Glossary
Notional value
Also called position value
The full value of a position, as opposed to the collateral backing it. Fees and funding are charged on notional, which is why leverage does not change your fee rate.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- Leverage The multiple of your collateral that a position controls. It does not change your fee rate; it changes how small a move against you exhausts your margin.
- Taker fee The fee charged when your order executes immediately against a resting order. It is the higher of the two fee sides on every venue, including this one.