Service overview
dYdX
dydx.trade
Decentralised perpetuals order book on its own chain, traded from a self-custody wallet
Non-custodialNo registration
Privacy 7.7/10
Safety 7.0/10
Read the evidence
Hyperliquid review
On-chain order-book exchange for perpetuals and spot, used with your own wallet
Privacy score
7.5/ 10
StrongHow much you reveal
See the score breakdown Safety score
6.7/ 10
FairHow well you’re protected
See the score breakdown Identity policy
1/ 4 KYC level
No ID mentioned Read the policy Evidence
Documentation reviewed Grades based on published terms and documentation.
0 published tests Two grades. Different questions.Understand the methodology
The overview
The essentials, at a glance.
Hyperliquid is an exchange. Its terms put it at KYC level 1 of 4: no ID mentioned. NoKYC Score grades it 7.5/10 for privacy (strong) and 6.7/10 for safety (fair). In its favour: no account needed, no email needed and no phone number. No incidents are on record.
What stands out
- Never holds your funds
The operator never controls user funds, so it cannot freeze them.
- No account needed
Usable without creating an account, or the account is only a random number.
- Independent audit
A third party audited the code or the no-logs claim, and the report is public.
Before you use it
No warning flags found in the recorded terms. This is not a guarantee of safety.
0 incidents on recordNo test transactions published yet.
About Hyperliquid
Hyperliquid is a layer-one blockchain whose core component runs fully on-chain perpetual futures and spot order books; the main web interface is app.hyperliquid.xyz. Users connect a non-custodial EVM wallet (or log in with an email-based wallet) and deposit collateral such as USDC on Arbitrum, BTC, ETH or SOL. The interface terms are with Hyperliquid Corp., governed by the law of England and Wales, and bar Restricted Persons, which include anyone in the United States or Ontario, Canada and sanctioned jurisdictions. The terms say the company has no custody of wallet contents and contain no identity-verification clause. The node software is distributed as a signed binary, while the SDKs are open source.
Cite this review or read as plain text
NoKYC Score, "Hyperliquid review", reviewed 23 Oct 2026, https://nokycscore.com/service/hyperliquid
Open plain-text review ↗The feature review
Privacy, without the guesswork.
5 / 15 features confirmed0 warnings in the recorded terms
Identity
3 / 4 confirmed
- ID never requiredNot stated
The terms rule identity checks out, or the design makes them impossible.
- No account neededYes
Usable without creating an account, or the account is only a random number.
- No email neededYes
An email address is not required to sign up or use it.
- No phone numberYes
A phone number is never required.
Payment
0 / 3 confirmed
- Accepts MoneroNot stated
Monero hides sender, receiver and amount, so the payment cannot be traced to you.
- Accepts LightningNot stated
Bitcoin Lightning payments: fast, cheap and more private than on-chain.
- Accepts cashNot stated
Cash by post or in person: no bank and no blockchain record.
Access
0 / 2 confirmed
- Tor onion addressNot stated
An official .onion address, reachable only through Tor.
- Works without JavaScriptNot stated
Core functions work with scripts disabled, as in Tor Browser on its safest setting.
Trust
2 / 6 confirmed
- Never holds your fundsYes
The operator never controls user funds, so it cannot freeze them.
- Own liquidityNot stated
Fills orders from its own reserves, so no upstream exchange screens your deposit.
- Refund without IDNot stated
The terms commit to refunding a stopped order without identity documents.
- Independent auditYes
A third party audited the code or the no-logs claim, and the report is public.
- Company namedNot stated
The operating company and its jurisdiction are published.
- 5+ years operatingNot stated
Has operated continuously for five years or more.
Warnings
0 flagged
- May ask for IDNot in terms
The terms reserve the right to demand identity documents, often after a risk flag.
- Screens depositsNot in terms
Deposits are scored by blockchain analytics; a flag can freeze them.
- Passes orders to partnersNot in terms
Orders go to upstream exchanges that apply their own screening.
- Holds your fundsNot in terms
The operator controls user funds while they are on the platform.
- Email requiredNot in terms
An email address is required to use the service.
- Phone number requiredNot in terms
A phone number is required to use the service.
- Nobody accountableNot in terms
No company or person is publicly responsible for the service.
“Not stated” means the service’s own pages do not say. Expand a group to see every check.
Identity requirements
Does Hyperliquid require KYC?
Level 1 of 4
No ID mentioned
- 0 Never
- 1 Not mentioned
- 2 Rare
- 3 On risk flag
- 4 Mandatory
No ID requirement appears anywhere in Hyperliquid's terms or documentation. Checked against its own terms.
- No account needed
- No email
- No phone number
- No ID documents
KYC level 1: No ID mentioned. No identity requirement appears anywhere in the terms or documentation.
Interface terms (last updated 15 June 2026) contain no identity-verification requirement; section 1.4 says you must use a non-custodial wallet and the company has no custody of its contents.
Transparent by design
Every point, explained.
Both grades start at 50 points and move by fixed, published amounts. Nothing is adjusted by hand. The total is divided by ten.
Privacy
7.5/ 10
- Starting points 50
- KYC level 1: No ID mentioned +12
- No registration +6
- No email needed +3
- No phone needed +1
- Non-custodial +3
- Closed source -2
- Independent audit +2
- Total, clamped to 0–100 75
Safety
6.7/ 10
- Starting points 50
- Non-custodial +12
- Closed source -3
- Independent audit +8
- Total, clamped to 0–100 67
Evidence, not promises
Test ledger 0
Published test transactions, with the route, amount and outcome available to inspect.
No test transactions published yet
The grades above rest on Hyperliquid’s terms and documentation. Tests will appear here with the date, route, amount band and result as they are run.
The track record
Incidents 0
No incidents on record
We have no documented cases for Hyperliquid. An empty record does not guarantee a service is risk-free.
Community experience
What users are saying 0
Reviews never change a grade. Reviews with a transaction reference are marked.
Have you used Hyperliquid?
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Alternatives to Hyperliquid
All alternatives → Service overview
NightTrader Exchange
nighttrader.exchange
Order-book exchange using two-key deposit accounts with timelocked refunds
Non-custodial
Privacy 6.5/10
Safety 6.4/10
Read the evidence
Service overview
Lighter
lighter.xyz
Zero-fee perpetuals and spot order book on an Ethereum layer 2, used with your own wallet
Non-custodialNo registration
Privacy 7.5/10
Safety 6.2/10
Read the evidence
Service overview
SafeTrade
safetrade.com
Small-cap spot exchange with email sign-up and no ID clause in its terms
Accepts Monero
Privacy 5.8/10
Safety 5.7/10
Read the evidence
Hyperliquid vs dYdXHyperliquid vs NightTrader ExchangeHyperliquid vs LighterHyperliquid vs SafeTrade
Hyperliquid: common questions
Does Hyperliquid require KYC?
Hyperliquid is rated KYC level 1 of 4 on this site: no ID mentioned. Interface terms (last updated 15 June 2026) contain no identity-verification requirement; section 1.4 says you must use a non-custodial wallet and the company has no custody of its contents.
Is Hyperliquid safe to use?
Hyperliquid has a Safety grade of 6.7 out of 10 and a Privacy grade of 7.5 out of 10. No incidents are on record. Evidence level: documentation reviewed.
Is Hyperliquid legit?
Hyperliquid is a working exchange. Being real is not the same as being safe: its Safety grade here is 6.7 out of 10, built from custody, liquidity, track record and incidents.
Is Hyperliquid a scam?
NoKYC Score does not label services as scams; it records documented incidents with their sources and outcomes. No incidents are on record for Hyperliquid.
Do I need an account or email to use Hyperliquid?
No account needed.
What fees does Hyperliquid charge?
Perps base tier 0.045% taker / 0.015% maker; spot 0.070% taker / 0.040% maker, lower with 14-day volume. Fees were recorded from Hyperliquid's own pages and can change; check before you send.
Does Hyperliquid have a Tor onion address?
No official onion address was found on Hyperliquid's own pages.
Which cryptocurrencies does Hyperliquid support?
Hyperliquid supports BTC, ETH, SOL, USDC, USDT, HYPE.
Is Hyperliquid custodial?
No. Hyperliquid is non-custodial: the operator does not control user funds.
Can I use Hyperliquid over Tor?
Hyperliquid does not publish an official onion address.
Listing history
- Listing added. Facts and KYC level set from the service's own terms and documentation.