VENUEVERITAS

DEX compare

Paradex vs Hyperliquid

Evidence-domain compares only. No overall winner. · Publication ready

Paradex

  • Order book
  • Smart-contract custody
  • Pyth Network & Stork Network
  • Paradex Chain (Starknet appchain → Ethereum)
  • Hybrid

Hyperliquid

  • Order book
  • Smart-contract custody
  • Validator-published spot oracle: weighted med…
  • Hyperliquid L1
  • Perpetuals DEX

Compare enrichment only — not a full investigation

DEX directory · DEX compares

Key structural differences

  • Both emphasize orderbook execution with appchain-style environments
  • Paradex documents offchain match + STARK validity settlement to Ethereum more explicitly in cited posts
  • Oracle models differ: Paradex Pyth/Stork + Fair Basis (incl. external venues) vs Hyperliquid validator-weighted CEX medians
  • Both publish frontend/terms Restricted Persons language (Paradex Restricted Persons page; Hyperliquid Interface Terms incl. US/Ontario)
  • Hyperliquid upgrade/admin keys remain RESEARCHED_UNRESOLVED; Paradex upgrade authority likewise unresolved

Disclosures

  • Neither smart-contract audit catalog fully structured in this pack
  • No overall ranking language

Domain comparison

  • Execution model

    Paradex

    Order book

    Hyperliquid

    Order book

  • Custody

    Paradex

    Smart-contract custody

    Hyperliquid

    Smart-contract custody

  • Collateral location

    Paradex

    User wallet / bridge deposit → Paradex margin account (onchain) → Offchain match (execution) → Appchain + L1 validity settlement

    Hyperliquid

    User wallet / bridge → Onchain margin → Hyperliquid L1 settlement

  • Oracle

    Paradex

    Pyth Network & Stork Network (spot oracle price)

    Hyperliquid

    Validator-published spot oracle: weighted median of Binance, OKX, Bybit, Kraken, Kucoin, Gate.io, MEXC, and Hyperliquid spot (weights 3/2/2/1/1/1/1/1) every ~3s

  • Control plane

    Paradex

    Appchain operator (official research notes operator EOA risk)

    Hyperliquid

    Unresolved (Researched unresolved)

  • Liquidation

    Paradex

    Maintenance margin / risk health checks against mark price

    Hyperliquid

    Account equity below maintenance margin (mark price)

  • Liquidity

    Paradex

    ORDERBOOK / MARKET MAKERS

    Hyperliquid

    ORDERBOOK

  • Fees

    Paradex

    maker taker retail: Retail makers and takers: 0% on Perps, Spot, Options

    Hyperliquid

    maker taker: Tiered by rolling 14D weighted volume (spot counts 2×); separate perps vs spot schedules; maker rebates possible

  • Markets

    Paradex

    Perpetuals and spot with unified margin on Paradex Chain

    Hyperliquid

    Onchain orderbook perps (published VenueVeritas venue; DEX-model enrichment partial)

  • Settlement

    Paradex

    Paradex Chain (Starknet appchain → Ethereum) · Appchain

    Hyperliquid

    Hyperliquid L1 · Appchain

  • Security evidence

    Paradex

    No structured audit row

    Hyperliquid

    No structured audit row

  • Geo restrictions

    Paradex

    Protocol access: Verified not structured; Frontend access: Verified structured; Terms of service: Verified structured; Geo block: Researched unresolved; Legal eligibility: Verified structured

    Hyperliquid

    Protocol access: Verified not structured; Frontend access: Verified structured; Terms of service: Verified structured; Geo block: Verified not structured; Legal eligibility: Verified structured

  • Dependencies

    Paradex

    Paradex Chain, Ethereum L1, Appchain operator/sequencer, Offchain matching engine, SHARP / STARK proving

    Hyperliquid

    Hyperliquid L1

  • Evidence recency

    Paradex

    2026-08-30

    Hyperliquid

    2026-08-30

Local compare only. Forbidden language: safer, better, best, recommended, most decentralized (as value judgment). Day-7: no deploy.