About Cipher Intelligence

What we cover

Cipher Intelligence reviews the exchanges where on-chain perpetuals volume actually trades — Hyperliquid, Lighter, Aster, edgeX and others on our DEX comparison — plus the apps built on them, and publishes practical guides on fees, deposits, order types, funding, API trading and risk management, in English, Japanese and Korean. We do not cover token price predictions, airdrop speculation or "signals".

Who writes it: the Cipher Intelligence Editorial Team

The Cipher Intelligence Editorial Team publishes in collaboration with specialists, among them blockchain system developers, a crypto trading desk, AI experts and security specialists, to help you invest in crypto more safely and smoothly.

The team decides what the site covers, writes and updates the English, Japanese and Korean pages, and is responsible for every article, exchange review, calculator and data page that carries the byline "By Cipher Intelligence Editorial Team". We publish under the team's name rather than individual bylines, so judge each page by the sources, dates and measurements it shows, and tell us when one is wrong.

The expertise we draw on

• Blockchain system development: how the chains, bridges, wallets and exchange APIs behind each step work, for guides such as how to deposit to Hyperliquid and the Hyperliquid API guide.
• Crypto trading: fees, order types, funding, margin and liquidation as traders meet them in the apps, for pages such as Hyperliquid fees and our trading calculators.
• AI: automated, AI-assisted tools help us collect public data and prepare drafts. What we publish is checked against the sources it cites, and its numbers come from the facts registry described below.
• Security: wallets, API keys, signing and account protection, for guides such as Hyperliquid API wallet security.

How a page is made and checked, and where you can see it

• Sources first. A page starts from primary sources: the exchange's official documentation, its public API and its app screens, and for rules and taxes the regulator's or tax authority's own pages. Each figure is dated with the day we checked it, and anything that cannot be verified from a primary source is labelled as such.
• Screenshots from the live apps. The 335 screenshots on this site were captured by us in the live apps, explorers and official pages we cite; the main guides say when, for example most steps of How to use Hyperliquid.
• Measurements on mainnet. Where the docs leave a question open, we measure what the exchange actually does from its public data. Example: whether Hyperliquid's 4% referral discount still applies to orders placed through apps with a builder code (our study: it does, on Hyperliquid's part of the fee). Results are published in aggregate; we never name or profile individual traders. Order-book depth is measured the same way, by walking the live books to price a $100,000 market order (Hyperliquid review, DEX vs CEX fees).
• A facts registry. Every fee, discount, limit and leverage cap the site repeats is a record holding the source it was read from (the official one wherever it exists) and the date it was read (6,241 records today). Pages render their numbers from it, and an automated check flags any critical number that is overdue for re-checking until it has been re-verified.
• Tested calculators. Our 11 free calculators use the same registry rates, and their formulas are covered by automated tests that run before every automatic deploy.
• A change log on every page. Articles, exchange reviews, calculators and market pages show "What changed on this page" under the byline: a fee or limit that changed is listed with the old value struck through next to the new one and the date, and rewrites are noted in one line.
• Public corrections. When we get something wrong we fix it on the page and change its "Updated" date; the corrections log lists what changed and why. The full method is on How we verify.

Independence and referral fees

The site is funded by referral fees: when you join some exchanges and apps through our links, the venue shares part of your trading fees with us (every code we use is listed under How we make money). We keep that separate from the content. Holding a code does not change what we write about a venue's fees, limits or risks, we review venues that pay us nothing, and our calculators open at standard rates and show what a code would save on a separate line. We do not accept payment for reviews, placements or ratings.

Contact

Reach the team through our X account, @bltzman: send the page URL and what is wrong, ideally with a link to the source. How we handle reports is described under Corrections.

Nothing on this site is financial advice. We explain how the products work and what they cost; whether and how much to trade is your decision.

How we verify

Every fee, leverage limit, discount tier and volume figure on this site is taken from the exchange's official documentation or public API and dated in the article. We keep a single internal fact sheet that every article must agree with; when an exchange changes its schedule we update the sheet and every page that cites it. Where a claim cannot be verified from a primary source, we say so rather than estimate. Live figures such as daily volume and open interest are read from public APIs when the site is built, and dated on the page.

The full method, with live counts of the records we track: How we verify.

Editorial policy

Which exchanges we cover, how we rate them and what we recommend is our own decision. We do not accept payment for reviews, placements or ratings, and whether we hold a referral code for a venue does not change what we write about its fees, limits or risks — several venues we review earn us nothing. Every article shows when it was published and when its figures were last updated.

How we make money

Some links on this site carry our referral codes. When you join through them the venue shares part of your trading fees with us out of its own referral budget; it never costs you more, and on some venues the code gives you a fee discount (on Hyperliquid, 4% off your fees). We say plainly when a code does nothing for a given user (for example on Lighter's Standard accounts, which pay 0% on regular orders). These are all the referral codes our links use:

• Hyperliquid — code HOLYGRAIL
• Lighter — code 718610TD
• Aster — code DTLpLc
• edgeX — code HOLYGRAIL
• Based — code HOLYGRAIL
• Liquid — code JV2EN2CX
• fomo — code DailyWiseKite
• Ondo Perps — code AGHSGT
• Polymarket Perps — code bltz13 (our prediction-market referral code; we hold no separate Perps code yet)

Links to venues we hold no code for are plain links and earn us nothing.

What we are not

Nothing here is financial advice. Perpetual futures are leveraged instruments and most retail traders lose money with them. We describe how the products work and what they cost; whether and how much to trade is your decision. We are not affiliated with any exchange or app listed on this page beyond their public referral programs.

Corrections

Fee schedules change. Every article carries the date its figures were last verified, and we re-check the published fee schedules of the exchanges we review on a monthly cycle and immediately after any announced fee change. Corrections are made on the page itself, and its "Updated" date is changed when the fix is substantive — we do not silently leave stale numbers in place. Material corrections since September 19, 2026 are listed, with their source and the pages fixed, in our corrections log.

Report an error: DM @bltzman on X with the page URL and what is wrong (a link to the source helps). Confirmed errors are fixed on the page, its "Updated" date is changed when the fix is substantive, and material ones are added to the corrections log.