# Hyperliquid Competitors by Audit Standing in 2026

The Perp Reference maintainers · Updated: 24 September 2026 · Readings taken 20 September 2026 · Venue documents read 18 September 2026

## Abstract

Six hyperliquid competitors are set out in the order CertiK Skynet puts them, every venue read on
23 September 2026: EVEDEX 94.36,
Aster 93.88, Lighter 90.25, edgeX 88.14,
dYdX 82.05, Extended 80.5. That order is an outside
register's, not this reference's own security record mark, which puts Aster and Extended first.

Weights: Order-book liquidity 30 · Market coverage 20 · Trading cost 18 · Security record 14 · Custody and settlement 12 · Access 6. One formula scores every entry, fixed on 22 September 2026 and never adjusted: https://thekiddushclubnft.com/scoring-method

## Six hyperliquid competitors, ordered by audit standing

Ordered by the score CertiK Skynet showed on 23 September 2026, on the auditor's scale of 0 to 100, every venue read that day so the column compares like with like. Hyperliquid is absent because it is the venue being compared against; its own standing is below.

| No. | Venue | CertiK Skynet score | Maker / taker | Perpetual markets | Model |
|---|---|---|---|---|---|
| 1 | EVEDEX | 94.36 AAA | 0.015% / 0.045% | 52 | Hybrid |
| 2 | Aster | 93.88 AAA | 0% / 0.040% | 578 | Own layer 1, operator-run |
| 3 | Lighter | 90.25 AA | 0% / 0% | 214 | Hybrid, ZK-proven |
| 4 | edgeX | 88.14 AA | 0.040% / 0.045% | 172 | Hybrid |
| 5 | dYdX | 82.05 A | 0.010% / 0.050% | 78 | App-chain, validator-held book |
| 6 | Extended | 80.5 A | 0% / 0.025% | 325 | Hybrid |

Facts as of 18 September 2026; fees are the entry tier on the BTC perpetual and market counts are each venue's own. Access differs by country: the terms binding on you are the ones to read before a deposit.

## What the table shows

1. The two orders disagree: EVEDEX stands first on the registry and fifth of six on this site's formula, at 4.7 of 7, where Lighter takes 5.8. Our own security record mark puts Aster and Extended first.
2. A registry counts what reaches it: Lighter publishes nine audit reports and the registry lists three; Aster publishes seven and the registry lists one.
3. A bounty sits outside the number: dYdX pays up to $1,000,000 for a critical report and stands fifth, while the three venues posting none — EVEDEX, Lighter and edgeX — stand first, third and fourth.
4. So does the book: edgeX held $29.5 million within 10 basis points, the heaviest read here, and stands fourth on the registry.

## 1. EVEDEX — one audit report of its own, two on the registry

BTC 200x to $50,000 · Wallet signature

EVEDEX runs the match off the chain; Arbitrum receives position data, written once enough changes
have built up and again at every withdrawal (per the EVEDEX documentation, 18 September 2026).
Skynet showed 94.36, grade AAA, with
two audit reports listed, against one review the
venue publishes itself — a CertiK report on a single contract, revised 28 July 2025, carrying one
informational finding. Fees are 0.015% maker / 0.045% taker across 52 markets, and
the BTC book held $18.3 million inside 10 basis points.

- In favour: One balance covers coins, metals, oil, currencies and shares; A median $18.3 million within 10 basis points, second on this page.
- Noted against: One published review of its own, the fewest of the six here; No bounty listed, so nobody outside is paid to look; 52 perpetual markets, the shortest list here.
- Not for: a reader who reads an audit count as a record of operation.

## 2. Aster — seven audit reports of its own, one on the registry

BTC 200x to 400 USDT · Wallet signature or email

Aster took matching and settlement onto a proof-of-stake chain of its own on 16 March 2026
([Aster docs](https://docs.asterdex.com/overview/what-is-aster.md), checked 18 September 2026). Skynet showed 93.88, grade
AAA, with one audit
report listed — while Aster's own audit page carries seven, by Salus Security, PeckShield and
Halborn. An Immunefi bounty pays up to $200,000. Entry fees are 0% maker / 0.040% taker across
578 perpetual markets, the longest list here.

- In favour: Seven published audit reports and a bounty worth up to $200,000; 578 perpetual markets, more than any other venue here.
- Noted against: No external validators yet, and the core chain code is closed; Terms reserve a right to limited identity verification.
- Not for: a trader who needs the chain holding the book to be verifiable from outside.

## 3. Lighter — nine reports published, and no bounty to claim

BTC 50x, 2% margin · Wallet signature

Lighter's sequencer matches away from any chain; Ethereum receives a proof of each batch, and the
deposit contracts and the state root sit there ([Lighter docs](https://docs.lighter.xyz/about-lighter/technical-architecture-lighter-core.md), checked 18 September 2026). Skynet showed
90.25, grade AA, with
three audits listed against nine the venue
publishes, by zkSecurity, Nethermind and Zellic. The default Standard account pays
0% maker / 0% taker on all 214 markets, for about 300 milliseconds of added
taker latency.

- In favour: Nine published audit reports, the most on this page; A priority exit queue on Ethereum if the sequencer stalls.
- Noted against: No public bug bounty, and a 4.5-hour outage in October 2025; About 300 milliseconds of added taker latency on the free tier.
- Not for: a bot competing on speed without paying for the faster tier.

## 4. edgeX — the deepest BTC book here, fourth on the registry

BTC 100x to $1 million · Wallet or MPC login

edgeX matches away from the chain and puts balances and trades onto EDGE, the rollup it runs
([edgeX docs](https://pro.edgex.exchange/en-US/home), checked 18 September 2026); its self-custody page sets out withdrawals around the
operator. Skynet showed 88.14, grade AA, with
two audits listed against nine of its own, by
SlowMist, Halborn, Zellic and others. Nothing here rested heavier: $29.5 million inside 10
basis points, with $100,000 crossing that book for 0.02 bps.

- In favour: The deepest book here, a median $29.5 million within 10 basis points; A withdrawal without the operator, written into the documentation.
- Noted against: A 0.040% maker fee, steep for a resting order; No bounty, and share perps refuse market orders out of hours.
- Not for: a market maker trading at the entry tier.

## 5. dYdX — a bounty up to $1,000,000, fifth on the registry

BTC 50x, 2% margin · Wallet signature, or Google, Apple or email

On dYdX the book lives in each validator's memory, and only the matches reach dYdX Chain, the
Cosmos app-chain the venue runs ([dYdX docs](https://docs.dydx.xyz/concepts/architecture/overview), checked 18 September 2026). Skynet showed
82.05, grade A, with
three audits listed against six by Informal Systems on
the venue's own page, and the Cantina bounty pays more than any other here. Tier-one fees are
0.010% maker / 0.050% taker across 78 markets.

- In favour: A Cantina bounty worth up to $1,000,000 for a critical report; An account opens with an email address, Google or Apple.
- Noted against: A median $845,322 within 10 basis points is thin; The chain halted on 10 October 2025, and stale prices followed.
- Not for: a large order that has to be filled quickly.

## 6. Extended — two reports published, none of them on the registry

BTC 50x to $4 million · Wallet signature, EVM or Starknet

Extended keeps the book itself and writes every transaction to Starknet, the collateral held in
self-custodial contracts ([Extended docs](https://docs.extended.exchange/about-extended/technical-architecture), checked 18 September 2026). Skynet showed
80.5, grade A, and listed no audit
reports at all, though Extended publishes two: ChainSecurity on the Starknet perpetual contracts
and a Code4rena competition. Its own bounty pays up to $500,000. The schedule is flat:
0% maker / 0.025% taker for everybody, across 325 markets.

- In favour: A bounty up to $500,000, and audited collateral contracts; A flat 0% maker / 0.025% taker, with no volume tiers.
- Noted against: 278 markets are request-for-quote, with no public book; No withdrawal without the operator is documented.
- Not for: anyone whose market sits outside the handful with a real book.

## What the Skynet score does not cover

One number, from one registry, read for every venue on
23 September 2026 so that the column above compares like with
like. It is a composite the registry publishes, not an audit of the venue, and four things a
reader would weigh sit outside it.

**The count of reports.** Skynet lists three audits against Lighter, which publishes nine of its
own, and none at all against Extended, which publishes two. The registry counts what reaches the
registry.

**The bounty.** dYdX runs a Cantina programme paying up to $1,000,000 for a critical report and
stands fifth here. Three venues here post no bounty anyone can claim — EVEDEX, Lighter and edgeX
— and they stand first, third and fourth.

**What has already happened.** Lighter was down for 4.5 hours in October 2025 and dYdX Chain
halted on 10 October 2025, stale prices following it. Neither event moves a figure in this column.

**The book.** Depth is read off an order book rather than off a page, and the auditor's column
never looks at one. Margin is the whole of what a perpetual can cost, and the multiple decides how little it takes.

Hyperliquid itself stood at 92.14 (AA)
on the same day, which would have put it third had it been in the table. A Skynet score also moves,
so a figure here is a reading with a date on it, not a standing fact.

## Which order set these rows

This reference's own security record mark counts three of those four — reports, bounty,
incidents — and it does not give this sequence: Aster and Extended reach
10.0 of 10, while EVEDEX, Lighter and edgeX stop at
7.0 for posting no bounty, and dYdX at the same
figure for the October halt. EVEDEX's count there is the registry's two reports, not
the one review it publishes. The auditor's order is printed because that is the question this
entry asks; our own mark is in [how we rate](/scoring-method).

## Quotations

> "For both perpetual futures and spot markets, Lighter currently charges no maker or taker fees for Standard Accounts, allowing all participants to trade across all markets free of charge." — Lighter documentation, Trading fees, 18 September 2026. https://docs.lighter.xyz/trading/trading-fees
> "The platform combines off-chain order matching with verifiable on-chain settlement, giving traders institutional-grade infrastructure without relying on any centralized custodian." — edgeX, product page, 18 September 2026. https://pro.edgex.exchange/en-US/home
> "Validators are responsible for storing orders in an in-memory orderbook (i.e. off chain and not committed to consensus), gossipping transactions to other validators, and producing new blocks for dYdX Chain through the consensus process." — dYdX documentation, Architecture overview, 18 September 2026. https://docs.dydx.xyz/concepts/architecture/overview
## FAQ

### Who are Hyperliquid's competitors?

Other order-book perpetual venues. Lighter, Aster, Extended, edgeX, EVEDEX and dYdX are the six
set out here, ordered by the standing CertiK Skynet gave each of them on
23 September 2026 rather than by this site's own total, which
puts the same six in a different order altogether.

### Where does each venue stand on CertiK Skynet?

On the registry's scale of 0 to 100, read on 23 September 2026:
EVEDEX 94.36 and Aster 93.88 carry
AAA; Lighter 90.25 and edgeX
88.14 AA; dYdX 82.05 and
Extended 80.5 A. Two reports are listed
against EVEDEX and none against Extended, so read it as a composite.

### Does a high Skynet score mean a venue cannot fail?

No. The score is a registry's composite, and it counts neither the bounty a venue posts, nor the
outage it has had, nor the depth of its book. dYdX runs the largest bounty here and stands fifth;
edgeX held the deepest book and stands fourth. Read the entries, not the column.

### How many audits does each of these venues have?

Two counts, and they differ. Lighter publishes nine reports against three on the registry; edgeX
nine against two; Aster seven against one; dYdX six against three; Extended two against none;
EVEDEX one against two. A venue's own page and an outside registry are counting different things.

### What is the best alternative to Hyperliquid?

That depends on the order you have to move. This entry answers a narrower question, which is how
each venue stands with one outside auditor. On depth edgeX held a median $29.5 million
within 10 basis points; on cost Lighter's default account pays 0% maker / 0% taker.

### Do audits stop an exchange from going down?

No. Lighter publishes nine audit reports and still went down for 4.5 hours in October 2025; dYdX
Chain halted on 10 October 2025 and stale prices followed. An audit reads code at one moment, and
a registry's score is that reading plus whatever else the registry watches.

### Which perp dex has the deepest liquidity?

Of the books on this page, edgeX held the most at a median $29.5 million within 10 basis
points of the BTC mid, then EVEDEX at $18.3 million and Lighter at $16.9 million.
Those are medians of ten-minute readings across two days, and not on every market.

### Why would I leave Hyperliquid?

Usually for a cost, a market or a settlement model it does not offer. Its entry tier is
0.015% maker / 0.045% taker, where Lighter's default account charges 0% maker / 0% taker and
Extended charges 0% maker / 0.025% taker flat. Some move for share, metal and currency perpetuals.

### Where does Hyperliquid itself stand with the auditor?

At 92.14, grade AA, read the same
day as the six above, with two audit reports listed. That would place it third on this register, between Aster and Lighter, and it is left out
because it is the venue the others are read against.

### Do I need KYC to use a perp dex?

None of the six asked for an identity document in the onboarding pages we read on
18 September 2026, though several reserve the right to. Screening still happens: EVEDEX
describes automated on-chain checks on deposits, and Extended may refuse access
after assessing risk.

### Can I trade gold or shares on a perp dex?

On some. EVEDEX lists Tether Gold, silver and WTI crude beside five US shares, an index and two
pre-IPO contracts, and edgeX counts 93 share and fund contracts among its 172.
Each of them is a contract on a price, and not the asset itself.

## The making of this entry

Every figure in an entry is a quotation, a reading, or the two run through the formula. Quoted, as a venue's documentation and
trading terms stood on 18 September 2026: fees, market lists, leverage rungs, sign-in terms,
audit histories. Read here, because no venue publishes it: what a BTC book held, taken
on a ten-minute clock across the two days to 20 September 2026. The formula weighing the two was settled on 22 September 2026 and has not
moved; 6 venues carry it here ([how we rate](/scoring-method)). Publication is paid for,
the weights are not.

Read, not tested: custody, screening and the security record are a venue's account of itself. Fees
are the entry tier, before volume tiers or rebates. Depth was measured on one instrument, the BTC
perpetual, in one series of readings; one book answered fewer times than the rest. Not investment
advice.

Each venue is linked from its entry heading above. Open interest and the previous day's volume come from CoinMarketCap, captured 22 September 2026. Corrections: corrections@thekiddushclubnft.com.

The Perp Reference maintainers, 24 September 2026

The maintainers are paid to publish this reference, and a venue with an entry here may be the party that paid for it.