Hyperliquid vs PancakeSwap

Hyperliquid3.4/5

VS

PancakeSwap4.0/5

Feature	HyperliquidVisit	PancakeSwapVisit
Ratings
Our score	3.4/5	4.0/5
User rating	No reviews yet	No reviews yet
Liquidity & pricing	4.5	4.5
Fees	3.0	3.5
Security	3.0	3.5
Ease of use	4.0	4.0
Chain coverage	2.5	5.0
Specs
KYC required	Not disclosed	No
Type	Order book, Perpetuals	AMM
Chains	Hyperliquid, Arbitrum	BNB Chain, Ethereum, Aptos, Base, Arbitrum
Swap fee	Not disclosed	Fees vary by product and pool.
Limit orders	Yes	Not disclosed
Cross-chain swaps	Not disclosed	Yes
Audited	Yes	Yes
Open source	Not disclosed	Yes
Governance token	HYPE	CAKE
Perpetual futures	Yes	Yes
Max leverage (x)	40	Not disclosed
Routes across other DEXs	No	Not disclosed
Points or rewards program	Not disclosed	Yes
Company
Founded	—	2020
Headquarters	—	Japan
Investors	Not disclosed	YZi Labs
Strengths and weaknesses
Pros	Fully onchain order book with transparent liquidations Reported $7.2B in 24-hour volume Perpetual leverage reaches 40x for BTC's first margin tier Non-custodial trading model	Available across 11+ blockchain networks Non-custodial wallet-based access without KYC Open-source contracts with audits from six security firms About $1.56B locked as of October 17, 2026
Cons	JELLY settlement at $0.0095 raised validator-centralization concerns HLP lost about $4M in a March 2025 ETH liquidation Bridge audit excluded the front end and off-chain components	Permissionless listings increase counterfeit-token and smart-contract risk Swap fees vary by product, pool and fee tier AMM trades remain exposed to slippage and MEV Cross-chain products add bridge and message-passing risk
Best for	Onchain perpetual traders, Order-book spot traders, Builders using HyperCore liquidity	Multichain spot traders, BNB Chain liquidity providers, CAKE staking users

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.

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