Hyper liquid fees are lower at higher maker and taker volume tiers

Pricing a fill from order entry to settlement

A Hyperliquid fee estimate starts with the intended fill notional, not the collateral committed to the position. First identify whether the order targets HyperCore spot, a validator-operated perpetual, or a HIP-3 perpetual. Next classify the expected fill as maker or taker, find the account's rolling-volume tier, apply its HYPE staking discount, and check whether a referral reduction remains active.

The final pass adds market-specific adjustments. An aligned quote asset, a quote-to-quote spot pair, HIP-3 growth mode, a deployer setting, or an approved builder code changes the amount recorded on the fill. Funding belongs on a separate line because it accrues hourly while a perpetual position remains open. Arbitrum deposit gas and the native bridge withdrawal charge belong to the funding workflow rather than the order's maker or taker rate.

Spot and perpetual schedules at every volume breakpoint

The published Hyper liquid fees divide each schedule into seven base tiers. At tier zero, perpetual taker and maker rates are 0.045% and 0.015%, while spot rates are 0.070% and 0.040%. Above $5 million of weighted 14-day volume, those pairs fall to 0.040% and 0.012% for perpetuals, and 0.060% and 0.030% for spot. Above $25 million, they become 0.035% and 0.008%, versus 0.050% and 0.020%.

Further thresholds continue the same progression. Above $100 million, perpetual taker and maker rates are 0.030% and 0.004%; spot rates are 0.040% and 0.010%. Above $500 million, maker fees reach 0% while taker rates become 0.028% for perpetuals and 0.035% for spot. The $2 billion tier uses 0.026% and 0.030% taker rates, respectively, and the tier above $7 billion uses 0.024% and 0.025%. These are base rates before staking, referrals, rebates, or special-market adjustments.

The rolling 14-day volume clock

Hyperliquid calculates weighted volume as 14-day perpetual volume plus twice the account's 14-day spot volume. The protocol assesses the fee tier at the end of each day in UTC, so a threshold-crossing fill does not rewrite the fee already charged earlier in that assessment period. One tier then applies across validator-operated perpetuals, HIP-3 perpetuals, and spot assets.

This weighting rewards spot activity without merging the two fee schedules. A dollar of ordinary spot notional contributes two weighted dollars toward the next threshold, yet a subsequent spot fill still uses the spot rate. Aligned quote assets contribute 20% more volume, while quote-to-quote spot pairs and HIP-3 markets in growth mode use their own reduced contribution rules. Only executed trading volume advances the calculation.

Maker or taker treatment follows the fill

Broadly, Hyperliquid assigns maker or taker status from the order's interaction with the live order book. A resting good-until-canceled order supplies liquidity and receives the maker rate when another order reaches it. An add-liquidity-only order, represented as ALO in the API, refuses immediate execution and therefore protects the intended maker behavior.

A market order or marketable limit order removes resting liquidity and pays the taker rate. An immediate-or-cancel order, represented as IOC, also takes whenever it executes against available quotes. Limit pricing alone does not guarantee maker status: one portion may execute immediately as taker while an eligible remainder rests and later fills as maker. HyperCore records the classification and fee separately for each fill.

HYPE staking and referral reductions

HYPE staking discounts apply to the account rate selected by weighted volume. Balances above 10, 100, 1,000, 10,000, 100,000, and 500,000 staked HYPE receive discounts of 5%, 10%, 15%, 20%, 30%, and 40%, respectively. The thresholds are strict, so an amount equal to a boundary has not crossed it. Trading and staking from the same address requires no separate linking action.

Consider one transparent hypothetical with no referral, builder charge, or special-market adjustment. A tier-zero taker fills $10,000 of validator-operated perpetual notional while staking 101 HYPE. The 0.045% base charge equals 4.50 USDC, and the 10% staking reduction lowers it to 4.05 USDC. Closing later as a taker at the same notional makes the two-fill trading cost 8.10 USDC before funding and price impact.

An active referral code reduces fees by 4% for the referred account's first $25 million of volume. A trader becomes eligible to create a code after $10,000 of volume; the referrer receives 10% of the referred user's fees, less the discount granted, for the first $1 billion of referred volume. Referral limits track volume rather than elapsed time.

Maker rebates beyond the zero-fee tiers

Even so, Hyperliquid maker rebates form a separate ladder for accounts that provide a significant portion of weighted maker activity. Above the published 14-day weighted maker-volume measures of 0.5%, 1.5%, and 3.0%, the maker fee becomes -0.001%, -0.002%, and -0.003%. A negative fee represents a credit rather than a charge.

Rebates are paid continuously on each qualifying fill directly to the trading wallet. This distinction matters once the ordinary maker schedule reaches 0% at the $500 million tier: zero removes the base charge, whereas a negative rate creates a payment. Aligned quote treatment improves maker-rebate magnitude by 50%, while quote-to-quote spot treatment reduces the ordinary rebate magnitude by 80%.

HIP-3, aligned quotes, and special pair adjustments

HIP-3 perpetuals share the user's account tier but add deployer-controlled economics. A deployer sets an additional fee-share parameter from 0% to 300%; growth mode limits that range to 0% through 100%. When the configured share exceeds 100%, the protocol fee rises to equal the deployer fee. Growth mode reduces protocol fees, rebates, volume contribution, and Hyperliquid L1 rate-limit contribution by 90%.

Aligned quote assets alter three fee inputs: taker charges are 20% lower, maker rebates are 50% better, and volume contributes 20% more toward the tier calculation. A spot pair composed of two recognized spot quote assets receives an 80% reduction in taker fees, maker-rebate magnitude, and tier-volume contribution. These modifiers make the market label and collateral choice part of any accurate quote comparison.

Where the fee from a fill goes

In day-to-day use, Hyperliquid routes trading-fee value to community-oriented components that include HLP, the assistance fund, and eligible deployers. The assistance fund automatically converts its allocated trading fees into HYPE through L1 execution and burns that HYPE. Spot and HIP-3 deployers receive configured portions associated with the markets they operate, while qualifying maker rebates flow directly back to the trading wallet.

The routing became more layered as HyperCore expanded from validator-operated perpetuals to HIP-1 spot assets and HIP-3 builder-deployed markets. A referral reward goes to the referrer, and an approved builder charge goes to the application builder identified on the order. Funding is different: one side of a perpetual contract pays the other, and the protocol collects no fee from that peer-to-peer transfer.

Funding, builder charges, and the Arbitrum exit cost

Notably, Hyperliquid perpetual funding settles every hour and remains separate from trading fees. The payment equals position size multiplied by oracle price and the applicable funding rate. Its fixed interest input is 0.01% per eight hours, or 0.00125% per hour, while the premium component follows the difference between the perpetual market and its oracle. The final funding rate has a 4% hourly cap.

Builder codes add application-level charges to fills submitted on a user's behalf. The user approves a maximum for each builder and may maintain no more than 10 active approvals. Builder charges are capped at 0.1% for perpetuals and 1% for spot, and the builder must hold at least 100 USDC of perpetual account value. Hyperliquid's API reports the builder amount within the fill's total fee record.

Day to day, HyperCore orders, cancellations, and trades do not require gas from the trader. Depositing native USDC through the Arbitrum bridge requires at least 5 USDC and an Arbitrum transaction funded with ETH. Withdrawing to Arbitrum charges 1 USDC on Hyperliquid instead of requiring the user to supply Arbitrum ETH. These bridge costs do not change the account's maker, taker, staking, or volume-tier rates.

Comparing Hyper liquid fees before order confirmation

A final Hyperliquid cost comparison should reconcile the order preview with the account state and the selected market. Use this short decision checklist before comparing two routes or frontends:

• Match the schedule to spot, validator-operated perpetual, or HIP-3 perpetual trading.
• Classify every expected fill as resting maker liquidity or immediate taker liquidity.
• Read the rolling 14-day tier after the latest daily UTC assessment.
• Apply the qualifying HYPE stake and any referral discount still within its volume limit.
• Add builder charges, hourly funding, and the 1 USDC Arbitrum withdrawal only when each applies.

Compare the fill record against the same components after execution. Trading fee, builder fee, funding, and bridge cost describe different transfers and should not be compressed into one unexplained percentage. Price impact also changes realized economics, but it comes from order-book depth rather than the fee schedule. Keeping those categories separate reveals whether a cheaper quote came from a better tier, a different fill path, or a market-specific modifier.