Hyperliquid vs Cetus

Volume & Liquidity

When it comes to volume and liquidity, Hyperliquid takes the lead. With a 24-hour trading volume of $118.0M, it outperforms Cetus by a significant margin. Cetus's 24-hour trading volume is $17.0M, which is roughly 1/7th of Hyperliquid's volume. Additionally, Hyperliquid's total value locked (TVL) is $159.2M, compared to Cetus's $26.2M. This indicates that Hyperliquid has a more substantial user base and more assets locked in its protocol. Hyperliquid's higher volume and TVL suggest that it is a more liquid market, making it easier for users to buy and sell assets without significant price slippage.

Fee Structure & Costs

Analyzing the fee structures of both DEXs, Hyperliquid appears to have a more competitive fee model. With a 24-hour revenue of $49K and fees of $60K, Hyperliquid's fees are relatively lower compared to Cetus. Cetus's 24-hour revenue is $2K, and its fees are $11K, which translates to a higher fee-to-revenue ratio. Although the fee models are not explicitly stated, Hyperliquid's lower fee-to-revenue ratio suggests that it might be more attractive to traders and liquidity providers.

Multi-chain & Ecosystem

Cetus has a broader ecosystem coverage, supporting two chains (Sui and Aptos) and 95 supported coins. In contrast, Hyperliquid is currently limited to its native Hyperliquid L1 chain and supports 51 coins. Although Hyperliquid's native chain might provide a seamless user experience, Cetus's multi-chain support and broader asset coverage make it a more versatile option for users with diverse portfolios.

User Recommendations

Based on the data and analysis, Hyperliquid appears to be a better option for users seeking a more liquid market with competitive fees. Its higher trading volume and lower fee-to-revenue ratio make it an attractive choice for traders. However, users with assets on multiple chains or requiring access to a broader range of assets might find Cetus more suitable due to its multi-chain support. Ultimately, the choice between Cetus and Hyperliquid depends on individual user needs and preferences.

Trends & Innovation

Although both DEXs have their strengths, Cetus's focus on Move-based ecosystems and its early mover advantage in the Aptos and Sui ecosystems might provide a more innovative trajectory. Cetus's pioneer status in these ecosystems could lead to a stronger network effect, as more users and developers become familiar with its protocol. Hyperliquid's native chain, while providing a seamless user experience, might limit its growth potential compared to Cetus's multi-chain approach.