Bybit vs Hyperliquid — perpetual market data compared
Bybit 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.
Bybit and Hyperliquid in the archive
| Measure | Bybit | Hyperliquid |
|---|---|---|
| Recorded instruments | 1,389 | 565 |
| Spot | 536 | 270 |
| Perpetuals | 807 | 295 |
| Dated futures | 46 | — |
| Coverage | July 2023 – present | April 2024 – present |
| Recorded volume (raw) | 618 TB | 30.0 TB |
| Turnover / day · 30d | $15.5B | $7.9B |
| Trades / day · 30d | 52,132,013 | 4,980,703 |
| Average trade size · 30d | $297 | $1.6K |
| Turnover / day · 365d | $19.6B | $6.7B |
Full venue pages: Bybit · Hyperliquid
Spread, depth and turnover on shared perpetual pairs
The busiest of the 56 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 | |||
|---|---|---|---|---|---|---|
| Bybit | Hyperliquid | Bybit | Hyperliquid | Bybit | Hyperliquid | |
| BTC/USDC | 0.024 | 0.14 | $76.2K | $4.7M | $66.5M | $2.8B |
| ETH/USDC | 0.36 | 0.42 | $15.4K | $8.6M | $20.2M | $1.3B |
| HYPERLIQUID_2/USDC | 6.92 | 0.26 | $80.3K | $145.1K | $714.2K | $555.8M |
| SOL/USDC | 1.86 | 0.75 | $33.8K | $3.3M | $4.9M | $344.8M |
| XRP/USDC | 3.76 | 0.79 | $40.9K | $1.5M | $3.8M | $127.4M |
| ENA/USDC | 12 | 1.81 | $22.5K | $96.4K | $363.3K | $39.4M |
| UNI/USDC | 11 | 1.17 | $60.3K | $37.1K | $180.6K | $37.3M |
| XMR/USDC | 21 | 1.56 | $15.0K | $39.7K | $146.0K | $28.4M |
| TRUMP_SOL/USDC | 13 | 1.78 | $24.7K | $96.5K | $322.9K | $26.3M |
| ARB/USDC | 8.89 | 1.96 | $54.3K | $73.6K | $934.1K | $25.6M |
| DOGE/USDC | 4.51 | 0.46 | $50.2K | $138.6K | $794.7K | $20.6M |
| FARTCOIN/USDC | 21 | 2.44 | $34.6K | $62.2K | $100.2K | $20.7M |
| BTAO/USDC | 15 | 1.40 | $34.1K | $57.4K | $79.7K | $20.4M |
| SUI/USDC | 8.32 | 0.88 | $40.2K | $49.5K | $288.7K | $15.4M |
| XPL/USDC | 19 | 1.70 | $16.0K | $29.0K | $143.0K | $14.5M |
| BNB/USDC | 2.94 | 0.40 | $40.7K | $87.1K | $377.5K | $14.3M |
| LINK/USDC | 9.66 | 1.09 | $55.7K | $262.6K | $105.2K | $14.0M |
| AAVE/USDC | 12 | 1.50 | $51.4K | $161.9K | $124.4K | $13.5M |
| WLD/USDC | 13 | 1.41 | $20.0K | $41.2K | $259.4K | $11.9M |
| CRV/USDC | 19 | 2.29 | $30.5K | $35.8K | $112.8K | $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 Bybit and Hyperliquid data
- Open the venue pages — Bybit 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 Bybit 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.
Bybit vs Hyperliquid — FAQ
How is the Bybit 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 Bybit or Hyperliquid have tighter spreads?
In the 30 days to 2026-09-20, across the 29 actively traded perpetual pairs both venues list, Bybit had the clearly lower average quoted spread on 2 and Hyperliquid on 27; the rest were within 5 % of each other. The order book was deeper (top-20 notional) on Bybit for 3 pairs and on Hyperliquid for 24. It differs pair by pair — the shared-pairs table on this page lists the numbers.
Which has more trading volume, Bybit or Hyperliquid?
In the 30 days to 2026-09-20 our recordings show about $15,507,554,438 of turnover per day on Bybit and $7,902,800,515 on Hyperliquid (all recorded instruments of each venue, USD). The archive holds 1,389 Bybit instruments and 565 Hyperliquid instruments.
How much does Bybit and Hyperliquid historical data cost?
€1 per Bybit 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 Bybit 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.