OUINEX VS HYPERLIQUID: ORDERBOOK LIQUIDITY

RISK NOTICE

Virtual assets may lose their value in full or in part and are subject to extreme volatility. You may lose the full amount you invest, and your investment does not benefit from any form of financial protection. This document does not constitute financial advice.

HYPERLIQUID PLATFORM WARNING (VERBATIM)

[Market]-USDC is a perp market deployed independently by xyz. See xyz's Docs for more details. Beware of low liquidity, high volatility, and increased liquidation risk. Displayed on both the EURUSD-USDC and GOLD-USDC pages at time of capture.

CAPTURE WINDOW NOTE

Ouinex and Hyperliquid screenshots were captured roughly 38-40 minutes apart (Hyperliquid ~10:09 UTC, Ouinex ~10:47-10:48 UTC). Spreads, depth, and financing/funding figures are point-in-time and fluctuate; treat all figures below as a snapshot comparison, not a permanent state.

ACCOUNT STATUS DISCLOSURE

The Ouinex screenshots were captured on a Live account. Prices and order book data reflect live market data.

FEE DATA NOTE

Both platforms' fee panels were visible this session. Hyperliquid showed EUR/USD taker/maker fees of 0.0090%/0.0030%, and Gold fees of 0.0900%/0.0300% (matching Hyperliquid's published HIP-3 base rate). High-volume or HYPE-staking traders can pay less than these displayed rates.

EUR FEE DISPLAY NOTE

Hyperliquid's EUR/USD order panel showed two stacked fee figures: 0.0090%/0.0030% (the primary Fees label, used throughout this document) and a second line beneath it reading 0.0450%/0.0150%, which is exactly Hyperliquid's base native-perpetual rate.

LEVERAGE RISK NOTE

Higher available leverage is presented below as a platform capability comparison, not as a benefit. Leverage magnifies both gains and losses: at high leverage, a small adverse price move can trigger liquidation and the total loss of margin. The leverage figures in this document should be read alongside that risk, not as a standalone advantage.

EUR BID-L1 DEPTH NOTE

Hyperliquid's EUR/USD top-of-book bid (115.1 EUR) was markedly thinner than its own second price level (56,927.0 EUR), suggesting the L1 reading was a thin outlier at the moment of capture rather than representative depth. The comparison below reports the verified L1 figure as captured, with this caveat attached.

TOTAL COLUMN METHODOLOGY NOTE

Ouinex's order book Total column shows each level's own notional value (Price x Amount). Hyperliquid's Total column shows cumulative size from the best price out to that level. These are not the same metric. All depth comparisons in this document use the Amount (per-level size) column on both platforms, to keep the comparison apples-to-apples.

DATA POINT

OUINEX

HYPERLIQUID

WINNER

EUR/USD spread

1.0 pip (0.00010)

1.0 pip (0.0001)

Draw

EUR/USD ask L1 depth

100,000 EUR

5,941.1 EUR

OUINEX x16.8

EUR/USD bid L1 depth

600,000 EUR

115.1 EUR

OUINEX x5,213

EUR/USD max leverage

300x

50x

OUINEX x6

EUR/USD taker fee

$0

0.0090%

OUINEX

XAU/USD spread

$0.52

$0.10

HYPERLIQUID

XAU/USD ask L1 depth

100 oz (~$402.8K)

1.3849 oz (~$5,584)

OUINEX x72.2

XAU/USD bid L1 depth

100 oz (~$402.8K)

2.4500 oz (~$9,879)

OUINEX x40.8

XAU/USD max leverage

300x

25x

OUINEX x12

XAU/USD taker fee

$0

0.0900%

OUINEX

XAU/USD all-in cost, 10 oz

$5.20

~$37.29

OUINEX x7.2

Settlement currency

USD

USDC

OUINEX

DATA POINT

OUINEX

HYPERLIQUID

WINNER

Product type

TradFi CFD

On-chain Perp (xyz-deployed)

OUINEX

Settlement

USD

USDC

OUINEX

Spread

0.00010 (1.0 pip)

0.0001 (1.0 pip, 0.009%)

Draw

Ask L1 size

100,000 EUR

5,941.1 EUR

OUINEX x16.8

Bid L1 size

600,000 EUR

115.1 EUR

OUINEX x5,213

Taker fee

No separate fee

0.0090% (confirmed on-screen)

OUINEX

Max leverage

300x

50x

OUINEX x6

SPREAD

•  Both platforms quoted a 1.0 pip EUR/USD spread at time of capture.

DEPTH

•  Ouinex's ask L1 (100,000 EUR) is roughly 16.8x the size of Hyperliquid's ask L1 (5,941.1 EUR).
•  On the bid side the gap is far larger: Ouinex's 600,000 EUR vs Hyperliquid's 115.1 EUR, a ~5,213x difference.

FEES

•  Hyperliquid's EUR/USD taker fee is confirmed at 0.0090%, far lower than its Gold fee (0.0900%).
•  On a 1-lot (100,000 EUR) trade this narrows Ouinex's all-in cost advantage to roughly 2x (Ouinex $10.00 vs Hyperliquid ~$20.28), a much smaller margin than on Gold.

LEVERAGE

•  Ouinex offers up to 300x leverage on EUR/USD, six times Hyperliquid's 50x cap on this market.

DATA POINT

OUINEX

HYPERLIQUID

WINNER

Product type

TradFi Gold CFD

On-chain Perp (xyz-deployed)

OUINEX

Spread

$0.52

$0.10 (0.002%)

HYPE

Ask L1 size

100 oz (~$402,826 notional)

1.3849 oz (~$5,584 notional)

OUINEX x72.2

Bid L1 size

100 oz (~$402,774 notional)

2.4500 oz (~$9,879 notional)

OUINEX x40.8

Taker fee

No separate fee - only spread

0.0900% (confirmed on-screen)

OUINEX

All-in cost, 10 oz (spread + fee)

$5.20

~$37.29

OUINEX x7.2

Max leverage

300x

25x

OUINEX x12

Financing / funding

-0.670 / +0.275 (traditional swap)

0.0018% per hour (variable)

Different model

SPREAD

•  Hyperliquid's quoted Gold spread ($0.10) is tighter than Ouinex's ($0.52).
•  Hyperliquid's tighter quoted spread is reversed by its taker fee: the all-in cost is roughly 7.2x higher than Ouinex's.

DEPTH

•  Ouinex's ask L1 (100 oz, ~$402,826 notional) is approximately 72.2x larger than Hyperliquid's ask L1 (1.3849 oz, ~$5,584 notional).
•  On the bid side, Ouinex's 100 oz is roughly 40.8x Hyperliquid's 2.4500 oz. A tight spread sitting on a couple of ounces of depth means a modestly sized order moves through several price levels.

ALL-IN COST

•  On a 10 oz trade: Ouinex costs $5.20 (spread only, no taker fee).
•  Hyperliquid costs approximately $37.29 ($1.00 spread + ~$36.29 taker fee at the confirmed 0.0900% rate on ~$40,324 notional).
•  Hyperliquid's tighter quoted spread is reversed by its taker fee: the all-in cost is roughly 7.2x higher than Ouinex's.

FUNDING

•  Hyperliquid's Gold funding rate was 0.0018% per hour at time of capture (resets hourly).
•  Ouinex uses a traditional overnight swap rate, displayed as -0.670 (long) / +0.275 (short) at capture

SCENARIO

SPREAD COST

TAKER FEE

ALL-IN OUINEX

ALL-IN HYPE

WINNER

EUR: 1 lot (100,000 EUR)

Ouinex $10 / Hype $10

Ouinex $0 / Hype $10.28

$10.00

$20.28

OUINEX

EUR: 0.1 lot (10,000 EUR)

Ouinex $1 / Hype $1

Ouinex $0 / Hype $1.03

$1.00

$2.03

OUINEX

Gold: 1 oz

Ouinex $0.52 / Hype $0.10

Ouinex $0 / Hype ~$3.63

$0.52

~$3.73

OUINEX

Gold: 10 oz

Ouinex $5.20 / Hype $1.00

Ouinex $0 / Hype ~$36.29

$5.20

~$37.29

OUINEX

Gold: 100 oz

Ouinex $52.00 / Hype $10.00

Ouinex $0 / Hype ~$362.92

$52.00

~$372.92

OUINEX

INSTRUMENT

METRIC

OUINEX

HYPERLIQUID

WINNER

EUR

Product type

TradFi CFD

On-chain Perp (xyz)

OUINEX

EUR

Spread

1.0 pip

1.0 pip

Draw

EUR

Ask L1 depth

100,000 EUR

5,941.1 EUR

OUINEX x16.8

EUR

Bid L1 depth

600,000 EUR

115.1 EUR

OUINEX x5,213

EUR

Taker fee

None

0.0090%

OUINEX

EUR

All-in, 1 lot

$10.00

$20.28

OUINEX x2.0

EUR

Max leverage

300x

50x

OUINEX x6

GOLD

Product type

TradFi CFD

On-chain Perp (xyz)

OUINEX

GOLD

Spread (quoted)

$0.52

$0.10

HYPE

GOLD

Ask L1 depth

100 oz (~$402.8K)

1.3849 oz (~$5,584)

OUINEX x72.2

GOLD

Bid L1 depth

100 oz (~$402.8K)

2.4500 oz (~$9,879)

OUINEX x40.8

GOLD

Taker fee

None

0.0900%

OUINEX

GOLD

All-in, 10 oz

$5.20

~$37.29

OUINEX x7.2

GOLD

Max leverage

300x

25x

OUINEX x12

PLATFORM WARNING

•  Hyperliquid displays on both EUR and Gold: Beware of low liquidity, high volatility, and increased liquidation risk. This is the platform warning its own users before they trade, not a competitor's claim.

DEPTH

•  Ouinex's Gold ask depth at L1 (100 oz, ~$402.8K notional) is roughly 72.2x Hyperliquid's Gold ask depth at L1 (1.3849 oz, ~$5,584 notional).
•  On EUR/USD, Ouinex's bid L1 (600,000 EUR) is roughly 5,213x Hyperliquid's bid L1 (115.1 EUR) at time of capture.

ALL-IN COST

•  All-in cost on a 10 oz trade is Ouinex $5.20 vs Hyperliquid ~$37.29, roughly 7.2x cheaper on Ouinex.

LEVERAGE

•  Ouinex offers 300x leverage on both instruments tested, versus Hyperliquid's 50x (EUR) and 25x (Gold) caps. Higher leverage is a capability difference, not a risk-free advantage: see the leverage risk note in the methodology section above.

WHERE HYPERLIQUID WINS

•  Gold quoted spread ($0.10 vs $0.52). The spread advantage does not survive all-in cost analysis once the taker fee is included.

SCOPE LIMIT

• This comparison covers spread, depth, fees, leverage, and platform disclosures only.
•  It does not assess custody model: Hyperliquid is a non-custodial on-chain DEX, Ouinex is a custodial CFD broker. Traders who weight self-custody heavily should factor that in separately; it is outside this document's scope.