Side-by-side comparison of two perpetual futures exchanges — updated in real time.
Hyperliquid and SynFutures represent opposing philosophies in perp DEX design. Hyperliquid runs a traditional orderbook on its L1, while SynFutures uses an innovative Oyster AMM with concentrated liquidity on Base.
Hyperliquid's orderbook model on Hyperliquid L1 provides 190 markets with organic price discovery, 0.015% maker and 0.045% taker fees, and up to 50x leverage. SynFutures takes a radically different approach with its Oyster AMM, allowing permissionless market creation and concentrated liquidity provision. This model has enabled SynFutures to list 280 markets — significantly more than Hyperliquid — and accumulate over $75B in cumulative volume. SynFutures charges 0% maker fees and 0.05% taker fee, offering better rates for limit orders. Both platforms use USDC as collateral and 1-hour funding intervals. SynFutures operates on Base, giving it access to Coinbase's growing L2 ecosystem. Its F token, backed by Pantera Capital and Polychain Capital, launched in December 2024. SynFutures' permissionless market creation means anyone can list new trading pairs, which has driven its rapid market expansion but may result in lower liquidity on long-tail pairs.
Choose Hyperliquid if you prefer orderbook-style trading with deep liquidity on established pairs. Choose SynFutures if you want access to more exotic markets (280 vs 190), free maker fees, or are interested in providing concentrated liquidity through the Oyster AMM.
