Hyperliquid Fees, and How to Pay 4% Less

Taker and maker fees are the small number; funding decides whether a held position works. Full fee schedule plus how the 4% referral discount applies.

We receive a share of the fees you pay. You still pay less than you would signing up directly.

Hyperliquid charges less than most venues, but the headline number is not the whole cost. Here is what you actually pay, and the one discount worth knowing about before you open an account.

The 4% discount

Hyperliquid runs a referral programme. Accounts opened through a referral link get 4% off their trading fees, applied automatically, for the first $25 million of traded volume.

Two things worth being precise about, because most sites are vague here:

It is not available if you sign up directly. The discount is a property of how the account was created. There is no way to add it afterwards.
The $25M cap is real but theoretical for most people. If you trade $50,000 of notional a month, you would reach it in about 40 years. In practice it behaves as permanent, but we would rather quote the actual terms than round them up.

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

The actual fee schedule

Fees are charged as a percentage of notional traded and depend on your rolling 14-day volume. At the entry tier — where almost every retail account sits — the base rates are:

	Maker	Taker
Perpetuals	0.0150%	0.0450%
Spot	0.0400%	0.0700%

Read that as: 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, it costs about $1.50.

Three structural points that matter more than the exact digits:

Maker and taker are genuinely different. The gap is a factor of three on perps. On a strategy that trades frequently, using limit orders instead of market orders is a larger cost saving than any discount on this page.
Volume tiers step down. Higher 14-day volume moves you into cheaper tiers. The thresholds are set high enough that most retail accounts never leave the entry tier.
Staking HYPE reduces fees further. The exchange runs a separate staking-tier discount that stacks on top of the volume tier. It requires holding and locking the token, which is a position in its own right — do not treat it as a free fee cut.

Verify current rates before they matter to you

Fee schedules change, and we would rather you check than trust a number on a third-party site. The authoritative source is Hyperliquid’s own fee documentation, and your effective rate is shown in your account once you have one. The figures above are what applied when this page was last reviewed.

The fee that costs more than the fees

Trading fees are a fraction of a basis point of your notional. 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

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, 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% discount is worth taking because it costs you nothing to take. It is also not the thing that will determine whether you make money. Funding costs, position sizing, and whether you are using leverage you cannot survive matter orders of magnitude more.

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 the entry volume tier, perpetuals cost 0.0150% as a maker and 0.0450% as a taker; spot costs 0.0400% and 0.0700%. Higher 14-day volume steps you into cheaper tiers, and staking HYPE applies a further discount on top.

How do I get the 4% fee discount?

Open the account through a referral link. The discount is a property of how the account was created and applies automatically to your first $25 million of volume. There is no way to add it 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.

What does it cost to deposit and withdraw?

Deposits are free on the exchange side; you pay whatever the sending venue charges plus gas. Withdrawals carry a fixed fee, which matters proportionally more the smaller your balance.

Is maker or taker cheaper?

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