Hyperliquid vs Lighter
They are level on Privacy. Hyperliquid has the higher Safety grade, 6.7 against 6.2.
Hyperliquid
On-chain order-book exchange for perpetuals and spot, used with your own wallet
Privacy
7.5/ 10
Strong
Safety
6.7/ 10
Fair
No ID mentioned KYC 1 Docs reviewed Full review →
Lighter
Zero-fee perpetuals and spot order book on an Ethereum layer 2, used with your own wallet
Privacy
7.5/ 10
Strong
Safety
6.2/ 10
Fair
No ID mentioned KYC 1 Docs reviewed Full review →
Side by side
| Hyperliquid | Lighter | |
|---|---|---|
| Category | No-KYC Exchanges | No-KYC Exchanges |
| KYC policy | No ID mentioned | No ID mentioned |
| Custody | Non Custodial | Non Custodial |
| Sign-up | No account needed | No account needed |
| Open source | No | No |
| Tor onion address | No | No |
| Coins | BTC, ETH, SOL, USDC, USDT, HYPE | USDC, ETH, BTC, LIT |
| Pay with | Crypto | Crypto |
| Fees | Perps base tier 0.045% taker / 0.015% maker; spot 0.070% taker / 0.040% maker, lower with 14-day volume | Standard accounts: 0% maker and taker on regular orders, 0.01% on TWAP/advanced orders and RFQ; Premium/Advanced from 0.004% maker / 0.028% taker |
| Not available in | United States, Ontario (Canada) and sanctioned jurisdictions; outcome markets have further exclusions | United States, Canada, United Kingdom, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, Syria |
| Incidents on record | 0 | 0 |
| Published tests (180 days) | 0 | 0 |
Only Hyperliquid
Closed sourceIndependent auditRuns an affiliate programme
Both
No registrationNo email neededNo phone neededNon-custodialExcludes US users
Only Lighter
Nothing distinct
Where they sit among no-kyc exchanges
Questions
Is Hyperliquid or Lighter safer?
Hyperliquid has the higher Safety grade: Hyperliquid 6.7, Lighter 6.2, out of 10.
Does Hyperliquid or Lighter require KYC?
Hyperliquid is KYC level 1 (no ID mentioned). Lighter is KYC level 1 (no ID mentioned).
Which has more incidents on record?
Hyperliquid has 0 and Lighter has 0 documented incidents in the registry.