Hyperliquid spreads and order-book depth
Gate has the tightest measured spread on Hyperliquid right now, at $0.01 per HYPE (1.20 bps) on HYPE/USDT, sampled 1 hour ago. RampAtlas reads 11 venues' public order books for HYPE every two hours and reports the spread, the resting depth within 1% of the mid, and what a market buy of $500, $5,000 or $50,000 would pay above the mid.
Verified How we verify
Where HYPE trades tightest
| Exchange | Pair | Spread | 24h median | Bid depth 1% | Ask depth 1% | $500 buy | $5,000 buy | $50,000 buy | Sampled |
|---|---|---|---|---|---|---|---|---|---|
| Gate | HYPE/USDT | $0.011.20 bps | 1.21 bps | $145,514 | $146,559 | 0.602 bps | 5.08 bps | 20.2 bps | 1 hour ago |
| Kraken | HYPE/USD | $0.011.20 bps | 1.20 bps | $1.9M | $582,918 | 2.23 bps | 4.31 bps | 7.07 bps | 1 hour ago |
| Binance US | HYPE/USD | $0.011.20 bps | 4.21 bps | $88,353 | $52,287 | 0.602 bps | 3.13 bps | 23.1 bps | 1 hour ago |
| Bitget | HYPE/USDT | $0.011.32 bps | 0.976 bps | — | — | 1.04 bps | 2.89 bps | 5.72 bps | 1 hour ago |
| MEXC | HYPE/USDT | $0.022.40 bps | 3.52 bps | $117,900 | $98,121 | 2.21 bps | 4.51 bps | 8.44 bps | 1 hour ago |
| Coinbase Exchange | HYPE/USD | $0.022.41 bps | 2.38 bps | $1.1M | $456,421 | 1.20 bps | 2.11 bps | 4.23 bps | 1 hour ago |
| KuCoin | HYPE/USDT | $0.022.65 bps | 0.783 bps | — | — | 1.88 bps | 6.85 bps | 15.8 bps | 1 hour ago |
| Bitvavo | HYPE/EUR | $0.033.10 bps | 2.12 bps | $455,557 | $416,218 | 1.56 bps | 2.35 bps | 5.77 bps | 1 hour ago |
| Crypto.com Exchange | HYPE/USD | $0.0810.2 bps | 16.8 bps | $29,256 | $18,624 | 5.19 bps | 10.5 bps | — | 1 hour ago |
| Bybit | HYPE/USDT | not measured | — | — | — | — | — | — | 1 hour ago |
| OKX | HYPE/USD | not measured | — | — | — | — | — | — | 1 hour ago |
Spread is the latest reading, shown as what crossing it costs on one HYPE and as a share of the mid in basis points; the median column is over the last 24 hours. Depth is the notional value of resting orders within 1% of the mid on each side, converted to US dollars. Slippage is what a market buy of that size would pay above the mid on the book we read, and is blank where the visible book could not fill it.
- Gate (HYPE/USDT): Quoted in USDT, counted at one US dollar.
- Bitget (HYPE/USDT): Quoted in USDT, counted at one US dollar. The 1% band runs past the last level the venue served, so depth is reported as not measured.
- MEXC (HYPE/USDT): Quoted in USDT, counted at one US dollar.
- KuCoin (HYPE/USDT): Quoted in USDT, counted at one US dollar. The 1% band runs past the last level the venue served, so depth is reported as not measured.
- Bitvavo (HYPE/EUR): Quoted in EUR; USD figures use this book's own mid against the asset's snapshot US dollar price.
- Crypto.com Exchange (HYPE/USD): The visible asks could not fill $50,000, so that slippage is not measured.
- Bybit: not measured on the last run — blocked: The venue refused the request (HTTP 403); it does not serve RampAtlas's servers.
- OKX: not measured on the last run — unsupported_pair: OKX returned code 50013: Systems are busy. Please try again later.
Spread history
Gate
HYPE/USDT · 1.08 bps–3.61 bps
Kraken
HYPE/USD · 1.08 bps–4.82 bps
Binance US
HYPE/USD · 1.14 bps–12.9 bps
Bitget
HYPE/USDT · 0.107 bps–2.72 bps
MEXC
HYPE/USDT · 1.10 bps–5.83 bps
Coinbase Exchange
HYPE/USD · 1.09 bps–3.61 bps
KuCoin
HYPE/USDT · 0.108 bps–3.63 bps
Bitvavo
HYPE/EUR · 0.266 bps–5.35 bps
Crypto.com Exchange
HYPE/USD · 6.65 bps–86.0 bps
Method
Pairs are fixed per venue so each series measures the same book over time: the quote currency is chosen once, preferring US dollars, then dollar stablecoins, then euros or the venue's home currency. A non-dollar book's depth is converted using that book's own mid against HYPE's snapshot US dollar price.
Frequently Asked Questions
- Which exchange has the tightest HYPE spread?
- Gate, at $0.01 per HYPE (1.20 bps) on HYPE/USDT as of the sample taken 1 hour ago. Spreads move, so this page is re-measured every two hours.
- Does a tighter spread mean HYPE is cheaper to buy there?
- Only in part. The spread is one of three costs: the trading fee, the spread you cross, and the deposit or card fee that got your money onto the venue. The fee pages put all three together for a given purchase size, and use the measured spread on this page wherever we have one.
- What does 1% depth tell me?
- It is the dollar value of orders resting within 1% of the mid price on one side of the book. A venue with a tight spread but shallow depth will still move against a large order — which is why the table also shows what $500, $5,000 and $50,000 market buys would pay.