Hyperliquid
Hyperliquid fees are set by 14-day volume tiers and rebates
Hyperliquid fees are fill-based spot and perpetual charges whose maker or taker rate comes from one account-wide tier, recalculated from rolling 14-day weighted volume. Perpetual volume counts once, spot volume counts twice, and staking, referrals, maker rebates, aligned quote assets, HIP-3 settings, or builder codes can modify the amount. The core arithmetic is filled notional multiplied by the final rate; funding, withdrawals, and execution-price differences sit outside that protocol fill fee.
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A usable quote therefore needs four facts before an order executes: product type, expected liquidity role, account tier, and any market-specific modifier. This sequence matters because the same order size produces different debits when it rests as maker, crosses as taker, or reaches HyperCore through a fee-charging builder.
The short version: The $5 million boundary starts tier 1 only after rolling weighted volume moves strictly above it.
A fill's route from notional to final charge
A Hyperliquid fill begins with executed notional, calculated as fill price multiplied by filled size. The protocol selects the perpetual or spot schedule, classifies the execution as maker or taker, applies the account's volume rate and discounts, then adds any permitted HIP-3 or builder component.
Tier 0 standard perpetuals charge 0.045% for a taker fill and 0.015% for a maker fill. In one transparent hypothetical, a $20,000 perpetual taker fill at 0.045% costs $9 because 20,000 × 0.00045 equals 9. The same schedule applies separately to every execution, so opening and closing a position create two fee events.
Tier 0 spot rates start at 0.070% for takers and 0.040% for makers before account or pair modifiers. A limit order earns maker treatment only when it rests and supplies liquidity; a marketable limit order that crosses the book is a taker. If an order fills in pieces, the total is the sum of each fill's notional and realized role.
Perpetuals, spot, HIP-3, and builders create different quote paths
Standard HyperCore perpetuals, HIP-1 spot pairs, HIP-3 markets, and builder-routed orders do not share an identical final rate. Each route begins with the user's tier, but product schedules and approved additions determine what appears in the settled fill.
| Execution route | Durable fee rule | Main failure mode |
|---|---|---|
| Standard perpetual | Perpetual maker or taker schedule | Mixing hourly funding with the fill fee |
| HIP-1 spot pair | Separate spot schedule and quote-asset modifiers | Applying a perpetual rate to spot |
| HIP-3 perpetual | User tier plus deployer scale and growth status | Ignoring the market's deployer setting |
| Builder-routed order | Approved per-order builder component | Comparing only the protocol rate |
An HIP-3 deployer can configure an additional fee scale from 0% to 300%, while growth mode restricts that range to 0% through 100%. Above 100%, the protocol portion rises to equal the deployer portion. Growth mode cuts protocol fees, rebates, tier-volume contribution, and L1 user rate-limit contribution by 90%, so its displayed market rate must be read with that status.
Two spot quote assets traded as a pair receive an 80% reduction in taker charges, maker rebates, and tier-volume contribution. An aligned quote asset supplies a different modifier: 20% lower taker fees, 50% better maker rebates, and 20% more volume credit. Those adjustments belong to the asset route, not to a trader's volume band.
Rolling 14-day volume assigns one tier across the account
Rolling 14-day weighted volume determines one fee tier for standard perpetuals, HIP-3 perpetuals, and spot assets. Hyperliquid fees move to the newly assessed band at the end of each UTC day rather than immediately after the trade that crosses a threshold.
The published schedule has seven tiers, numbered 0 through 6, with higher bands beginning above $5 million, $25 million, $100 million, $500 million, $2 billion, and $7 billion. Weighted volume equals 14-day perpetual notional plus twice 14-day spot notional, making $1 of spot turnover worth $2 toward the threshold.
At tier 6, the base perpetual taker rate is 0.024% and its maker rate is 0.000%; the base spot rates are 0.025% and 0.000%. These are pre-staking figures, and a negative maker rate from the separate maker program represents a rebate rather than a charge. The same question is answered in Hyperliquid walkthrough.
Sub-account volume rolls into the master account, and every sub-account shares that master's tier. Vault volume remains separate. As the window advances, volume from day 15 drops out before the next daily assessment, so an inactive account can move down even without placing another order.
Staking, referrals, and maker share change the published rate
HYPE staking discounts reduce the volume-selected trading rate through six thresholds. More than 10 HYPE earns 5%, more than 100 earns 10%, more than 1,000 earns 15%, more than 10,000 earns 20%, more than 100,000 earns 30%, and more than 500,000 earns 40%. Trading and staking from the same address requires no linking action.
The maker program uses a separate 14-day weighted maker fraction. Passing 0.5%, 1.5%, or 3.0% sets the maker rate to -0.001%, -0.002%, or -0.003%, respectively; the negative amount is paid continuously to the trading wallet on each qualifying fill. It is therefore possible for a maker fill to create a credit while taker activity still incurs a charge.
An active referral code gives the referred trader a 4% discount for the first $25 million of eligible volume, while referral rewards apply through the referred user's first $1 billion. Referral discounts exclude vaults and sub-accounts. Linking separate staking and trading addresses is permanent, gives the staking address control of the trading account, and removes the staking address's own fee discount.
Funding, builder charges, and withdrawals sit outside the base tier
Perpetual funding, builder charges, and bridge withdrawals require separate accounting from the base tier. Funding transfers every hour between long and short holders, and Hyperliquid collects no protocol fee from that payment. Its fixed interest component is 0.01% per 8 hours, expressed as 0.00125% per hour, while the market premium changes with the perpetual-oracle relationship and the total rate is capped at 4% per hour.
Builder codes add a user-approved amount to orders submitted by an interface or trading application. The maximum is 0.1% on perpetuals and 1% on spot, one address can maintain 10 active approvals, and a builder needs at least 100 USDC of perpetual account value. Builder charges apply to both sides of a perpetual fill but not to the buying side of spot, where the fee is not collected in the quote asset.
A USDC withdrawal from Hyperliquid to Arbitrum carries a fixed $1 charge, whereas depositing ERC-20 USDC requires Ethereum Layer 2 gas whose amount follows network conditions. Trading on HyperCore itself has no per-order gas charge. A liquidation adds no separate clearance fee, although book execution, funding, and position loss remain economically distinct.
Reconstructing the settled debit reveals where each amount went
The settled Hyperliquid debit is easiest to reconcile from fill data rather than from the submitted order. The userFees API response exposes account maker and taker rates, active referral and staking discounts, and the schedule; userFills returns the executed price, size, crossed role, fee token, total fee, and optional builder portion for up to 2,000 recent fills.
The returned total fee already includes builderFee, so adding that field again overstates cost. Automated workflows using the Hyperliquid Python SDK can group partial executions, but should preserve each fill when maker and taker roles differ. Funding belongs in its hourly ledger, and the $1 withdrawal charge belongs in the bridge record rather than trade notional.
Protocol trading fees flow to community components including HLP, the Assistance Fund, and asset deployers. The Assistance Fund converts its receipts to HYPE during L1 execution and burns that HYPE; spot and HIP-3 deployers can retain up to 50% of fees from their assets. Maker rebates reach the trading wallet continuously, funding reaches the opposing position holders, and builder fees accrue to the approved builder.
To compare Hyperliquid fees across routes, normalize each settled charge into basis points of filled notional, then keep builder additions, expected funding over the holding period, and withdrawal costs on separate lines. Execution-price movement is not a protocol fee, so combining it with the fee field makes two otherwise comparable quotes look inconsistent.
Hyperliquid fees FAQs
Does canceling an unfilled Hyperliquid order cost anything?
No trading fee is charged when an order is canceled without any execution. Hyperliquid assesses the protocol charge on filled notional, so an untouched resting order has zero fill fee. A partially filled order still carries fees or rebates on the executed portion, while canceling the remainder adds no second trading charge. Builder fees also attach to fills, not to the cancellation action.
Are opening and closing trades charged separately on Hyperliquid?
Opening and closing a position are separate executions, and each filled notional receives its own maker or taker treatment. If a trader opens as taker and later closes as maker, the two legs use different rates from the same account tier. Funding accrued while the perpetual was open is recorded separately and should not be folded into either fill fee.
How are fees calculated when one order receives several partial fills?
Each partial fill is assessed from its own executed price, size, liquidity role, and applicable modifiers. Summing the returned fee fields produces the total order cost, and the API can aggregate crossing fills by time. Multiplying the original order size by one rate gives the wrong amount when part remained unfilled or separate pieces received different maker and taker classifications.
Why did a limit order pay the taker rate?
A limit order pays the taker rate when it crosses resting liquidity and executes immediately. The order type alone does not make it a maker order; resting status does. An Add Liquidity Only instruction, also called post-only, rejects an order that would cross, preserving maker intent at the cost of immediate execution. The fill's crossed field confirms the realized role.
Is leverage included in the Hyperliquid fee calculation?
Leverage does not reduce the percentage applied to a perpetual fill. The charge is based on executed notional, which equals price multiplied by size, while leverage changes the collateral requirement. A $100,000 position therefore uses $100,000 notional for fee arithmetic whether collateral is $10,000 at 10x or a larger amount at lower leverage.
Where does the API show the exact fee paid on a fill?
The exact paid amount appears in the userFills response as fee, with feeToken naming the denomination and optional builderFee showing the included builder portion. The crossed field identifies a taker execution. The userFees response supplies account rates, referral discount, staking discount, and schedule; it explains the expected rate, while the fill record remains authoritative for the settled amount.
When can a fee quote change before an open order fills?
A fee quote changes before execution when the daily 14-day tier assessment moves the account, the order's realized liquidity role differs, or an asset-level modifier applies. HIP-3 deployer settings, growth mode, aligned collateral, and active referral status also matter. Once a fill settles, its returned fee field fixes the charged amount for that execution even if the account's tier changes later.