# TxFlow vs Hyperliquid: the fees are identical

TxFlow copied Hyperliquid's fee schedule digit for digit. So compare depth, age, audits and access instead, which is where they differ sharply.

- URL: https://pushpendra.info/articles/txflow-vs-hyperliquid
- Author: Pushpendra Singh
- Language: English
- Topics: txflow, hyperliquid, dex, perpetuals, fees

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Almost every TxFlow comparison I have read leads on fees. It is the easiest angle and it is
wrong, so let me deal with it first and then get to the parts that actually differ.

## The fees are the same. Exactly the same.

Put the two published schedules side by side.

| | TxFlow | Hyperliquid |
|---|---|---|
| Perps, maker | 0.0150% | 0.0150% |
| Perps, taker | 0.0450% | 0.0450% |
| Spot, maker | 0.0400% | 0.0400% |
| Spot, taker | 0.0700% | 0.0700% |
| Top tier, taker | 0.024% | 0.024% |
| Top tier, maker | 0% | 0% |
| Tier basis | 14-day volume, VIP 0 to 6 | 14-day volume, 7 tiers |

That is not similar pricing. That is the same schedule, down to the fourth decimal place and
the tier structure around it. TxFlow has adopted Hyperliquid's fee card wholesale.

Which is a reasonable commercial decision. It is also the end of "lower fees" as a reason to
move, and you will find that claim on a lot of pages whose authors did not open both fee
schedules.

**And Hyperliquid can be cheaper.** Staking HYPE reduces its fees by a further 5% to 40%
depending on the amount. TxFlow has no equivalent discount. So for a trader of any real size
who is willing to hold the token, Hyperliquid is the cheaper venue, not the more expensive one.

There is a trade inside that: staking means token price exposure and a seven-day unbonding
period. For some people that is worse than paying the fee. But it exists, and it only runs one
way.

## So what is actually different

### Depth, which is the one that matters

Hyperliquid is the established perp DEX and has the deepest books in the category. TxFlow,
seven months old in November 2026, has thinner liquidity, and every review that looks at it
says so.

This is not a footnote next to identical fees. It dwarfs them. A taker fee of 0.045% on a
$10,000 position is $4.50. Filling half a percent worse than the screen price on that same
position costs $50. **Slippage is an order of magnitude larger than the fee**, and it is the
number nobody puts in a comparison table because it depends on your size and the moment.

If you trade small, you will not notice, and the venues are interchangeable on cost. If you
trade size, Hyperliquid wins on the only cost that is material and it is not close.

### Age, and what it means

Hyperliquid has traded through drawdowns, liquidation cascades and at least one full market
cycle of stress. You know roughly how it behaves on a bad day because it has had bad days.

TxFlow launched **28 March 2026**. It has not had its bad day yet. That is not a criticism, it
is a fact about the length of the record, and it means any confidence about its behaviour under
stress is borrowed rather than earned.

### Audits

TxFlow's public audit coverage is the **bridge contract, by OpenZeppelin**. Auditing the bridge
first is the right instinct, since bridges are where this industry's largest losses have
happened. But it is one contract, and marketing language rarely distinguishes between "audited"
and "audited in part".

### Access

Hyperliquid needs no account. Connect a wallet and trade.

TxFlow needs an **access code** from its Discord. Several review sites state access is open; it
is not, and that error tells you how carefully some of them looked. I have written up how to get
one in [the TxFlow access code guide](/articles/txflow-access-code).

Gating cuts both ways. It filters for intent and makes early metrics look tidier. It also means
the demand you are seeing is curated, and you learn what the real demand was on the day the
gate comes off.

### What TxFlow has that Hyperliquid does not

Credit where it is due, because the above is a one-sided read so far.

TxFlow offers **tokenised US stock futures, metals and oil** alongside crypto perps, on the same
USDC collateral. Taking a gold or equity position from the same balance as your BTC trade,
with no brokerage account and no separate onboarding, is a genuinely different product. If that
is what you want, Hyperliquid does not offer it and the comparison stops being a comparison.

Whether there is durable demand for tokenised equity exposure on a crypto perp venue is an open
question. But it is a real differentiator rather than a repackaged one, which is more than most
challengers manage.

## The airdrop, which is the actual question

Nobody farms a venue with identical fees and thinner books for the trading experience. They do
it because Hyperliquid's HYPE distribution made people money, and TxFlow is the same shape at an
earlier stage.

So, plainly: **TxFlow has no confirmed airdrop.** There is a points system and a fee rebate.
Hyperliquid's distribution is a completed historical event, not a template TxFlow has committed
to repeating.

The reasoning "Hyperliquid did it, therefore TxFlow will" is the single most expensive sentence
in this corner of the market. It is pattern matching on one success while the failures are
invisible, because nobody posts about the protocol they farmed that never distributed.

I went through this properly, including the four numbers that will answer it, in
[will TxFlow be the next hype](/articles/will-txflow-be-the-next-hype).

## How I would actually choose

**Trading real size, want the tightest fills:** Hyperliquid. Deeper books, same fees, cheaper
still if you stake, and a record you can inspect.

**Want tokenised stocks, gold or oil beside your crypto perps:** TxFlow. Nothing else on this
list does it.

**Farming for a possible airdrop:** understand that you are paying certain fees for an
uncertain reward, size it as a speculative cost rather than a strategy, and read the
[funds-stuck wallet warning](/articles/txflow-wallet-funds-stuck) before you deposit.

**New to perpetuals:** neither. Leverage will cost you far more than any fee schedule on this
page. Learn on spot first.

For what it is worth, I use both, with more on Hyperliquid, because depth is worth more to me
than being early. My TxFlow code and the full risk list are on the
[TxFlow page](/deals/txflow). I earn a share of fees on that link, which is exactly why I would
rather tell you the fee schedules are identical than let you believe otherwise.

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Written by Pushpendra Singh, crypto educator and founder of SmartViewAI, Top Crypto Educator at
Consensus 2025. Not financial or tax advice. https://pushpendra.info