Hyperliquid fees: what you actually pay, and every discount
Verified against Hyperliquid docs: Fees and Hyperliquid docs: Referrals · by Hyperliquid Academy
Where the money actually goes
Worth knowing before the tables, because it explains the design. Trading fees on Hyperliquid are not revenue for a company. They are split between the protocol’s liquidity vault, an assistance fund that buys HYPE on the open market, and the deployer of the market being traded. There is no outside shareholder in the path.
The perpetuals table
| Tier | 14-day volume | Taker | Maker | Taker with referral |
|---|---|---|---|---|
| 0 | Under $5M | 0.045% | 0.015% | 0.0432% |
| 1 | Over $5M | 0.04% | 0.012% | 0.0384% |
| 2 | Over $25M | 0.035% | 0.008% | 0.0336% |
| 3 | Over $100M | 0.03% | 0.004% | 0.0288% |
| 4 | Over $500M | 0.028% | 0% | 0.0269% |
| 5 | Over $2B | 0.026% | 0% | 0.025% |
| 6 | Over $7B | 0.024% | 0% | 0.023% |
Your tier comes from your fourteen-day weighted volume, and it moves as you trade. Two features are unusual. Maker fees hit zero from tier 4 upward, and high-volume makers are paid a rebate rather than charged. Both mean the cost of providing liquidity here is structurally different from a venue where the maker fee only ever falls toward zero.
The spot table
| Tier | 14-day volume | Taker | Maker | Taker with referral |
|---|---|---|---|---|
| 0 | Under $5M | 0.07% | 0.04% | 0.0672% |
| 1 | Over $5M | 0.06% | 0.03% | 0.0576% |
| 2 | Over $25M | 0.05% | 0.02% | 0.048% |
| 3 | Over $100M | 0.04% | 0.01% | 0.0384% |
| 4 | Over $500M | 0.035% | 0% | 0.0336% |
| 5 | Over $2B | 0.03% | 0% | 0.0288% |
| 6 | Over $7B | 0.025% | 0% | 0.024% |
Higher at every tier, with one compensation: spot volume counts double toward the volume that sets your tier. If you are close to a threshold, spot activity moves you up twice as fast per dollar traded.
The three discounts, and how they stack
Cost of a $10,000 taker order as each discount is added
- Base rate, no discounts $4.50 0.045% Tier 0, nothing staked
- With referral code $4.32 0.0432% 4% off, applies from trade one
- Referral + Silver staking $3.67 0.03672% Over 1,000 HYPE staked and linked
- Referral + Diamond staking $2.59 0.02592% Over 500,000 HYPE staked
- Everything, at the top volume tier $1.38 0.01382% Over $7B of 14-day volume as well
A referral code takes 4% off, covering your first $25M of volume. It needs no history and no tokens, and it applies from your first order. It has one hard condition: the code must be applied before your first trade ever, because a wallet that has traded can no longer attach one. It also does not apply to vaults or sub-accounts.
Staked HYPE takes between 5% and 40% off, depending on how much is staked and linked to the trading account.
Volume moves you down the tier table.
| Staking tier | HYPE staked | Fee discount | Taker rate | With referral | Total saving |
|---|---|---|---|---|---|
| None | — | — | 0.045% | 0.0432% | 4% |
| Wood | Over 10 | 5% | 0.04275% | 0.04104% | 8.8% |
| Bronze | Over 100 | 10% | 0.0405% | 0.03888% | 13.6% |
| Silver | Over 1,000 | 15% | 0.03825% | 0.03672% | 18.4% |
| Gold | Over 10,000 | 20% | 0.036% | 0.03456% | 23.2% |
| Platinum | Over 100,000 | 30% | 0.0315% | 0.03024% | 32.8% |
| Diamond | Over 500,000 | 40% | 0.027% | 0.02592% | 42.4% |
The important detail is that these multiply. The best case in the table above is what happens when all three land at once, and it is a large reduction from the entry rate rather than a rounding difference.
What is not a fee
Funding is charged every hour on perpetual positions, and people reasonably mistake it for a fee. It is not. It is a transfer between longs and shorts that keeps the contract tethered to the underlying, and the exchange takes none of it. Whether it costs you or pays you depends on which side you are on. On a position held for days it usually dominates the trading fee, which is why understanding funding matters more than shaving basis points.
Gas on trades does not exist. Orders are actions on HyperCore, not EVM transactions.
Liquidation clearance does not exist either. Most venues charge a penalty fee when they liquidate you. Hyperliquid does not, although in a backstop liquidation the maintenance margin is not returned.
Adjustments that apply to specific markets
A few modifiers change the numbers above for particular market types.
| Case | Effect |
|---|---|
| Aligned quote asset | Lower taker fees, better maker rebates and extra volume contribution |
| Spot pairs between two quote assets | Substantially lower taker fees, plus maker rebates |
| Builder-deployed markets in growth mode | A reduction of at least 90% on all-in fees while active |
Builder-deployed markets are worth a second look if cost is your main concern, because growth mode makes some of them dramatically cheaper than the standard schedule. The trade-off is that the deployer chose the oracle and the parameters, so cheap is not automatically better.
Vault costs
Depositing into HLP costs nothing: it takes no profit share. A user-run vault pays its leader a share of profits. Both lock deposits for four days from your most recent deposit, and a new deposit resets that clock for the whole balance.
What to do with this
If you trade occasionally, the referral discount is the only lever worth bothering with, because it is free and immediate. If you trade regularly, staking changes the arithmetic meaningfully. If you trade professionally, the maker rebate tiers are where the real money is. The reduction guide works through which lever pays off at which activity level, and the fee calculator does the arithmetic for your own numbers.
Frequently asked questions
Are there gas fees on Hyperliquid?
Not on trades. Orders execute on HyperCore, which does not charge gas. You pay network gas on the source chain when you deposit, and possibly a small amount to process a withdrawal.
Is funding a fee?
No. Funding is a payment between long and short holders that keeps the perpetual price near the underlying. The exchange takes no cut of it, and it can pay you as easily as cost you.
Why are spot fees higher than perpetual fees?
Spot carries a higher published rate at every tier. In exchange, spot volume counts double toward the fourteen-day volume that sets your tier, so it is an efficient way to move up.
Can my fee actually be negative?
Yes, for makers. Traders whose maker volume passes a share threshold receive a rebate rather than paying a fee, so providing liquidity is paid rather than charged.
Do discounts add or multiply?
They multiply. A 40% staking discount followed by the 4% referral discount leaves you paying 57.6% of the base rate, not 56%.
Sources
- Hyperliquid docs: Feeshyperliquid.gitbook.io
- Hyperliquid docs: Referralshyperliquid.gitbook.io
- Hyperliquid docs: Fundinghyperliquid.gitbook.io
We link the primary source for every number on this page. If a figure here disagrees with the official documentation, the documentation is right and we want to know.