Both are perpetuals exchanges with an order book, USDC margin and hourly funding. They differ in how they match orders, where funds are held, what they charge and which wallet you use. Here is the comparison, from each venue’s own documentation and API.
Bulk is cheaper on paper: in its current Growth Mode makers pay 0 bps and takers 2.2 to 3.5 bps, against Hyperliquid’s base 0.015% maker and 0.045% taker. Both top out at 40x on BTC. Bulk runs its own matching layer on validators that also run Solana, which holds the funds; Hyperliquid is its own layer 1 chain, with perpetual and spot order books built in. Bulk lists a much shorter set of markets, and its fee and speed rules are labelled as launch-phase.
The catches: Bulk’s zero maker fee is a phase its docs call Growth Mode, its takers wait behind a 25 ms speed bump for what the docs describe as the first 90–120 days, and Bulk bars people in 44 listed jurisdictions. Hyperliquid has the longer list of markets and spot trading. Read both venues’ current terms before you deposit.
| Bulk | Hyperliquid | |
|---|---|---|
| Built as | An execution layer run by validators next to Solana validators; custody and settlement on Solana | Its own layer 1 chain (HyperBFT consensus) with HyperCore order books |
| Margin and collateral | USDC | USDC |
| Base fees | Maker 0 bps; taker 3.5 bps at the entry tier (Growth Mode) | 0.015% maker, 0.045% taker (volume tier 0) |
| Funding | Paid every hour | Paid every hour, capped at 0.5% per hour |
| Highest max leverage | 40x (BTC) | 40x (BTC) |
| Markets | 22 trading, 34 listed (12 Nov 2026) | 179 active perps on the main list, plus spot (12 Nov 2026) |
| Order ordering | Batches, shuffled, cancels and post-only first; 25 ms taker speed bump at launch | Order book on its own chain |
| Wallet | Solana wallet (Phantom, Backpack, Solflare) | Ethereum-style wallet or email/social sign-in; deposits as Arbitrum USDC |
Hyperliquid’s fees are set by your rolling 14-day volume, assessed at the end of each UTC day. The base tier pays 0.045% taker and 0.015% maker on perpetuals; above $7B it is 0.024% taker and 0.000% maker, and staking HYPE discounts these by 5% to 40%. The full schedule is in Hyperliquid fees explained.
Bulk also sets fees by 14-day volume. It says it is in Growth Mode, where makers pay 0 bps on every tier and takers pay:
| Bulk 14-day volume | Maker | Taker |
|---|---|---|
| Under $1M | 0 bps | 3.5 bps (0.035%) |
| $10M or more | 0 bps | 3.0 bps |
| $150M or more | 0 bps | 2.6 bps |
| $4.0B or more | 0 bps | 2.2 bps |
One basis point is 0.01%. Bulk has eight tiers in all (the full table is in What is Bulk exchange?), charges no separate liquidation fee, and pays rebates to the largest makers. Eleven TradFi markets (stocks, ETFs and the US500 index, one of them suspended on 12 November) have a rate of their own: a flat 1.5 bps taker.
At the entry tiers: Hyperliquid $4.50 (0.045%), Bulk $3.50 (3.5 bps). At the top of each schedule it is $2.40 on Hyperliquid (0.024%) and $2.20 on Bulk. A $10,000 maker order costs $1.50 on Hyperliquid’s base tier and $0 on Bulk. This is our arithmetic from the published rates. It leaves out funding, spread, slippage and any fee an app adds on top. Apps built on either venue can add their own fee: up to 0.1% on perpetuals as a Hyperliquid builder fee, and 1 to 15 bps as a Bulk builder code, which you approve first. See Hyperliquid builder fees by app for what is charged in practice.
Both venues’ highest limit is 40x, on BTC. Below that they diverge. On Bulk’s API on 12 November 2026: ETH and the US500 index 25x, SOL, XRP and PAXG 20x, and 10x on the other 16 trading markets. Bulk’s docs say “up to 100x” per instrument, but no market offered that, so 40x is the real ceiling. On Hyperliquid’s API on 12 November 2026: BTC 40x, ETH 25x, SOL and XRP 20x, then 30 perps at 10x, 56 at 5x and 89 at 3x.
| Coin | Bulk | Hyperliquid |
|---|---|---|
| BTC | 40x | 40x |
| ETH | 25x | 25x |
| SOL | 20x | 20x |
| XRP | 20x | 20x |
| HYPE | 10x | 10x |
On Hyperliquid the maximum also falls as a position grows: BTC from 40x to 20x above $150M of position value, with similar tiers on 33 other perps (see Hyperliquid max leverage for every perp). Bulk’s contract specifications list “no static tiers” and describe portfolio margin that weighs the risk of your whole book, with up to 70% margin efficiency on hedged portfolios. Margin is cross by default; Bulk also offers isolated margin per instrument. A position opened at the maximum sits close to its liquidation price on either venue. The Hyperliquid calculator shows where a Hyperliquid position would liquidate.
Both pay funding every hour. On Hyperliquid, the 8-hour rate is the average premium index plus a clamped interest rate; the premium is sampled every 5 seconds and averaged over the hour; one eighth is paid each hour; and funding is capped at 0.5% per hour. Bulk’s contract specifications say funding payments are made every hour to anchor the price to spot; we have not compared its formula or cap. For the mechanics on a venue that publishes them in detail, see Lighter funding rate explained and the live Hyperliquid funding table.
Hyperliquid describes itself as a layer 1 blockchain written from first principles, using a custom consensus algorithm called HyperBFT, with fully on-chain perpetual and spot order books in HyperCore.
Bulk describes itself as a specialised execution layer. Each validator runs Bulk’s binary next to a standard Solana validator; Solana handles custody, deposits and withdrawals, and Bulk’s layer runs risk and matching. Its book is a central limit order book with price-time priority, but orders are admitted in batches, shuffled deterministically, and run in a fixed order: liquidations, cancels, post-only maker orders, then regular orders. Takers face a 25 millisecond speed bump that the docs call a temporary launch mechanism for the first 90–120 days. Bulk’s docs describe it as self-custodial: funds sit in a per-user program-derived account on Solana, and a withdrawal needs a threshold signature from the validator set. Read more in What is Bulk exchange?.
Bulk’s Terms of Use (last updated 17 August 2026) list 44 prohibited jurisdictions, including the United States, the United Kingdom, Japan, Singapore, France and Germany, and forbid hiding your location with a VPN. We have not compared Hyperliquid’s own restrictions, so read each venue’s current terms before you use it.
Fees and limits are on paper; prices, depth and spreads are live. WatchCrypto streams both venues into one free terminal, so you can open Bulk BTC and Hyperliquid BTC, each with its own order book and trade tape, and see the difference yourself. You can place Hyperliquid and Bulk perpetual orders from the chart: connect Hyperliquid or connect Bulk (one signature each, with a trading-only key that cannot withdraw). The Hyperliquid page covers charting and trading there, and Hyperliquid’s open interest by coin is live. For several venues on one screen, see multi-exchange trading. Choosing a third venue? Lighter vs Hyperliquid makes the same comparison.
On paper, yes. In Bulk's current Growth Mode, makers pay 0 bps and takers pay 3.5 bps (0.035%) at the entry tier, falling to 2.2 bps. Hyperliquid's base rate is 0.015% maker and 0.045% taker. Bulk says Growth Mode is a current phase, and each venue's fee falls with trading volume.
Neither: both top out at 40x, on BTC. Bulk's docs say up to 100x per instrument, but its API listed 40x as the highest on 12 November 2026. On Hyperliquid, BTC drops to 20x above $150M of position size.
Not quite. Bulk runs its own execution layer on validators that also run Solana, with deposits, withdrawals and custody settled on Solana. Hyperliquid is its own layer 1 chain, with a custom consensus called HyperBFT.
Yes, both every hour. Hyperliquid computes an 8-hour rate from a premium index and pays one eighth of it each hour, capped at 0.5% per hour. Bulk's contract specifications say funding is paid every hour; its docs set out the details.
Yes. WatchCrypto streams both venues live for free, and you can place Hyperliquid and Bulk perpetual orders from the chart after connecting a wallet: an Ethereum-style wallet or sign-in for Hyperliquid, a Solana wallet for Bulk.
meta, fetched 12 November 2026.WatchCrypto is not affiliated with Bulk or Hyperliquid. Fees and limits change; check each venue before you trade. Leveraged trading can lose more than you expect; this guide is not financial advice.