Price errors and corrections: desk@thundermessage.com. The Cost Per Trade pricing desk.