Hyperliquid Fees
Published · 11 min read
Every Hyperliquid fee, from the 0.045% base taker rate to the 40% staking discount: the full 14-day volume tiers, maker rebates, HIP-3 multipliers, and what funding actually costs.
TL;DR: Hyperliquid perps start at 0.045% taker and 0.015% maker, falling to 0.024% taker at $7B of 14-day volume. Staking HYPE cuts fees by 5–40%, spot volume counts double toward your tier, and funding is a payment between traders rather than a fee to the exchange.
Table of contents
Hyperliquid fees start at 0.045% taker and 0.015% maker on perpetuals, and fall as low as 0.024% taker for the largest accounts. Your tier is set by rolling 14-day volume, assessed at the end of each UTC day, and can be cut by a further 5–40% by staking HYPE. Below is the complete schedule, plus the parts of the fee model — HIP-3 multipliers, staking linkage, vault volume separation — that decide your real cost.
Hyperliquid perps and spot fee tiers
One fee tier applies across everything you trade — perps, HIP-3 perps, and spot alike.
- Perps taker
- Spot taker
View as table
| Taker fee by volume tier | Perps taker | Spot taker |
|---|---|---|
| Tier 0 — base | 0.045% | 0.070% |
| Tier 1 — >$5M | 0.040% | 0.060% |
| Tier 2 — >$25M | 0.035% | 0.050% |
| Tier 3 — >$100M | 0.030% | 0.040% |
| Tier 4 — >$500M | 0.028% | 0.035% |
| Tier 5 — >$2B | 0.026% | 0.030% |
| Tier 6 — >$7B | 0.024% | 0.025% |
The maker side falls faster than the taker side and bottoms out entirely:
| Tier | 14d weighted volume | Perps maker | Spot maker |
|---|---|---|---|
| 0 | — | 0.015% | 0.040% |
| 1 | >$5M | 0.012% | 0.030% |
| 2 | >$25M | 0.008% | 0.020% |
| 3 | >$100M | 0.004% | 0.010% |
| 4 | >$500M | 0.000% | 0.000% |
| 5 | >$2B | 0.000% | 0.000% |
| 6 | >$7B | 0.000% | 0.000% |
Reaching tier 4 means you stop paying to provide liquidity entirely. Everything above tier 4 only improves your taker rate.
Volume is weighted, and spot counts twice
14d weighted volume = 14d perps volume + 2 × 14d spot volume
If you traded $10M of perps and $8M of spot, your weighted volume is $26M — which puts you in tier 2, not tier 1. Traders who only count notional perp volume routinely misjudge which tier they are in.
The staking discount: up to 40% off
Staking HYPE applies a straight percentage discount to whatever your volume tier already gives you.
View as table
| Trading fee discount by HYPE staked | Trading fee discount by HYPE staked |
|---|---|
| Wood — >10 HYPE | 5% |
| Bronze — >100 | 10% |
| Silver — >1,000 | 15% |
| Gold — >10,000 | 20% |
| Platinum — >100,000 | 30% |
| Diamond — >500,000 | 40% |
Worked through on a $10,000 round trip, taking liquidity in both directions at base volume tier:
No staking
$9.00
0.045% × 2 legs
Silver (1k HYPE)
$7.65
15% discount
Gold (10k HYPE)
$7.20
20% discount
Diamond (500k)
$5.40
40% discount
The Diamond tier requires staking 500,000 HYPE. Whether that capital is better deployed earning the discount or doing something else is a straightforward comparison: the discount is worth annual volume × 0.045% × 40%, so it only clears a meaningful hurdle at very large volume.
Staking linkage is permanent and one-sided
You can link a separate staking wallet to a trading wallet so the staked HYPE discounts the trading account. The documentation is unusually blunt about the risk: the staking user "will be able to unilaterally transfer all funds from the trading user to the staking user's account in a single irreversible transaction."
Linking cannot be undone. A staking user can also send a signed action that renders the trading user unusable and locks its funds for a year. Never link to a staking wallet controlled by anyone but you — and if you trade and stake from the same address, no linking is needed at all.
Maker rebates: when Hyperliquid pays you
Above tier 4, high-volume makers move into negative fees based on their share of total maker volume:
| Rebate tier | 14d weighted maker volume share | Maker fee |
|---|---|---|
| 1 | >0.5% | −0.001% |
| 2 | >1.5% | −0.002% |
| 3 | >3.0% | −0.003% |
These are paid continuously, on each trade, directly to the trading wallet — not accrued and claimed later. Note the threshold is a share of platform maker volume, not an absolute figure, so it tightens as the venue grows.
Hyperliquid funding rate: not a fee
The single most common mistake in fee comparisons is adding funding to the fee total. They are different things.
A fee goes to the protocol. Funding is a periodic payment between traders that keeps the perpetual price tethered to spot. When the perp trades above spot, longs pay shorts; when below, shorts pay longs. Hyperliquid takes none of it.
For a position holder, funding is usually the larger number. A 0.045% taker fee is paid twice — once in, once out. Funding accrues the entire time the position is open, so on a multi-day hold it dwarfs the trading fee.
How this changes strategy
If your funding cost exceeds your fee cost by an order of magnitude, optimising for a lower fee tier is the wrong priority. Direction and holding period dominate. This is also why funding-rate farming works as a strategy at all — a delta-neutral position earns the funding spread while paying only the fees, and the fee schedule above is small enough not to eat the spread.
The multipliers that change your actual rate
Four adjustments sit on top of the published table. Most fee guides omit all of them.
HIP-3 growth mode reduces everything by 90%
When a HIP-3 perp deployer activates growth mode, protocol fees, rebates, volume contribution, and rate limits are all cut by 90%. Cheap to trade — but your volume barely counts toward your tier.
HIP-3 deployers can add a fee share of 0–300%
Deployers configure their own share on top of the protocol fee. Above 100%, the protocol fee is also raised to match the deployer fee. A HIP-3 market can therefore cost several times the headline rate, and the multiplier is set by the deployer, not the protocol.
Stable-pair spot trades are 80% cheaper
Spot pairs between two quote assets get 80% lower taker fees and maker rebates — and 80% lower volume contribution to match.
Aligned quote assets get 20% off
Aligned quote assets carry 20% lower taker fees, 50% better maker rebates, and contribute 20% more volume toward your tier. This is the only adjustment that improves both cost and tier progress at once.
Vault volume does not count toward your tier. Sub-account volume rolls up to the master account and all sub-accounts share a tier — but vault volume is treated separately. Traders who run size through a vault and expect it to pull the master account up a tier are consistently surprised at the end-of-day assessment.
Referral benefits expire quietly. Referral rewards apply only for a user's first $1B of volume, and referral discounts only for the first $25M. Neither is permanent, and neither announces itself when it stops.
Tiers are assessed end of day UTC, on a rolling 14-day window. So a tier you earned on a burst of volume decays as that volume rolls out of the window. If you size positions on the assumption of a fee tier you hit two weeks ago, you are trading on a rate you no longer have.
Where the fees actually go
Unusually for a derivatives venue, no company keeps the trading fees. Per the documentation, they route to:
- HLP, the community-owned liquidity vault — covered in hyperliquid vaults;
- the assistance fund, at system address
0xfefefefefefefefefefefefefefefefefefefefe, which converts fees to HYPE and burns them, permanently removing supply; - deployers, who may keep up to 50% of the fees generated by spot and HIP-3 assets they deployed.
The burn mechanism is worth understanding if you hold HYPE: trading activity is a continuous, automated buy-and-burn executed as part of L1 execution, not a discretionary treasury action.
How this compares
Against a US-regulated venue, the headline rates are not really comparable, because the products, leverage limits, and legal protections differ. We break one of them down in coinbase perpetual futures fees. Note also that the Hyperliquid interface is closed to US and Ontario residents — see is hyperliquid available in the us before assuming these rates are available to you.
For points farmers, the fee schedule is an input rather than a cost centre: volume-based programs mean you are paying fees to accrue points, so the fee is the acquisition cost of the points. Perp dex points covers how to price that trade properly.
Our position P&L tool takes entry, exit, size, and fee rate so you can see the real number after costs rather than the gross move.
FAQ
›What are Hyperliquid's trading fees?
Perpetuals start at 0.045% taker and 0.015% maker at the base tier, falling to 0.024% taker at over $7B of 14-day weighted volume. Spot starts at 0.070% taker and 0.040% maker, falling to 0.025% taker. Maker fees reach zero at tier 4 ($500M).
›How is my Hyperliquid fee tier calculated?
By rolling 14-day weighted volume, assessed at the end of each day in UTC. Weighted volume equals perps volume plus twice spot volume, so spot trading counts double. One tier applies across perps, HIP-3 perps, and spot.
›How much do I save by staking HYPE?
Between 5% and 40% off your trading fees: 5% at over 10 HYPE, 10% at 100, 15% at 1,000, 20% at 10,000, 30% at 100,000, and 40% at 500,000. The discount multiplies against your volume tier rate.
›Is the Hyperliquid funding rate a fee?
No. Funding is a periodic payment between long and short traders that keeps the perpetual price aligned with spot. The protocol keeps none of it. For positions held longer than a day, funding typically costs far more than the trading fee.
›Does trading in a vault count toward my fee tier?
No. Vault volume is treated separately from the master account. Sub-account volume does count toward the master account, and all sub-accounts share the same fee tier, but vaults are excluded.
›Can Hyperliquid fees ever be negative?
Yes, for makers. Above tier 4, makers whose 14-day weighted maker volume exceeds 0.5%, 1.5%, or 3.0% of platform maker volume earn rebates of 0.001%, 0.002%, or 0.003% respectively, paid continuously to the trading wallet on each trade.
›Why are some HIP-3 markets more expensive?
HIP-3 deployers can configure an additional fee share between 0% and 300%. Above 100%, the protocol fee is also raised to equal the deployer fee, so a HIP-3 market can cost several times the headline rate. Conversely, growth mode cuts fees by 90% — along with your volume contribution.
Sources
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