Binance USDT-M vs Hyperliquid — perpetual market data compared
Binance USDT-M and Hyperliquid side by side, measured on the same recorder: how many perpetual instruments each lists, how much trades there, and — pair by pair — where the quoted spread is tighter and the order book deeper. Every number is computed from our own tick-by-tick recordings of both feeds, with its window stated.
Binance USDT-M and Hyperliquid in the archive
| Measure | Binance USDT-M | Hyperliquid |
|---|---|---|
| Recorded instruments | 804 | 591 |
| Spot | — | 276 |
| Perpetuals | 800 | 315 |
| Dated futures | 4 | — |
| Coverage | February 2021 – present | April 2024 – present |
| Recorded volume (raw) | 751 TB | 32.8 TB |
| Turnover / day · 30d | $55.3B | $7.6B |
| Trades / day · 30d | 169,732,301 | 5,224,395 |
| Average trade size · 30d | $326 | $1.5K |
| Turnover / day · 365d | $51.6B | $6.4B |
Full venue pages: Binance USDT-M · Hyperliquid
Spread, depth and turnover on shared perpetual pairs
The busiest of the 34 perpetual pairs both venues list — the same instrument class on both sides, measured the same way.
| Pair | Avg spread (bps) | Top-20 depth | Turnover / day | |||
|---|---|---|---|---|---|---|
| Binance USDT-M | Hyperliquid | Binance USDT-M | Hyperliquid | Binance USDT-M | Hyperliquid | |
| BTC/USDC | 0.013 | 0.13 | $343.1K | $5.3M | $2.9B | $2.4B |
| ETH/USDC | 0.042 | 0.42 | $242.3K | $10.7M | $2.4B | $1.0B |
| SOL/USDC | 0.93 | 0.90 | $1.3M | $4.9M | $237.2M | $210.5M |
| ZEC/USDC | 0.65 | 0.97 | $12.3K | $1.2M | $104.9M | $329.5M |
| NEAR/USDC | 2.51 | 0.87 | $619.1K | $80.8K | $50.5M | $209.6M |
| XRP/USDC | 0.75 | 0.77 | $560.4K | $2.2M | $85.0M | $72.6M |
| BNB/USDC | 0.14 | 0.46 | $65.2K | $94.0K | $78.9M | $17.3M |
| ENA/USDC | 1.96 | 1.81 | $27.5K | $89.9K | $24.3M | $49.7M |
| WLD/USDC | 3.23 | 1.42 | $109.9K | $43.5K | $13.5M | $39.1M |
| UNI/USDC | 1.66 | 0.99 | $125.1K | $30.8K | $24.4M | $23.0M |
| SUI/USDC | 1.36 | 1.26 | $113.9K | $246.7K | $17.9M | $22.5M |
| DOGE/USDC | 1.26 | 0.45 | $508.6K | $127.8K | $25.3M | $13.0M |
| AAVE/USDC | 2.00 | 1.18 | $37.8K | $118.6K | $8.6M | $14.3M |
| ARB/USDC | 2.14 | 1.27 | $16.0K | $55.8K | $9.4M | $11.2M |
| LINK/USDC | 1.43 | 1.07 | $96.4K | $289.9K | $8.5M | $10.7M |
| AVAX/USDC | 1.61 | 1.29 | $105.4K | $154.6K | $9.5M | $8.6M |
| ADA/USDC | 4.55 | 1.15 | $545.7K | $151.9K | $9.1M | $8.0M |
| TIA/USDC | 3.61 | 2.23 | $37.8K | $20.6K | $11.2M | $5.6M |
| FIL/USDC | 2.41 | 1.80 | $57.6K | $49.5K | $11.8M | $2.7M |
| CRV/USDC | 4.66 | 1.82 | $73.1K | $27.2K | $4.1M | $9.3M |
Averages over the recorded days of the 30 days to 2026-10-30, from our own recordings of both feeds. Spread = average quoted spread in basis points; top-20 depth = mid-side total notional over the top 20 price levels. The busiest shared pairs first; open a pair for every venue that lists it.
How the comparison is measured
The comparison uses one method for both venues: every trade and every order-book update of each feed is recorded at the venue's full book depth, then rolled up per UTC day. Spread is the average quoted spread in basis points; depth is the mid-side total notional over the top 20 price levels. Because both sides run through the same pipeline, the rows are directly comparable.
The numbers describe market structure, not a recommendation. Liquidity differs by pair and by time of day — the cross-venue analyzer shows the live picture, and the tick files behind every figure are in the Data Shop for your own measurement.
How to download Binance USDT-M and Hyperliquid data
- Open the venue pages — Binance USDT-M and Hyperliquid — or pick a shared pair from the table on this page.
- In the Data Shop, choose the instrument on each venue and the same UTC day on both. Each day is one file with every trade, order-book update and quote the venue published.
- Check out once for both files — €1 per instrument-day, as a guest or with an account; downloads start immediately.
- Replay both books with the free Python reader or export trades and BBO as CSV/Parquet, and align the two venues on the nanosecond timestamps.
Why buy Binance USDT-M and Hyperliquid data here
Four things every page on this site is built on — and the reason the numbers above exist at all.
We record everything
The complete public feed of each venue as it was published: every Level-2 snapshot and update at the venue's full book depth, every trade with its aggressor side, every quote, funding, mark-price and liquidation event — for every instrument the venue lists, every UTC day since we added the venue. Nothing sampled, no top-N cut, no on-demand capture.
Institutional grade
Captured co-located at the venue with the exchange timestamp and our receive timestamp in integer nanoseconds, an event-id chain that makes any gap visible, and one normalized schema across 35+ venues — the same capture our own high-frequency trading engine and enterprise feeds run on.
€1 per instrument-day
Any instrument-day is €1, series-day bundles start at €1 — no subscription, no minimum order, no tiers to unlock. Credit packs lower the effective price and never expire, and every venue has free full-day samples to test against first.
Self-service for everyone
Pick the days in the Data Shop, pay by card as a guest and download immediately — no sales call, no enterprise contract, no KYC. Coding agents buy the same files through the MCP server, and the free Agent Skill teaches them the format.
Agents: /llms.txt · MCP server /mcp · every page as markdown via Accept: text/markdown
Binance USDT-M vs Hyperliquid — FAQ
How is the Binance USDT-M vs Hyperliquid comparison measured?
From our own recordings of both market-data feeds: every trade and every full-depth order-book update, rolled up per UTC day. Spread is the average quoted spread in basis points, depth the mid-side total notional over the top 20 levels, turnover in USD. Both venues run through the same pipeline, and every figure on the page carries its window.
Does Binance USDT-M or Hyperliquid have tighter spreads?
In the 30 days to 2026-10-30, across the 34 actively traded perpetual pairs both venues list, Binance USDT-M had the clearly lower average quoted spread on 5 and Hyperliquid on 27; the rest were within 5 % of each other. The order book was deeper (top-20 notional) on Binance USDT-M for 14 pairs and on Hyperliquid for 19. It differs pair by pair — the shared-pairs table on this page lists the numbers.
Which has more trading volume, Binance USDT-M or Hyperliquid?
In the 30 days to 2026-10-30 our recordings show about $55,279,937,023 of turnover per day on Binance USDT-M and $7,607,070,079 on Hyperliquid (all recorded instruments of each venue, USD). The archive holds 804 Binance USDT-M instruments and 591 Hyperliquid instruments.
How much does Binance USDT-M and Hyperliquid historical data cost?
€1 per Binance USDT-M or Hyperliquid instrument-day — no subscription, no minimum order, no account needed: buy as a guest, download instantly, or use credit packs that never expire. Free full-day samples first on the downloads page; details on pricing.
Can I get the same day from Binance USDT-M and Hyperliquid to compare them myself?
Yes. Both venues are recorded continuously, so any UTC day is available from both; each file holds that venue's complete feed with nanosecond timestamps, which is what cross-venue lead-lag, arbitrage and execution-quality research needs. Free full-day samples are on the download page.