Hyperliquid Fees: Taker 0.045%, Maker 0.015% — Volume Tiers and HYPE Discounts

At the entry tier — where almost all retail accounts sit — Hyperliquid perpetuals cost 0.045% taker and 0.015% maker. Spot is 0.070% taker and 0.040% maker. The complete picture also includes volume tiers, HYPE staking discounts, builder fees charged by some third-party interfaces, and funding — which for held positions is usually the larger cost by a wide margin.

The fee schedule

Fees are charged as a percentage of notional traded. Your rate is determined by your rolling 14-day volume.

Perpetuals

Spot

At entry tier — where almost every retail account sits — a $10,000 perpetual position entered with a market order costs about $4.50 to open. Entered as a resting limit order that someone else trades against, about $1.50. The three-to-one gap between taker and maker is why limit orders matter more than any discount programme on this page for an active strategy.

Fee cost by trade size (Tier 0, perpetuals, one way)

These figures are one way — multiply by two for a complete round trip in and out of a position.

HYPE staking discounts

Staking HYPE earns a discount that stacks on top of your volume tier. The discount is applied to your effective fee rate at whatever tier you sit.

The requirement at the higher levels is substantial — 100,000 HYPE or more is a material position. Do not treat a staking discount as a free cost cut: locking HYPE means holding a position in the token, with price risk that is entirely separate from your trading thesis. See the HYPE asset page for context on what you are actually holding.

The 4% referral discount

Accounts opened through a referral link get 4% off trading fees, applied automatically, for the first $25 million of volume traded. Two points worth being precise about, because most sites are vague here:

• It cannot be added retrospectively. The discount is a property of how the account was created. There is no way to apply it to an existing account.
• The $25M cap is real but long. Trading $50,000 of notional a month gets you there in about 40 years. In practice it behaves as permanent, but we quote the actual terms.

We receive a share of the fees you pay. You still pay less than you would without the link — that is the entire trade.

Builder fees

Frontends and apps built on Hyperliquid — interfaces other than the main exchange app — can charge an additional fee on top of the exchange’s own rate. This is called a builder fee, and it goes to the interface developer, not to the exchange. The platform caps it at 0.1% for perpetuals and 1% for spot.

If you are trading through a third-party interface, check whether that interface charges a builder fee. It will appear in its documentation or terms. Builder fees are separate from and on top of the volume tier rates above. If you trade directly through app.hyperliquid.xyz, no builder fee applies.

Growth mode

HIP-3 introduced a Growth mode that can reduce the total all-in fee by 90% or more for eligible markets. The mechanism is intended to bootstrap liquidity in newly listed markets. If a market you are trading is running under Growth mode, its effective rate will differ substantially from the standard schedule — check the market details before assuming the standard rate applies.

The fee that costs more than the fees

Trading fees are a fraction of a basis point. Funding is usually the larger number.

Perpetuals have no expiry, so a payment passes between longs and shorts every hour to keep the contract tethered to its reference price. Quoted hourly, it looks like a rounding error. Annualised, a market at 0.01% per hour costs over 80% a year to hold long.

If you are holding a position for more than a few days, funding — not the trading fee — is your dominant cost. Current rates for every liquid market are on the funding rate table, converted to annualised percentages so you can see the real number.

Other costs on the way in and out

• Access: the exchange blocks certain jurisdictions at the interface level and has no KYC to warn you before you deposit. See where it is and is not available if you are unsure whether your country is restricted.
• Deposits: the exchange charges nothing. You pay the withdrawal fee at wherever you are sending USDC from, plus gas. See the deposits guide.
• Withdrawals: a fixed fee on the exchange side, which matters proportionally more on small balances.
• Slippage: on thin markets this dwarfs every fee above. This is why we only publish guides for markets above $1M of daily volume.

What we would tell a friend

The 4% referral discount is worth taking because it costs nothing to take. The HYPE staking discount is only worth chasing if you were going to hold HYPE anyway — the capital requirement at meaningful levels is not small. Volume tiers only start moving at $5M of 14-day notional, which puts them beyond most retail accounts. And whether you make money depends on funding costs, position sizing, and whether you are using leverage you can survive — those matter orders of magnitude more than the difference between any two tiers on this page.

If you want to understand what you are actually buying before you open anything, read what a perpetual gives you first.

Common questions

What are Hyperliquid's trading fees?

At entry tier, perpetuals cost 0.015% maker and 0.045% taker; spot costs 0.040% maker and 0.070% taker. Volume above $5M in rolling 14-day notional steps you into cheaper tiers, and staking HYPE applies an additional discount on top.

What are the volume tier thresholds?

Perp tiers step at $5M, $25M, $100M, $500M, $2B, and $7B of rolling 14-day volume. Almost all retail accounts stay at Tier 0 — the entry rate — indefinitely.

What is a builder fee?

An additional fee charged by a third-party frontend or app built on top of Hyperliquid, capped at 0.1% on perps and 1% on spot. It is separate from and on top of the exchange's own schedule. If you trade directly through app.hyperliquid.xyz, no builder fee applies.

How do I get the 4% fee discount?

Open the account through a referral link. The discount is applied automatically to the first $25 million of volume and cannot be added to an account that already exists.

Is funding a fee?

Not a fee to the exchange — it is a payment between longs and shorts, and depending on which side you are on you may receive it. But it is a cost of holding, and over anything longer than a few days it is usually much larger than the trading fee.

Is maker or taker cheaper?

Maker, by roughly a factor of three on perpetuals at entry tier. For an active strategy, switching from market orders to resting limit orders saves more than any discount programme on this page.

What does HYPE staking do for fees?

Staking HYPE earns a discount between 5% (Wood tier, minimum 10 HYPE) and 40% (Diamond tier, minimum 500,000 HYPE) that stacks on top of your volume tier rate. The discount requires locking HYPE, which is itself a position with its own price risk.

What is Hyperliquid Growth mode?

A mechanism under HIP-3 that reduces the total all-in fee by 90% or more for eligible markets. It is used to bootstrap liquidity in newly listed markets and does not apply to the exchange's established liquid markets.