How do trading fees work on Hyperliquid?

Taker and maker

Every trade has two sides. The order that was already resting on the book is the maker: it made the price available. The order that arrives and fills against it is the taker. A market order is always a taker. A limit order is a maker if it rests on the book first, and a taker if its price crosses the book and fills at once.

Hyperliquid charges a percentage of each fill’s value. At the base tier on perpetuals, a taker pays 0.045% and a maker 0.015%, a third as much. On a $4,000 fill that is $1.80 as a taker and $0.60 as a maker.

A trade is usually paid for twice: once to open and once to close. Whether each leg pays the maker or the taker rate depends on the order you use for it, which is what the figure compares.

Volume tiers

Rates fall as you trade more. Hyperliquid looks at your volume over the last 14 days, assessed at the end of each UTC day, and spot volume counts double towards it. One tier covers perpetuals, HIP-3 markets and spot.

The base tier covers up to $5 million of 14-day volume. The top tier starts above $7 billion and charges 0.024% to takers and nothing to makers; maker fees reach zero from $500 million up. The worked example below runs one round trip through every tier.

Sub-accounts share the tier of the account that owns them. A vault’s volume is counted on its own.

Discounts and rebates

Staking HYPE lowers trading fees, from a 5% discount for more than 10 HYPE staked up to 40% for more than 500,000. Hyperliquid’s fee page does not spell out every fee the discount reaches, so check the fee on your own fills rather than working out a discounted rate in advance.

A referral code gives a discount on the first $25 million of volume. Makers with a large enough share of all maker volume earn a rebate on their maker fills: the maker fee turns negative, from −0.001% above a 0.5% share to −0.003% above 3%, paid to the trading wallet on each trade.

Spot, stablecoin pairs and HIP-3 markets

Spot has its own scale, starting at 0.070% for takers and 0.040% for makers and falling to 0.025% and zero at the top tier. Pairs between two stablecoins charge takers 80% less.

Markets launched by outside deployers under HIP-3 charge differently. A deployer can add a fee share of between 0% and 300%, and above 100% the protocol’s own fee rises to match the deployer’s, so a HIP-3 market can cost well above a main perpetual. Markets in growth mode go the other way, with all-in fees at least 90% lower.

Read each HIP-3 market’s fee on its own, and compare the fee charged on a small fill in Trade History before trading size there.

Where the fees go

Hyperliquid directs its fees to the community: to HLP, the community vault; to the assistance fund; and, on HIP-3 and spot markets, to deployers, who may keep up to 50% of the fees their markets generate. HYPE held by the assistance fund is burned.

Funding is not a fee. It passes from longs to shorts or back, and the venue takes nothing from it. A liquidation closed on the book carries no separate clearance fee.

What fees do to a trade

Fees are charged on the position’s value, not on the margin. The $4,000 position from the example below, opened at 10× with $400 of margin, pays $3.60 for a taker round trip: 0.9% of its margin. The higher the leverage, the bigger the fee looks next to the margin.

Against the stop, the same round trip adds 3.6% to a planned $100 loss. A take-profit or stop-loss that fires as a market order exits as a taker, so plan the closing leg at the taker rate.

Mistakes that cost traders money

• Reading the rate against the margin.

  Fees are charged on the whole position. At 10×, a 0.045% taker fee is 0.45% of the margin each way.

• Paying the taker rate by accident.

  A limit order priced through the book fills at once, as a taker. Post only refuses to do that: it only ever rests on the book.

• Counting only the opening fee.

  Closing pays again. A take-profit or stop-loss that fires as a market order pays the taker rate on the way out.

• Assuming every market costs the same.

  Spot, stablecoin pairs and HIP-3 markets each have their own rates. Check the fee on the market you are trading.

• Counting funding as a fee.

  Funding passes between traders, and Hyperliquid takes nothing from it. It is a separate cost or income for as long as the position is open.