Hyperliquid vs Bybit as a follower for your futures trades

If you want a perps account to follow your futures trades, Hyperliquid and Bybit are the two venues most people ask about. Both list index and commodity perps as well as crypto, and both have documented trading APIs. They differ in how you connect, what they list and who can use them. This is a practical comparison for use as a follower of a futures leader. Edgeable's support for both is in development, not live.

Markets you can map futures to

These are the listings we checked on 29 September 2026. Availability changes and depends on your region.

• Hyperliquid: crypto perps, plus builder-deployed (HIP-3) markets. trade.xyz's markets include xyz:XYZ100 (Nasdaq-100), xyz:SP500, xyz:GOLD, xyz:CL (crude) and silver.
• Bybit: USDT perps for crypto, plus TradFi perps for eligible users, including QQQUSDT (which tracks the QQQ ETF, not the index level), XAUUSDT (gold), silver and crude oil.

For an NQ leader, Hyperliquid's XYZ100 tracks the index itself, while Bybit's QQQUSDT tracks an ETF at a different price level. Both work with a notional-based size, but a fixed "points" conversion won't. For ES there's xyz:SP500 on Hyperliquid. We found no S&P 500 index perp on Bybit.

How a copier connects

• Hyperliquid: you approve an API wallet (agent wallet) from your main account. It can place and cancel orders but can't withdraw, and you can revoke it at any time. Your main wallet's key never leaves you.
• Bybit: you create an API key. Give it derivatives order permission only. Never enable withdrawal or transfer, and bind it to the copier's IP addresses.

Either way, the copier should hold the narrowest permission that can trade, and nothing that can move funds.

Funding, fees and hours

• Funding: Hyperliquid charges funding hourly. Bybit's USDT perps typically settle every eight hours, and some contracts use other intervals. Holding a mirrored position for days costs (or earns) funding that your futures position doesn't have.
• Hours: both trade 24/7, including while CME is closed. Decide whether followers flatten before the futures close.
• Fees: both charge maker and taker fees that vary with volume tier. A copier sends market or marketable orders, so assume taker fees.

Region and account limits

Bybit's TradFi perps aren't available in every country. At launch they weren't offered to users in the EEA, and Bybit restricts some jurisdictions entirely. Hyperliquid's front ends also restrict some regions. Check that you're allowed to use the venue, and the specific market, where you live. A copier can't make an account eligible.

Which to choose

1. Mirroring NQ or ES as index exposure: Hyperliquid's XYZ100 and SP500 are the closer match.
2. Prefer a centralised exchange account and already use Bybit: QQQUSDT and XAUUSDT cover Nasdaq and gold, sized by notional.
3. Trading a perp prop evaluation: the firm decides. Propr runs on Hyperliquid. Crypto Fund Trader and HyroTrader use Bybit accounts, and HyroTrader doesn't allow copying. See the copy trading rules by firm.

There's more detail on the Hyperliquid and Bybit pages. To test either as a follower of your futures account, join early access.