Avantis V2 vs Hyperliquid: Can Base’s Perp DEX Really Challenge HYPE?

• Hyperliquid handles around 122 times more monthly perp volume than Avantis, while its open interest is nearly 1,200 times higher
• Avantis V2 plans to offer more than 500 RWA markets, using zero-commission trading to attract users
• AVNT’s outlook depends on V2 bringing lasting volume, liquidity and fee growth after launch promotions end

Hyperliquid has spent the past year building a lead in perpetual futures that looks difficult for rivals to overcome. Avantis V2 is now entering the same space from Base, offering zero-fee trading for real-world assets and plans for hundreds of new markets. This makes the comparison hard to ignore, especially for investors choosing between AVNT and HYPE. Yet the two platforms remain far apart, and Avantis will need more than an ambitious upgrade to close the gap.

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Avantis V2 Targets a Growing RWA Market

Avantis launched V2 on August 12 with a stronger focus on assets outside crypto. Users can trade markets linked to stocks, currencies, commodities, and precious metals. The platform also removed maker and taker fees from its real-world asset trades.

The timing could work in Avantis’ favor. Demand for trading traditional assets onchain has been growing, especially when regular financial markets are closed.

Reports revealed that on September 2, Kalshi was preparing to seek approval for a perpetual contract linked to WTI crude oil. The move followed strong demand for similar products on offshore platforms such as Hyperliquid. Avantis wants to attract this group of traders through Base. In its V2 announcement, the team said,

“Our goal is to list 500+ RWA assets by the end of 2026.”

Avantis V2 launched with more than 100 markets. The project also plans to support over $500 million in open interest. Other changes include trading directly from charts, setting several take-profit and stop-loss orders, and accessing deeper institutional liquidity.

These features make the Avantis V2 perp DEX more useful than its previous version. The bigger test is whether they can bring in enough traders and capital to compete with the market leader.

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Hyperliquid Still Leads by a Huge Margin

The latest data shows that Avantis and Hyperliquid are operating at very different levels. According to DefiLlama, Avantis recorded around $97 million in perpetual trading volume over 24 hours. Its 30-day volume stood at $1.72 billion, while open interest was about $11.45 million.

Hyperliquid’s perpetual exchange recorded $7.04 billion in daily volume and $209.81 billion over 30 days. Its open interest had reached approximately $13.52 billion.

Based on the figures below, Hyperliquid handles about 122 times more monthly volume than Avantis. The difference in open interest is even wider, at nearly 1,200 times.

Open interest matters because it shows how much money is tied up in active positions. Trading volume can rise quickly during promotions or reward campaigns. Open interest gives a clearer view of how much capital traders are willing to keep on the platform. CF Benchmarks highlighted this strength in a recent report, saying,

“Hyperliquid’s share on open interest is materially higher than on headline volume.”

The Avantis vs Hyperliquid numbers also put Avantis’ $500 million target into perspective. This figure points to the amount of open interest the upgraded platform plans to support. It does not mean traders have already deposited or committed that amount. Avantis would need to grow its current open interest more than 40 times to reach the stated target.

Are Zero Fees Enough to Attract Traders?

Zero-commission RWA trading is one of the main selling points of Avantis V2. It could appeal to active traders who open and close several positions each day. But commission is only one part of the cost of a leveraged trade. Users also need to consider spreads, funding rates, rollover charges, and price impact. A trade advertised as zero-fee can still become expensive when the market lacks enough liquidity.

This could be a challenge for Avantis as it adds less popular stocks, currencies, and commodities. Listing 500 markets may look impressive, but those markets need enough activity to offer good prices. A large selection becomes less useful when traders struggle to enter or exit positions without affecting the price.

The zero-fee model also raises questions about how Avantis will earn money and reward AVNT holders. DefiLlama recorded around $205,000 in Avantis fees during the latest 30-day period. Hyperliquid generated more than $66 million from perpetual trading fees during the same period.

Hyperliquid directs 99% of eligible perpetual fees to its Assistance Fund, which uses the money to buy HYPE. Builder fees are excluded. This creates a clear link between trading activity and demand for the token.

A CF Benchmarks analysis estimated that Hyperliquid buybacks averaged close to $74 million per month over the previous 12 months.

Avantis also has a buyback-and-burn system for AVNT. Its effect will depend on how much income the protocol can generate. More markets and higher capacity will only benefit holders when they lead to real volume and fees.

AVNT and HYPE Show How Investors View Both Projects

At press time, AVNT was near $0.10, with a market cap of around $36 million. Despite gaining nearly 29% over the previous month, it remained about 96% below its September 2025 record. Only 352 million of its maximum one billion tokens were circulating, leaving AVNT exposed to future supply pressure.

Meanwhile, HYPE traded near $82 with a market cap above $18 billion. It was still close to its August 27 all-time high of $86.71.

HYPE faces upcoming contributor token releases and pressure to maintain Hyperliquid’s growth. But it already benefits from strong volume, fee income, and regular buybacks. AVNT remains more dependent on V2 delivering future growth.

Can Avantis V2 Really Challenge Hyperliquid?

Avantis has found a promising niche. Its Base connection and zero-commission RWA trading could bring more users to the platform.

Investors should watch weekly open interest, RWA volume, returning traders, and AVNT buybacks. These figures will show whether V2 is creating real demand after its early promotions end. Avantis could gain a meaningful share of the RWA perpetuals market. Challenging Hyperliquid more broadly will take much longer, and the coming months should show whether V2 can build lasting momentum.

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