Hyperliquid fees are calculated per perp and spot fill

Trace one fill from order role to fee amount

Broadly, Hyperliquid fee calculation starts with filled notional, not submitted order size: filled quantity multiplied by fill price. The charge for each fill is that notional multiplied by the effective decimal rate. One basis point equals 0.01%, while 0.045% becomes 0.00045 for multiplication.

A resting limit order receives the maker rate when it adds liquidity and later executes. A market order or marketable limit order receives the taker rate because it crosses available liquidity. One limit order may produce taker fills before its remainder rests, leaving different fills with different rates. An unfilled or cancelled amount generates no trading charge.

Leverage does not multiply the fee percentage again. A 10× position pays on its full position notional rather than its smaller collateral amount. Opening, reducing, reversing, and closing a position all create chargeable fills, so a complete cost estimate must include every expected execution.

The perp and spot schedules behind Hyperliquid fees

Hyperliquid publishes seven volume tiers with separate perpetual and spot rates. At tier 0, a validator-operated perpetual fill costs 0.045% as taker or 0.015% as maker, while spot costs 0.070% or 0.040%.

The six higher cutoffs are above $5 million, $25 million, $100 million, $500 million, $2 billion, and $7 billion in weighted 14-day volume. Perpetual taker and maker rates at those thresholds are 0.040%/0.012%, 0.035%/0.008%, 0.030%/0.004%, 0.028%/0%, 0.026%/0%, and 0.024%/0%.

Spot uses the same volume thresholds but a different schedule. Its taker and maker pairs are 0.060%/0.030%, 0.050%/0.020%, 0.040%/0.010%, 0.035%/0%, 0.030%/0%, and 0.025%/0%. A zero listed maker charge at a high volume tier is distinct from the negative rate available through maker-share rebates.

Rolling volume, HYPE staking, and maker share change the rate

The Hyperliquid fee tier uses a rolling 14-day measure recalculated at the end of each UTC day. Weighted volume equals perpetual volume plus twice the spot volume. A single account tier covers validator-operated perps, HIP-3 perps, and spot markets, although each product still uses its own base schedule.

HYPE staking supplies another discount layer. Stakes above 10 HYPE receive 5%; above 100 receive 10%; above 1,000 receive 15%; above 10,000 receive 20%; above 100,000 receive 30%; and above 500,000 receive 40%. These reductions apply to positive trading rates rather than changing filled notional.

Maker-share rebates reward accounts whose weighted maker volume exceeds 0.5%, 1.5%, or 3% of weighted activity. The corresponding maker rates are -0.001%, -0.002%, and -0.003%, with the negative amount credited to the trading wallet. An active referral code reduces eligible user fees by 4% for the first $25 million of volume; referrer rewards cover the referred user's first $1 billion.

HIP-3, aligned quotes, and builder codes create market-level adjustments

HIP-3 fees require the market's deployer setting and growth-mode status before a reliable quote is possible. A deployer may configure an additional fee share from 0% to 300%, or 0% to 100% in growth mode. Above 100%, the protocol charge also rises to equal the deployer charge. Growth mode reduces protocol fees, rebates, volume credit, and L1 rate-limit credit by 90%.

Aligned quote assets receive 20% lower taker fees, 50% larger maker rebates, and 20% greater tier-volume credit. For a spot pair formed from two designated quote assets, taker fees, maker rebates, and volume contribution are each reduced by 80%. These adjustments make the market identity as important as the account's displayed tier.

Builder codes add a separately approved amount to orders routed by third-party applications. The maximum is 0.1% for perps and 1% for spot, with no more than 10 active builder approvals per user. Builder charges go to the approved builder; protocol fees support community destinations including HLP and the assistance fund. The assistance fund converts its allocation to HYPE and burns it, while eligible spot and HIP-3 deployers may retain up to 50% of fees from their assets.

Worked example: a hypothetical $50,000 perp round trip

The Hyperliquid fee formula produces a $45 trading-charge total for this hypothetical round trip. Hypothetical changing inputs: a $50,000 opening notional, a $50,000 closing notional, two taker fills, tier 0, no HYPE staking, no referral discount, a validator-operated perp, no aligned-quote adjustment, no builder code, and zero funding or execution impact.

The tier-zero taker rate is 0.045%, expressed as 0.00045. The opening charge is $50,000 × 0.00045 = $22.50, and the closing charge is also $22.50. Adding both fills gives the applicable result: $45. If the closing order earns maker status or the account moves tiers, replace only that fill's rate and recalculate its line.

Keep funding, execution, and transfer costs outside the trading-fee line

In the usual case, Hyperliquid trading fees exclude hourly perpetual funding, execution slippage, and network transfer costs. Funding is paid peer to peer between long and short positions rather than collected by the protocol. Its fixed interest component is 0.01% per eight hours, equivalent to 0.00125% per hour, while the premium component moves with the difference between the contract and oracle prices.

Slippage is the difference between the expected price and the average executed price, not a percentage charged by HyperCore. Order-book depth, order size, and limit price set that amount. Liquidations have no separate clearance fee, although a position closed through market orders still incurs fill charges and execution impact.

HyperCore trading actions do not require per-order gas. A new HyperCore account incurs a one-time activation charge of one quote token on its first incoming transaction, while a USDC withdrawal through the native Arbitrum bridge costs 1 USDC. Depositing through Arbitrum requires ETH for network gas, and HyperEVM transactions have their own gas costs. When comparing Hyperliquid with dYdX or pool-based GMX, normalize filled notional, entry and exit roles, holding time, execution impact, and transfer charges.

Who gains from the schedule, and who should budget tier zero?

The Hyperliquid fee schedule favors accounts that concentrate rolling volume, stake HYPE, or consistently add liquidity. Tier-zero takers receive no activity reduction, so they should budget both entry and exit at the posted taker rate. Trading spot accelerates tier progress because every $1 of spot volume contributes $2 to the weighted measure.

Active market makers face a different constraint. A post-only strategy targets lower maker charges and rebate thresholds, yet the order must actually fill for those economics to matter. Missing a desired execution or repricing repeatedly may outweigh a small percentage reduction without appearing in the fee ledger.

Before comparing two order routes, retrieve the account's effective perp or spot rate, identify any HIP-3 or aligned-quote multiplier, inspect an approved builder amount, and separate expected funding from execution cost. The lower headline percentage is the better quote only when those inputs describe the same filled notional and the same holding plan.