Two readings, side by side
Hyperliquid vs Lighter
Not a scoring table. Two dated readings of the venues' own restriction pages, the countries where their lists differ, and each programme's declared terms — quoted, never improved.
The readings behind this page
- Hyperliquid — their terms name no countries; there is no list to compare Full Hyperliquid list
- Lighter — read on 2026-08-31 lighter.xyz #56f875b1 Full Lighter list
What each one charges
- Hyperliquid — taker 0.045%, maker 0.015%, read 2026-09-03 Tier 0 hyperliquid.gitbook.io
- Lighter — taker 0.000%, maker 0.000%, read 2026-09-03 Standard account docs.lighter.xyz
The gap between venues is usually larger than any referral discount: count that first.
Named by Hyperliquid, not by Lighter
— nobody
Named by Lighter, not by Hyperliquid
- BY Belarus
- CA Canada
- CN China
- CU Cuba
- GB United Kingdom (UK)
- IR Iran
- KP North Korea
- MM Myanmar
- RU Russia
- SD Sudan
- SY Syria
- UA Ukraine
- VE Venezuela
Named by both
- US United States
If the edge can place your connection, your country's code is marked in the lists above.
What each programme declares
Hyperliquid
FUT You get 4% off fees for your first $25M of volume. Hyperliquid's entry tier is 0.045% taker and 0.015% maker, read on their own docs 3 Sep 2026, so on taker volume the discount keeps 0.0018% — about $18 per $1M; on maker volume it is 0.0006%. We receive 10% of the referred fees, out of that fee rather than on top of yours. Restricted Persons are still theirs; payment does not rewrite the list.
Lighter
N33BQEX6ZYVM Lighter's Standard account charges 0.000% maker and 0.000% taker, read on their own docs 3 Sep 2026 — there is no fee left for a discount to cut. What the link adds is your first week of Premium fees rebated, to your first $10M of volume. We receive 10% of referred users' fees (Bronze tier; higher tiers exist). The restricted-country list is still Lighter's; payment does not rewrite it.
Questions
Which can I use from my country — Hyperliquid or Lighter?
The venues decide that, at KYC. What we publish is a different thing: whose list names which countries — yours marked when the connection can be placed — and the click is checked at the edge either way.
Do Hyperliquid and Lighter pay the same referral reward?
Each declares its own programme; both are quoted above verbatim and checked monthly. We add nothing to either.
Why do the two lists differ?
Different legal exposure, different regulators, different lawyers. We do not guess at reasons — we date what each page says and record every later change in the ledger.