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 | 773 | 565 |
| Spot | — | 270 |
| Perpetuals | 769 | 295 |
| Dated futures | 4 | — |
| Coverage | February 2021 – present | April 2024 – present |
| Recorded volume (raw) | 720 TB | 30.0 TB |
| Turnover / day · 30d | $54.6B | $7.9B |
| Trades / day · 30d | 172,069,887 | 4,980,703 |
| Average trade size · 30d | $318 | $1.6K |
| Turnover / day · 365d | $54.1B | $6.7B |
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 | 0.014 | 0.14 | $311.0K | $4.7M | $2.9B | $2.8B |
| ETH/USDC | 0.042 | 0.42 | $192.4K | $8.6M | $2.3B | $1.3B |
| SOL/USDC | 0.99 | 0.75 | $941.4K | $3.3M | $268.4M | $344.8M |
| ZEC/USDC | 0.96 | 0.85 | $7.6K | $600.2K | $121.4M | $438.0M |
| XRP/USDC | 0.79 | 0.79 | $256.3K | $1.5M | $174.4M | $127.4M |
| BNB/USDC | 0.24 | 0.40 | $54.7K | $87.1K | $73.2M | $14.3M |
| NEAR/USDC | 5.25 | 1.41 | $283.0K | $86.5K | $23.0M | $61.4M |
| ENA/USDC | 2.45 | 1.81 | $20.2K | $96.4K | $27.8M | $39.4M |
| DOGE/USDC | 1.41 | 0.46 | $206.4K | $138.6K | $41.2M | $20.6M |
| UNI/USDC | 3.50 | 1.17 | $95.3K | $37.1K | $19.9M | $37.3M |
| ARB/USDC | 3.20 | 1.96 | $15.3K | $73.6K | $22.2M | $25.6M |
| TRUMP_SOL/USDC | 5.56 | 1.78 | $256.5K | $96.5K | $16.2M | $26.3M |
| SUI/USDC | 1.87 | 0.88 | $152.5K | $49.5K | $19.6M | $15.4M |
| LINK/USDC | 1.83 | 1.09 | $75.0K | $262.6K | $11.2M | $14.0M |
| AAVE/USDC | 2.54 | 1.50 | $41.3K | $161.9K | $7.6M | $13.5M |
| WLD/USDC | 3.99 | 1.41 | $50.0K | $41.2K | $8.5M | $11.9M |
| ADA/USDC | 5.13 | 1.10 | $507.3K | $126.1K | $11.0M | $8.0M |
| AVAX/USDC | 2.31 | 1.05 | $85.0K | $55.1K | $10.1M | $7.7M |
| LTC/USDC | 2.53 | 0.80 | $177.8K | $66.0K | $7.9M | $6.0M |
| CRV/USDC | 6.45 | 2.29 | $48.5K | $35.8K | $3.0M | $10.5M |
Averages over the recorded days of the 30 days to 2026-09-20, 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.
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 2026-09-20, across the 34 actively traded perpetual pairs both venues list, Binance USDT-M had the clearly lower average quoted spread on 4 and Hyperliquid on 29; 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 20. 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 2026-09-20 our recordings show about $54,648,544,165 of turnover per day on Binance USDT-M and $7,902,800,515 on Hyperliquid (all recorded instruments of each venue, USD). The archive holds 773 Binance USDT-M instruments and 565 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.