Hyperliquid vs Synthetix Perps Hyperliquid leads by 23 points.
Hyperliquid scores 23 points above Synthetix Perps on the published criteria (19.2 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion. Hyperliquid ranks #4 and Synthetix Perps #10 of 12 published perp DEXs. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
Hyperliquid64
vs
Synthetix Perps41
Scores are out of 100; published scores fall within 41–99 · ranks #4 and #10 of 12
Hyperliquid scores 23 points above Synthetix Perps on the published criteria (19.2 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion.
Hyperliquid #4 of 1264
Synthetix Perps #10 of 1241
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termHyperliquid leads on 0 of 2 published criteria; Synthetix Perps on 0. The terms sum to the gap.
TermHyperliquidSynthetix PerpsWeightPoints
Published criteriaScore dimension19.27.130+31.5for Hyperliquid
Net of the terms+31.5
Reproduced gap+31.5
Published gapAfter score rounding and bounds — see the note below6441+23.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
This ranking scores its published criteria from the record as a whole, not criterion by criterion, so they count here as one term and no single criterion is credited.
A floor bound on one row means the criterion arithmetic does not reproduce the displayed gap exactly.
HyperliquidScore 64The onchain orderbook leader — its own L1, self-custodial, fully onchainStrength: Fully onchain orderbook — verifiable, self-custodialWatch-out: Younger, with no public audit of the core engine (its audits page lists only Zellic audits of the legacy bridge, which holds under 10% of the USDC supply on HyperCore) and a concentrated validator set: Hyper Foundation validators held 48.0% of active stake in September 2026Synthetix PerpsScore 41Ethereum-mainnet perps with an offchain order book — launched 2026Strength: Perpetual futures settled on Ethereum mainnetWatch-out: Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Quick facts
At a glance
1 of 5 rows read the same for both.
FactHyperliquidSynthetix Perps
Trading feeSnapshotModel: onchain central-limit orderbook (own L1). Since 2023. Self-custodial, fully onchain. Limited audit coverage (Zellic audited the legacy bridge; no public core-engine audit listed); March-2025 JELLY was a governance intervention. Up to 40x (BTC). Fees (Hyperliquid docs "Fees", read 3 November 2026): perps base rate, tier 0, taker "0.045%" and maker "0.015%", lower with 14-day volume. Live TVL shown for context (DefiLlama, dated), not scored.Model: offchain orderbook (offchain matching, batch settlement on Ethereum mainnet). Since 2026. Contract-custodied (operator-relayed withdrawals), admin-controlled (4-of-7 Safe, no timelock). Limited audit evidence (no audit of the live deposit contract found). Up to 25x. Fees (Synthetix docs, read 3 November 2026): default taker fee "0.05%", lower with 14-day volume. Live TVL shown for context, not scored.
Asset coverageEditorial——
Region fitSnapshoteurope, globalus, europe, global
Younger, with no public audit of the core engine (its audits page lists only Zellic audits of the legacy bridge, which holds under 10% of the USDC supply on HyperCore) and a concentrated validator set: Hyper Foundation validators held 48.0% of active stake in September 2026
Synthetix Perps
41#10 of 12
Pick it when
Synthetix Perps leads Hyperliquid on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
Perpetual futures settled on Ethereum mainnet
Tradeoff
Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Self-identify in 10 seconds
Which one is actually for you?
HyperliquidLeads
Hyperliquid leads Synthetix Perps on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
HyperliquidScore 64The onchain orderbook leader — its own L1, self-custodial, fully onchainStrength: Fully onchain orderbook — verifiable, self-custodialWatch-out: Younger, with no public audit of the core engine (its audits page lists only Zellic audits of the legacy bridge, which holds under 10% of the USDC supply on HyperCore) and a concentrated validator set: Hyper Foundation validators held 48.0% of active stake in September 2026
Synthetix Perps
Synthetix Perps leads Hyperliquid on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
Synthetix PerpsScore 41Ethereum-mainnet perps with an offchain order book — launched 2026Strength: Perpetual futures settled on Ethereum mainnetWatch-out: Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Criterion by criterion
Scorecard
Published criteria · weight in points of 860 of 4 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Security
weight 14.4 of 86Not scored
HyperliquidNot scored
No evidence cell for this criterion, so no strength is drawn.
Synthetix PerpsNot scored
No evidence cell for this criterion, so no strength is drawn.
Decentralization
weight 9.6 of 86Not scored
HyperliquidNot scored
No evidence cell for this criterion, so no strength is drawn.
Synthetix PerpsNot scored
No evidence cell for this criterion, so no strength is drawn.
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
Hyperliquid14/20Synthetix Perps14/20
Tie
Published criteriaweight 30 of 86
Hyperliquid19.2/30Synthetix Perps7.1/30
Hyperliquid leads
Frictionweight 10 of 86 · constant here
Hyperliquid2.7/10Synthetix Perps2.7/10
Tie
Trust recordweight 8 of 86 · constant here
Hyperliquid3.2/8Synthetix Perps3.2/8
Tie
Measured dataweight 18 of 86 · constant here
Hyperliquid5.5/18Synthetix Perps5.5/18
Tie
Decision rulePublished order
Choose Hyperliquid unless the term Synthetix Perps leads on is the one you are buying.
Synthetix Perps leads Hyperliquid on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
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If this isn't your case
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How you can lose money here, and what the ranking scores
Contract failure: the code holding the funds is exploited.
Scored by Security & track record · 60%
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Decentralization & trust-minimization · 40%
Not assessed by this ranking: Oracle failure, Insolvency failure, Regulatory failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Questions
Frequently asked questions
Hyperliquid scores 23 points above Synthetix Perps on the published criteria (19.2 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion. Published scores, out of 100: Hyperliquid 64 (rank 4 of 12 perp dexs), Synthetix Perps 41 (rank 10 of 12).
Reviewed means both products compared here was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
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