Side-by-side comparison of two perpetual futures exchanges — updated in real time.
Kinetiq Markets is built on top of Hyperliquid L1 as a HIP-3 exchange, but targets a completely different market. Hyperliquid focuses on crypto perps, while Kinetiq specializes in TradFi assets like equities, indices, forex, and commodities.
Hyperliquid runs a native orderbook on its own L1 with 190 crypto markets, 50x max leverage, and fees of 0.015% maker / 0.045% taker. Kinetiq Markets operates as a HIP-3 builder-deployed exchange on the same Hyperliquid L1 but lists only 11 TradFi markets — S&P 500, Nasdaq, TSLA, BABA, EUR/USD, Gold, Oil, and more — with leverage ranging from 10x to 50x depending on the asset. Kinetiq charges higher fees at 0.03% maker / 0.09% taker. A key difference is collateral: Hyperliquid uses USDC while Kinetiq uses USDH (Hyperliquid's native stablecoin). Kinetiq started as a liquid staking protocol (kHYPE) and expanded into trading. The KNTQ token launched November 2025 with 55% community allocation. Hyperliquid's HYPE token has a 76.2% community allocation. In practice these platforms are complementary — traders often use both for different asset exposures.
Choose Hyperliquid for deep crypto perpetual markets with lower fees and higher liquidity. Choose Kinetiq Markets if you want 24/7 on-chain access to TradFi assets (stocks, indices, forex, commodities) on the same Hyperliquid infrastructure.
