Size and Money Locked

Hyperliquid locks roughly $8.4 billion, making it the larger platform by a wide margin. Ethena’s locked value sits around $5.0 billion, still substantial but noticeably smaller.

Activity and Fees

Hyperliquid processes about $159 million in 24‑hour volume and users pay roughly $2.7 million in fees each day. Ethena shows virtually no volume and users pay only a few hundred dollars in fees, reflecting very low activity.

Networks and Reach

Both platforms are available on two networks. Hyperliquid runs on its own chain and Arbitrum, while Ethena operates on Ethereum and TON, giving each a modest multi‑chain presence.

Who Each Platform Suits

Hyperliquid appeals to traders seeking deep liquidity and active perpetual futures markets. Ethena is geared toward users interested in a synthetic dollar on Ethereum with minimal trading activity.