Side-by-side comparison of two perpetual futures exchanges — updated in real time.
Both Hotstuff and Kinetiq Markets offer TradFi perpetuals alongside crypto, but on different infrastructure — Hotstuff runs its own L1 while Kinetiq is built on Hyperliquid as a HIP-3 exchange.
Hotstuff operates a standalone L1 with DracoBFT consensus, listing 15 markets (crypto + commodities + forex + pre-launch) with 0.02% maker / 0.05% taker fees and up to 50x leverage on BTC/ETH. Kinetiq Markets runs on Hyperliquid L1 as a HIP-3 exchange with 23 TradFi-only markets (equities, indices, commodities, forex) at 0.03% maker / 0.09% taker. Hotstuff uses USDC collateral while Kinetiq uses USDH. Hotstuff supports portfolio margin and hedged positions. Kinetiq has a live KNTQ token (55% community), while Hotstuff is pre-token with points farming. Kinetiq benefits from Hyperliquid's established liquidity infrastructure, while Hotstuff must build its own.
Choose Hotstuff for crypto + TradFi on a dedicated L1 with lower fees and portfolio margin. Choose Kinetiq Markets for deeper TradFi coverage (23 vs 15 markets) on Hyperliquid's proven infrastructure, with a live token.
