# Deribit vs Hyperliquid

> Deribit scores 59 (C) to Hyperliquid's 50 (D) for exchange derivatives. Prices, MCP, x402, uptime and agent notes side by side.

- Canonical: https://www.anchorterminal.com/compare/deribit-vs-hyperliquid
- Markdown: https://www.anchorterminal.com/compare/deribit-vs-hyperliquid.md (~4,500 tokens)
- Site index for agents: https://www.anchorterminal.com/llms.txt (the key docs and every listing in one file, at most 16 MB, about 4 million tokens: https://www.anchorterminal.com/llms-full.txt)
- API: https://www.anchorterminal.com/api/v1/index.json
- MCP: https://www.anchorterminal.com/mcp (the whole catalogue as tools, no key)
- DNS: dig +short TXT <slug>.grade.anchorterminal.com (the grade as a DNS TXT record, for a sandbox with no HTTP where names still resolve; also top., best.<category>. and <a>.vs.<b>. under the zone, and the same under grade.letme.dev)
- Licence: CC BY 4.0, credit Anchor Terminal and link this page (https://www.anchorterminal.com/terms/#data)
- Updated: 2026-11-03

Deribit scores 59 (C) on agent readiness against Hyperliquid's 50 (D), and leads in 5 of 7 scored categories. Hyperliquid leads on payments & pricing. Both do exchange derivatives.

- Deribit: grade C, 59/100, rank #650 of 1349. Markdown https://www.anchorterminal.com/tools/deribit.md · JSON https://www.anchorterminal.com/api/v1/tools/deribit.json
- Hyperliquid: grade D, 50/100, rank #1018 of 1349. Markdown https://www.anchorterminal.com/tools/hyperliquid.md · JSON https://www.anchorterminal.com/api/v1/tools/hyperliquid.json
- Best crypto exchange APIs and MCP servers for AI agents: https://www.anchorterminal.com/best/crypto-exchanges/index.md
- All 210 exchanges comparisons: https://www.anchorterminal.com/compare/crypto-exchanges/index.md

## Which one, for what

### Deribit (C)

Good for: An agent trading crypto options, dated futures and perpetuals for an institutional or retail Deribit account, and anyone migrated from Coinbase International Exchange.

Ahead on:
- Reliability, 45 against 40
- Schema & documentation, 88 against 42
- Maintenance & community, 65 against 39
- Transparency & trust, 46 against 26

Watch for: No official MCP server, and the GitHub organisation has no public repositories, so no official SDK in any language

### Hyperliquid (D)

Good for: An agent trading perpetuals or spot on chain from its own wallet with no account, or acting for a master account through an approved API wallet.

Ahead on:
- Payments & pricing, 55 against 25

Watch for: No official MCP server; the 23 registry entries are all third parties, several selling data by x402


## Why the edge

### Schema & documentation: Deribit +46

- Deribit (88): OpenAPI 3.0.0 for the whole JSON-RPC surface (Deribit API 2.1.1, about 1.4 million characters) plus AsyncAPI files for the WebSocket side (25). llms.txt with production and upcoming indexes, and a Markdown twin of every page (10). Each operation has a description such as "Places a buy order for an instrument." with parameter notes, and the articles say when to use WebSocket subscriptions over polling, but the reference seldom says when not to use a method (13 of 20). Parameters are typed with enums (order `type` has eight values, `time_in_force` four) and required flags, with `amount` or `contracts` as a documented either-or (13 of 15). Every reference page carries an example request and response, and the errors page lists about 159 codes with retry guidance, though most operations document only a 200 response and the smaller error tables disagree with the full one on two codes (12 of 15). A versioned path (/api/v2), a production and an upcoming docs branch, and a dated changelog of 64 entries since 21 January 2020 (15). Total 88.
- Hyperliquid (42): No OpenAPI or other machine-readable contract; request and response shapes are tables and JSON examples in the docs (0 of 25). llms.txt and a Markdown twin of every page by appending .md (10). Each info type and exchange action has a short description of what it does, and the signing page lists common mistakes, but little says when to use one call over another (12 of 20). Fields are one-letter keys (`a`, `b`, `p`, `s`, `r`, `t`, `c`) with numbers as strings, enums such as `tif` Alo, Ioc or Gtc, and required fields marked in tables (9 of 15). An example for every call and a list of order and cancel error strings, with no HTTP error table (11 of 15). No API version, no changelog and no dated release notes; deprecated actions such as `userDexAbstraction` are marked in place (0 of 15). Total 42.

### Payments & pricing: Hyperliquid +30

- Deribit (25): No machine payment protocol (0). The fee schedule is on support.deribit.com, which answered 403; Deribit's own posts give VIP4 to VIP7 taker fees and the 0 bps linear options maker fee, so partial prices are public but the lowest tier is unchecked (5 of 20). Public market data needs no key and the test environment is free, with no card anywhere (20). A person signs up in a browser with identity checks before any key exists (0). Total 25.
- Hyperliquid (55): No machine payment protocol (0). Fees published per tier without login (20). No card anywhere; public info endpoints are free and the testnet faucet gives 1,000 mock USDC, though only to an address that has deposited on mainnet (15 of 20). No signup; an agent with a funded EVM wallet deposits USDC on a bridged chain and trades, subject to the unread terms (20). Total 55.

### Maintenance & community: Deribit +26

- Deribit (65): Read as a closed service. The JSON-RPC changelog's latest production entry is 13 October 2026 and an entry dated 5 November 2026 describes the next release; Deribit's posts of 14 October and 2 November 2026 change fees (30). Entries of 18 August, 15 September and 13 October 2026, three in 90 days (20). A public changelog and a support site; whether support answers wasn't tested and the support site refused our reader (10 of 15). No official SDK and no MCP registry entry (0). The OpenAPI and AsyncAPI files are maintained with the docs (5 of 10). Total 65.
- Hyperliquid (39): Read as a closed hosted service with open SDKs. The API has no dated changelog, so the last dated change is the Python SDK's 0.24.0 on 4 June 2026, 152 days before this check; the node repository was pushed on 10 August 2026 and the docs describe newer actions (HIP-4 outcome markets, borrow and lend) without dates. Judgement call (10 of 30). No three dated releases in 90 days (0). Support through Discord and the docs' FAQ, 112 open issues on the SDK whose replies couldn't be read (8 of 25). Official Python and Rust SDKs, the Rust one last pushed 21 October 2025; no MCP registry entry (15). CI on Python 3.9 and 3.13 with Poetry, Dependabot badge, a lock file (6 of 10). Total 39.

### Transparency & trust: Deribit +20

- Deribit (46): The editorial half. A closed service whose terms (Deribit FZE membership terms and DRB Panama Inc. terms) sit on a support site that answered 403, with the entity confirmed on VARA's register (12 of 30). The privacy policy was not read, and nothing in the docs states retention (0 of 30). The changelog marks deprecations and the upcoming docs branch previews the next release, but removals such as `public/get_index` on 25 November 2025 carry no notice period (10 of 20). No subprocessor or data-location statement found (0 of 20). Total 22.
- Hyperliquid (26): The editorial half. The SDKs are MIT and the node repository Apache-2.0 with a Dockerfile around a binary; the API servers and front end are closed and the terms were unreadable (12 of 30). No privacy policy read and nothing in the docs on data handling (0 of 30). Deprecated actions are marked in the docs without dates or a policy (8 of 20). No subprocessors or data locations (0 of 20). Total 20.

### Reliability: Deribit +5

- Deribit (45): Read with the hosted lines on the JSON-RPC API. status.deribit.com did not resolve for our reader on 3 November 2026 and Coinbase's status page showed no Deribit component, so no status page is scored, with the unchecked line below (0). No readable history (5). Rate limits are documented with numbers, 50,000 credits per sub-account refilled at 10,000 a second, and matching-engine tiers of 5 to 30 requests a second by 7-day volume (15). Error 10028 ends the session and the errors page says to back off exponentially; 10040 means retry; the 6 May 2026 release added a `nonce` for idempotent orders (15). No SLA found (0). The API is generally available; only Starbase is limited to selected clients (10). 0 + 5 + 15 + 15 + 0 + 10 = 45.
- Hyperliquid (40): Read with the hosted lines on the REST API at api.hyperliquid.xyz, the surface an agent calls; the chain behind it is noted under details. No status page found in the docs, on hyperliquid.xyz or at status.hyperliquid.xyz, which did not resolve (0). No readable history (5). Rate limits documented with numbers per IP, per address and per WebSocket connection (15). When limited, an address gets one request every 10 seconds; no 429 shape or Retry-After is documented, but `cloid`, per-signer nonces, `expiresAfter` and `noop` make retries safe (10 of 15). No SLA (0). Mainnet is generally available (10). 0 + 5 + 15 + 10 + 0 + 10 = 40.

## Score by category

| Category | Weight | Deribit | Hyperliquid | Edge |
| --- | --- | --- | --- | --- |
| Reliability | 16% (20 this run) | 45 | 40 | Deribit +5 |
| Performance | 10%, pending | pending | pending | not scored in this run |
| Schema & documentation | 13% (16.2 this run) | 88 | 42 | Deribit +46 |
| Agent ergonomics | 13% (16.2 this run) | 74 | 70 | Deribit +4 |
| Security & auth | 14% (17.5 this run) | 62 | 64 | Hyperliquid +2 |
| Payments & pricing | 10% (12.5 this run) | 25 | 55 | Hyperliquid +30 |
| Task success | 10%, pending | pending | pending | not scored in this run |
| Maintenance & community | 7% (8.8 this run) | 65 | 39 | Deribit +26 |
| Transparency & trust | 7% (8.8 this run) | 46 | 26 | Deribit +20 |
| Negative events | ≤15 | 0 | 0 | |
| **Total** | | **59 · C** | **50 · D** | |

## Facts side by side

| Fact | Deribit | Hyperliquid |
| --- | --- | --- |
| Kind | HTTP API | HTTP API |
| Vendor | Deribit FZE | Hyperliquid Labs |
| Hosted endpoint | no (local only) | no (local only) |
| Transports |  |  |
| Auth | API key | OAuth or key |
| Pricing | Pay per use | Pay per use |
| x402 | no | no |
| Licence | Proprietary hosted exchange. The API is documented under the Deribit docs with an OpenAPI 3.0 file; no official client library is published | The exchange runs on the Hyperliquid chain (HyperCore), whose node is distributed as a binary under an Apache-2.0 repository; the Python and Rust SDKs are MIT. The API servers and front end are closed |
| Tools exposed | 0 | 0 |
| Read-only variant documented | no | no |
| llms.txt | yes | yes |
| Last release | 2026-10-13 | 2026-06-04 |
| Terms last updated | 2026-08-13 | couldn't be read |
| Privacy policy last updated | no document linked | no document linked |
| Customer content may train models | not found in the text | couldn't be read |
| Terms restrict automated access | yes | couldn't be read |
| Terms restrict benchmarking | not found in the text | couldn't be read |
| Terms or service can change without notice | not found in the text | couldn't be read |
| Arbitration or class-action waiver | not found in the text | couldn't be read |
| Popularity | none | 1.9k stars, 167k PyPI/wk |

## Verdicts

**Deribit.** Deribit's JSON-RPC API has scoped keys with IP and expiry limits, asymmetric signing, an OpenAPI file, numeric rate limits and a 64-entry changelog. There is no official MCP server or client library, the fee schedule, terms and privacy policy sit on a support site that refused our reader, and the status page did not resolve.

**Hyperliquid.** Hyperliquid's API needs no signup or key, an approved API wallet can trade but not withdraw, fees and rate limits are published with numbers, and a testnet mirrors mainnet. There is no official MCP server, OpenAPI file, status page, changelog or readable terms, and signing uses two schemes the docs say to leave to an SDK.

## Before you call either

### Deribit

1. Create the key with `trade:read_write` and `wallet:none`, an `ip:` limit and an `expires` value; keep `account:read` unless the task edits subaccounts
2. Authenticate with `client_signature` or an Ed25519 key over WebSocket rather than `client_credentials` over HTTP, which puts the secret in the URL
3. Watch the `limits` field of `private/get_account_summary` and back off on error 10028; a session that runs out of credits is closed and must reconnect
4. Send a `nonce` with orders so a retry after a timeout does not place a second order, and treat `order_not_found` on cancel as a possible fill
5. Develop against https://test.deribit.com/api/v2 first; production and test need separate accounts and keys

### Hyperliquid

1. Generate a fresh API wallet, approve it with `approveAgent` with a name and expiry, sign with it, and query with the master address, never the agent address
2. Use the Python SDK's `sign_l1_action` and `sign_user_signed_action`; mixing the two, field order in msgpack or an uppercase address gives "User or API Wallet ... does not exist"
3. Set a `cloid` on every order and read the per-order `statuses` array; one batch-level error rejects the whole batch
4. Budget address limits by volume (one action per 1 USDC traded after 10,000); batch orders to lower IP weight, and use WebSocket for data
5. Arm `scheduleCancel` before unattended trading so open orders are cancelled if the agent stops

## Questions

### Which is better for AI agents, Deribit or Hyperliquid?

Deribit scores 59 (C) on agent readiness against Hyperliquid's 50 (D), and leads in 5 of 7 scored categories. Hyperliquid leads on payments & pricing.

### Do Deribit and Hyperliquid need an API key?

Deribit needs an API key. Hyperliquid takes an API key or an OAuth sign-in.

### Can an agent call Deribit and Hyperliquid without installing anything?

No hosted endpoint is listed for Deribit. No hosted endpoint is listed for Hyperliquid.


## For agents

- This comparison as JSON: https://www.anchorterminal.com/compare/deribit-vs-hyperliquid.json, and with the fewest tokens: https://www.anchorterminal.com/compare/deribit-vs-hyperliquid.min.md
- Over MCP at https://www.anchorterminal.com/mcp (no key): `compare_tools {"a": "deribit", "b": "hyperliquid"}`. From a terminal: `anchor compare deribit hyperliquid`
- Each listing in full: https://www.anchorterminal.com/api/v1/tools/deribit.json and https://www.anchorterminal.com/api/v1/tools/hyperliquid.json

## Other comparisons with Deribit or Hyperliquid

- [Bitfinex API vs Deribit](https://www.anchorterminal.com/compare/bitfinex-vs-deribit.md)
- [Bitfinex API vs Hyperliquid](https://www.anchorterminal.com/compare/bitfinex-vs-hyperliquid.md)
- [Bitget vs Deribit](https://www.anchorterminal.com/compare/bitget-vs-deribit.md)
- [Bitget vs Hyperliquid](https://www.anchorterminal.com/compare/bitget-vs-hyperliquid.md)
- [Bithumb Open API vs Deribit](https://www.anchorterminal.com/compare/bithumb-vs-deribit.md)
- [Bithumb Open API vs Hyperliquid](https://www.anchorterminal.com/compare/bithumb-vs-hyperliquid.md)
- [Bitstamp API vs Deribit](https://www.anchorterminal.com/compare/bitstamp-vs-deribit.md)
- [Bitstamp API vs Hyperliquid](https://www.anchorterminal.com/compare/bitstamp-vs-hyperliquid.md)
- [Bybit vs Deribit](https://www.anchorterminal.com/compare/bybit-vs-deribit.md)
- [Bybit vs Hyperliquid](https://www.anchorterminal.com/compare/bybit-vs-hyperliquid.md)
- [Crypto.com Exchange API vs Deribit](https://www.anchorterminal.com/compare/crypto-com-exchange-vs-deribit.md)
- [Crypto.com Exchange API vs Hyperliquid](https://www.anchorterminal.com/compare/crypto-com-exchange-vs-hyperliquid.md)
- [Deribit vs Upbit Open API](https://www.anchorterminal.com/compare/deribit-vs-upbit.md)
- [Gate vs Hyperliquid](https://www.anchorterminal.com/compare/gate-io-vs-hyperliquid.md)
- [Gemini Exchange API vs Hyperliquid](https://www.anchorterminal.com/compare/gemini-exchange-vs-hyperliquid.md)
- [HTX trading API vs Hyperliquid](https://www.anchorterminal.com/compare/htx-vs-hyperliquid.md)
- [Hyperliquid vs Upbit Open API](https://www.anchorterminal.com/compare/hyperliquid-vs-upbit.md)
- [Binance API vs Deribit](https://www.anchorterminal.com/compare/binance-vs-deribit.md)
- [Binance API vs Hyperliquid](https://www.anchorterminal.com/compare/binance-vs-hyperliquid.md)
- [Coinbase Advanced Trade API vs Deribit](https://www.anchorterminal.com/compare/coinbase-advanced-trade-vs-deribit.md)
- [Coinbase Advanced Trade API vs Hyperliquid](https://www.anchorterminal.com/compare/coinbase-advanced-trade-vs-hyperliquid.md)
- [Coinbase MCP server (Coinbase for Agents) vs Deribit](https://www.anchorterminal.com/compare/coinbase-mcp-vs-deribit.md)
- [Coinbase MCP server (Coinbase for Agents) vs Hyperliquid](https://www.anchorterminal.com/compare/coinbase-mcp-vs-hyperliquid.md)
- [Deribit vs Uniswap Trading API](https://www.anchorterminal.com/compare/deribit-vs-uniswap.md)
- [Hyperliquid vs Uniswap Trading API](https://www.anchorterminal.com/compare/hyperliquid-vs-uniswap.md)
- [Deribit vs dYdX](https://www.anchorterminal.com/compare/deribit-vs-dydx.md)
- [Deribit vs Gate](https://www.anchorterminal.com/compare/deribit-vs-gate-io.md)
- [Deribit vs Gemini Exchange API](https://www.anchorterminal.com/compare/deribit-vs-gemini-exchange.md)
- [Deribit vs HTX trading API](https://www.anchorterminal.com/compare/deribit-vs-htx.md)
- [Deribit vs Kraken API](https://www.anchorterminal.com/compare/deribit-vs-kraken.md)
- [Deribit vs KuCoin](https://www.anchorterminal.com/compare/deribit-vs-kucoin.md)
- [Deribit vs MEXC API](https://www.anchorterminal.com/compare/deribit-vs-mexc.md)
- [Deribit vs OKX API](https://www.anchorterminal.com/compare/deribit-vs-okx.md)
- [dYdX vs Hyperliquid](https://www.anchorterminal.com/compare/dydx-vs-hyperliquid.md)
- [Hyperliquid vs Kraken API](https://www.anchorterminal.com/compare/hyperliquid-vs-kraken.md)
- [Hyperliquid vs KuCoin](https://www.anchorterminal.com/compare/hyperliquid-vs-kucoin.md)
- [Hyperliquid vs MEXC API](https://www.anchorterminal.com/compare/hyperliquid-vs-mexc.md)
- [Hyperliquid vs OKX API](https://www.anchorterminal.com/compare/hyperliquid-vs-okx.md)

---

Query this catalogue directly over MCP: https://www.anchorterminal.com/mcp (Streamable HTTP, no key). How: https://www.anchorterminal.com/agents/#mcp