What matters is the total cost of execution, not just the fee users pay.
0% fees ≠ cheaper total cost.
We ran the numbers across Hyperliquid, Lighter, and Extended.
TL;DR:
1. Lighter vs Extended: Total execution cost on Extended on alts ≈ Total execution cost on Lighter Standard.
2. Hyperliquid vs Extended: Unless your HL taker tier is below 2.5 bps, your total execution cost is likely cheaper on Extended.
Full analysis below.