{ "schemaVersion": 1, "id": "hyperliquid-vs-lighter", "version": "1.1.0", "name": "Hyperliquid vs Lighter", "reviewedAt": "2026-10-22", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "documentation_comparison", "liveTested": false, "summary": "Current documentation still supports a mode-first comparison, but both sides now expose more explicit conditionality: Hyperliquid portfolio margin has documented eligibility, caps, LTV and borrow/earn mechanics, while Lighter now distinguishes core Lighter collateral from a separate Robinhood Chain Lighter collateral table. No live cheapest, fastest or safest-platform conclusion is supported.", "scope": "Two pinned documentation briefs covering perpetual trading on distinct systems. Account modes and fee tiers are compared separately; this is not a shared-network comparison, live quote or recommendation.", "comparisonContext": "Hyperliquid and Lighter are separate systems. USDC appears in both reviewed account models, but margin recognition, funding routes and withdrawal conditions are not interchangeable. No blended score, cheapest-platform claim or implied common deployment is supplied.", "comparisonParticipants": [ "hyperliquid", "lighter" ], "sources": [], "networks": [ { "id": "perpetuals", "name": "Perpetual trading across distinct systems", "collaterals": [], "collateralNote": "Account-mode dependent. USDC-related balances are documented in both systems; no universal collateral equivalence is asserted." } ], "illustration": null, "rows": [ { "id": "modes", "label": "Account and margin modes", "hyperliquid": "Unified mode shares asset balances across spot and cross-margin positions; portfolio margin unifies eligible assets; standard mode separates balances and DEXs. Unified and portfolio modes also have a documented 50,000-actions-per-day limit.", "lighter": "Simple mode separates spot and perpetual balances. UTA combines USDC balances, is currently enabled through the web interface, and is required for multi-asset margin. Fee tier remains a separate setting.", "hyperliquidSources": [ "modes", "portfolio" ], "lighterSources": [ "accounts", "margin", "fees" ], "meaning": "Account mode controls both risk boundaries and operational constraints. Similar account labels do not imply equivalent capital or rate-limit behavior." }, { "id": "collateral", "label": "Collateral recognition", "hyperliquid": "Portfolio margin currently documents HYPE, BTC, USDC and USDT with eligibility thresholds, caps and LTV-based borrowing; capacity can fall back when caps are hit.", "lighter": "Core Lighter lists ETH and XAUT multi-asset collateral in addition to USDC base collateral. A separate Robinhood Chain Lighter table lists USDG plus tokenized equity/ETF/commodity references with distinct risk parameters.", "hyperliquidSources": [ "modes", "portfolio" ], "lighterSources": [ "margin" ], "meaning": "These are provider-documented conditional collateral sets, not live inventories or equivalent asset-rights regimes. Check current API parameters and keep Robinhood Chain Lighter distinct from core Lighter." }, { "id": "fees", "label": "Trading fee conditions", "hyperliquid": "Fees depend on weighted volume and adjustments including staking, HIP-3 deployer fees and growth-mode treatment.", "lighter": "Standard accounts are documented at zero maker/taker fees across perpetual and spot markets. Plus and Premium/Advanced use paid tiers, with Premium/Advanced staking discounts.", "hyperliquidSources": [ "fees" ], "lighterSources": [ "fees" ], "meaning": "Headline commission rates remain account- and route-specific and do not capture funding, spread, borrowing, liquidation or other total-cost components." }, { "id": "holding", "label": "Holding costs", "hyperliquid": "Funding is hourly; portfolio borrowing accrues continuous interest and idle supplied assets can earn interest.", "lighter": "Funding transfers occur hourly. Zero Standard-account commission does not remove funding or liquidation exposure.", "hyperliquidSources": [ "funding", "portfolio" ], "lighterSources": [ "funding", "fees" ], "meaning": "Matched total holding cost requires contemporaneous rates, account mode and position details; neither snapshot supplies a live cost comparison." }, { "id": "execution", "label": "Execution conditions", "hyperliquid": "This snapshot contains no measured fill quality, latency or stop-loss reliability.", "lighter": "The fee guide describes a 300 ms delay for Standard taker and cancel/modify actions; other tiers use different timing arrangements. DN has not measured their realised performance.", "hyperliquidSources": [], "lighterSources": [ "fees" ], "meaning": "A configured delay is not an end-to-end execution measurement. No fastest-platform or stop-loss ranking is supported." }, { "id": "liquidation", "label": "Liquidation exposure", "hyperliquid": "General rules use mark price and maintenance margin. Portfolio margin evaluates the account collectively and does not promise a fixed liquidation sequence.", "lighter": "The multi-asset guide describes a joint health check and possible liquidation of both perpetual positions and margin assets; the liquidation guide describes backstop and auto-deleveraging mechanisms.", "hyperliquidSources": [ "liquidation", "portfolio" ], "lighterSources": [ "margin", "liquidation" ], "meaning": "Shared collateral can expose other balances when positions deteriorate. Documented mechanisms do not demonstrate stress-test outcomes." }, { "id": "withdrawals", "label": "Withdrawal and exit evidence", "hyperliquid": "The pinned brief does not establish complete withdrawal conditions or independently tested withdrawal performance.", "lighter": "The pinned brief does not establish complete withdrawal conditions or independently tested withdrawal performance.", "hyperliquidSources": [], "lighterSources": [], "meaning": "An evidence gap is not a claim that withdrawals are unrestricted. Check current withdrawal rules, margin constraints and the intended route separately. Neither snapshot supports a fastest-withdrawal conclusion." }, { "id": "scope", "label": "Product-scope limits", "hyperliquid": "This review focuses on perpetual trading and relevant account modes, not an exhaustive inventory of Hyperliquid products.", "lighter": "The multi-asset page now also lists Robinhood Chain Lighter collateral, while its own spot examples still conflict with a launch warning that non-USDC-funded USDC spot trading is not included.", "hyperliquidSources": [], "lighterSources": [ "margin" ], "meaning": "Keep core Lighter, Robinhood Chain Lighter and any spot functionality separate. The provider's spot-scope conflict remains unresolved." }, { "id": "access", "label": "Eligibility and signing permissions", "hyperliquid": "Personal eligibility, live permission scope and end-to-end availability were not verified.", "lighter": "Personal eligibility, signing authority and end-to-end execution were not tested.", "hyperliquidSources": [], "lighterSources": [], "meaning": "Documentation coverage does not grant operational-status approval, permission to use either service or assurance about delegated signing authority." } ], "unknowns": [ "Comparable live quotes, execution quality and all-in costs for matching positions", "Complete current withdrawal conditions and independently observed exit performance", "Live collateral capacity, account eligibility and enabled product configuration", "Signing permissions, revocation behaviour and individual legal access" ], "history": [ { "date": "2026-10-22", "type": "DN evidence refresh", "detail": "Comparison refreshed to Hyperliquid 1.1.0 and Lighter 1.1.0 after rechecking all ten cited primary documentation pages. No live quote, fill, withdrawal, signing, liquidation or eligibility test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial comparison pinned to Hyperliquid 1.0.0 and Lighter 1.0.0. Rechecked their ten linked documentation pages; retained the Lighter product-scope conflict and withdrawal evidence gaps." } ], "reviewTriggers": [ "Either underlying brief receives a new version", "Changed documentation or substantiated correction", "The earliest underlying review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This comparison has no partner CTAs, payout-based ordering or overall winner. Inclusion does not establish current operational status or user eligibility.", "evidenceSnapshots": { "hyperliquid": { "schemaVersion": 1, "id": "hyperliquid", "version": "1.1.0", "name": "Hyperliquid", "reviewedAt": "2026-10-22", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "Account mode still controls how balances support perpetual trading. Current portfolio-margin documentation adds explicit eligibility thresholds, asset caps, LTVs, automated borrowing and idle-asset yield; unified and portfolio modes also carry a documented daily action limit.", "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.", "decisionTitle": "Check the account mode before the collateral.", "decisionContext": "A balance visible in an account is not a universal margin allowance. Identify the account mode, DEX and collateral token before interpreting available capital.", "sources": [ { "id": "modes", "name": "Hyperliquid account abstraction modes", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes", "reviewedAt": "2026-10-22" }, { "id": "portfolio", "name": "Hyperliquid portfolio margin", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin", "reviewedAt": "2026-10-22" }, { "id": "fees", "name": "Hyperliquid fees", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees", "reviewedAt": "2026-10-22" }, { "id": "funding", "name": "Hyperliquid funding", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding", "reviewedAt": "2026-10-22" }, { "id": "liquidation", "name": "Hyperliquid liquidations", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations", "reviewedAt": "2026-10-22" } ], "networks": [ { "id": "hyperliquid", "name": "Hyperliquid perpetual trading (review scope)", "collaterals": [], "collateralNote": "Mode and DEX dependent; portfolio eligibility is conditional." } ], "claims": [ { "id": "modes", "question": "Which balance backs the position?", "label": "Provider-reported", "finding": "Unified mode shares each asset balance across spot and cross-margin positions in that asset; standard mode separates spot, perps and DEX balances. Portfolio margin unifies eligible assets. Unified and portfolio modes are documented as limited to 50,000 user actions per day, while standard mode has no such restriction.", "consequence": "Choose the account mode for both margin behavior and operational limits; a similarly named balance is not equivalent across modes.", "sourceIds": [ "modes" ] }, { "id": "portfolio", "question": "Does portfolio margin make all holdings freely usable?", "label": "Provider-reported", "finding": "Current documentation lists HYPE, BTC, USDC and USDT as eligible portfolio assets, applies account-entry conditions and supply/borrow caps, and assigns LTV-based borrowing limits including 0.65 for HYPE and 0.5 for BTC. Accounts fall back to non-portfolio behavior when caps are hit.", "consequence": "Treat portfolio capacity as conditional and dynamic. Check current eligibility, caps and LTVs rather than counting full token market value as usable margin.", "sourceIds": [ "modes", "portfolio" ] }, { "id": "fees", "question": "Is the base fee the fee on every market?", "label": "Provider-reported", "finding": "Fees still vary with rolling 14-day weighted volume and adjustments. The guide distinguishes spot and perps, staking tiers, HIP-3 deployer fees, growth mode and aligned quote-asset adjustments.", "consequence": "Inspect the actual asset, route and fee modifiers. A base tier is not a universal all-in rate.", "sourceIds": [ "fees" ] }, { "id": "funding", "question": "What changes the cost of holding?", "label": "Provider-reported", "finding": "Perpetual funding is exchanged hourly between sides. Portfolio borrowing accrues interest continuously and idle supplied assets can earn interest under the documented portfolio-margin model.", "consequence": "Funding, borrow interest, earned supply interest and trade fees are separate components. None alone establishes total position profitability.", "sourceIds": [ "funding", "portfolio" ] }, { "id": "liquidation", "question": "Is one liquidation estimate sufficient for every mode?", "label": "Provider-reported", "finding": "The general liquidation guide uses mark price and maintenance margin, with book liquidation followed by a backstop path if needed. Portfolio margin adds account-level partial/full liquidation rules for supplied and borrowed assets.", "consequence": "Use the liquidation rules for the selected mode and collateral set. DN has not reproduced liquidation or stop-loss outcomes.", "sourceIds": [ "liquidation", "portfolio" ] }, { "id": "access", "question": "Has DN verified access and signing safety?", "label": "Unknown", "finding": "This review does not establish personal eligibility, deployed permission scope or end-to-end availability.", "consequence": "Verify current terms and signing requests separately; this is research, not an instruction to connect or trade.", "sourceIds": [] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-22", "type": "DN evidence review", "detail": "Re-opened the five cited Hyperliquid documentation pages. Core account-mode, fee, funding and liquidation conclusions remain supported; this version adds current portfolio eligibility/caps/LTV/interest details and the documented unified/portfolio action limit. No live execution, permission or eligibility test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." }, "lighter": { "schemaVersion": 1, "id": "lighter", "version": "1.1.0", "name": "Lighter", "reviewedAt": "2026-10-22", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "Standard accounts currently have zero maker/taker fees across perpetual and spot markets, while Plus and Premium/Advanced use paid tiers. Multi-asset margin remains UTA-only and now documents separate collateral parameters for core Lighter and Robinhood Chain Lighter, while the page still contains conflicting spot-availability language.", "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.", "decisionTitle": "Separate fee tier from margin mode.", "decisionContext": "Account fee tier, unified balances and multi-asset margin answer different questions. Check each independently before relying on a zero-fee or collateral headline.", "sources": [ { "id": "fees", "name": "Lighter trading fees", "url": "https://docs.lighter.xyz/trading/trading-fees", "reviewedAt": "2026-10-22" }, { "id": "accounts", "name": "Lighter unified trading accounts", "url": "https://docs.lighter.xyz/trading/unified-trading-accounts", "reviewedAt": "2026-10-22" }, { "id": "margin", "name": "Lighter multi-asset margin", "url": "https://docs.lighter.xyz/trading/multi-asset-margin", "reviewedAt": "2026-10-22" }, { "id": "funding", "name": "Lighter funding", "url": "https://docs.lighter.xyz/trading/funding", "reviewedAt": "2026-10-22" }, { "id": "liquidation", "name": "Lighter liquidations and LLP", "url": "https://docs.lighter.xyz/trading/liquidations-and-llp-insurance-fund", "reviewedAt": "2026-10-22" } ], "networks": [ { "id": "lighter", "name": "Lighter", "collaterals": [ "USDC", "ETH", "XAUT" ], "collateralNote": "USDC is base collateral. ETH and XAUT are documented multi-asset-margin collateral with risk parameters and caps; current live enablement should be checked via assetDetails." }, { "id": "robinhood-chain-lighter", "name": "Robinhood Chain Lighter", "collaterals": [ "USDG", "AAPL", "AMZN", "GOOGL", "META", "MSFT", "NVDA", "QQQ", "SNDK", "SPCX", "SPY", "USO" ], "collateralNote": "USDG is documented as base collateral. The listed tokenized equity/ETF/commodity references have separate LTV, liquidation and supply-cap parameters in the current provider table; this brief does not assess the legal or asset-rights structure of those instruments." } ], "claims": [ { "id": "fees", "question": "Which accounts receive zero trading fees?", "label": "Provider-reported", "finding": "The current fee guide states zero maker/taker fees for Standard accounts across perpetual futures and spot markets. Plus charges a paid tier, and Premium/Advanced uses maker/taker fees with staking-based discounts.", "consequence": "Confirm the active account type and current tier. Zero Standard-account commission does not imply zero funding, spread, liquidation or other costs.", "sourceIds": [ "fees" ] }, { "id": "latency", "question": "Does a documented speed bump measure fill quality?", "label": "Provider-reported", "finding": "Standard taker and cancel/modify actions retain a documented 300 ms delay. Premium/Advanced lists 140 ms taker latency with no extra latency for cancels and post-only placements; Plus documents its own timing and rate-limit profile.", "consequence": "These are provider configuration values, not DN end-to-end latency or fill-quality measurements.", "sourceIds": [ "fees" ] }, { "id": "accounts", "question": "Are spot balances automatically perp collateral?", "label": "Provider-reported", "finding": "Simple accounts keep spot and perpetual balances separate. Unified Trading Accounts combine USDC balances and are required for multi-asset margin; the provider currently says UTA can be enabled only on web.", "consequence": "Verify both account mode and activation path before treating spot balances as usable perpetual margin.", "sourceIds": [ "accounts", "margin" ] }, { "id": "collateral", "question": "What does non-USDC margin change?", "label": "Provider-reported", "finding": "The current multi-asset page lists ETH and XAUT for core Lighter and a separate Robinhood Chain Lighter table covering tokenized equity/ETF/commodity references with their own LTVs, liquidation thresholds, fees and supply caps. The page directs readers to assetDetails for current live enablement.", "consequence": "Do not treat the static table as a guaranteed live inventory. Separate core Lighter from Robinhood Chain Lighter, and independently assess instrument rights and availability.", "sourceIds": [ "margin" ] }, { "id": "scope", "question": "Do the documents clearly establish leveraged spot availability?", "label": "Documentation conflict", "finding": "The same multi-asset page says supported collateral can be used for perpetuals and spot, includes leveraged-spot examples, but also states that USDC spot trading with non-USDC collateral is not included at launch and that release support is perpetual-only.", "consequence": "The provider documentation remains internally inconsistent on spot scope. This brief does not resolve the conflict or claim leveraged-spot availability.", "sourceIds": [ "margin" ] }, { "id": "holding", "question": "Does zero commission eliminate holding and liquidation costs?", "label": "Provider-reported", "finding": "Funding transfers occur hourly. The liquidation guide describes staged liquidation, an insurance-fund backstop and potential auto-deleveraging.", "consequence": "Include funding and liquidation exposure in the decision; a zero commission headline does not remove them.", "sourceIds": [ "funding", "liquidation" ] }, { "id": "access", "question": "Has DN tested eligibility or account permissions?", "label": "Unknown", "finding": "Individual eligibility, signing authority, withdrawals and end-to-end execution were not tested.", "consequence": "Use the current terms and inspect permissions independently. This brief supplies no trading CTA.", "sourceIds": [] } ], "illustration": null, "unknowns": [ "Current executable quotes and all-in holding costs", "Independent fill, stop-loss and withdrawal reliability", "Live signing permissions and revocation behaviour", "Individual eligibility and current regional restrictions" ], "history": [ { "date": "2026-10-22", "type": "DN evidence review", "detail": "Re-opened the five cited Lighter documentation pages. Standard-account zero-fee wording now explicitly covers spot and perpetual markets, account-tier details remain differentiated, and the multi-asset page now includes a separate Robinhood Chain Lighter collateral table. The page's spot-scope conflict remains unresolved. No live execution, withdrawal, signing or eligibility test was performed." }, { "date": "2026-10-14", "type": "DN publication", "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version." } ], "reviewTriggers": [ "Changed official product, fee or margin documentation", "A substantiated correction", "The 14-day editorial review deadline" ], "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility." } } }