Hyperliquid fees are maker-taker rates shaped by volume and order role

Hyperliquid fees are maker-taker charges on HyperCore fills, with separate schedules for perpetual and spot orders. The account's rolling 14-day weighted volume sets one tier across standard perps, HIP-3 perps, and spot; spot volume counts twice. Staked HYPE, maker-share rebates, referral discounts, aligned quote assets, HIP-3 deployer settings, and approved builder fees then adjust the amount. Trading itself has no separate gas charge, but funding, price impact, activation, and withdrawals belong in the total-cost calculation.

Updated on 5 Aug 2026

In short: They are maker-taker trading charges that fall with 14-day weighted volume, though HIP-3 deployer shares can raise the total cost of a fill.

Frequent perpetual traders reach lower rates at six published cutoffs

The perpetual fee schedule rewards active accounts by lowering both taker and maker charges as rolling weighted volume crosses six thresholds. Tier 0 starts at a 0.045% taker rate and a 0.015% maker rate before staking or referral reductions.

Above $5 million, tier 1 charges 0.040% for takers and 0.012% for makers. The respective rates fall to 0.035% and 0.008% above $25 million, then 0.030% and 0.004% above $100 million. Crossing $500 million establishes tier 4, where the taker rate is 0.028% and the ordinary maker rate reaches 0%.

Tiers 5 and 6 begin above $2 billion and $7 billion. Their base taker rates are 0.026% and 0.024%, while the ordinary maker rate remains 0%. Separate market-maker rebate thresholds can push that maker rate below zero.

Spot starts higher, while quote-asset rules compress selected fills

The spot fee schedule follows the same six volume cutoffs but begins with larger percentages. Tier 0 charges takers 0.070% and makers 0.040%, compared with 0.045% and 0.015% for perpetuals.

Spot taker and maker rates become 0.060% and 0.030% above $5 million, 0.050% and 0.020% above $25 million, and 0.040% and 0.010% above $100 million. Above $500 million, the rates are 0.035% and 0%; above $2 billion, they are 0.030% and 0%; above $7 billion, they reach 0.025% and 0%.

A spot pair between two recognized spot quote assets receives an 80% reduction in taker fees, maker-related rates, and tier-volume contribution. An aligned quote asset follows another rule: taker fees are 20% lower, maker rebates improve by 50%, and qualifying volume receives a 20% uplift.

The 14-day weighting lets spot turnover move the tier twice as fast

The fee-tier calculation adds 14-day perpetual volume to twice the account's 14-day spot volume. Hyperliquid assesses that rolling total at the end of every UTC day rather than selecting a new tier independently for each fill.

One account-level tier applies across standard perps, HIP-3 markets, and spot assets. Sub-account turnover rolls into the master account, and all associated sub-accounts share its tier. Vault volume remains separate, so activity attributed to a vault does not raise the master account's fee status.

The strict cutoff matters near a boundary. A displayed figure at $25 million has not crossed a threshold written as more than $25 million; the weighted total must move beyond it before the next daily assessment recognizes tier 2.

Staked HYPE discounts the rate after volume does its work

The HYPE staking schedule reduces the maker or taker rate associated with the account's volume tier. Holding more than 10 staked HYPE gives the Wood discount of 5%, while more than 100 HYPE establishes the Bronze discount of 10%.

Silver requires more than 1,000 HYPE and cuts the trading rate by 15%. Gold begins above 10,000 HYPE with a 20% reduction, Platinum begins above 100,000 HYPE with 30%, and Diamond starts above 500,000 HYPE with 40%. These percentages multiply the applicable trading rate; they do not subtract an equal number of percentage points.

Trading and staking from one address requires no link. Linking a separate staking user to a trading user is permanent, gives the staking address control over the trading account, and removes the staking user's own fee discount. The two-address arrangement therefore changes account authority as well as cost.

Maker execution, not the order label, determines the charged rate

The maker-taker distinction is decided when an order fills. An order that removes resting liquidity pays the taker rate, while an order already resting on the HyperCore book receives the maker rate applicable to the account.

A Good Til Cancelled limit order can cross immediately and become a taker fill. An add-liquidity-only order, also called ALO or post-only, is canceled when it would cross, preserving maker eligibility at the cost of receiving no execution. Partial fills can carry different maker-taker treatment when one portion crosses and another later rests.

Large liquidity providers have three additional rebate levels. Weighted maker volume above 0.5% sets a −0.001% maker rate; above 1.5% it becomes −0.002%; and above 3.0% it becomes −0.003%. Hyperliquid pays these negative-fee rebates continuously to the trading wallet after each qualifying fill.

HIP-3 deployer settings can multiply a market's apparent base rate

Further detail lives in Hyperliquid walkthrough. HIP-3 perpetuals use the account's common fee tier, but each deployed market can add a deployer component. That setting makes two HIP-3 fills with the same notional, tier, and order role cost different amounts.

On a standard HIP-3 perpetual, the deployer may set an additional fee share from 0% to 300%, while growth mode narrows the range to 0% through 100%. A 100% setting adds a deployer charge equal to the applicable protocol charge, doubling the rate before referral adjustments.

Above 100%, the protocol component rises until it equals the deployer component. At the 300% maximum, each component equals three times the starting user rate, producing a combined multiplier of six. Growth mode reduces protocol fees, rebates, volume contribution, and Hyperliquid L1 rate-limit contribution by 90%.

Spot and HIP-3 deployers receive up to 50% of the trading fees generated by their deployed assets. A reliable comparison therefore identifies the exact HIP-3 market, its growth-mode status, and its deployer scale before treating the account-level rate as the final quote.

Builder approvals and referral eligibility alter a fill in different ways

A builder fee adds a separate per-order charge, whereas an active referral discount reduces the trading-rate component. HyperCore processes both through fill accounting, but their recipients and limits are distinct.

A user must approve a maximum rate for each builder with the main wallet, and that approval remains revocable. Builder fees are capped at 0.1% for perpetuals and 1% for spot, with 100% of the builder component going to the builder. One user may hold no more than 10 active builder approvals, and a builder needs at least 100 USDC of perpetual account value. Builder codes apply to both sides of perpetual trading but not to the buying side of spot.

An eligible referral code gives the trader a 4% reduction on trading fees during the first $25 million of qualifying volume. The discount does not apply to vaults or sub-accounts. Referrer rewards cover the referred user's first $1 billion of volume; the referrer receives 10% of fees after the user discount and claims accrued rewards once they exceed $1.

A hypothetical fill shows the complete multiplication order

A useful fee calculation starts with notional, then applies the volume tier, staking reduction, referral reduction, market-specific multiplier, and builder charge. Every account- and order-specific input in the following worked example is hypothetical.

The hypothetical fill has $50,000 of notional, uses a standard perpetual rather than HIP-3, removes liquidity, and belongs to an account above $25 million of weighted volume. The hypothetical account also has more than 10,000 HYPE staked, an active 4% referral discount, and a separately approved 0.020% builder fee. No aligned-asset or growth-mode adjustment applies.

Tier 2 supplies the 0.035% taker rate. The Gold staking reduction cuts it by 20% to 0.028%, and the referral reduction multiplies that rate by 96%, producing 0.02688%. The protocol-side trading fee is therefore $50,000 × 0.0002688, or $13.44. The builder component is $50,000 × 0.0002, or $10.00. The concrete total for this hypothetical fill is $23.44.

Funding and price impact are excluded because neither is part of this maker-taker calculation. A closing execution would create another fill with its own notional, role, effective rate, and builder parameter.

Funding and transfers sit outside the maker-taker schedule

Perpetual funding is a peer-to-peer payment between long and short positions, not protocol trading revenue. Hyperliquid settles funding every hour, using a fixed interest component of 0.00125% per hour, equivalent to 0.01% over eight hours, plus a market-driven premium component.

The funding rate is capped at 4% per hour. Its direction changes with the premium: positive funding moves from longs to shorts, while negative funding reverses the flow. Price impact is different again; it changes the execution price as an order consumes available depth but does not appear as a fee line.

HyperCore trading actions carry no separate gas charge. Depositing USDC through Arbitrum requires ETH for the Arbitrum transaction, while a USDC withdrawal to Arbitrum carries a $1 fee. A new HyperCore account also requires a one-time activation charge of 1 quote token, such as 1 USDC, 1 USDT, or 1 USDH, when it first receives a qualifying transaction.

Fill records expose the effective rate and recipient path

The fill record provides the strongest evidence of the amount actually charged. It identifies the fee, the fee token, whether the execution crossed the book, and any builder fee included in the total; a negative fee represents a maker rebate.

The account-level fee response exposes perpetual maker and taker rates, spot rates, the active referral reduction, the staking discount, and the tier schedule. Comparing Hyperliquid fees across interfaces means normalizing the same asset, notional, order role, HIP-3 settings, and builder authorization. BTC and ETH perpetuals, HYPE spot, and HIP-3 markets share the account tier, yet their final adjustments need not match.

Protocol fee routing sends value to community destinations that include HLP, the assistance fund, and eligible deployers. The assistance fund automatically converts its allocation into HYPE and burns it. Maker rebates return directly to the trading wallet, while a builder receives the full builder component. Those paths explain why one fill record can contain a net fee assembled from several independent mechanisms.

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