Hyperliquid vs dYdX on Telegram Ads#

Hyperliquid and dYdX are the two most-advertised decentralized perpetuals exchanges on Telegram. Their competition for mindshare among on-chain traders is reflected in dramatically different advertising philosophies: Hyperliquid pitches CEX-level performance; dYdX pitches governance legitimacy and protocol track record.

Snapshot Comparison#

Metric	Hyperliquid	dYdX
Creatives tracked	25+	15+
Aggressiveness	9/10	7/10
Primary hook	50x leverage, no KYC, fastest on-chain	Governance, fee rebates, 4+ years on-chain
Airdrop campaign	Massive (HYPE, Nov 2024)	No equivalent
Chain	HyperChain (EVM L1)	dYdX Chain (Cosmos)
Target audience	Pure traders, leverage-seekers	Governance-oriented DeFi users
KYC requirement	None	None

Creative Strategies: Hyperliquid#

Hyperliquid's Telegram creatives are aggressively performance-focused:

"CEX performance, DEX custody": "50x leverage. 0.1s finality. No KYC. Hyperliquid." The flagship creative — direct comparison to centralized exchange speed with decentralized custody benefits.

HYPE airdrop residual: "The largest airdrop in DeFi history. Hyperliquid rewarded its traders. Be active — future drops are unannounced." Creates FOMO without explicitly promising a future airdrop.

Leaderboard/trader culture: "Track the top traders on Hyperliquid. Mirror whale positions. Copy trades on-chain." Targets copy-trading demand usually served by CEXs.

HyperEVM ecosystem: "Build on HyperEVM. The first EVM with native perps liquidity. Airdrop-eligible from day one." Developer-facing creatives to expand the ecosystem beyond traders.

Funding rate arbitrage: "Hyperliquid funding rates. Beat CEX. Arb between platforms." Targets sophisticated traders running funding arbitrage strategies.

Creative Strategies: dYdX#

dYdX's creatives lean into legitimacy and governance rather than raw performance:

Track record: "4+ years on-chain. $1T+ cumulative volume. The original decentralized perps exchange." History as a trust signal — directly contrasts with newer protocols.

Governance ownership: "DYDX holders vote on fees, markets, and upgrades. This is your exchange." Targets DeFi-native users who value protocol ownership over pure performance.

Fee rebates: "Stake DYDX. Earn trading fee rebates. The exchange that rewards governance participation." Converts governance participation into tangible economic benefits.

v4 migration: "dYdX Chain is live. Full decentralization. Your keys, your perps." Educated existing users on Cosmos migration and sovereignty.

Competitive framing: "Before Hyperliquid, there was dYdX. 4 years of proven decentralized infrastructure." Post-Hyperliquid creatives acknowledge the competitor indirectly.

Head-to-Head: Key Differences#

Audience targeting#

Hyperliquid targets pure traders — users who prioritize execution speed and capital efficiency over protocol ownership. dYdX targets governance-oriented DeFi users who care about the protocol they use being decentralized and owned by token holders.

HYPE vs. DYDX utility#

The HYPE airdrop was a watershed event in DeFi marketing — Hyperliquid distributed $2B+ to traders retroactively, creating enormous word-of-mouth and Telegram chatter. dYdX has no equivalent event to reference. dYdX's DYDX token utility (fee rebates, governance) is a more subtle proposition.

Performance vs. legitimacy#

Hyperliquid wins on raw performance messaging (speed, leverage, UX). dYdX wins on legitimacy and track record — a positioning that resonates with institutional-adjacent users and governance maximalists.

Creative volume and refresh rate#

Hyperliquid outpaces dYdX significantly: 25+ creatives vs. 15+, and faster refresh cycles. This reflects Hyperliquid's more aggressive growth-at-all-costs posture vs. dYdX's measured protocol-building approach.

Market Share Context#

Hyperliquid overtook dYdX in daily trading volume in late 2024, driven by the HYPE airdrop and superior UX. dYdX's creative response has focused on governance legitimacy rather than matching Hyperliquid's performance claims — a strategic bet that protocol-native DeFi users value sovereignty over speed.

Both protocols continue to grow in absolute terms even as they compete for relative share.

Who Wins?#

Hyperliquid wins on trader acquisition — its performance and FOMO hooks convert traders who want the best execution.

dYdX wins on DeFi-native user retention — governance hooks, fee rebates, and track record resonate with users who treat their exchange choice as a DeFi portfolio allocation.

For advertisers benchmarking: Hyperliquid's approach is better for volume and new-user acquisition; dYdX's approach is better for governance-aligned user communities.

Archive Data#

• Hyperliquid: /api/v1/ads?tag=hyperliquid
• dYdX: /api/v1/ads?tag=dydx

Methodology#

Data from Telegram Ads Spy's archive of Telegram sponsored messages. CC-BY-4.0.

Related Reports#

• Hyperliquid on Telegram Ads
• dYdX on Telegram Ads
• GMX on Telegram Ads
• Crypto Derivatives Advertising on Telegram
• DeFi Protocols on Telegram: Complete Vertical Report

tgadsspy research (2026). Hyperliquid vs dYdX on Telegram Ads: Perps DEX Advertising Comparison (2026). tgadsspy.com. Retrieved from https://tgadsspy.com/blog/telegram-ads-hyperliquid-vs-dydx-comparison-2026